Trending Market News

General Motors will record $7.1 billion in special fourth-quarter charges related to its electric vehicle pullback and China restructuring efforts. The charges include roughly $6 billion in EV-related writedowns amid weakening demand and $1.1 billion for its China business overhaul. The announcement follows similar moves by Ford and reflects broader struggles in the U.S. EV market after policy changes under the Trump administration.

• Of the $7.1 billion total, approximately $6 billion relates to EV impairments including $1.8 billion non-cash charges and $4.2 billion for supplier settlements and contract cancellations that will impact cash flow when paid
• GM expects additional material charges in 2026 related to supply base negotiations, though significantly less than 2025's impairments, and may face further charges due to proposed Trump administration changes to emissions credit regulations
• The charges will impact net income but not adjusted results and come after GM was among the first automakers to invest billions in EVs; the company will report Q4 results on January 27

Merck is negotiating to acquire Revolution Medicines, a cancer drug developer, according to Financial Times sources. The deal has not been finalized and is at least several weeks away from completion. Other large pharmaceutical companies are also reportedly interested in acquiring the biotech firm.

• A deal between Merck and Revolution Medicines remains under negotiation with no finalized agreement yet in place
• Multiple large pharmaceutical groups are competing for Revolution Medicines, meaning another suitor could potentially outbid Merck
• The acquisition timeline indicates any potential deal is at least several weeks from completion

Glencore and Rio Tinto have restarted merger discussions that would create the world's largest mining company with an enterprise value exceeding $260 billion. The talks were ongoing as recently as this week, though specific deal terms have not been determined. Neither company has confirmed the reports.

• The proposed merger would combine two mining giants into a company valued at over $260 billion
• Negotiations were active as of this week, though the exact structure of a potential deal remains unclear
• Neither Glencore nor Rio Tinto responded to requests for comment on the reported discussions

Major U.S. tech companies including Google, Meta, Netflix, Microsoft, and Amazon will avoid strict regulations under the EU's upcoming Digital Networks Act, despite telecom industry pressure for tougher rules. The companies will only be subject to voluntary cooperation frameworks rather than binding obligations. EU tech chief Henna Virkkunen will present the Digital Networks Act on January 20, aiming to boost European competitiveness and telecom infrastructure investment.

• Tech giants will face only voluntary best practices moderated by EU telecom regulators (BEREC), while traditional telecom providers must comply with binding rules
• The Digital Networks Act will harmonize spectrum licensing duration, sales conditions, and pricing methodology across the 27-country EU to reduce regulatory burden
• Governments can extend the 2030 deadline for replacing copper networks with fiber infrastructure if they demonstrate they are not ready to meet the target

Minnesota state officials allege the FBI is withholding evidence in the investigation of a fatal shooting by an ICE agent in Minneapolis. On January 7, 2026, 37-year-old Renee Nicole Good was shot and killed at point-blank range by an ICE agent as she reportedly attempted to drive away from agents surrounding her vehicle. The case has sparked tensions between state and federal authorities over access to investigative materials.

• Renee Nicole Good, 37, was killed by an ICE agent who shot her at point-blank range as she tried to drive away from agents crowding her car
• State officials are accusing the FBI of blocking access to evidence needed for their investigation into the January 7, 2026 incident
• The shooting has generated significant public attention, with memorials established and the story trending nationally

China's Anta Sports has offered to acquire the Pinault family's 29% stake in German sportswear maker Puma, with financing secured, though talks have stalled. The Pinault family's Artemis expects bids exceeding 40 euros per share, while Puma's market value has fallen 50% year-over-year to 3.3 billion euros amid declining sales. Anta has a track record of acquiring and revamping Western brands, including its 2019 purchase of Amer Sports.

• Puma's market capitalization stands at 3.3 billion euros, down approximately 50% from the prior year, as sales declined with consumers favoring competitors like Adidas, On, and Hoka
• Artemis considers the Puma stake 'non-strategic' but will not sell at current market valuations, as the holding company faces investor scrutiny over debt levels accumulated during diversification efforts
• Anta made the offer weeks ago with secured financing but has not received a formal response from Artemis, and the situation has reportedly stalled

U.S. weekly jobless claims rose moderately by 8,000 to 208,000 for the week ended December 27, below the forecasted 210,000. The labor market remains in a holding pattern with low layoffs but sluggish hiring, as employers hesitate to expand headcount due to tariff uncertainty and AI adoption. Despite announced layoffs reaching a five-year high of 1.206 million in 2025, actual firings remain historically low.

• Continuing unemployment claims increased 56,000 to 1.914 million, indicating more people are experiencing prolonged joblessness as hiring plans dropped 34% to 507,647 in 2025, the lowest since 2010
• Job openings fell to 0.91 per unemployed person in November, the lowest since March 2021, reflecting weak labor demand despite employers avoiding mass layoffs
• Technology and federal government sectors accounted for the bulk of planned job cuts in 2025, driven by AI implementation and cost-cutting measures rather than broad economic weakness

HSBC has agreed to pay 267.5 million euros ($312.33 million) to the French treasury to settle a fraud case involving dividend tax payments. The settlement was announced by France's financial prosecutor's office on Thursday, resolving the London-based bank's legal issues with French authorities over tax violations.

• The settlement amount totals $312.33 million (267.5 million euros) paid directly to the French treasury
• The case involved fraud related to dividend tax payments, though specific details of the alleged violations were not disclosed
• HSBC becomes the latest major bank to face regulatory action in France over tax-related issues

U.S. Secretary of State Marco Rubio will meet Danish officials next week to discuss President Trump's renewed push to acquire Greenland, escalating tensions with NATO allies. The Trump administration confirmed it is 'actively' discussing a purchase offer while refusing to rule out military force. Denmark and European leaders have strongly opposed the move, warning that any military action against a NATO member would end post-WWII security arrangements.

• Trump claims Greenland is 'strategically' necessary due to Russian and Chinese presence, though analysts question why full control is needed given the existing U.S. military base at Pituffik and defense agreement with Denmark
• Most Greenlanders (57,000 residents) oppose U.S. control but support independence from Denmark, with a potential referendum creating uncertainty over the island's future status
• European leaders issued a joint letter affirming that 'Greenland belongs to its people' and only Denmark and Greenland can decide their affairs, while Denmark's PM warned military action would collapse NATO security guarantees

Rivian Automotive is recalling 19,641 previously serviced R1S and R1T electric vehicles in the United States due to an incorrectly assembled rear toe link issue. The recall was announced by the U.S. National Highway Traffic Safety Administration and affects vehicles that have already undergone service.

• The recall impacts 19,641 R1S and R1T electric vehicles that were previously serviced
• The issue involves incorrectly assembled rear toe links, a suspension component critical for vehicle stability and handling
• The recall was formally announced by the National Highway Traffic Safety Administration (NHTSA)

Volvo Cars announced its new EX60 electric SUV will offer up to 810 km (503 miles) of range on a single charge, significantly exceeding the typical 600 km range of most mid-sized electric SUVs. The vehicle, launching January 21, aims to address consumer range anxiety that has slowed EV adoption globally. Separately, Volvo is recalling certain EX30 models due to rare overheating risks that could lead to battery fires.

• The EX60 can add 340 km of range in just 10 minutes of charging under optimal conditions, enabling quick recharging during short stops
• The model is Volvo's all-electric successor to its best-selling XC60 combustion engine car and the first built on the company's electric-only platform
• Volvo plans to recall certain 2024-2026 EX30 Single Motor Extended Range and Twin Motor Performance vehicles due to rare overheating risks that could potentially cause battery fires

British retailer Marks & Spencer reported a 5.6% increase in like-for-like food sales during the Christmas quarter, but its clothing, home and beauty division saw sales decline 2.9%. The non-food sales weakness reflects ongoing challenges stemming from a cyber hack that occurred last year.

• Food sales rose 5.6% on a like-for-like basis during the critical Christmas trading period
• Clothing, home and beauty sales fell 2.9%, attributed to lingering effects from a previous cyber security incident
• The mixed results show M&S's food division offsetting weakness in its general merchandise categories during the holiday season

Microsoft revealed itself as the company behind a controversial data center proposal in Lowell Charter Township, Michigan, after weeks of speculation and local opposition. The project would involve a $500 million to $1 billion investment over 3-5 years on a 237-acre site near Grand Rapids. Microsoft identified itself to increase transparency after a December planning meeting was postponed due to community concerns.

• A December public hearing was postponed after large crowds of locals objected, citing concerns about the township moving too quickly and lacking clarity on energy requirements and other impacts
• The development would require rezoning of industrial land and is part of Microsoft's plan to nearly double its data center portfolio over the next two years to support AI infrastructure needs
• Key community concerns include water usage and energy supply, though local utilities have stated the project would not raise rates for existing customers

U.S. oil companies are demanding strong legal and financial guarantees from Washington before committing capital to Venezuela, despite President Trump's push to increase Venezuelan oil production. U.S. officials met with energy executives in Miami on Wednesday, with a follow-up White House meeting scheduled for Friday. Chevron is separately negotiating with the U.S. government to expand its operating license in Venezuela.

• Trump is scheduled to meet with heads of major oil companies at the White House on Friday to discuss raising Venezuela's oil production
• Energy executives are expected to press the president for strong legal and financial protections before agreeing to commit capital to Venezuelan operations
• Chevron is in talks with the U.S. government to expand its existing license to operate in Venezuela

Ford Motor plans to introduce eyes-off driving technology starting in 2028 on a $30,000 all-electric vehicle, entering competition with Tesla, GM, and Rivian in Level 3 autonomous driving. Unusually, Ford will debut this advanced technology on an affordable mainstream EV rather than a luxury model, built on its new Universal EV platform that will first support a midsize pickup truck in 2027.

• Ford will launch eyes-off 'Level 3' driving automation in 2028, prioritizing affordability by offering it first on a $30,000 EV instead of premium vehicles like GM's $127,000+ Cadillac Escalade IQ
• The company is developing a Ford AI assistant (launching in apps by early 2026, in-vehicle by 2027) with vehicle-specific capabilities like trailer towing assessments and cargo capacity calculations
• Ford expects to take $19.5 billion in special charges through 2027 related to its EV strategy restructuring and shift toward smaller, more affordable electric models through a 'skunkworks' development team

Morgan Stanley promoted 184 employees to managing director in 2025, representing a 6% increase from 173 promotions the previous year. The promotions are weighted toward revenue-generating roles as major U.S. banks prepare for an anticipated resurgence in mergers, acquisitions, and IPO activity.

• Promotions increased by 11 employees year-over-year, from 173 in 2024 to 184 in 2025
• The bank prioritized revenue-focused positions in its promotion decisions
• Bank of America also elevated more employees to managing director roles in December, reflecting broader industry optimism about deal activity

Samsung Electronics projected a 208% year-over-year jump in Q4 operating profit to 20 trillion won ($13.82 billion), exceeding analyst expectations of 18 trillion won. The surge was driven by tight supply and AI-fueled demand that pushed up conventional memory chip prices, helping Samsung achieve a new quarterly profit record.

• The 20 trillion won operating profit represents Samsung's highest quarterly profit ever, surpassing its previous record of 17.6 trillion won set in Q3 2018
• Revenue is expected to rise 23% year-over-year to 93 trillion won for the October-December period
• Strong performance attributed to tight memory chip supply and surging AI-driven demand boosting prices for conventional memory chips

Applied Digital reported second-quarter revenue of $126.6 million, significantly exceeding Wall Street estimates of $88 million, driven by strong demand for AI data center infrastructure. The company has secured billions in long-term leases, including agreements with hyperscalers for facilities in North Dakota. Applied Digital is positioning itself to transition into a data center real estate investment trust while spinning off its cloud business.

• Revenue of $126.6 million far exceeded analyst estimates of $88 million for the fiscal second quarter ended November 30
• Company secured long-term leases with two hyperscalers across North Dakota campuses, including a 200 MW agreement at its Polaris Forge 2 facility
• Applied Digital is spinning off its cloud business to merge with Ekso Bionics, forming ChronoScale, while retaining 97% ownership as it transitions to a data center REIT

Chevron is negotiating with the U.S. government to expand its license to operate in Venezuela, aiming to increase crude exports to its refineries and other buyers. The talks coincide with broader U.S.-Venezuela negotiations to supply up to 50 million barrels of Venezuelan oil to the United States, as President Trump encourages American oil companies to invest in Venezuela's energy sector.

• Chevron is currently the only U.S. oil major operating in Venezuela under a special government authorization that exempts it from sanctions
• Washington and Caracas are negotiating a deal to supply up to 50 million barrels of Venezuelan oil to the United States
• The U.S. government is pushing to involve other American oil companies in Venezuelan oil exports beyond Chevron

Jefferies reported higher fourth-quarter profit driven by a 20.4% jump in investment banking revenue to $1.19 billion, signaling a broad rebound in dealmaking activity across Wall Street. The recovery reflects renewed corporate confidence and a friendlier regulatory environment following earlier pressures from tariff volatility and government shutdown-related deal postponements. Results from major banks next week will provide further insight into the sector's momentum.

• Advisory revenue rose 6.3% to $634.2 million (second-best quarter on record), while equity and debt underwriting revenue surged 77.7% and 25.8% respectively
• Global investment banking revenue reached nearly $103 billion in 2025, the second-highest level after 2021, with Jefferies ranking seventh among banks
• Jefferies posted a $30 million pre-tax loss on its Point Bonita investment due to the First Brands fraud and bankruptcy, highlighting ongoing private credit sector strains