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    MORE POSITIVE FUNDAMENTALS WITH BUOYANT GEOPOLITICS

    12 Feb 2026
    It is a fact; prices are trading in a very narrow range. Any consolidation is bought. Any rebound is sold. Fundamentals remain bearish but are now probably fully priced. Downside thus appears very limited. Thus, we are concentrating our analysis on any elements that could take prices higher. We are probably very close to a potentially more positive momentum for markets. It can come from fundamentals, but the next move will likely come from geopolitics...

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