MORNING NEWS

Friday's metals meltdown continues in Asia as gold, silver and copper rack up heavy losses. The question now is what happens next, says Pepperstone's Michael Brown. Like with the preceding rally, it'd be fair to say the pullback has run too far, too fast, the strategist says.

Givaudan reported lower profit in fiscal 2025, while sales edged up from last year with growth in both segments. The firm further lifted its dividend, and said it delivered on its ambitious targets’ of 2025 strategy, and also issued outlook for 2030. In fiscal 2025, net income dropped 1.7 percent to 1.071 billion Swiss francs from last year's 1.090 billion francs. In local currency, net income increased 3.9 percent. Basic earnings per share were 116.08 francs, compared to 118.17 francs for the same period in 2024. EBITDA was 1.75 billion in 2025, down 0.8 percent from last year. The EBITDA margin was 23.4 percent, compared to 23.8 percent a year ago.

Lonza reported an increase in sales in 2025 thanks to new commercial contracts in various technology programs. The healthcare manufacturer and contract developer posted sales of 6.53 billion Swiss francs for 2025 on Wednesday, equivalent to 8.58 billion US dollars. This represents an increase of 19.2 percent compared to 2024. Analysts had expected sales of CHF 7.54 billion for the year, according to consensus estimates compiled by Vara Research. Lonza highlighted contract activities at its biologics manufacturing site in Vacaville, California, as one reason for the solid performance.

Micron Technology plans to invest about US$24 billion in Singapore over the next 10 years as it expands its manufacturing facility to meet surging demand for memory chips amid the artificial-intelligence boom. The Boise, Idaho-based chip giant on Tuesday said it broke ground on an advanced wafer fabrication facility located within the company’s existing NAND manufacturing complex in Singapore. The plant represents a planned investment of 31 billion Singapore dollars, equivalent to US$24.41 billion, over the next decade, with wafer output scheduled to begin in the second half of 2028, it said in a statement.

Czechoslovak Group’s stock surged on its trading debut in Amsterdam, after the defence company completed the world's largest initial public offering so far this year. Shares of CSG, as it is known, rose more than 31% from their IPO price as of early afternoon in Amsterdam on Friday. The surge gives the Prague-based arms maker a market value of close to €33 billion, equivalent to almost $39 billion. The stock sale raised €3.3 billion. Most of that was from existing shares sold by the company's billionaire owner, plus a smaller proportion of new shares.

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.

Stocks rallied after President Trump said that he had reached a framework of a Greenland deal with NATO that would take away the need for new tariffs on Europe. "Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland," Trump posted on Truth Social. Based on the framework, "I will not be imposing the Tariffs that were scheduled to go into effect on February 1st," Trump added.

Netflix reported strong fourth-quarter results, shortly after sweetening its $72 billion deal for Warner Bros. Discovery’s studios and the HBO Max streaming service. Netflix increased revenue and profit from the prior-year quarter and beat analyst forecasts, with popular series such as the final season of “Stranger Things” boosting viewership. The company attributed its growth to increases in subscribers, prices and advertising revenue.

Beazley shares hit an all-time high after Zurich Insurance Group said it submitted a plan to buy the London-listed insurance company for 7.67 billion pounds ($10.27 billion). Beazley shares were up 335 pence, or 41%, at 11.55 pounds in European trading. Zurich said Monday that it was offering to buy the company for 1,280 pence a share, a 56% premium to its closing price of 820 pence on Friday.

European leaders racing to respond to the threat of U.S. tariffs for opposing President Trump’s plan to take control of Greenland have an arsenal of options, including trade retaliation, reducing defense ties and a “bazooka” to defend against economic coercion. Individually, the nations Trump has threatened with economic measures can do little about his 10% tariffs, but as a unit they could raise the cost of using the levies to extract concessions on Greenland, a semiautonomous Danish territory.