Before the bell: No Rush

Chinese stock markets enter a bull market. A potential collaboration between Apple and Alibaba in artificial intelligence..

Jerome Powell appeared before the U.S. Senate Banking Committee yesterday, stating that the American economy remains strong and the job market solid. With inflation still above the Federal Reserve’s 2% target, he sees no urgency in cutting interest rates further. The S&P 500 remained flat, while the tech-heavy Nasdaq lost 0.4%. Coca-Cola surged 4.7% after beating Wall Street’s expectations. Apple climbed 2.2% on news that it is partnering with Alibaba (+7.2%) to bring AI to China. Intel jumped 6.1% following positive test results for its new ‘Arrow Lake’ chips, and after U.S. Vice President JD Vance, speaking in Paris, promised to ensure that next-generation AI chips would be produced in the United States. Meanwhile, European Commission President Ursula von der Leyen warned that unfair U.S. tariffs would not go unanswered. The average European stock gained 0.6%, while Belgium’s Bel20 index closed 0.3% lower. Barco (+14.7%) was in the spotlight—despite year-on-year contraction, investors saw a light at the end of the tunnel thanks to a stronger second half of the year.

This morning, Hong Kong’s Hang Seng Index is up nearly 2%, while Tokyo’s Topix slips 0.2%. In Belgium, investors will be watching the earnings reports from Belgian-Dutch biotech company Galapagos. In the Netherlands, Heineken, ABN AMRO, Ahold Delhaize, and Alfen are also opening their books. Across the Atlantic, reports are due from Kraft Heinz, Reddit, CVS Health, Cisco, and Barrick Gold. On the macroeconomic front, U.S. inflation data for January will be released today.

Up for Sale

The Portuguese airline TAP is on the market. It is one of the last European airlines still fully owned by the local government, but Portugal now intends to sell 49% of the company to a private investor. Twelve companies, including major players like Air France-KLM, Germany’s Lufthansa, and British Airways, have already expressed interest. TAP is particularly attractive because it is the leading European airline for flights to Brazil. According to sources, the sale process could start as early as next month. Earlier this year, Lufthansa acquired a minority stake in Italy’s ITA Airways, while last year, Air France-KLM took a share in Swedish airline SAS AB.

Portfolio Growth

Logistics real estate specialist Montea expanded its portfolio by half a billion euros in 2024, reaching a total of 2.8 billion euros. This represents a 23% annual growth rate, the highest in Montea’s history. The company also posted a full-year profit of 95.6 million euros, up 17% from the previous year. Part of this growth stems from Montea’s recognition as a fiscal investment institution (FBI) in the Netherlands for 2023, granting it a more favorable tax regime. Earnings per share fell by 3% due to a capital increase in 2024. However, when adjusting for the capital increase, earnings per share actually rose by 2%. Montea reiterated its expectations for 2025, forecasting further profit growth.

Did You Know…

that the world’s largest electric vehicle battery producer, CATL, has applied for a listing in Hong Kong? The battery giant, which supplies Tesla and Volkswagen, is currently listed on the Shenzhen stock exchange.

This article was translated from Dutch and was originally published on Spaarvarkens.be.