Today, Apple, Advanced micro devices, LVMH and Starbucks are among companies reporting their earnings.

An overview of results: Pfizer posted lower-than-expected results, weighed down by disappointing sales of its breast cancer treatment Ibrance. 3M issued disappointing earnings forecasts for 2020 and its sales for the last three months of 2019 narrowly missed the consensus. The industrial group also announced its intention to cut about 1,500 jobs. Philips' growth at the end of the year was disappointing, even though the company confirmed its 2020 objectives, while announcing that it was thinking about the future of its home appliances division. SAP raised its 2020 targets. SGS slightly below expectations, except for the dividend, which was increased to CHF 80. Orders for Komax fell back.

Higher bid. Blackstone Group raised its bid for Japanese hotel group Unizo Holdings by 12% to 191.6 billion yen in an attempt to counter Lone Star's bid.

Agreement to be validated. Airbus is said to be close to sealing a compromise with the French, British and American courts in the bribery affair that has been threatening the group for a long time now, according to a Financial Times informant, referring to the €3 billion put forward by analysts recently. The industrialist confirmed that an agreement in principle has been reached with the three countries in a press release issued this morning, without giving further details until a final compromise has been signed.

Positive signal. Apple has reportedly asked its suppliers to produce around 80 million iPhones for the first half of 2020, which would represent a 10% year-on-year increase, according to information obtained by Nikkei. The subcontractors of the American group suggested that they had more work at the beginning of this year than at the same period last year, even if they are concerned about the possible consequences of the coronavirus.

Fighting the virus. Several global pharmaceutical companies, including US-based AbbVie and Johnson & Johnson, are shipping antivirals to China. These include treatments for HIV, which could have a positive effect on patients affected by the current epidemic. Gilead is also considering participating, the Wall Street Journal reported.

China’s steel. World crude steel production grew by 3.4% in 2019, according to the World Steel Association, with China increasing its market share to 53.3%, while the European Union is down 4.9% and the United States up 1.5%, below market growth.

Defensive merger? A rapprochement could take place among US auto suppliers: BorgWarner could negotiate the takeover of Delphi Technologies, according to Bloomberg. The former weighs close to $8bn, while Delphi is only a shadow of its former self with a capitalization of $844m.

Security mattress. Boeing has strengthened its cash position by $12 billion, more than the $10 billion initially mentioned, as part of the financing operation carried out with a dozen banks. Despite a surge at the end of last week, the share price is down 13% year-on-year, which some consider rather moderate in view of the company's annus horribilis in 2019.

In other news. Kellogg wants to eliminate the use of glyphosate on wheat and oats in its cereal by 2025. Whirlpool reports good results after raising its prices. The aerospace subcontractor Arconic will have to reduce its workforce because of the freeze on B737 MAX production, which results in a shortfall of about $400 million in sales. The US antitrust authorities are investigating the merger between Dean Foods and Farmers of America, in particular for its impact on the price of milk. General Motors will build a new plant dedicated to autonomous vehicles in Detroit.