Asia-Led Risk-On Rally

February 9, 2026 at 21:00 UTC

5 min read

Nikkei index chart surging, highlighting Asia-led risk-on rally and Sentix rise impact on equities

Key Points

Sentix euro-zone investor confidence surprised to the upside in February and supported regional risk sentiment, which helped lift European equities.
The Federal Reserve Board reviewed discount rates at a closed meeting and announced no immediate changes, leaving Treasury yields broadly stable.
Kyndryl's SEC document requests, leadership changes and a delayed 10-Q triggered a sharp intraday selloff and heavy volume in KD.
Axon extended the observation period for its 2027 convertible-note settlement after a market disruption, altering conversion reference prices and prompting hedging and short-covering flows.

Global Market Summary

Asian markets outperformed, led by Japan's Nikkei (NKY) which rose 3.89%, Hong Kong's Hang Seng (HSI) +1.76% and Shanghai Composite (000001.SS) +1.41%. European indices were modestly higher with France's CAC 40 (FRA40) +0.60%, Germany's DAX (DAX) +1.19% and the UK FTSE 100 (UKX) +0.16% after Sentix investor confidence surprised to the upside, supporting regional risk sentiment. In the U.S. the S&P 500 (SPX) rose 0.52% and the Nasdaq (^IXIC) gained 0.96%, with technology (VGT +1.71%) and energy (XLE +0.79%) strength contributing to gains.

Top Movers

Leading sectors: Technology (VGT +1.71%) and Materials (XLB +1.35%) with Energy (XLE +0.79%) also positive. Lagging sectors: Healthcare (XLV -0.91%), Financials (XLF -0.57%) and Consumer Staples (XLP -0.51%). Notable stock movers included Valaris (VAL +33.55%), TeraWulf (WULF +16.38%) and Ubiquiti (UI +14.64%) on the upside, while Kyndryl (KD -54.92%), monday.com (MNDY -21.18%) and Hims & Hers (HIMS -16.27%) led declines.

Macro highlights

Sentix euro-zone investor confidence surprised to the upside, rising to 4.2 in February and providing a positive signal for regional risk sentiment that helped support European equities. The Federal Reserve Board held a closed meeting to review discount rates with no immediate changes announced, leaving Treasury yields broadly stable.

News that moved markets

Kyndryl disclosed SEC document requests, announced leadership changes and delayed its 10-Q, triggering a sharp intraday selloff and heavy volume in KD. Axon extended the observation period for its 2027 convertible-note settlement through Feb. 9 after a market disruption event, altering conversion reference prices and prompting hedging and short-covering flows in AXON and related derivatives. Hain Celestial reported Q2 results with lower sales and a $132 million impairment charge, weighing on HAIN as the company pursues divestitures and portfolio simplification. Multiple completed transactions closed, led by BD's combination of its Biosciences & Diagnostic Solutions business with Waters Corporation; other closings included Sobi's acquisition of Arthrosi Therapeutics, GOFO's acquisition of CIRRO E-Commerce, White Cap's strategic combination with Colony Hardware and XOMA Royalty's acquisition of Generation Bio. Announced deals included Tavros's purchase of the 250 Water Street development site in Manhattan and Synteq Digital's definitive agreements to acquire HMTech operations and related data-center assets.

Upcoming session watchlist

US Retail Sales MoM (DEC) — consensus 0.5% vs 0.6% prior, Feb 10, 01:30 PM | Tracks consumer spending momentum and goods demand for December.
AU NAB Business Confidence (JAN) — forecast 3 vs 3 prior, Feb 10, 12:30 AM | Measures business sentiment and near-term activity expectations for January.

Key Takeaways

Asian markets outperformed, led by Japan's Nikkei, while Hong Kong and Shanghai also advanced, producing broad regional equity gains.
European indices were modestly higher after Sentix confidence surprised to the upside, supporting regional risk sentiment and equity gains.
US equities closed higher as technology and energy sector strength contributed to gains in the S&P 500 (SPX) and Nasdaq.
Sector breadth showed technology and materials leading while healthcare, financials and consumer staples lagged; notable stock movers included both large rallies and steep declines.