The newly inaugurated U.S. President is set to address the World Economic Forum (WEF) via video link at 5 p.m. Davos time. Economic participants and global observers are poised to scrutinize his speech for insights on his controversial proposal to implement universal tariffs on goods imported into the United States. This high-profile address comes as European markets opened with a mixed performance on Thursday.
At 8:34 a.m. London time, the pan-European Stoxx 600 remained flat, while the FTSE 100 edged up by 0.05%. Germany's DAX and France's CAC 40 both experienced slight increases of approximately 0.13%. Meanwhile, Puma shares faced a significant downturn as they missed 2024 net profit expectations.
Puma reported a net income of 282 million euros ($293.2 million) for 2024, marking a 7.5% decline from the previous year. In response, analysts at broker Metzler swiftly downgraded the stock to "hold." The company's shares dropped by as much as 19% in early trading before paring some losses by 8:36 a.m. London time, trading down 16.5% at a 52-week low.
The World Economic Forum in Davos, Switzerland, draws attention not only for the U.S. President's keynote speech but also for appearances by other prominent figures, such as Argentina's President Javier Milei. Additionally, the event will feature CNBC guest highlights from CEOs of major corporations including Vestas, Schneider Electric, Siemens, Rio Tinto, Carlsberg, and SAP.
Adding to the financial landscape, Adidas reported a robust 19% growth in its fourth-quarter top line figures earlier this week, contrasting sharply with Puma's underperformance.