Market Overview - U.S. stock futures declined on Thursday after a higher close on Wednesday, with all major benchmark indices showing lower futures [1] - Traders are analyzing the Federal Reserve's January meeting minutes, revealing significant disagreements among officials regarding future interest rates [1] - Despite discussions of potential rate increases to combat inflation, market participants expect two rate reductions by year-end [1][2] Economic Indicators - The 10-year Treasury bond yielded 4.10%, while the two-year bond was at 3.47% [2] - The CME Group's FedWatch tool indicates a 94% likelihood of the Federal Reserve maintaining current interest rates in March [2] Stock Performance - Dow Jones decreased by 0.12%, S&P 500 by 0.08%, Nasdaq 100 by 0.08%, and Russell 2000 by 0.24% [2] - DoorDash (DASH) shows a weaker price trend across all time frames despite a solid growth ranking [2] - eBay (EBAY) has a stronger price trend in the short and medium terms but a weak long-term trend with a moderate quality ranking [3] - Lockheed Martin (LMT) maintains a strong price trend across all time frames but has a poor value ranking [4] - Interactive Strength Inc. (TRNR) gained 12.47% after acquiring Ergatta, Inc., but maintains a weaker price trend overall [6] - Walmart (WMT) fell by 1.50% as analysts anticipate quarterly earnings of 73 cents per share on revenue of $190.43 billion [6] Sector Insights - Consumer discretionary, energy, and information technology stocks led gains in the S&P 500 on Wednesday, while real estate and utilities sectors declined [7] Analyst Insights - Jeremy Siegel expresses a positive outlook on the U.S. economy, suggesting recent data supports a bull market expansion rather than a derailment [8] - He identifies a "sweet spot" in the labor market, with jobless claims indicating resilience and a near-2% annual gain in weekly pay improving consumer purchasing power [8][9] - Siegel argues that cooling inflation and rising real income provide the Federal Reserve with room to lower interest rates [9] - He views market volatility due to "AI-driven disruption fears" as a typical reaction to technological changes, which he believes will ultimately enhance productivity and real incomes [9][10] - Siegel sees valuation support in the ongoing healthy market rotation towards non-tech sectors trading at reasonable multiples [10]

Financial Data and Key Metrics Changes - The company expects 2026 EBITDA margin to be slightly up compared to 2025, excluding Deliveroo, which is projected to contribute about $200 million of EBITDA [10][11][39] - The U.S. restaurant business contribution margin was up year-over-year in Q4, with expectations for continued margin improvement in 2026 [41][42] Business Line Data and Key Metrics Changes - New verticals, including retail and grocery, had a strong quarter and year, with 30% of miles in the U.S. coming from categories outside of restaurants [24][48] - The company aims to increase the percentage of miles from grocery and retail to 100% over time, with improvements in selection and efficiency driving growth [24][41] Market Data and Key Metrics Changes - The company reported high growth rates in the grocery sector, with no significant impact from competition, particularly from Amazon [47][50] - The company is expanding its capabilities with DashMart Fulfillment Services to enhance quality and compete effectively against larger players [50] Company Strategy and Development Direction - The company is focused on building an operating system for local commerce, integrating software, warehousing, and delivery infrastructure to support small and medium businesses [19][22] - Investments are being made in autonomous delivery platforms, with a vision for a fleet of vehicles to serve both urban and suburban areas [39][85] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position in Europe, highlighting faster growth compared to the U.S. and successful integration of Deliveroo [8][9] - The management emphasized the importance of maximizing long-term free cash flow through strategic investments in technology and service offerings [11][12] Other Important Information - The company is making significant investments in its global tech stack, with expectations for improved efficiency and feature development velocity [60][76] - The DashPass program is seen as critical for driving consumer engagement and order frequency, with plans to enhance its value proposition [66][69] Q&A Session Summary Question: Competitive intensity in Europe and investment levels for 2026 and 2027 - Management noted strong positioning in Europe and faster growth post-Deliveroo acquisition, with consistent investment levels expected [8][10] Question: Details on longer distance and higher effort deliveries - Management discussed the evolution of Dashers and the integration of software to support complex deliveries, emphasizing the need for improved pay models [18][22] Question: Strategy for autonomous delivery platform - Management outlined plans for a fleet of delivery vehicles, emphasizing the orchestration of deliveries between Dashers and autonomous vehicles [39][40] Question: Reasons for lower unit economics improvement in U.S. restaurant business - Management indicated that while margins are improving, the pace will be slower due to ongoing investments and seasonal factors [41][42] Question: Growth in grocery and perishables amid competition - Management reported continued high growth rates in grocery, asserting that consumer preference for choice supports their strategy [47][50] Question: Insights from Deliveroo acquisition - Management highlighted early successes and identified numerous small improvements that can enhance customer offerings [58][59] Question: Update on storefront software business and tech stack timing - Management confirmed positive integration with SevenRooms and expects significant tech stack benefits to materialize throughout 2026 [72][76]

Deliveroo has collaborated with embedded finance provider Liberis to launch a new funding programme for UK hospitality businesses. The Deliveroo Capital programme will enable restaurants and other hospitality operators access flexible funding for business needs. Under the arrangement, Liberis will extend pre-approved merchant cash advances (MCAs) to qualifying Deliveroo merchant partners via the latter's platform. The service sits alongside existing tools restaurants already use on Deliveroo to oversee ...

MONTREAL, Feb. 13, 2026 (GLOBE NEWSWIRE) -- Goodfood Market Corp. (“Goodfood” or the “Company”) (TSX: FOOD), a leading Canadian online meal solutions company, today announced the appointment of Selim Bassoul as Chief Executive Officer, effective immediately. Mr. Bassoul will continue to serve as Chairman of the Board, ensuring continuity of strategic oversight and leadership. “As I step into the role of Chief Executive Officer, Goodfood is entering its next phase with a clear mandate: reinforce financial an ...

Core Insights - Instacart forecasts strong growth in gross transaction value (GTV) and core profit for the current quarter, driven by demand for essential goods and an expanding advertising business [1] - The company reported a 14% increase in GTV for the fourth quarter, reaching $9.85 billion, surpassing estimates [1] - Instacart's advertising revenue exceeded $1 billion in 2025, with a significant increase in active brands [1] Financial Performance - For the current quarter, Instacart expects GTV between $10.13 billion and $10.28 billion, indicating an 11% to 13% year-on-year growth [1] - Adjusted earnings before tax, depreciation, and amortization (EBITDA) are projected to be between $280 million and $290 million, slightly above analysts' expectations [1] - In the fourth quarter, adjusted core profit was $303 million, exceeding estimates of $292.2 million [1] Market Dynamics - The demand for essentials has increased as consumers seek affordable options amid inflation, contributing to a 16% rise in orders [1] - Instacart faces heightened competition from Amazon and Kroger, which may impact its market share [1] - The company has launched an app on OpenAI's ChatGPT, indicating a move towards technological integration in its services [1]

Core Viewpoint - JD.com’s food delivery service has announced significant progress in its "Double Hundred Plan," with nearly 400 restaurant brands achieving over 1 million orders, doubling the scale from six months ago [1] Group 1: Plan Upgrades - The "Double Hundred Plan" will undergo three major upgrades by 2026: traffic support, best-selling product operation, and marketing strategies [1] - The traffic support upgrade includes the launch of a "Store Growth Score" system, providing a clear growth path for stores and offering more traffic support to quality merchants [1] - The best-selling product operation upgrade will utilize JD.com’s innovative consignment model, allowing merchants to focus on supply while the platform manages marketing, operations, and fulfillment [1] - The marketing strategy upgrade involves the introduction of a 2026 marketing calendar tailored to seasonal holidays, peak categories, consumer scenarios, and user habits for more precise marketing [1]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The Chinese/HK properties performed strongly overall, especially VNKRLE bonds due to the reported SZ government rescue plan for Vanke. The deflationary pressure in China continued to ease in early 2026, and mild price reflation is expected in 2026, which should improve corporate profitability and support the capital - market performance of materials and cyclical sectors [2][3][12]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new CHIFEN 7.4 02/13/29 lowered by up to 1.0pt from RO at par. Chinese AMC space was firm, while HK bank T2s BNKEA/NANYAN widened 5 - 6bps, and Chinese TMTs KUAISH/MEITUA widened 2 - 5bps. Higher - beta names FRESHK 26 - 29s/ZHOSHK 28 closed 7 - 13bps wider. EHICAR 27 dropped 2.1pts, and EHICAR 26 closed 0.3pt lower. VNKRLE 27' and 29' surged 8.0 - 8.8pts on the SZ government rescue plan report. LNGFOR 27 - 32s/FUTLAN 28/FTLNHD 26 - 27 edged 0.1 - 0.4pt higher. Seazen Group raised HKD472.3mn (cUSD60.4mn) through a private share placement. LASUDE 26 rose 1.5pts, NWDEVL/VDNWDL complex gained 0.2 - 0.9pt, and FAEACO 12.814 Perp closed 0.8pt higher. In SE Asian space, PTTGC 31 - 52s widened 1 - 5bps, PTTGC Perps leaked 0.1 - 0.2pt, VLLPM 27 - 29 were down 1.0 - 1.8pts, and SMCGL Perps were 0.1pt higher. In KR space, POHANG/SKBTAM/HYNMTR/LGENSO stabilized. In JP space, there were selling flows on 10yr bank papers, Japanese insurance subs edged 0.1pt firmer, and Yankee AT1s leaked 0.1 - 0.3pt. In the Middle East, BSFRs were 0.1pt lower to 0.1pt higher, and long - end KSAs traded up to 0.4pt higher [2]. - This morning, MEITUA/KUAISH recovered to 3 - 5bps tighter. There was better selling on FRESHKs, FAEACO 12.814 Perp gained 1.6pts higher, EHICAR 26 dropped 2.3pts, and ACPM 4.85 Perp/HYSAN 4.85 Perp were 0.6 - 0.8pt lower. VNKRLE 27' and 29' edged 0.1 - 0.2pt higher after yesterday's jump [3]. - In the LGFV space, there was deployment demand from institutions, lifting offers and driving yields tighter. Non - LGFV CNH papers remained afloat due to cross - border account demand [4]. Last Trading Day's Top Movers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | VNKRLE 3.975 11/09/27 | 43.4 | 8.8 | EHICAR 12 09/26/27 | 53.3 | - 2.1 | | VNKRLE 3 1/2 11/12/29 | 41.5 | 8.0 | VLLPM 7 1/4 07/20/27 | 51.9 | - 1.8 | | TTMTIN 4.35 06/09/26 | 99.4 | 1.9 | NICAU 9 09/30/30 | 103.4 | - 1.2 | | LASUDE 5 07/28/26 | 78.4 | 1.5 | HAOHUA 5 1/2 03/14/48 | 99.9 | - 1.0 | | NWDEVL 10.131 PERP | 80.9 | 0.9 | VLLPM 9 3/8 07/29/29 | 41.5 | - 1.0 | [5] Marco News Recap - On Wednesday, S&P (-0.00%), Dow (-0.13%), and Nasdaq (-0.16%) were lower. The US Jan'26 Nonfarm Payrolls were +130k (higher than the market expectation of +66k), the Unemployment Rate was 4.3% (lower than the forecast of 4.4%), the Average Hourly Earnings in Jan'26 was +0.4% mom (a touch higher than the forecast of +0.3%), and the Crude Oil Inventories was +8.53mn (higher than the market expectation of -0.2mn). UST yield was higher, with 2/5/10/30 - year yield at 3.52%/3.75%/4.18%/4.82% [6]. Desk Analyst Comments - VNKRLE 27' and 29' jumped 8.0 - 8.8pts yesterday and edged 0.1 - 0.2pt higher this morning on the media reports of the SZ government's RMB80bn rescue plan for Vanke, including a RMB20bn share placement. Whether the equity injection is sufficient is under discussion, and the new share issue for a loss - making company needs special regulatory approval. The rescue plan is in line with the view that the central government doesn't want another high - profile default in the property sector. The SZ government, through SZ Metro, has been incentivized to support Vanke's refinancing and maturity extension [7]. - In late Jan'26, Vanke secured consents on onshore bonds. SZ Metro provided a 3 - year loan of up to RMB2.4bn to Vanke. Fitch upgraded China Vanke to CC from RD and affirmed Vanke HK's CC rating [8]. - Vanke can turn to alternative funding channels like long - term operating loans or CBICL - guaranteed bonds secured by IPs. As of Jun'25, the book value of Vanke's IPs was cRMB152bn, and c48% of IPs remained unencumbered, which could secure additional financing of cRMB36bn. The total o/s onshore and offshore bonds of Vanke is cRMB27bn [9][10]. - There are hold recommendations on VNKRLEs. The total outstanding amount of Vanke's USD bonds is USD1.3bn, and the next offshore maturity is VNKRLE 3.975 11/09/27 in Nov'27. Estimated NPVs for VNKRLEs are low - 60 to high - 70 and high - 50 to low - 70, respectively [11]. China Economy - China's deflationary pressure continued to ease in early 2026. CPI slowed to 0.2% YoY in Jan due to a high base effect and volatile food pricing. Core inflation remained robust driven by durable goods, tourism, and jewellery prices. PPI beat market expectation as price relation in upstream sectors passed through, while PPI of consumer goods remained subdued. Mild price reflation is expected in 2026, and CPI and PPI are expected to reflate from 0.1% and - 2.6% in 2025 to 0.9% and 0.5% in 2026. Further demand - side policies are expected to address the imbalance [12]. - Food price dynamics and base effects drove the shift in headline CPI. CPI YoY moderated to 0.2% in Jan from 0.8% in Dec, slightly below the market expectation. Sequentially, CPI remained flat at 0.2% MoM. Food prices showed weaker - than - normal seasonality, pork prices had 1.2% MoM growth, fresh vegetable prices dropped - 4.8% MoM, and vehicle fuel prices declined 1.2% MoM. Headline CPI is expected to rebound to 1.1% in Feb [13]. - Core CPI remained robust as durable goods price reflated. Core inflation edged down to 0.8% YoY in Jan from 1.2% in Dec due to the base effect, while its MoM expanded to 0.3%. Durable goods saw notable price reflation, other supplies and services including gold jewellery surged 2.7% MoM, service price growth edged up to 0.2% MoM, medical services continued reflation, and housing rent dropped 0.1% MoM [14]. - PPI sustained its recovery momentum. The YoY contraction of PPI narrowed to - 1.4% in Jan from - 1.9% in Dec, beating market expectations. The MoM growth reached 0.4%, the highest in 28 months. The extraction sector dropped 1.7% MoM, raw materials and processing sectors rose 0.7% and 0.5% MoM, AI - related and anti - involution sectors saw price increases, while downstream sectors remained subdued [15][16]. Offshore Asia New Issues - There were no offshore Asia new issues priced or in the pipeline today [19][20]. News and Market Color - Yesterday, 72 credit bonds were issued onshore with an amount of RMB50bn. Month - to - date, 858 credit bonds were issued with a total amount of RMB690bn, a 615.7% yoy increase. Sales of New Energy Vehicles (NEVs) in China slumped 18.9% yoy in Jan'26. First Pacific's Meralco will spend USD4.65bn on network upgrades and service expansion. Fosun - owned insurer weighs Lisbon listing at more than USD3.6bn valuation [21]. Company - Specific News - Seazen Group raised HKD472.3mn (cUSD60.4mn) through a private share placement to help repay FTLNHD 4.5 05/02/26 [26]. - Medco Energi Internasional's arm was awarded the operatorship of Cendramas offshore field in Malaysia by Petronas [26]. - Moody's affirmed Meituan's Baa1 ratings and revised outlook to negative from stable due to competition in the food delivery business [26]. - Petron Malaysian unit flagged a potential financial hit due to tropical storm Senyar [26]. - Petronas launched a bidding round for nine exploration blocks across Malaysia [26]. - Samsung Heavy won a USD321mn deal to build two containerships for an African buyer [26]. - AIIB will provide up to USD250mn on - lending facility to Shriram Finance [26]. - Santos flagged a USD137mn impairment loss in 2025 [26]. - West China Cement settled tender offer for WESCHI 4.95 07/08/26, with USD51.976mn remaining outstanding [26].

Core Insights - The article highlights the launch of JD.com's nationwide Chinese New Year dinner reservation service, aimed at alleviating the stress of preparing festive meals for families [1][3] - The service features partnerships with over a hundred well-known brands and more than ten thousand restaurants across over a hundred cities, offering a variety of meal packages [1][3] Group 1 - JD.com has seen an 8-fold increase in user searches related to "New Year dinner" since the service launched [1] - The meal options include traditional Chinese dishes, hot pot, barbecue, global cuisines, and new styles of New Year dishes, catering to diverse tastes [3] - Popular brands featured in the service include Dayali, Jinbaiwan, and Yunhaiyao, with a focus on traditional dishes like Peking duck and regional specialties [3] Group 2 - Customers who pre-order meals with a payment of over 100 yuan can enjoy one-on-one urgent delivery on New Year's Eve [4] - An additional family photo printing service is offered for orders exceeding 1888 yuan for hot meal packages [4] - In 12 cities, including Beijing, Shanghai, and Urumqi, priority will be given to the delivery of heated meal boxes [4]

春节外卖火了，淘宝闪购再加码激励 来源：钱江晚报 "春节外卖火了，市民需求多了，骑士收入也涨了，跑得好一个月能多挣上万元。今年春节我决定留下 来，把家人接到身边过年。"随着当下外卖消费火热，淘宝闪购骑士纵波说。 春节年货采购正旺，从囤货到即时满足，淘宝闪购30分钟送到家成为新趋势。为做好城市春节生活服 务，淘宝闪购做好了准备，通过加大激励和补贴，做好值守骑士保障；同时，围绕送单全程升级支持举 措，让城市骑士更好、更快服务。 记者获悉，这个春节，淘宝闪购投入近20亿元，提前做好运力储备，留岗骑士将比平时至少多收入数千 元，一线城市可多挣上万元；围绕外卖"接取送达"，淘宝闪购持续做好商户协同、升级骑士AI赋能、加 大末端助力，让城市骑士劳有所得、心有所安，更好守护马年春节。 随着春节订单暴涨，淘宝闪购推出了多重奖励活动，包括节日激励、长线活动和拉新奖励等，很多骑士 有望收到万元"年终奖"。其中，春节期间有留岗、返岗奖励，单单奖，天气时段补贴等；长线活动则包 括赛事奖励、加油包和叠加奖励等；推荐新人入职，骑士和跑单新人都会收到奖励。 以北京为例，在通州梨园商圈，春节假期值守骑士，包括值班奖励，迎新、返岗等红包，加上 ...

南都讯 记者刘嫚 发自北京 针对入网餐饮服务提供者在外卖平台上标识"现炒"，但实际使用预制菜且冷 藏冷冻温度不达标、开封后重复使等问题，检察机关督促行政机关对网络餐饮使用预制菜监管。2月9 日，最高人民检察院举行新闻发布会，发布"食药安全益路行"检察公益诉讼监督典型案例，上述案例入 选。 典型案例显示，云南省蒙自市某街道"三义二社"属自建房连片区域，地处城市中心。因租金低廉、交通 便利，吸引众多餐饮服务企业和个体经营户聚集，经营者达上百家。部分餐饮商户未按照预制菜贮存温 度冷藏冷冻、餐饮环境卫生不达标，存在食品安全问题；个别餐饮商户在外卖平台标识"现炒"，但实际 使用预制菜；用户给予的差评中，有多条"妥妥是预制菜""没味道"等评价，未引起外卖平台和相关部门 重视，侵害社会公共利益。 会后，蒙自市检察院依据《中华人民共和国食品安全法》（2021年修订）第五十四条第一款、《中华人 民共和国电子商务法》第十七条、《网络餐饮服务食品安全监督管理办法》第十六条等规定并参考听证 意见，向蒙自市市场监管局公开宣告送达检察建议，建议该局依法履行对预制菜食品安全的监管职责， 对已发现的违法违规行为进行查处，督促第三方平台落实食 ...