Key Events Around the Globe: Feb 20

S&P 500 Earnings Rise 12.1% as Operating Margins Expand

Approximately 78% of the companies in the S&P 500 have announced their fourth quarter results, and so far, sales growth has risen at a 9% annual pace, while earnings have risen at a 12.1% annual pace. This is the tenth quarter in a row that earnings growth has exceeded sales growth, which means that operating margins are expanding and productivity is rising. Looking forward, double-digit earnings growth is forecasted for the remainder of this year for the S&P 500.

Japan CPI Falls to Near 4-yr Low in Jan, Core Inflation Cools as Expected

Japanese consumer price index inflation fell to a near four-year low in January, while core inflation cooled as expected following government relief on energy costs and a slower increase in food prices. Headline CPI inflation fell to 1.5% year-on-year in January from 2.1% in the prior month. The print remained at its weakest level since February 2022. National core CPI– which excludes volatile fresh food items– fell to 2% from 2.4% as expected, governmentdata showed on Friday.

Japan’s Factory Activity Expands at Fastest Pace in Four Years, PMI Shows

Japan’s manufacturing activity grew at its fastest pace in about four years in February, buoyed by strong domestic and overseas demand, a private sector survey showed on Friday, an encouraging sign for Prime Minister Sanae Takaichi’s economic revival plans. The S&P Global flash Japan Manufacturing Purchasing Managers’ Index (PMI) rose to 52.8 in February from 51.5 last month, marking the strongest growth since May 2022.

U.S. Crude Oil Inventories Unexpectedly Pull Back Sharply

A report released by the Energy Information Administration on Thursday unexpectedly showed a sharp pullback by crude oil inventories in the U.S. in the week ended February 13th. The EIA said crude oil inventories tumbled by 9.0 million barrels last week after surging by 8.5 million barrels in the previous week. Economists had expected crude oil inventories to increase by 2.1 million barrels. At 419.8 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA said.

UK Manufacturing Output & Orders Decline: CBI

UK manufacturers reported that output volumes and orders declined in the three months to February, the latest Industrial Trends Survey from the Confederation of British Industry showed on Thursday.

The output volume balance rose to-14 percent in the three months to February from-25 percent in January. A net 12 percent expects output volumes to fall again in the three months to May.

At the same time, the order book balance improved to-28 percent from-30 percent in January and the net export order books rose to-26 percent from-30 percent.

Eurozone Current Account Surplus Increases

The euro area current account surplus increased in December due to a sharp fall in the deficit on primary income, the European Central Bank reported Thursday.

The trade surplus rose to EUR 15 billion in December from EUR 9 billion in the previous month.

The surplus on goods trade fell to EUR 20 billion from EUR 24 billion a month ago. Meanwhile, the surplus onservices trade rose to EUR 14 billion from EUR 12 billion

Source: HSL Prime Daily, 20 Feb 2026