23 February 2026 | Weekly Snapshot

Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 23 February 2026

Did you know?

It might come as no surprise that China was the largest central bank buyer of gold between 2020-2025, as shown by the below table. This is interesting context amidst a gold price that continues to march higher, which has been a massive tailwind to those countries with large gold reserves. China, it seems, has been on the right side of this trade, amassing a strategic monetary asset that enhances its leverage in a world gradually recalibrating away from US dollar dominance.

Market Movements

The ASX market was higher by 1.8% last week and outperforming most regions bar Europe (up 2.5%) and the UK (up 2.3%). Japan was the only negative last week (down 0.7%) but has been the strongest region so far this year (up 11.5%). There was broad strength in the Australian sectors, largely due to a surprisingly strong reporting season from an earnings point of view.

This included BHP, who reported a 22% increase in first half profits. BHP have increased the dividend and freed up capital from a new silver streaming deal, which will result in a US$4.3 billion upfront payment in exchange for BHP delivering silver from their 33.75% stake in the Antamina copper-zinc mine in Peru over the life of the mine.

Takeover activity was strong with a finalised offer for Qube at $5.20/share from the Macquarie consortium, whilst SGH increased their Bluescope offer to $32.35/share.

The USA market was higher by 1.1% with the tech-heavy Nasdaq higher by 1.5%. The US Supreme Court struck down some of President Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA) saying these needed congressional approval. Interesting to see how Trump will respond next.

On economics, US housing starts were up 6.2% for the month in December, which were better than expected and the highest in 5 months. US January manufacturing output gained further traction, rising a more than expected 0.6% for month to an 11-month high. The US January inflation report was lower than expected with annualised headline at 2.4%, below the 2.5% expected and big step down from 2.7% the month prior. Annualised core inflation eased to 2.5%, its lowest reading since March 2021.

Crude oil was the standout commodity (up 5.9%) on the back of geopolitical tensions and gold sailed back through the $5,000 mark. The A$ is also above $0.71, which is testing multi-year highs.

Portfolio Movements

Ramsay Health Care to spin off Ramsay Sante stake to shareholders – Shares rise

Problem stock Ramsay Healthcare announced on Friday it plans to separate its 52.79% stake in French-listed Ramsay Sante by distributing the shares directly to existing Ramsay shareholders via an in-specie distribution of CHESS Depositary Interests, tradeable on the ASX. The move follows a year-long strategic review of its European operations.
Ramsay Sante operates 244 hospitals and clinics across five European countries treating over 12 million patients annually but has been a persistent drag on Ramsay’s performance.
The separation is targeted for Q4 2026, subject to approvals. The board noted it remains open to superior alternative proposals, including an outright sale.

QBE Insurance reports strong FY25 result – Shares rise

More recent addition to the equities portfolio, QBE, reported a strong FY25 result on Friday with statutory net profit after tax up 21% to US$2,157 million and adjusted NPAT up 23% to US$2,132 million, equating to a return on equity of 19.8%, up from 18.2% in FY24. Adjusted EPS of US$1.41 was 4% ahead of the US$1.31 consensus estimate.
The combined operating ratio improved to 91.9% from 93.1%, supported by catastrophe costs comfortably below allowance for the third consecutive year. Gross written premium rose 7% to US$23.96 billion, 1.4% ahead of consensus. Total investment income was robust at US$1.6 billion or a return of 4.9%.
The full year dividend rose 25% to AUD1.09 per share, representing a 50% payout ratio. QBE also announced a A$450 million on-market share buyback. FY26 guidance was for mid-single-digit GWP growth and a combined operating ratio of around 92.5%.

Telstra delivers strong first half result – Shares hit 9 year high

Telstra reported a solid first half result with statutory net profit up 8.1% to $1.21 billion, ahead of the $1.19 billion expected. The interim dividend was lifted 10.5% to 10.5 cents per share, also ahead of the 10 cents expected.
Mobile services revenue grew 5.6%, supported by higher ARPU and customer growth. Operating expenses were cut by 2.4%, delivering positive operating leverage. The on-market share buyback was also increased from $1 billion to $1.25 billion.
FY26 underlying EBITDA guidance was reaffirmed in the $8.2-8.4 billion range. Shares rose 4.4% to a 9 year high.

The Week Ahead

Monday 23 February: USA Factory Orders (Dec) 1.5% (prior -0.4%). Durable Goods Orders Final (Dec) 5.3% (prior 5.3% preliminary).
Tuesday 24 February: USA Conference Board Consumer Confidence (Feb) 86.0 (prior 84.5). USA New Home Sales (Jan) 690k (prior 698k). President Trump delivers the 2026 State of the Union address.
Wednesday 25 February: Australia Monthly CPI (Jan) 3.5% YoY (prior 3.8%) — easing expected as electricity rebate distortions unwind, though trimmed mean inflation at 3.3% remains above the RBA’s 2–3% target. Nvidia reports earnings (after US market close) — consensus expects revenue of ~$42–43bn for the quarter, with analysts looking to validate the $300bn full-year calendar 2026 revenue trajectory.
Thursday 26 February: USA Initial Jobless Claims (Feb 21) 215k (prior 206k). USA GDP Second Estimate (Q4 2025) 1.4% annualised (prior 1.4% advance estimate), a sharp deceleration from 4.4% in Q3 — first revision likely to confirm the slowdown driven by weaker government spending and exports.
Friday 27 February: USA Producer Price Index (Jan) 0.3% MoM (prior +0.5%), 2.8% YoY (prior 3.0%) — a key inflation input ahead of the Fed’s preferred PCE measure. USA Core PPI (Jan) 0.2% MoM (prior 0.4%).

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Saward Dawson Wealth Advisors Pty Ltd, a Corporate Authorised Representative of Akambo Pty Ltd t/a Accountants Private Advice

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