分组1 - U.S. Federal Reserve Chair Jerome Powell's press conference revealed limited insights, with stock futures showing little change and major indexes posting modest gains [1][2] - Meta's shares rose over 8% after beating fourth-quarter earnings expectations and providing strong sales guidance, although its Reality Labs unit reported a wider operating loss of $6.02 billion compared to the expected $5.67 billion [2][3] - Microsoft shares fell 7% despite surpassing Wall Street predictions, attributed to cooling cloud growth and light operating margin guidance [4] 分组2 - Tesla reported stronger-than-expected earnings and revenue for the fourth quarter, leading to a 2% increase in shares, but also noted its first full-year sales decline on record [5][6] - CEO Elon Musk announced the discontinuation of Model S and X production, reallocating resources to build Optimus humanoid robots, and Tesla plans to invest around $2 billion in xAI, a startup competing with OpenAI [6][7] 分组3 - The U.S. dollar index regained some ground after Treasury Secretary Scott Bessent denied intervention reports, despite the index falling over 10% in the past year, leading some to view the dollar as being in a bear market [9][11] - JPMorgan Chase, Bank of America, and Wells Fargo committed to matching the U.S. government's contribution to tax-advantaged savings accounts for children, with additional support from Altimeter Capital and rapper Nicki Minaj [12][13][14]

Core Insights - Comcast reported mixed results for its fourth quarter, beating earnings expectations but slightly missing revenue targets [1][10] Financial Performance - Net income attributable to Comcast decreased by 54.6% to $2.17 billion, or 60 cents per share, compared to $4.78 billion, or $1.24 per share a year earlier [3] - Adjusted net income was reported at $3.06 billion, or 84 cents per share, with adjusted earnings before interest, taxes, depreciation, and amortization down 10% to $7.9 billion [4] - Overall quarterly revenue increased by more than 1% to $32.31 billion, slightly below the expected $32.35 billion [4][10] Business Segments - Revenue for the connectivity and platforms unit, including Xfinity services, decreased by 1% to $20.24 billion, with domestic broadband revenue down 1% to approximately $6.32 billion [5] - The media unit, which includes NBCUniversal, saw revenue rise by 5.5% to $7.62 billion, driven by domestic advertising revenue growth of 1.5% [6][7] - Universal film studio revenue fell by 7.4% to $3.03 billion, while theme parks revenue increased by 22% to roughly $2.9 billion, attributed to the opening of Epic Universe [9] Customer Metrics - Comcast lost 181,000 domestic broadband customers but gained 364,000 mobile customers, bringing the total to over 9.3 million [2] - The company also lost 245,000 pay TV customers, resulting in a total of 11.27 million pay TV customers [6] - NBC's streaming service, Peacock, added 3 million paid customers, ending the year with 44 million paid subscribers, despite reporting losses of $552 million for the fourth quarter [8]

Core Viewpoint - Starbucks is set to provide a long-term financial forecast and details on achieving its targets during an investor presentation, following a suspension of its outlook in October 2024, which projected global same-store sales growth of at least 5%, revenue growth of at least 10%, and earnings per share growth of at least 15% [1] Group 1: Financial Performance - Starbucks shares have decreased approximately 5% over the past year, resulting in a market value of around $108 billion, amid concerns over consumer spending and rising coffee prices [2] - The company reported a same-store sales growth of 4% for the first time in two years, driven by increased customer traffic [3] - For fiscal 2026, Starbucks anticipates adjusted earnings per share between $2.15 and $2.40, with same-store sales growth of at least 3% globally and in the U.S. [5] Group 2: Strategic Initiatives - Menu innovations, such as protein cold foam, have attracted both loyal and infrequent customers, with further innovations and enhancements to the rewards program and digital experience planned [4] - Under CEO Brian Niccol's leadership, Starbucks is focusing on improving customer and employee experiences, including returning seating to cafes and requiring baristas to write messages on cups, despite these changes impacting short-term earnings [6] - Investments in restaurant improvements and labor have affected profits during the fiscal first quarter, leading to earnings per share that fell short of Wall Street estimates [4]

Core Viewpoint - Roche and Sanofi's latest earnings met expectations, with both companies emphasizing the importance of developing new drugs to counteract the impending "patent cliff" facing the pharmaceutical industry [1][2]. Roche - Roche's sales grew by 8% in the fourth quarter, driven by blockbuster drugs like Ocrevus and Tecentriq [5]. - The company forecasts profit growth to outpace sales growth by 2026, with adjusted earnings per share expected to grow by high single digits at constant currencies [5]. - Roche plans to launch up to 19 new medicines by the end of the decade, focusing on late-stage development [3]. - The company is entering the obesity market with its weight-loss candidate CT-388, which showed a 22.5% weight reduction in Phase 2 trials, comparable to competitors [10]. - Roche has partnered with Zealand Pharma to co-develop the drug petrelintide, aiming to invest in next-generation obesity treatments [11]. Sanofi - Sanofi reported a 13% sales growth in the fourth quarter at constant currencies, with earnings per share of 1.53 euros ($1.20), exceeding forecasts [6]. - The company anticipates sales growth in the high single digits for 2026, with profit growth expected to be slightly higher than revenue [8]. - Sanofi's growth was supported by new medicines and its drug Dupixent, which reached a new quarterly high [8]. - The company announced a 1 billion euro share buyback, but investor focus remains on its research and development efforts [8]. - The need to expand the pipeline will be a key topic in Sanofi's earnings call, highlighting long-term R&D spending and potential M&A activities [9].

Core Insights - Toyota Motor has maintained its status as the world's top-selling automaker in 2025, achieving record sales of 10.5 million units, a 3.7% increase from the previous year, surpassing Volkswagen Group's 9 million units and Hyundai Motor Group's 7.27 million units [1] - The growth in sales was significantly driven by strong demand for hybrid vehicles in the U.S., particularly models like the Prius and RAV4 [1] Group 1 - Toyota's U.S. sales increased by 7.3% to 2.93 million units, despite the imposition of aggressive tariffs by the U.S. government [2] - The company successfully absorbed tariff-related costs instead of passing them onto consumers, focusing on local production and cost controls [2] - Toyota estimated that U.S. tariffs would cost it 1.45 trillion yen ($9.7 billion) in the fiscal year ending March 2026, yet raised its full-year operating profit forecast due to effective cost reductions and strong demand outside the U.S. [3]

Core Viewpoint - SAP experienced a significant decline in stock price, dropping as much as 11% after reporting weaker-than-expected growth in its cloud contract backlog for the fourth quarter, marking its largest daily fall since October 2020 [1]. Group 1: Stock Performance - The stock is on track to close at its lowest price since mid-2024, with shares last trading down 9.7% [1]. - This decline follows a previous drop of 22% in October 2020 due to disappointing third-quarter results [1]. Group 2: Cloud Backlog Performance - SAP's current cloud backlog increased by 16% in the fourth quarter, reaching 21.1 billion euros (approximately $25.3 billion) [2]. - The company's CEO, Christian Klein, had previously set a target for 26% growth in this area [2].

Traders work on the floor of the New York Stock Exchange (NYSE) on Jan. 28, 2026 in New York City.U.S. Treasury yields rose on Thursday as investors assessed the U.S. Federal Reserve's decision to hold interest rates steady.The 10-year Treasury yield rose more than one basis point to 4.267%, while yields on the 2-year Treasury note remained steady at around 3.584%. The 30-year Treasury yield rose about three basis points to 4.89%.One basis point is equivalent to 0.01%. Yields and prices move in opposite dir ...

Core Insights - India and the European Union have finalized a significant free trade agreement that will gradually reduce import duties on European cars from 70%-110% to 10%, applicable to a quota of 250,000 vehicles priced above €15,000 ($17,952) per year [2][23]. Industry Impact - The deal provides European automobile manufacturers with access to India's third-largest car market, which is projected to reach 6 million units by 2030, driven by a young population with increasing disposable incomes [5]. - Despite the tariff reductions, the majority of cars sold in India are priced below ₹2 million ($21,756), indicating that the market for European luxury cars may remain limited due to additional local taxes [6][8]. - The Indian auto market is currently dominated by local manufacturers such as Maruti Suzuki, Hyundai, Tata, and Mahindra, which have established a strong presence over the past two decades [7]. Competitive Landscape - The European luxury brands, including Mercedes-Benz, BMW, JLR, Audi, and Volvo, sold 49,000 cars in India in the financial year ending March 2025, compared to total passenger car sales of 4.3 million [8]. - Indian and Korean manufacturers are rapidly expanding their market presence through capacity growth and frequent product launches, putting pressure on European brands [9]. - The free trade agreement may prompt European companies to reassess their business strategies in India, potentially leading to the introduction of new products and deeper localization [10][11]. Market Reactions - Following the announcement of the trade deal, shares of major Indian auto companies, including Mahindra & Mahindra, Hyundai Motor India, Maruti Suzuki, and Tata Motors, fell between 1.5% and 4% [14]. - Industry leaders view the trade deal positively, as it allows Indian manufacturers duty-free access to European markets while still protecting the majority of local sales volumes [15]. Consumer Preferences - The evolving consumer preferences in India may lead to increased competition in the premium SUV segment, which is priced above ₹2.3 million, as European brands can now offer competitive pricing [13]. - There is a growing demand for cars with better amenities, and consumers hope that European manufacturers will introduce their latest models in India at reasonable prices following the trade deal [16].

Group 1 - The U.S. Federal Reserve maintained its key interest rate in the range of 3.5%-3.75% [1] - Fed Chair Jerome Powell emphasized the importance of avoiding political involvement for future Fed leadership [2] - The S&P 500 index reached 7,000 for the first time but closed below that level [4] Group 2 - Meta Platforms, Microsoft, and Tesla reported earnings that exceeded expectations, with Meta and Tesla shares rising while Microsoft shares fell [3] - Deutsche Bank announced record profits for the last quarter of 2025 [4] - Roche projected "high single digit" growth for its core earnings per share in 2026 [4] Group 3 - Gold prices surged past $5,500, reaching a record high, although one analyst suggested the precious metals market is "broken" [5] - China and Britain are set to deepen cooperation in key sectors following a visit by U.K. Prime Minister Keir Starmer [3]

Core Insights - ASML is the only company globally producing extreme ultraviolet (EUV) lithography machines, holding a 90% market share in the lithography sector, and is expected to monopolize next-generation EUV technology [4][5][9] - The company's recent earnings report showed bookings exceeding analyst expectations, with EUV systems contributing significantly to its revenue [5][10] - ASML's advanced lithography machines are essential for the production of semiconductors, particularly for AI applications, with 99% of semiconductors being produced using ASML technology [5][10] Company Performance - ASML's net bookings for the fourth quarter of 2025 reached 13.2 billion euros, with EUV systems accounting for 7.4 billion euros [10] - The company sold 48 EUV systems in 2025, generating 11.6 billion euros in revenue [10] - ASML's share price increased by 36% last year and has surged another 32% since the beginning of 2023, reaching a valuation of half a trillion dollars [12] Market Dynamics - The price of ASML's advanced high NA EUV machines ranges from 320 million to 400 million euros, while the low NA EUV is priced around 220 million euros [11] - Companies like TSMC, Intel, and Samsung are currently experimenting with high NA EUV technology, which is expected to enter high-volume manufacturing by 2027-2028 [11][12] - Analysts predict continued stock price growth for ASML, with expected net sales for 2026 projected between 34 billion and 39 billion euros, surpassing the 32.7 billion euros achieved in 2025 [12]