Alphabet, Amazon, Meta and Microsoft all beat earnings expectations, as they reported on Wednesday, but Alphabet stood out, with its shares jumping 7% in extended trading on strong cloud growth.
Spain's Finance Minister Carlos Cuerpo proposed a new "European Sovereign Facility" for joint EU borrowing to strengthen the euro's international role amid geopolitical uncertainty. The mechanism aims to centralize debt, reduce costs, and build a €5 trillion stock within five years, though some member states oppose further joint debt.
The European Commission has initiated an investigation into Chinese Peking duck imports following complaints from EU producers about unfairly low prices and alleged subsidies. This move escalates trade tensions between the EU and China, potentially impacting ongoing negotiations.
South Korean chipmaker SK hynix is set to raise approximately $28 billion on Wall Street via ADRs, a sum surpassed only by SpaceX. The listing aims to improve valuation and fund new facilities amidst a booming AI memory market, despite cyclical industry risks.
Volkswagen's management faces potential major conflict with unions over reported plans to cut up to 100,000 jobs and close four factories. IG Metall warns of strong opposition to restructuring aimed at addressing competition, EV margins, and US tariffs.
The European Commission is drafting a regulation to allow public authorities to exclude foreign companies deemed risky due to potential interference or data leaks, amid geopolitical tensions with China and the US. The proposal also includes a potential European preference in procurement.
Volkswagen is set to discuss significant job cuts and factory closures, potentially impacting 100,000 global roles and four German plants. Unions are protesting, and labor representatives hold a majority on the supervisory board, complicating approval.
