Mixed Global Markets and Key Corporate Moves

Asian equities traded mostly higher, helped by strength in Australian banking stocks and a pullback in US Treasury yields. A cooler-than-expected US retail sales print for December raised expectations that the Federal Reserve could resume interest rate cuts later this year, supporting risk appetite in parts of the region.

Chinese benchmarks posted modest gains, while South Korea’s Kospi extended its advance and Taiwan’s Taiex rose. Japan’s market was shut for a holiday. Earlier on Wall Street, the S&P 500 slipped 0.3% and the Nasdaq fell 0.6% as investors weighed mixed earnings, even as the Dow Jones Industrial Average eked out a fresh record close.

Sector moves were uneven. In the US, Coca‑Cola reported that fourth‑quarter organic revenue grew 5%, with unit case volume up 1%, but its shares declined after revenue missed some expectations. Fiserv, by contrast, delivered a fourth‑quarter earnings beat while issuing what was described as cautious 2026 guidance, and its shares traded higher following the report.

In the power and utilities space, US-based Ktech said it would showcase six residential inverters and a battery system at an upcoming North American trade fair, highlighting an AI‑driven home energy management platform aimed at optimizing battery charging and discharging. The system is designed to provide up to 24 hours of backup power and to integrate with virtual power plant programs.

Australian junior TMK Energy signed a memorandum of understanding with Mongolia’s Ministry of Energy to study the use of domestically produced coal seam gas for power generation. TMK said the study would look at incorporating coal seam gas into medium and long‑term national energy policy, and follows rising production at its Gurvantes XXXV project in the Gobi region.

In North America, Texas‑based utility Unitil outlined its 2025 performance and 2026 outlook, reporting adjusted full‑year earnings of US$53.3 million and raising its five‑year capital plan to about US$1.2 billion. The company pointed to recent gas utility acquisitions in Maine and said it expects 2026 earnings per share of US$3.20–US$3.36, implying mid‑single‑digit growth as it invests in regulated assets.

Primary issuance remained active. SOLV Energy, a US‑based provider of engineering, construction, operations and maintenance services for power infrastructure, priced its initial public offering of 20.5 million Class A shares at US$25 each, with trading on the Nasdaq Global Select Market expected to start under the ticker “MWH”. The company said it has built more than 500 power plants totaling 20 gigawatts and services over 18 gigawatts under operations contracts.

In the mining sector, NovaGold Resources completed a private placement raising US$310.2 million via the issue of just over 31 million shares at US$10 per share. The company said the proceeds strengthen its balance sheet and provide additional flexibility for upcoming project funding, while existing shareholders face dilution from the increased share count.

Real estate and income‑oriented names also adjusted capital allocation. Royal Caribbean Group announced it would raise its quarterly dividend to US$1.50 per share from US$1.00, citing strong cash generation and sustained growth in its global cruise operations. The company framed the move as consistent with ongoing investment in fleet expansion and onboard product upgrades.

Several companies used quarterly results to outline operational resets. Harley‑Davidson reported that 2025 was pressured by softer demand and elevated dealer inventories, particularly of touring motorcycles in North America. The company reduced wholesale shipments and deployed promotions to help dealers rebalance stock, cutting global dealer inventory by 17% year‑on‑year. For 2026 it guided to 130,000–135,000 motorcycle shipments and launched a review targeting at least US$150 million in annual run‑rate savings by 2027.

Kilroy Realty, a West Coast‑focused office REIT, said fourth‑quarter funds from operations were US$0.97 per share and highlighted its strongest fourth‑quarter leasing in six years, with approximately 827,000 square feet executed. The REIT continued to recycle capital, selling several properties and acquiring a Torrey Pines life‑science campus. It guided 2026 FFO to US$3.25–US$3.45 per share, noting that the start‑up of development projects will weigh on near‑term earnings before anticipated contributions in 2027.

Insperity, a US human resources and benefits outsourcing firm, reported an adjusted loss in the fourth quarter but said its new Workday‑powered HRScale platform remains on track, with beta clients scheduled to go live in early 2026. It forecast 2026 adjusted EBITDA of US$170–US$230 million and average worksite employee growth in a band of minus 1.5% to plus 1.5%, describing 2026 as a transition year focused on margin recovery.

AI‑linked capital expenditure remained a central theme. Commentary from Cathie Wood’s ARK Investment Management noted that recent multi‑year spending plans from large cloud providers such as Amazon and Google have pushed Wall Street forecasts for 2026 AI‑related capex higher, with one bank now expecting roughly US$527 billion in such investments. ARK argued that infrastructure outlays by hyperscalers could underpin long‑term productivity gains despite concerns about near‑term earnings drag.

In semiconductors, Lam Research detailed leadership changes, including the appointment of a new chief operating officer, and announced a multi‑year research partnership with French institute CEA‑Leti focused on advanced specialty devices and semiconductor materials. The company positioned the collaboration as a way to extend its process capabilities in areas such as MEMS, 3D imaging, RF and photonics that support AI hardware and high‑performance computing.

Pharmaceutical and biotech firms continued to broaden their pipelines. Eli Lilly agreed to acquire Orna Therapeutics to add circular RNA and in vivo cell therapy capabilities targeting autoimmune diseases, and entered a multi‑billion‑dollar collaboration with Innovent Biologics to co‑develop oncology and immunology drugs. Separately, clinical‑stage company FibroBiologics said its chief executive had been invited to present at a longevity‑focused summit in Washington, underscoring investor and policy interest in regenerative medicine and health‑span technologies.