Intel swung to a loss for the fourth quarter on Thursday and forecasted further losses in the first quarter as the company spent heavily ramping up production of its latest chips while contending with an inventory shortage. The company reported a net loss of $333 million during the last three months of the year, worse than the $294 million loss expected by analysts, according to FactSet. Revenue for the period was $13.7 billion, compared with $14.3 billion a year prior. Investors have been eagerly awaiting news about new customers for the company’s chip-fabrication business, or foundry. But on a conference call with analysts, Intel executives said customer announcements wouldn’t be coming until later in the year. “I’m disappointed that we are not able to fully meet the demand in our markets,” Intel Chief Executive Lip-Bu Tan said on the call. “We are on a multiyear journey. It will take time and resolve.” Intel shares fell more than 12% in after-hours trading.

The Swiss stock market closed on a bright note on Thursday, in line with markets across Europe, as the undertone remained firm right through the day's session after U.S. President Donald Trump dropped planned tariffs on eight European countries and ruled out using force to take Greenland. The benchmark SMI, which climbed to 13,299.42 in the session, settled with a gain of 71.59 points or 0.54% at 13,228.40. Holcim, up nearly 3%, was the top gainer in the SMI index. Amrize, Julius Baer and Kuehne + Nagel gained 1.7 to 1.9%. UBS Group, Partners Group and SGS moved up by 1.36%, 1.26% and 1.1%, respectively. Roche Holding, Swisscom, Sika, Novartis, Schindler Ps, Geberit and Sonova gained 0.5 to 1%. Straumann Holding lost 1.07%. Galderma Group ended down by 0.85%, while Alcon, ABB and Lonza Group lost 0.4 to 0.52%.

Europe
European stocks closed higher on Thursday as trade war fears faded after U.S. President Donald Trump dropped planned tariffs on eight European countries and ruled out using force to take Greenland. The pan European Stoxx 600 climbed 1.03%. Germany's DAX gained 1.2%, France's CAC 40 advanced 0.99% and the U.K.'s FTSE 100 edged up 0.12%. Switzerland's SMI ended 0.54% up. Among other markets in Europe, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Poland, Portugal, Spain, Sweden and Turkiye closed with sharp to moderate gains. Norway ended weak, while Austria and Russia closed flat. In the UK market, St. James's Place and Metlen Energy & Metals climbed 4.31% and 4.25%, respectively. Hikma Pharmaceuticals, JD Sports Fashion, Spirax Group, Convatec Group, Easyjet, Vodafone Group, Ashtead Group, Weir Group, IAG, Mondi, IMI, Schroders, Barclays and Diploma gained 2 to 3.1%. Admiral Group dropped 4.7%. BAE Systems lost about 3.7%. ICG, Rio Tinto, Shell, Antofagasta, Glencore, BP, Experian, Anglo American Plc, Aviva, Relx, Babcock International, Tesco, Legal & General and Next lost 1 to 2.7%. In the German market, Volkswagen rallied more than 6% after reporting stronger than expected cash flow for the financial year 2025. Porsche Automobile gained about 4.7%. Heidelberg Materials, Deutsche Bank, Infineon, Siemens Energy and Merck moved up 3 to 4.2%. Bayer climbed about 3% after announcing that its investigational cell therapy, OpCT-001, has received Orphan Drug Designation from the FDA for treating retinitis pigmentosa. Deutsche Boerse gained about 2.3% after announcing a record $5.3 billion deal to acquire Amsterdam-listed fund trading platform Allfunds, aiming to bolster its position in Europe's investment fund market. Continental, Fresenius Medical Care, Zalando, BASF, Siemens, Brenntag, Scout24, Deutsche Telekom, Fresenius and Commerzbank gained 2 to 2.7%. In the French market, ArcelorMittal jumped nearly 6.5%. TP climbed about 6%. Orange and Bouygues moved up sharply as the two companies along with Iliad's Free said they are in negotiations with Altice Group to buy a large part of its telecommunications activities in France. Saint Gobain, Michelin, Societe Generale, BNP Paribas, Vinci, Accor, Kering, Capgemini, Hermes International, Bouygues, Veolia Environment, Unibail Rodamco and LVMH gained 2 to 3.4%.

United States
Stocks moved mostly higher over the course of the trading day on Thursday, adding to the strong gains posted during Wednesday's session. The major averages further offset the steep losses posted on Tuesday, with the Dow turning positive for the week. The major averages ended the day well off their highs of the session but still firmly positive. The Dow climbed 306.78 points or 0.6 percent to 49,384.01, the Nasdaq advanced 211.20 points or 0.9 percent to 23,436.02 and the S&P 500 rose 37.73 points or 0.6 percent to 6,913.35. The extended rebound on Wall Street came as stocks continued to benefit from easing tensions over President Donald Trump's efforts to take control of Greenland. Trump ruled out the use of military force to acquire Greenland during a speech on Wednesday and later said he had reached the 'framework' of a deal on the arctic territory. As a result of the 'framework' of a deal reached with NATO Secretary General Mark Rutte, Trump pulled back from threats to impose sanctions on European countries that opposed his plans. In U.S. economic news, the Labor Department released a report on Thursday showing a slight uptick in first-time claims for U.S. unemployment benefits in the week ended January 17th. The report said initial jobless claims crept up to 200,000, an increase of 1,000 from the previous week's revised level of 199,000. Gold stocks saw substantial strength on the day amid a sharp increase by the price of the precious metal, with the NYSE Arca Gold Bugs Index spiking by 4.4 percent to a record closing high. Significant strength was also visible among telecom stocks, as reflected by the 2.1 percent jump by the NYSE Arca North American Telecom Index. The index also reached a record closing high. Software, networking and biotechnology stocks also saw notable strength, contributing to the advance by the tech-heavy Nasdaq, while real estate and housing stocks moved to the downside.

Asia
Asian stock markets are showing a slightly positive trend at the end of the week. As expected, the Bank of Japan (BoJ) has confirmed its key interest rate at 0.75 per cent. The Nikkei 225 is up moderately by 0.2 per cent.

Bonds
In the U.S. bond market, treasuries recovered from an early pullback to end day roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down less than a basis point to 4.249 percent after reaching a high of 4.277 percent.

Analysis
Citi initiates coverage of Helvetia Baloise with Neutral rating – Target CHF 193.90
Citi raises Arcelormittal target to EUR 55 (45) – Buy
Goldman Sachs raises Novo Nordisk target to DKK 436 (352)

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