– European stocks are performing relatively well during Thursday’s session – the STOXX 600 index is up 0.4% after yesterday’s 0.8% decline, driven by higher oil and precious metal prices.
– Therefore, the best performing sectors are mining and the fuel industry
– Trump’s threats against Iran are driving up oil and gold prices as safe havens.
– SAP falls 13.3% – the biggest daily drop since 2020 following weak forecasts for order backlog data in the cloud sector
– Deutsche Bank loses 2% despite record annual profits (the best since 2007). With revenues of EUR 7.73 billion (above the estimated EUR 7.64 billion).
– 2025 closed with a record net profit of EUR 7.1 billion (+546% y/y), FIC trading EUR 2 billion (strong) – the management board proposes a dividend of EUR 1 per share + a new buyback of EUR 1 billion.
– The DAX is down 1.2% on this corporate news, with technology companies performing poorly. This is due to the weak reception of reports from SAP and Microsoft.
– But that’s not all, because other companies have also presented their reports.
– Roche posted solid Q4 2025 results with revenues of CHF 15.65 billion (above expectations of CHF 15.45 billion), with pharmaceuticals (CHF 12.11 billion) and diagnostics (CHF 3.54 billion) close to expectations. EPS CHF 19.46 slightly below expectations, but full-year 2025 operating profit CHF 21.83 billion above consensus; mid-single-digit sales growth and high single-digit core EPS plus higher dividend forecast for 2026
– Sanofi posted solid Q4 2025 results with revenues of €11.30 billion (above expectations of €11.2 billion).
– Overall, the reaction to yesterday’s MAG7 results, namely Microsoft, Meta Platforms, and Tesla, is negatively affecting futures prices.
– The US100 is currently down 0.2%.
On the Forex market, we are seeing further gains for the Canadian dollar and the USD. The Swiss franc is also rebounding. Meanwhile, declines are concentrated on the British pound and the euro.
– Precious metals continue to rise. GOLD is up nearly 1.25% today, while SILVER is trading at yesterday’s closing levels.
– Investors are focusing today on reports on US unemployment benefits, data on durable goods orders/factory orders, and EIA data on natural gas inventories.
– From the US, we will learn the results of Lockheed Martin, Altria, Mastercard, and Apple.
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