From February 23rd to March 1st, here is a look at the major financial events scheduled for the week, all times are in Beijing Time.

The core themes for the upcoming week are as follows: First, the macro spotlight turns to a "Trump moment." US President Trump is set to deliver the State of the Union address on February 24th, outlining policy priorities for the coming year. On the same day, the 10% global provisional import tariff he enacted by invoking Section 122 of the Trade Act officially takes effect. Although the Supreme Court previously ruled the initial authorizing legislation unconstitutional, the White House quickly utilized a backup law to uphold its tariff agenda. Concurrently, key US data releases include January PPI and Durable Goods Orders. China's February Loan Prime Rate (LPR) is expected to remain unchanged, and Hong Kong's new fiscal budget will also be announced. Second, the focus sharpens on NVIDIA's earnings report. NVIDIA will release its financial results after the market closes on February 25th. Its performance and guidance are critical not only for its own stock price but will also directly influence investment sentiment across the entire AI industry chain. Additionally, Chinese AI representative Baidu will announce its earnings the following day. Meanwhile, Apple's annual shareholder meeting convenes on February 24th, with the iOS 26.4 beta slated for release during the week, keeping market attention on its latest AI strategy developments. Earnings reports from other notable firms like Berkshire Hathaway and Salesforce will provide further diverse sector perspectives. Finally, geopolitical undercurrents are swirling. Tensions surrounding Iran have intensified abruptly, with Trump revealing he is considering a "limited military strike" against Iran. The US Secretary of State is also scheduled to travel to Israel on February 28th to discuss the Iranian nuclear issue, with geopolitical risks potentially significantly impacting oil prices. On another front, Germany's new Chancellor, Merz, will visit China from February 24th to 26th, introducing new variables for China-Europe relations and global economic cooperation. Other events attracting attention include US Congressional inquiries into the Clintons regarding the Epstein case and the生效 of the MSCI China Index rebalancing.

**Economic Indicators** US January PPI will be released next Friday, February 27th, while Durable Goods Orders data comes out on February 23rd. In China, the February LPR is due, with expectations for it to hold steady. Additionally, Tokyo's February CPI and the latest Eurozone CPI data will be published.

**NVIDIA and Baidu Key Earnings** AI supergiant NVIDIA will report its latest earnings after the US market close on February 25th. The earnings conference call is scheduled for 2:00 PM Pacific Time on February 25th, which is 6:00 AM Beijing Time on February 26th. Baidu will announce its fiscal 2025 fourth-quarter and full-year financial results on February 26th. Baidu's management will host an earnings call at 7:30 AM ET on February 26th, which is 8:30 PM Beijing Time on February 26th. Other closely watched earnings next week come from Berkshire Hathaway, AI star company Coreweave, software stock Salesforce, HSBC, Home Depot, and other well-known firms. For A-shares and Hong Kong stocks, companies like Yum China Holdings, Standard Chartered, and Trip.com will report earnings.

**Financial Events**

**US President Trump to Deliver State of the Union Address** Reportedly, US President Trump plans to deliver the State of the Union address to a joint session of Congress on February 24th, outlining his administration's policy priorities for the coming year and discussing the economic situation. Supreme Court justices, who ruled his tariffs unlawful, are also expected to attend.

**Trump's New Tariff Rate Increased to 15%, Effective February 24th** Following the US Supreme Court's February 20th ruling that the government's broad tariff policy exceeded its authority, President Trump immediately issued a new executive order announcing a 10% import tariff on goods from all countries and territories, effective February 24th, 2026. On February 21st, Trump further announced an increase in this newly imposed "global import tariff" rate from 10% to 15%. Simultaneously, the impact of the Supreme Court ruling is becoming apparent. As of February 21st, hundreds of companies have filed lawsuits seeking refunds for tariff surcharges previously paid under Trump's tariff policies.

**Trump Considers "Limited Military Strike" on Iran; Iranian Foreign Minister: Draft Agreement with US to Be Finalized by 23rd** According to reports, Trump stated on February 20th that he is considering an "initial limited military strike" against Iran to compel Tehran to accept US demands regarding the nuclear deal. The Iranian Foreign Minister stated that there is no military solution for Iran's peaceful nuclear program, with diplomacy being the only solution, and that the draft agreement with the US side would be finalized within three days (i.e., by February 23rd).

**Report: German Chancellor Merz to Visit China February 24-26** Reportedly, German government spokesperson Sebastian Hille stated that German Chancellor Merz will visit China from February 24th to 26th, with the itinerary including Beijing and Hangzhou.

**Apple Holds 2026 Annual Shareholder Meeting** Apple officially announced it will hold its annual shareholder meeting on February 24th, Eastern Time. At this meeting, shareholders will vote to re-elect board members, approve executive compensation, approve Ernst & Young as Apple's public accounting firm, and vote on shareholder proposals.

**Apple Plans to Release iOS 26.4 Beta to Developers During Week of February 23rd** Renowned tech journalist Mark Gurman posted that Apple plans to release the iOS 26.4 beta to developers during the week of February 23rd, expected to include some features of the new Siri. Furthermore, Apple also plans to hold a new product launch event during the week of March 2nd; the iPhone 17e will maintain the same $599 starting price as the iPhone 16e, featuring upgraded chips and new MagSafe functionality; the new entry-level iPad will sport the A18 chip and support Apple Intelligence, while the iPad Air will upgrade to the M4 chip.

**Another Fed Personnel Change: Atlanta Fed President Bostic to Retire** Atlanta Federal Reserve President Raphael Bostic announced plans to retire upon the expiration of his term on February 28th, 2026. The 59-year-old Bostic, who became the first African American to lead a regional Fed bank and the first openly gay Fed president upon his appointment in 2017, stated in a declaration: "I am proud of the accomplishments during my tenure. We have brought the lofty goal of an economy that benefits everyone closer to reality. I look forward to exploring new avenues to advance this grand vision in my next chapter." Cheryl Venable will serve as interim head of the regional Fed. Bostic's departure adds further uncertainty to the Fed, which is already experiencing other high-profile personnel changes and facing political pressure from President Trump to cut interest rates. Bostic will leave months before the Fed welcomes new leadership, as Chair Powell's term ends next May.

**US House Oversight Committee Subpoenas Clinton Couple for Testimony in Epstein Case** According to reports, the US House Oversight and Accountability Committee will conduct closed-door depositions of former President Bill Clinton and former Secretary of State Hillary Clinton in Chappaqua, New York, next week. A committee spokesperson stated the inquiries are related to the committee's investigation into the late financier Jeffrey Epstein. As scheduled, Hillary Clinton's deposition is set for February 26th, while Bill Clinton's is scheduled for February 27th.

**US Secretary of State to Travel to Israel on February 28th to Discuss Iran Issue** According to reports, on February 18th, US senior officials stated that President Trump's National Security Advisor discussed the Iran issue during a White House Situation Room meeting, noting that all US military units involved in the Middle East buildup should be deployed by mid-March. The US officials also stated that Washington hopes Iran will submit a written proposal to resolve the impasse following the Geneva talks. Additionally, US Secretary of State Rubio will travel to Israel on February 28th to meet with Israeli Prime Minister Netanyahu and discuss the Iran issue.

**Hong Kong's New Fiscal Budget to Be Delivered** According to reports, Hong Kong SAR Government Financial Secretary Paul Chan stated in a blog post that the new fiscal budget will be delivered on February 25th. Benefiting from buoyant financial markets, overall revenue, including stamp duty, has increased, allowing the SAR government's operating account to return to surplus ahead of schedule. However, with increased government investment in public works, the capital account is still expected to record a deficit this fiscal year.

**MSCI China Index Adds 37 Stocks Including Baiyin Nonferrous** Global index compiler MSCI announced the results of its February 2026 quarterly index review, with changes taking effect after the market close on February 27th. Notably, the MSCI China Index will add 37 stocks, including Leo Group, Baiyin Nonferrous, Anji Technology, and Pony.ai. Simultaneously, it will remove 16 stocks, including Fosun International, Great Wall Motor, and China Vanke.

**CSI Index Company Launches CSI Hong Kong Stock Connect Robotics Theme Index** The China Securities Index Company Limited will officially launch the CSI Hong Kong Stock Connect Robotics Theme Index and the CSI US 30 Index on February 27th, 2026, providing the market with richer investment targets. The CSI Hong Kong Stock Connect Robotics Theme Index selects 30 securities listed within the Hong Kong Stock Connect scope whose businesses involve robot manufacturing, software and hardware products required for robot intelligence (perception, planning decision-making, motion control, and execution), and computing infrastructure resources for robot intelligent decision-making and control, reflecting the overall performance of robotics-themed listed companies within the Hong Kong Stock Connect. The CSI US 30 Index consists of 30 securities listed on the NYSE and Nasdaq with relatively large market capitalizations and good liquidity, reflecting the overall performance of large-cap US stocks.

**US Treasury to Sell $44 Billion in 7-Year Notes** Next week, the US Treasury will sell $44 billion in 7-year notes, $70 billion in 5-year notes, and $69 billion in 2-year notes.

**PBOC to Issue RMB20 Billion in 1-Year Bills in Hong Kong** The People's Bank of China will issue RMB30 billion in 3-month and RMB20 billion in 1-year central bank bills in Hong Kong on February 25th via tender.

**2027 FOMC Voter, Richmond Fed President Barkin to Speak** Next week, 2027 FOMC voter and Richmond Fed President Thomas Barkin will deliver remarks. 2027 FOMC voter and Chicago Fed President Austan Goolsbee will also speak. 2028 FOMC voter and St. Louis Fed President Musalem will speak on the Fed's role. Fed Governor Christopher Waller will speak on the economic outlook.

**2026 Silver Hair Cultural Tourism Innovation Development Conference** The 2026 Silver Hair Cultural Tourism Innovation Development Conference and All-for-One Ecology Integrated Industry Exhibition will be held in Nanjing on February 27th.

**Thirteenth Asia-Pacific Sustainable Development Forum** The Thirteenth Asia-Pacific Sustainable Development Forum will be held from February 24th to 27th.

**EU Convenes Additional Meeting of Oil Coordination Group** According to Bloomberg, the EU has convened an additional meeting of the Oil Coordination Group, scheduled for February 25th.

**Former Philippine President Duterte to Absent from ICC Hearing** According to reports, on February 18th, former Philippine President Rodrigo Duterte informed the ICC Pre-Trial Chamber I via a letter of his intention to be absent from the confirmation of charges hearing scheduled for February 23rd. The ICC stated on January 26th that, following a judge's assessment, Duterte was fit to participate in pre-trial hearings, and the court would hold the confirmation of charges hearing on February 23rd.

**New Dutch Cabinet to Be Sworn In** The new Dutch cabinet will be sworn in, with Rob Jetten expected to become Prime Minister.

**Milan Fashion Week Begins** Milan Fashion Week begins, with the Gucci show on February 27th being a highlight, marking designer Demna Gvasalia's first show as Creative Director.

**Douyin 'New Year Eat, Drink, and Have Fun' Festival Ends February 23rd** Douyin Life Services launched the "New Year Eat, Drink, and Have Fun" Spring Festival promotion from February 10th to February 23rd, 2026. Users could participate daily at 12:00, 17:00, and 20:00 by visiting the "Group Buy" homepage on Douyin or searching "Spring Festival Group Buy" to grab red envelopes, obtaining eat-drink-fun vouchers and physical prizes. Concurrently, users could participate in the "Good Luck is Coming" card collection event, exchanging collected cards for brand gifts like electric scooters by completing tasks such as following accounts and placing orders.

**Lao Pu Gold to Adjust Product Prices on February 28th** Lao Pu Gold issued a price adjustment notice, stating that product prices will be adjusted on February 28th, 2026. Details of the price adjustments are subject to the actual marked prices online and offline. It is understood that Lao Pu Gold adjusts prices 2-3 times annually. In 2025, Lao Pu Gold raised prices three times in February, August, and October.