**Market Overview** On February 11, the Dow Jones Industrial Average reached a new all-time high, while the S&P 500 declined due to weaker-than-expected holiday sales. Among the top 20 U.S. stocks by trading volume, Spotify surged on strong user growth. Key Chinese ADRs showed mixed performance: Taiwan Semiconductor Manufacturing Company rose 1.89%, while Trip.com fell 1.84%. Oil prices edged lower as traders monitored tensions in Iran and U.S. economic data. Spot gold declined 0.62% to $5,026.2 per ounce. European equities stabilized, with Kering Group soaring and BP shares declining.

**Macro Developments** Former President Trump stated that Iran is open to negotiations. Commerce Secretary Lutnick affirmed Trump's "full support" amid questions about his association with Epstein. Lutnick acknowledged visiting Epstein’s private island. A New York Fed report indicated U.S. loan delinquency rates have climbed to their highest level in nearly a decade. The U.S. national debt surged by $696 billion over four months, raising concerns about fiscal sustainability. The European Parliament moved closer to approving a U.S.-EU trade deal after adding new terms. The U.S. withdrew support for IMF climate loans.

**Corporate News** Ford Motor Company reported quarterly earnings below expectations, though the CEO projected stronger performance by 2026. Alphabet raised nearly $32 billion in a 24-hour bond issuance, with its century-pound bond attracting nearly ten times oversubscription. U.S. brokerage stocks fell as AI-related concerns spread to the financial sector. The CEO of U.S. Antimony suggested $20 per pound as an appropriate price floor. Blackstone increased its stake in Anthropic to $1 billion by participating in a funding round. Abu Dhabi’s MGX is nearing a deal to join an over $200 billion investment round in Anthropic. Wealth management firms experienced a broad sell-off amid fears that new AI tools could disrupt the industry. Tesla reassigned its European head to lead global EV sales. Goldman Sachs’ CEO stated that markets have overreacted to software stocks and expects strong U.S. economic growth this year.

**Commentary** Trump argued that U.S. interest rates should be the lowest globally. Lutnick claimed the U.S. dollar has been artificially inflated due to foreign manipulation. Morgan Stanley warned that a sell-off in software stocks could pose risks to the $1.5 trillion U.S. credit market. Federal Reserve official Harker suggested rates may remain unchanged for "quite some time," with inflation still elevated. The Dallas Fed president noted that falling inflation alone may not justify further rate cuts. European bond markets saw German bonds rise but lag behind U.S. Treasuries after weak U.S. retail sales data. The Cleveland Fed president echoed that rates could stay steady for an extended period. TD Securities highlighted strong foreign demand for U.S. bonds, dismissing "America selling" as narrative-driven. Barclays projected the Fed’s balance sheet reduction will take years and may require rate cuts to offset tightening financial conditions.

**Commodities Recap** Oil prices dipped slightly as traders weighed Middle East supply risks. Gold fluctuated near $5,000 per ounce, while copper prices declined.