Key Takeaways
- Citigroup (C) reported Fourth Quarter EPS of $1.19, significantly missing analyst estimates of $1.67, with revenue also falling short at $19.9 billion against a $20.926 billion estimate.
- OPEC has maintained its 2026 global oil demand growth forecast at 1.38 million barrels per day (BPD), while OPEC+ crude output in December saw a notable decrease of 238,000 BPD to 42.83 million BPD.
- Federal Reserve's Neel Kashkari indicated no immediate impetus for a January interest rate cut, citing the resilience of the economy.
- Global average temperatures have reached approximately 1.4C higher than pre-industrial levels, with warnings that the 1.5C limit of the Paris Agreement could be breached before the end of this decade.
- Saudi Arabia's Public Investment Fund (PIF) is reportedly exploring potential share sales in some of its controlled companies.
Citigroup (C) today announced Fourth Quarter earnings that fell short of Wall Street expectations. The banking giant reported earnings per share (EPS) of $1.19, considerably below the estimated $1.67. Revenue for the quarter also missed projections, coming in at $19.9 billion against an anticipated $20.926 billion. The company's net income for Q4 stood at $2,500 million, with operating expenses reaching $13,800 million. Adjusted EPS was $1.81, and the CET1 Capital Ratio was reported at 13.2%. Separately, Citi also closed a negative catalyst watch on LyondellBasell (LYB).
In the energy sector, OPEC has released its latest monthly report, maintaining its forecast for 2026 global oil demand growth at 1.38 million BPD. The organization also projects that world demand for OPEC+ crude will average 43.0 million BPD in 2026, unchanged from its previous forecast, and 43.6 million BPD in 2027. For 2027, OPEC anticipates global oil demand growth of 1.34 million BPD, as detailed in its first forecast for that year. Meanwhile, OPEC+ crude output in December averaged 42.83 million BPD, marking a decrease of 238,000 BPD from November.
On the monetary policy front, Federal Reserve official Neel Kashkari indicated that he does not see an impetus to cut interest rates in January. Kashkari's comments highlighted the resilience of the economy.
Geopolitical developments also captured attention, with reports indicating that all diplomatic contacts between the U.S. and Iran have been suspended. This comes as the U.S. military has opened a new air defense coordination cell in Qatar to enhance integrated air and missile defense capabilities in the Middle East. Elsewhere, Saudi Arabia's Public Investment Fund (PIF) is reportedly considering share sales for some of its controlled companies.
In other international news, Canada's Prime Minister Carney has arrived in Beijing, a visit that CCTV reported. The German government spokesperson stated that there are no plans to open a regular consulate in Greenland. UK Prime Minister Starmer has affirmed that the UK government is working with the hospitality sector on support measures.
Finally, new data reveals a pressing climate concern: average global temperatures are now approximately 1.4C higher than during the pre-industrial era. Experts warn that if this trend persists, the 1.5C limit set out in the Paris Agreement will be breached before the end of this decade.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.