European markets set for a lackluster open; Ukraine's Zelenskyy says Europe is 'lost'

• Zelenskyy announced trilateral meetings between Ukraine, Russia and the U.S. would take place in the UAE on Friday and Saturday to discuss ending the war
• Ericsson reported Q4 2025 adjusted EBIT of 12.26 billion krona, beating forecasts of 10.09 billion krona, and announced a 15 billion krona ($1.7 billion) buyback scheme
• Trump stated the U.S. has an 'armada' headed toward Iran amid government crackdowns on protesters, while investors await a Supreme Court decision on his attempt to fire Federal Reserve Governor Lisa Cook

Summary

Market Overview:

European markets are set for a lackluster open Friday, with France's index expected down 0.15% while UK and German indices forecast flat. This follows Thursday's gains after President Trump called off escalating tariffs on European countries and announced a "framework" agreement over Greenland.

Key Geopolitical Developments:

Ukrainian President Volodymyr Zelenskyy delivered a scathing speech at Davos, accusing Europe of being "lost" and failing to unite against geopolitical threats. He announced trilateral meetings in the UAE Friday-Saturday between Ukraine, Russia, and the U.S. to discuss ending the war.

Trump raised tensions by stating the U.S. has an "armada" headed toward Iran amid government crackdowns on protesters. Oil prices rose 0.97% Friday in response. Trump also rescinded invitations for allies to join his "External Revenue Service" board, originally designed for Gaza demilitarization but now expanding its scope.

Corporate News:

Ericsson reported strong Q4 2025 results with adjusted EBIT of 12.26 billion krona ($1.7 billion), beating forecasts of 10.09 billion krona. The Swedish telecom announced a 15 billion krona ($1.7 billion) share buyback. CEO Börje Ekholm expects flat radio access network performance in 2026 while planning increased defense investments.

Ubisoft shares plunged 34% Thursday (details not provided).

Other Developments:

Markets are monitoring a Supreme Court decision on Trump's attempt to fire Federal Reserve Governor Lisa Cook, raising concerns about central bank independence. Asia-Pacific markets rose Friday, tracking Wall Street gains as geopolitical concerns eased following the Bank of Japan's decision to hold rates steady.