IGA Capital Weekly Economic Update

Feb 19th, 2026

Bangkok Thailand

Good morning, good afternoon and good evening depending where you are in the world.

Equities experienced a volatile week as "AI-related angst" triggered aggressive selling across multiple sectors, leading to a "sell first, ask questions later" mentality. The resulting "AI Scare Trade" prompted a broad deleveraging across assets, with a risk-off move that saw investors pile into safe-haven Treasuries.

• Nasdaq: The Nasdaq 100 moved lower on the week, logging its fifth decline of more than 1% in ten sessions. The overall Nasdaq Index is down 4.6% over the last month.

• Crypto: The market update noted that crypto sold off in unison with equities and commodities as part of the broader risk-off deleveraging.

Commodities Performance

Commodities experienced sharp moves tied to the equity turmoil and safe-haven seeking:

Commodity	Current Price (Feb 16, 2026)	1 Month % Change	Narrative Context
Gold	$4,922.61	+6.6%	Briefly slid below $5000/oz as traders sold to cover equity losses, but has seen substantial gains over longer periods.
Silver	$74.44	-19.5%	Plunged 11% last week as traders sold to cover losses in equities, despite strong performance over longer periods.
Oil	$63.65	+7.6%	Shows strong momentum in the short term, with a +7.6% change over the last month.

Interest Rate Benchmarks

SOFR Pricing (as of February 17, 2026)

Rate	Current Rate	Change from Last Week
Implied Overnight Fed Funds Rate	3.639%	N/A
1M Term SOFR	3.664%	0.00%
SOFR 30A	3.660%	0.00%

Euribor and EIBOR Pricing

• Euribor (Euro Interbank Offered Rate): 

  • The 3-month Euribor rate was 1.999% as of February 16, 2026.

  • The actual 3-month Euribor rate was 2.01% in February 2026.

  • The long-term projection for the 3-month Euribor is around 1.76% in 2027.

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• EIBOR (Emirates Interbank Offered Rate): 

Tenor	EIBOR Rate
O/N	3.377510%
1 Week	3.562960%
1 Month	3.569420%
3 Months	3.587040%
6 Months	3.656760%
12 Months	3.630940%

Regards,

Joshua

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