SYDNEY, Feb 22, 2026, 17:50 AEDT — Market is done for the day
- ASX 200 heads into Monday near record highs, fueled by a streak of bank earnings.
- Woodside, Woolworths, Qantas, and Coles are front and center on the local catalyst roster.
- Rate expectations and valuations hinge most on inflation numbers right now.
The S&P/ASX 200 enters the week hovering near its recent record, with investors eyeing inflation data and the last round of major earnings to gauge if the index can sustain its run.
The index’s recent climb comes down to just a few big banks and some standout earnings plays pulling most of the weight. With leadership this thin, there’s hardly any cushion for letdowns, and the whole market reacts faster to news that could move interest rate expectations.
“Rate-sensitive” stocks usually take a hit on a hot CPI read, as higher-for-longer borrowing costs weigh. A softer inflation number, though, tends to support banks and defensives. As for earnings, they still have to deliver.
The S&P/ASX 200 edged down 4.8 points on Friday, closing at 9,081.4, after peaking at a record 9,118.3 just the day before. Still, the index finished the week 1.8% higher. Banks picked up 0.7% on Friday, capping their weekly advance at 2.8%, and helped offset a 0.7% drop in miners. “All the major banks have now reported and most delivered results ahead of consensus, triggering upgrades and a rotation back into the sector,” said Philip Pepe, senior equities analyst at Shaw and Partners. (Indo Premier)
Rio Tinto dropped as much as 4% Friday after its annual earnings landed flat, missing analyst forecasts. QBE Insurance, on the other hand, surged close to 6% following a full-year profit beat, helped by fewer catastrophe claims and improved investment income. Gold names were firmer—Perseus Mining jumped up to 5.5% after doubling its interim dividend. WiseTech slipped nearly 5%, with tech stocks echoing losses from Wall Street. (Indo Premier)
Another packed earnings stretch looms for the ASX 200. Woodside Energy will kick things off Tuesday, followed by Woolworths on Wednesday. Fortescue and WiseTech share that same day, offering updates on iron ore and logistics software. Qantas steps up Thursday, with Coles rounding out the week on Friday. (CommSec)
All eyes are on Wednesday’s January consumer price index, landing at 11:30 a.m. AEDT—a data drop that usually shakes the market, given its direct tie-in with the interest-rate story. CPI, shorthand for the price of a typical basket of goods and services, stands as the main yardstick for consumer inflation. (Australian Bureau of Statistics)
Westpac senior economist Justin Smirk is looking for a 0.1% increase in January CPI compared to December, and he figures the yearly rate will cool down to 3.6%. Smirk points to cheaper auto fuel and holiday travel likely balancing out higher prices in electricity and health services. (Westpac IQ)
Risk remains a backdrop for global markets. According to IG, volatility around oil prices, uneasy U.S.-Iran relations, shifting expectations for U.S. rates, and scattered trouble in private credit have all contributed to turbulence abroad—despite Australian shares climbing higher. (IG)
The market isn’t exactly a bargain right now. MarketIndex puts the ASX 200 at roughly 19.5 times projected earnings for the next year—a figure that’s built on profit forecasts. The firm points out that any slip-up on earnings, especially with ongoing geopolitical tensions, AI-sector jitters, and “rate hike risks,” could quickly snowball into a broader retreat. (Market Index)
