Thyssenkrupp shareholders approve dividend of €0.15 per share at AGM

Investing.com -- Chevron Corporation (NYSE:CVX) CEO provided updates on several operational and strategic matters during a recent conference call.

The CEO announced that two mooring berths at the Caspian Pipeline Consortium (CPC) have returned to service. A third loading berth at CPC will undergo major maintenance and is expected to resume operations later this year.

Regarding the recent power outage at the Tengiz oil field, the CEO clarified it was caused by a mechanical issue rather than sabotage, though an investigation remains ongoing.

On international operations, the CEO stated Chevron needs to see stability in Venezuela before making any longer-term plans in the country. The company has capacity to process an additional 100,000 barrels per day of Venezuelan crude in its refineries.

The CEO also revealed Chevron is in discussions with Iraq and Libya to explore opportunities in existing producing fields, emphasizing that competitive returns would be necessary for any investments in these countries.

Additionally, the CEO expressed interest in expanding Chevron’s presence in the chemicals sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- Wall Street slid on Friday, weighed down by material and technology stocks and hotter-than-expected producer inflation data. The big news of the day was President Donald Trump’s nomination of former Federal Reserve governor Kevin Warsh as the new central bank chair. 

At 12:17 ET (17:17 GMT), the benchmark S&P 500 index dropped 0.8% to 6,914.65 points, the tech-heavy NASDAQ Composite slipped 0.9% to 23,461.77 points, and the blue-chip Dow Jones Industrial Average fell 1.1% to 48,543.33 points.

Also contributing to volatility was a slump in precious metals, as profit-taking intensified after a massive runup that took gold and silver to record highs.  

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Warsh nominated for Fed chair role

"(Warsh) will go down as one of the GREAT Fed Chairmen, maybe the best," Trump said on his Truth Social service in announcing his pick. 

Warsh had been considered one of the frontrunners for the job. His nomination comes at a time when Trump is at odds with current Fed Chair Jerome Powell over the state of interest rates.

Trump has long ridiculed Powell for not lowering rates and has threatened to fire him. His administration has opened an investigation into the central bank chief, an action that Powell in an extraordinary move said was because of the Fed not taking rate decisions based on the president’s preference. 

"Market moves are relatively muted considering the magnitude of the change. That’s largely because Warsh was both an unsurprising pick and someone who is already a known figure in Fed circles," Steve Sosnick, chief strategist at Interactive Brokers, told Investing.com.

Warsh served as a Fed Governor from 2006 to 2011. He lost out to Powell for the Fed chair role in 2017. Recently, Warsh has largely aligned himself with Trump’s calls for lower rates in the past year, but was a long-time critic of the ultra-loose monetary policy pursued by the Fed since the financial crisis, including the central bank’s expanded balance sheet.

"Stocks may be a bit disappointed in that he is not particularly dovish – odd considering that the president seemed to really want someone who would share his desire for lower rates," Sosnick added. 

Warsh’s nomination will likely ease concerns about the independence of the Fed in light of his history and past hawkishness.  

Elsewhere, Trump publicly endorsed a bipartisan spending deal negotiated by Senate Republicans and Democrats that would avert a looming government shutdown, posting support on Truth Social and urging cooperation.

The compromise would fund most federal agencies while leaving contentious immigration issues for further negotiation.

Reports said Democrat and Republican leaders had also agreed to the deal, although it remained unclear when Congress will vote on the matter. Lawmakers have until midnight, Friday, to release more spending for the federal government. 

Hot December producer inflation

Traders also received some economic data before the opening bell that further reinforced the Fed’s decision earlier this week to hold interest rates steady.

The core December producer price index (PPI) came in 0.7% higher on a M/M basis, and 3.3% higher on a Y/Y basis. Both figures were well above the consensus estimates. 

The delayed PPI data suggested that inflation was still very much a sticky problem. 

"PPI data was hot. The three month and six month moving averages hottest since 2022," Diane Swonk, chief economist at KPMG U.S., said. 

"The components that feed into the Federal Reserve’s target measure of inflation, the PCE index were not as bad but underscore why the Fed needs to pause and see what shows up. It is the reason that Chair Powell was cautious on not declaring victory over inflation yet," she added.  

Apple’s iPhone sales surge

In the corporate sector, investors received more earnings from the likes of Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), American Express (NYSE:AXP), and Verizon (NYSE:VZ).

After the close Thursday, Apple (NASDAQ:AAPL) comfortably beat profit and revenue expectations for the holiday quarter, its fiscal first quarter, enjoying its best quarterly iPhone sales growth performance in over four years.

iPhone sales jumped 23.3% year-on-year to $85.27 billion, marking the biggest increase since the fourth quarter of 2021.

The tech giant also forecast higher-than-expected revenue growth of up to 16% for the March quarter, powered by strong demand for its iPhones and a sharp rebound in China and accelerating demand in India.

Still, Apple’s shares slipped over 1% lower as sales in other parts of the company were less positive.

Verizon (NYSE:VZ) stock jumped after the telecoms giant reported fourth-quarter earnings and revenue that exceeded expectations, while providing an upbeat outlook for 2026 that signals the beginning of a strategic turnaround. 

Chevron (NYSE:CVX) stock rose after its oil major’s fourth-quarter profits fell but came in ahead of estimates as it focused on cutting costs and making its operations more efficient to contend with lower crude prices throughout 2025.

In other moves, SanDisk (NASDAQ:SNDK) shares surged after the storage-chip maker delivered a significant profit beat and raised guidance, as demand for data-center and AI-related memory products outpaced forecasts.

Gold falls sharply lower

Gold prices plunged, as Warsh’s nomination quelled central bank independence concerns. Those worries had added to gold’s lure as a safe haven, contributing to the yellow metal’s recent massive runup.

After nearing $5,600/oz early on Wednesday, profit-buyers finally stepped in to lock some profits, halting Spot gold’s eight-day win streak.  

Spot gold was last down 8.7% to $4,910.21/oz, while Gold Futures for April fell 7.9% to $4,934.50/oz.  

Other precious metals also cooled on Friday after logging wild swings this week. Spot silver slid 20.9% to $90.69/oz, tumbling from a Thursday record high, while spot platinum slid 18.1% to $2,143.45/oz. 

Oil prices fell, halting a three-day rally, though they were on track for hefty weekly gains as traders focused on potential U.S. military action against Iran. 

Brent Oil Futures were last down 0.8% to $69.07 a barrel, and Crude Oil WTI Futures were lower by 0.6% to $65.04 a barrel.

Both benchmarks were set to gain over 7% this week.

The Organization of Petroleum Exporting Countries and allies, known as OPEC+, is set to meet on Sunday, with recent reports indicating that the cartel is likely to keep its output unchanged.

Ambar Warrick, Ayushman Ojha, and Peter Nurse contributed to this report

Investing.com - European stocks rose Friday, boosted by generally positive quarterly corporate earnings and solid economic data despite elevated geopolitical tensions.

The DAX index in Germany closed 0.9% higher, the CAC 40 in France gained 0.7% and the FTSE 100 in the U.K. rose 0.5%. 

Recovery in eurozone economy   

France’s economy grew modestly in the fourth quarter of 2025, slowing after a strong summer rebound, but still improved at a stronger rate than expected over the course of last year.

Quarterly growth eased to 0.2% from 0.5% in the third quarter when the euro zone’s second‑largest economy surprised on the upside, and over the course of 2025, the economy expanded 0.9%, outperforming the 0.7% assumption used in government budget planning. 

Additionally, the number of people out of work in Germany remained unchanged in January, underscoring a sluggish recovery in Europe’s biggest economy.

In seasonally adjusted terms, the jobless figure remained the same as in December, at 2.976 million, with the jobless rate unchanged from 6.3% a month earlier.

The European Central Bank is expected to keep interest rates unchanged when it meets next week, with inflation close to target and the overall regional economy showing signs of recovery.

New Fed chair looming  

That said, geopolitical tensions remain elevated, with the White House reported to be weighing further strikes on Iran, as a naval armada moves into the region.

Additionally, U.S. President Donald Trump signed an executive order declaring a national emergency and establishing a process to impose tariffs on goods from countries that sell or otherwise provide oil to Cuba.

Trump also stated late Thursday that he would announce his nomination to be the next Fed Chair later in the session, with reports suggesting that former Federal Reserve Governor Kevin Warsh is the leading contender.

Adidas reports record 2025 sales

Turning to the corporate sector, Adidas (ETR:ADSGN) was in the spotlight after the German sportswear giant reported record sales for 2025 and unveiled a €1 billion ($1.2 billion) stock buyback.

Swatch (SIX:UHR) said its sales grew 4.7% at constant exchange rates in the second half of last year, even as the Swiss watchmaker noted that profit fell sharply in 2025.

Caixabank (BME:CABK) delivered a 17.5% return on tangible equity and cut its bad loan ratio to a record low 2.1% while raising its dividend 15%, as Spain’s largest domestic bank posted net profit of €5.89 billion for 2025, up 1.8%.

On Wall Street, Apple (NASDAQ:AAPL) comfortably beat profit and revenue expectations for the holiday quarter, its fiscal first quarter, enjoying its best quarterly iPhone sales growth performance in over four years.

Crude, gold retreat from highs

Oil prices fell Friday, but were still set for hefty weekly gains on concerns a U.S. strike on Iran would disrupt supply from this key Middle Eastern producer. 

Brent futures slipped 0.8% to $69.06 a barrel and U.S. West Texas Intermediate crude futures fell 0.7% to $64.97 a barrel.

Both contracts are still on course for 5% weekly gains, and are set to post their first monthly gain in six months with Brent up more than 16% to notch its biggest monthly jump since January 2022. 

WTI is on track to rise more than 14% in January, its biggest monthly gain since July 2023.

Tensions have escalated amid a U.S. military buildup in the Middle East, with President Trump urging to make a deal on nuclear weapons or face a U.S. attack.

Gold prices fell sharply, retreating from record levels following the news that President Trump is set to announce his nominee for the next Federal Reserve Chair later in the day.

Warsh, the new favorite for the role, is seen as less dovish than other potential candidates, and this resulted in the U.S. dollar bouncing, to the detriment of commodities denominated in the greenback. 

Spot gold slid 9.6% to $4,915 an ounce, while gold futures for April fell 7.9% to $4,932/oz.  

That said, prices have risen significantly so far in January, heading for a sixth straight monthly gain and the largest monthly advance since 1982.

Investing.com - Canada’s main stock index dropped on Friday after Trump’s nomination of former Federal Reserve governor Kevin Warsh as the new central bank chair.

Toronto Stock Exchange’s S&P/TSX Composite index shed 971 point, which is almost 3% to be at 32,044.93.

Index closed 0.5%, or 160 points, lower at 33,015.13 on Thursday, with falling stocks outnumbering advancing ones by 545 to 414 and 76 ending unchanged.

Speculation about new Fed chair

Investors have turned cautious on Wall Street, and this is expected to translate into losses on the TSE, following U.S. President Donald Trump’s announcement that he will announce his nomination to be the next chairman of the Federal reserve later in the session.

Speculation is mounting that he will nominate former Federal Reserve governor Kevin Warsh, especially after Reuters reported Warsh visited the White House for a meeting on Thursday.

Warsh is seen as an advocate of lower interest rates, a view more aligned with Trump’s views over the past year, but is also considered to be one of the less radical choices among the various candidates that have publicly suggested for the role.

Canadian GDP data due

Back in Canada, growth data for the month of November is scheduled for release later in the session, with the gross domestic product number expected to show 0.1% growth month on month.

This would represent a rebound from the drop of 0.3% the previous month.

The Canadian economy is navigating a period of slow, but positive growth, with 2026 projected to be a year of transition and stabilization following the trade-driven volatility of 2025.

Gold, crude retreat from highs

Gold prices fell sharply Friday, briefly dropping below $5,000/oz, after the U.S. dollar rose on the news that Kevin Warsh is expected to become Trump’s nominee for the next Federal Reserve chairman.

Warsh is seen as less dovish than other potential candidates, boosting the greenback, to the detriment of commodities denominated in the greenback.

Spot gold slid 4.6% to $5,126.37 an ounce, while gold futures for April fell 3.8% to $5,150.80/oz.

That said, prices have risen more than 20% so far in January, heading for a sixth straight monthly gain and the largest monthly advance since 1982.

Other precious metals also cooled on Friday after logging wild swings this week. Spot silver slid 7.3% to $106.073/oz, tumbling from a Thursday record high, while spot platinum slid 8.5% to $2,394.98/oz.

Oil prices also retreated after a three-day rally, but were still on track for hefty weekly gains as traders focused on potential U.S. military action against Iran.

Brent futures slipped 0.6% to $69.18 a barrel, and U.S. West Texas Intermediate crude futures fell 0.5% to $65.07 a barrel.

Both benchmarks were set to gain over 6% this week.