2. Brexit deadlock: The United Kingdom continues to march towards Brexit without a viable exit plan.
The Japanese company said Wednesday that its operating profit increased 60% in the final quarter of 2018 to 438 billion yen ($4 billion), thanks to gains in the value of its tech fund.
The Saudi-backed SoftBank (SFTBF) Vision Fund has pumped more than $45 billion into tech companies around the world and has more than $50 billion still to spend.
Investments in Uber and WeWork accounted for a big chunk of SoftBank’s income surge. But the company lost money on Nvidia (NVDA), whose shares plunged toward the end of 2018.
The company said the Vision Fund has offloaded its entire stake in Nvidia since the start of this year. SoftBank stock closed 0.6% higher in Tokyo before the earnings release.
3. Bayer damages: A federal jury has awarded $80 million to a California man after determining that the popular Monsanto weedkiller, Roundup, was a substantial factor in causing his cancer.
Toyota downgraded its full year financial forecast on Wednesday. The Prius maker said its sales in North America declined in the final three months of last year.
Shares in Toyota (TM) dropped as much as 1.5% in Tokyo, before recovering some ground to close down 0.7%.
Daimler said in an earnings statement Wednesday that its operating profit in the fourth quarter dropped 22% compared to the previous year. The German carmaker also cut its dividend.
The company said its performance during 2018 “didn’t reflect the strong demand” for its vehicles.
“2018 was a year of strong headwinds — with the ongoing diesel debate, the changeover to the new [emissions] test method and the global trade dispute,” Daimler Chairman Dieter Zetsche said in a statement.
Daimler (DDAIF) shares were down nearly 2% in Frankfurt after the announcement.
3. More auto earnings: General Motors is up next. It reports earnings before the opening bell.
It will be the company’s first quarterly report since it announced plans to cut 8,000 salaried staff and close five plants in North America. Analysts are forecasting lower earnings for the quarter and the year.
GM (GM) wants to trim costs and free up funds so it can invest in electric and self-driving vehicles. Investors will be looking for more details about its plans when results are released.
Watch CNN Business’ live digital show ‘Markets Now’ at 12:45 p.m. ET
5. Global market overview: US stock futures were flat.
European markets opened mostly higher. Stocks in Asia finished the session mixed.
The Dow Jones industrial average closed 0.1% lower on Wednesday. The S&P 500 dropped 0.5% and the Nasdaq shed 0.6%.
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6. Companies and economics: Shares in Swedbank dropped 3.7% after the Swedish bank fired its CEO amid a widening money-laundering probe.
Chipotle Mexican Grill (CMG), GoPro (GPRO), iRobot (IRBT), Match Group (MTCH), O’Reilly Auto (ORLY) and Valvoline (VVV) will follow after the close.
The European Commission is widely expected to announce the results of its probe into the proposed merger of Siemens (SMAWF) and Alstom at 5:45 a.m. ET.
Shares in BNP Paribas (BNPQF) dropped 1.9% in Paris after the bank lowered its outlook.
The US Energy Information Administration will release a report on crude oil inventories at 10:30 a.m. ET. US crude futures dropped 0.9% to trade $53.20 per barrel.
7. Coming this week:
Thursday — US final estimate Q4 GDP
Friday — Huawei earnings; Carmax
(KMX) earnings