Westpac Banking Corporation

02/23/2026 | Press release | Distributed by Public on 02/22/2026 15:12

Morning Report

Morning Report PDF (PDF 254KB)

Key themes:

  • The US Supreme Court struck down President Trump's usage of reciprocal tariffs under IEEPA. Over the weekend, Trump announced a 15% global tariff under the 1974 Trade Act, lasting up to 150 days, while investigating other avenues for industry tariffs.
  • The news was largely shrugged off but there is still some key uncertainties over possible refunds - a decision that will be left to a lower court - and its impact on government finances, alongside bilateral responses, with the EU saying it may delay ratifying its trade pact.
  • Share markets rose, treasuries sold-off modestly, and the USD held a tight range. This was also despite a material downside surprise in US Q4 GDP, dragged down significantly by the government shutdown.
  • Geopolitical tensions are front-of-mind for crude oil markets, with prices steadying at cycle highs on Friday. US-Iran talks are set to resume in Geneva on Thursday.
Westpac Banking Corporation published this content on February 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 22, 2026 at 21:12 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]