Foxconn (2354 TT) December Revenue TWD 862.9bln, +31.8% Y/Y (prev. +25.5% Y/Y)

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Swiss Manufacturing PMI (Dec) 45.8 (Prev. 49.7)

[MARKET UPDATE] Modest strength in JPY seen in recent trade, which coincided with a slight pick-up in global fixed income, where USTs and Bunds currently reside near session highs; crude complex also extends losses, with Brent Mar'26 below USD 60/bbl

Foxconn (2354 TT) December Revenue TWD 862.9bln, +31.8% Y/Y (prev. +25.5% Y/Y)

EUROPEAN OPEN: Oil majors in focus amid Venezuela; AIR FP reportedly topped 2025 delivery goal; ASML upgraded, top pick at Bernstein; BAYN GY added to GS conviction list, AZN LN and INGA NA removed

European Movers: ASML (ASML NA) +3.0%, Balfour Beatty (BBY LN) +2.5%, Alstom (ALO FP) +1.8%, Airbus (AIR FP) +1.1%, Shell (SHEL LN) +1.0%, Next (NXT LN) -0.5%, AstraZeneca (AZN LN) -0.7%

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  • Q4'25 revenue exceeded out expectation of significant growth, causing a high base for Q1'26.
  • With the continued ramp-up in AI rack shipments, the seasonality of this Q1 is expected to be near the upper end of the past 5-year range.

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