Scotiabank
February 5, 2026
Daily Points
Daily UpdateEquitiesFXMacro Economic IndicatorsFinancialsIndustrials
The report highlights a massive $540B cap-ex guidance for the Mag7 tech companies while noting a dovish shift from the Bank of England and surging US layoffs. German factory orders provided a surprise positive data point amid mixed global economic signals.
Key Takeaways
- 1.Mag7 capital expenditure is projected to surge to approximately $540 billion in 2026, representing a significant portion of US investment activity.
- 2.The Bank of England held rates at 3.75% but provided dovish guidance, suggesting further rate reductions are likely.
- 3.US labor market signals are mixed, with January layoffs soaring to 108.4k while hiring activity significantly declined.
Table of Contents
- MAG7 CAP-EX — BOON OR BANE?
- German Factories are Crushing It
- BoE Guidance Drives Strong Easing Bets
- ECB and Banxico to Hold
- US Layoffs Soared in January
- BoC's Macklem to Speak
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Authors
Derek Holt
Securities
NVDAGOOGAmazonUPSDow
Themes
AI-Driven Capital Expenditure ConcentrationCentral Bank Policy DivergenceUS Labor Market Weakness
Regions
North AmericaEuropeUKUnited StatesCanadaUnited Kingdom