Core Viewpoint - Russia is preparing to send crude oil and fuel to Cuba as the island faces a severe fuel shortage due to U.S. actions aimed at cutting off its oil supply [1] Group 1: Supply Situation - The last oil supply from Russia to Cuba occurred in February 2025, involving a delivery of 100,000 metric tons [1] - Cuba has warned international airlines that jet fuel is no longer available, indicating a critical fuel situation on the island [1] Group 2: Geopolitical Context - The U.S. has moved to block oil exports from Venezuela, which has historically been a key supplier of jet fuel to Cuba [1] - Russia has expressed solidarity with Cuba and Venezuela, criticizing U.S. attempts to "suffocate" Cuba's economy and pledging to act against any military intervention [1] Group 3: Humanitarian Aid - The Russian embassy in Cuba stated that the upcoming supply of crude and oil products would be provided as humanitarian aid [1] - Russia has announced plans to suspend flights to Cuba after the departure of Russian tourists from the island [1]

Financial Performance - SoftBank Group reported a net profit of 248.6 billion yen ($1.62 billion) for the October-December quarter, a significant recovery from a net loss of 369 billion yen in the same period the previous year [1][1][1] - This marks SoftBank's fourth consecutive quarter of profitability, indicating a positive trend in its financial performance [1][1][1] Investment Strategy - The company's earnings have been bolstered by the rising valuation of its investment in OpenAI, where SoftBank has increased its stake to around 11% with over $30 billion invested [1][1][1] - To finance its investments, SoftBank has engaged in asset sales, bond issuance, and loans backed by its other holdings, including chip designer Arm [1][1][1] Market Position and Competition - OpenAI, once seen as the leading player in large language models, is facing rising operational costs and intensified competition from companies like Alphabet [1][1][1] - Investor concerns have been raised regarding SoftBank's ability to continue funding OpenAI, especially as OpenAI does not currently generate a profit [1][1][1]

Group 1 - The core viewpoint is that Legrand is experiencing growth due to strong demand in the data centre sector, which is positively impacting its expansion and profitability targets [1] Group 2 - Legrand has slightly increased its medium-term profitability targets as a result of the favorable market conditions driven by data centre demand [1]

Core Viewpoint - KBC Group reported a fourth quarter net income of 1 billion euros, slightly exceeding analyst expectations, despite a 10% year-on-year decline due to a previous one-off tax benefit [1] Financial Performance - The net interest income (NII) grew by 12% year-on-year to 1.61 billion euros, contributing to a full year total NII of 6.1 billion euros, surpassing the previous target of 5.95 billion euros [1] - KBC's total income for 2026 is projected to grow at least 9.9% year-on-year, with an expected NII of 6.73 billion euros or more [1] - The combined ratio of the non-life insurance division improved to 87% from 90% in 2024, indicating profitability in that segment [1] Strategic Initiatives - KBC's strategy involved locking in long-term bonds early in the rate-hiking cycle, which has provided stability despite sacrificing short-term reinvestment gains [1] - The company has set new medium and long-term financial targets, aiming for a cost-to-income ratio below 38% by the end of 2028 and a total income increase of at least 7.7% [1] Dividend Proposal - KBC proposed a dividend of 5.1 euros per share for 2025, resulting in a pay-out ratio of 60% of its yearly net profit, aligning with the upper end of its guidance [1]

Group 1 - Samsung Electronics has begun mass production of its latest HBM4 chips and has shipped commercial products to customers [1] - HBM4 is a sixth-generation high-bandwidth memory solution designed for AI and high-performance computing (HPC) applications [1] Group 2 - The announcement was made on February 12, 2026, indicating a significant milestone for Samsung in the semiconductor industry [1] - The development of HBM4 chips is expected to enhance performance in AI and HPC sectors, reflecting the growing demand for advanced memory solutions [1]

Core Viewpoint - Siemens has raised its full-year profit outlook due to strong first-quarter results driven by increased demand for AI-driven data centre infrastructure, leading to a 6.1% rise in shares [1] Financial Performance - First-quarter industrial profit increased by 15% to €2.90 billion ($3.44 billion), surpassing analysts' expectations of €2.64 billion [1] - Net profit reached €2.22 billion, also exceeding forecasts [1] - Sales for the first quarter rose by 4% to €19.14 billion, beating the analyst forecast of €19.09 billion [1] - Orders increased by 7% during the same period [1] Business Segments - The data-centre business revenue grew by more than one-third in the quarter through December, significantly exceeding expectations [1] - The digital industries factory automation unit showed strong performance, particularly in software and automation orders [1] - AI is identified as a key growth driver, with applications in logistics, machine communication, and product design [1] Market Sentiment - Despite robust results, investment sentiment remains cautious due to ongoing geopolitical issues and tariff debates affecting spending [1]

Core Insights - Mercedes-Benz reported a 57% drop in full-year operating earnings for 2025, highlighting challenges from competition in China and high tariffs [1] - The company's earnings before interest and taxes (EBIT) were 5.8 billion euros ($6.88 billion), significantly below the forecast of 6.6 billion euros and down from 13.6 billion euros the previous year [1] - Revenue for the year was 132.2 billion euros, a 9% decrease year-on-year, and slightly below the expected 134 billion euros [1] Financial Performance - Operating earnings fell to 5.8 billion euros, a 57% decline compared to the previous year [1] - Revenue decreased to 132.2 billion euros, down 9% from the prior year [1] - The EBIT forecast was missed by 0.8 billion euros, indicating a more challenging financial environment than anticipated [1] Market Environment - The company faces stiff competition in the Chinese market, which has impacted its earnings [1] - High tariffs have added to the financial pressures on the company, contributing to the significant drop in earnings [1] - CEO Ola Kaellenius emphasized the company's focus on efficiency, speed, and flexibility in navigating a dynamic market environment [1]

Group 1 - Toyota Industries Corp, a group company of Toyota Motor, has extended the tender offer period for its buyout of Toyota Industries until March 2 to enhance the bid's success chances [1] - The deadline was moved from February 12 to provide shareholders with a renewed opportunity to decide on the tender [1] - Following the announcement, shares of Toyota Industries increased, reaching a peak of 20,000 yen, up from approximately 19,400 yen, with a last recorded increase of 1.0% at 19,865 yen [1] Group 2 - The planned buyout aims to strengthen the Toyoda founding family's control over the automotive conglomerate [1] - The deal faces significant opposition from U.S. activist investor Elliott Investment Management and others, marking a governance test for Toyota and Japan Inc [1]

Core Viewpoint - Four partners have departed from EY due to potential breaches in the audit of Shell, leading to Shell's decision to switch auditors from EY to PricewaterhouseCoopers (PwC) starting in 2027 [1][1]. Group 1: Departure of Partners - Four partners left EY in December as the firm sought to manage the repercussions of compliance failures related to its audit of Shell [1][1]. - Among those who left was Gary Donald, who was the lead auditor for Shell, and another partner who had recently been promoted to EY's top ranks [1][1]. Group 2: Shell's Auditor Transition - Shell has selected PwC as its new auditor after a tender process, which will take effect in 2027, following the breaches identified in EY's audit practices [1][1]. - In a regulatory filing from July, Shell indicated that EY had violated rules mandating a change of the lead audit partner every five to seven years [1][1]. Group 3: Regulatory Investigation - The Financial Reporting Council in the UK has initiated an investigation into EY's audit of Shell's 2024 financial statements due to potential violations of audit partner rotation rules [1][1].

Group 1 - The global order is being reshaped by U.S. President Donald Trump's policies, prompting "middle powers" to take proactive measures in response to U.S. hegemony [1] - Financial markets are increasingly favoring non-U.S. equity markets and energy stocks, with a bullish outlook on currencies like the euro and Canadian dollar [1] - Major equity markets and emerging markets are projected to experience double-digit earnings growth in 2026, as the focus shifts away from U.S. exceptionalism [1] Group 2 - Over 73% of companies in Europe's STOXX 600 index that reported fourth-quarter earnings exceeded expectations, compared to a typical quarter's 54% [1] - The FTSE 100 index has surpassed the 10,000 milestone for the first time and is up 5% this year, outperforming the S&P 500's 1.4% increase [1] - European energy stocks are nearing their highest levels since 2008, driven by a focus on critical resources and energy production [1] Group 3 - The "Made in Europe" strategy aims to protect local industries by setting minimum requirements for European content in manufactured goods, although it has caused divisions among EU countries [1] - Analysts believe that the long-term effort to bolster growth through trade and increased spending will persist, benefiting currencies like the Canadian dollar, Japanese yen, and euro [1] - Middle powers are forming strategic partnerships that align with their interests, as highlighted by the recent actions of Canada and the EU [1]