Global Stocks Hit Record High on Tech Rebound; Yuan Surges to 2023 Peak
(Jupiter Research Capital 2026/02/10)
Global equities extended their rally to an all-time high as a rebound in U.S. technology shares gained momentum, easing market pressures stemming from concerns over excessive spending on artificial intelligence (AI). Meanwhile, the Chinese yuan surged to its strongest level in nearly two years, driven by China’s guidance to banks on U.S. Treasury holdings, amid a mixed performance across other major assets.
Equity Markets: Tech-Led Rally Propels New Highs
The MSCI All Country World Index, one of the broadest gauges of global equity performance, advanced 0.2% to a record high, fueled by a 1.1% jump in Asian shares to their own all-time peak—led by tech giants such as SoftBank Group Corp. Japanese shares stood out with a surge of more than 2%, extending an election-driven rally following Prime Minister Sanae Takaichi’s historic election victory over the weekend.
The global stock rally, however, faces a key test later on Tuesday. U.S. and European equity-index futures slipped 0.1% after the S&P 500 closed near a record high on Monday. The rebound in equities signals easing concerns around the AI trade, which had intensified over the past two weeks, weighing on software companies and high-spending tech firms.
Stocks began stabilizing last week following a sharp selloff, as investors shifted focus to the scale of corporate AI spending. Alphabet Inc. emerged as a notable example, planning to raise $20 billion through a U.S. dollar bond offering to fund its AI infrastructure ambitions—a move part of a broader industry trend. Analysts forecast that capital expenditures for the four largest U.S. tech companies will reach approximately $650 billion in 2026, driving a financing boom and potentially reshaping the global economy through disruptive AI technology.
Currency Markets: Yuan Strengthens, Dollar Steady
The Chinese yuan surged to its strongest level since May 2023 after reports emerged that China has asked banks to limit their holdings of U.S. Treasuries. This guidance, which applies to large commercial banks and focuses on reducing concentration and market volatility risks (rather than sovereign forex reserves), reinforces a broader global trend of diversification away from the dollar and may accelerate capital repatriation into Chinese assets—providing a fundamental boost to the yuan.
Elsewhere in currency markets, the U.S. dollar was little changed, while the Japanese yen gained 0.4% to trade around 155 per dollar, supported by the country’s recent election outcome. The British pound remained steady as Keir Starmer solidified his position as UK prime minister.
Commodities & Cryptocurrencies: Profit-Taking Weighs on Gold, Bitcoin
In commodities trading, gold fell after two consecutive days of gains as investors took profits in a choppy market still searching for clear direction following a historic rout. Silver also declined. In the crypto space, Bitcoin slid below the $70,000 mark.
Looking Ahead
Market attention this week will center on a packed schedule of U.S. economic data, with the employment and inflation reports—two of the most consequential readings—set to shape expectations for the Federal Reserve’s interest-rate path. These data points will be critical in determining whether the global equity rally can sustain its momentum amid lingering uncertainty.
