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.

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.

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.

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

It doesn't change the fact that employees are still overpaid. Their new models have to be very good, or else they'll fall back to the competitive disadvantage.

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.

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