Investment Insights summary: February 2026

10 February 2026

Our monthly look at what’s driving global markets

Rathbones Investment Management

Article last updated 10 February 2026.

Our February edition features three stories — read online versions via the links below or download a PDF with all three articles.

In this edition:

We've developed a framework for measuring market overexuberance over AI.
Mining companies with copper and uranium mines will benefit from the rapid expansion of data centres and the infrastructure needed for the global energy transition.
Global bonds and equities got off to a good start to 2026, despite geopolitical worries, including the arrest of the President of Venezuela, a US threat to the sovereignty of a Nato ally and the formation of an American armada heading for the Persian Gulf.

5 mins

9 February 2026

Mining for returns

Mining may seem unglamorous, but it has a crucial role to play in the future of both energy and technology, with potential rewards for long-term investors.

Mining for returns

6 mins

9 February 2026

When to leave the AI party

We don't yet see an end to the AI boom - but we’ve created a robust system to check for signs of a major, imminent deterioration in AI sentiment.

When to leave the AI party

Download these articles in a single PDF file

Snapshot

The global economy and markets

Figure of the month

$80-90

The cost per barrel of producing Venezuela’s untapped oil. Most of it is heavy crude, which is more expensive to extract and sells at a discount to Brent crude. With Brent priced at around $64, production costs are already higher than the likely selling price. Combined with political constraints, this makes a significant increase in Venezuelan oil output unlikely, despite interest from the US.

At a glance

3.7%

US annual wage growth in the fourth quarter of 2025

1.3%

UK annual GDP growth in the three months to November 2025

1.7%

Eurozone inflation in January 2026

44%

Rise in copper price during 2025

Key market indicators

Equities

Total return in local currencies (1 Feb 2021 = 100)

Government bonds

Difference between 2 and 10–year yields

Equities

Total return in local currencies (1 Feb 2021 = 100)

Commodities

Oil, gold and silver prices

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Alongside this monthly Investment Insights publication, our large and experienced in-house research team share a wide range of updates and analysis, from regular strategy commentary and video briefings to in-depth reports, all designed to help you understand what’s driving the global economy, financial markets and the outlook for investment returns.

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