The job cuts were well priced in. What was not in the price was the results, because the fourth-quarter result was driven by the top line as opposed to anything else.

With no major earnings news scheduled and losses in Tokyo, the (U.S.) market is lacking support for further gains.

The figures were a positive surprise. One should not forget, however, that Mercedes Car Group has suffered a sharp decline in European new car registrations (in January) in comparison to its main rivals BMW and Audi.

Merck has been hopelessly disappointing. The profit development is significantly below forecasts despite higher sales.

What is gratifying is that order inflow is well above expectations. Looking at profits, the quarterly result was very disappointing but high restructuring costs were booked, which weighed on earnings.

Looking at profits, the quarterly result was very disappointing but high restructuring costs were booked, which weighed on earnings. What is gratifying is that order inflow is well above expectations.