Alibaba witnessed an impressive gain of over 5% after the Chinese e-commerce powerhouse exceeded analysts’ forecasts for its quarterly financial performance.

The company posted a net income of 48.945 billion yuan for the quarter ending December 31, alongside revenue amounting to 280.154 billion yuan. In contrast, projections from analysts surveyed by LSEG anticipated a net income of 40.6 billion yuan against revenue of 279.34 billion yuan.

Alibaba’s CEO, Eddie Wu, remarked, “The results from this quarter underscore significant advancements in our ‘user-focused, AI-assisted’ strategies and the renewed growth of our primary business sectors.”

— Fred Imbert

Asian markets experienced a downturn on Thursday as investors reacted to proposals by U.S. President Donald Trump regarding tariffs on automobiles, chips, and pharmaceuticals, compounded by speculation about the Federal Reserve potentially maintaining higher interest rates over an extended period.

In Japan, both the Nikkei 225 and the broader Topix index closed lower for the second consecutive day, with the Nikkei finishing down 1.24% at 38,678.04 and the Topix decreasing by 1.18% to 2,734.60.

The yen strengthened earlier in the day, reaching a two-month high of 150.52 against the U.S. dollar, as expectations of additional rate hikes from the Bank of Japan took hold.

In South Korea, the Kospi decreased by 0.65% to close at 2,654.06, while the small-cap Kosdaq fell by 1.28% to end the day at 768.27.

Mainland China’s CSI 300 index dropped 0.29% to finish at 3,928.90, and Hong Kong’s Hang Seng Index declined by 1.60% to close at 22,576.98.

Australia’s S&P/ASX 200 recorded its fourth consecutive day of decline, closing down 1.15% at 8,322.80. The nation’s seasonally adjusted unemployment rate rose to 4.1% in January, aligning with Reuters’ forecasts.

Indian markets also faced losses, with the Nifty 50 down 0.15%, and the BSE Sensex index falling 0.31% as of 2:15 p.m. local time.

— Amala Balakrishner

European stock markets opened on a mixed note on Thursday, as the positive momentum propelling the Stoxx 600 index to record highs this month begins to fade.

Initially, the index showed volatility but managed to inch up by 0.12% at 8:34 a.m. in London.

The U.K.’s FTSE 100 fell by 0.29%, while France’s CAC 40 saw an increase of 0.44%.

During the FII Priority Summit in Miami Beach, Florida, U.S. President Donald Trump mentioned the possibility of allocating 20% of savings achieved by the Department of Government Efficiency (DOGE) to American citizens.

“We are even considering a new idea to distribute 20% of DOGE savings to the public while also using 20% to reduce our national debt,” Trump stated in his address.

This announcement follows comments from Elon Musk, who mentioned in a post on X that he would “consult with the President” regarding the proposal of using funds saved from DOGE to provide tax refunds to U.S. households.

— Sean Conlon

Several stocks experienced significant fluctuations in after-hours trading:

• Klaviyo surged nearly 6% following fourth-quarter results that surpassed Wall Street expectations. Klaviyo’s adjusted earnings reached 7 cents per share on revenues of $270 million, exceeding estimates of 6 cents per share and $257 million in revenue.
• IMAX saw a nearly 5% decline following its fourth-quarter earnings and revenue falling short of analyst projections. IMAX reported earnings of 27 cents per share on $93 million in revenue, which was lower than the anticipated 28 cents per share and $103 million in revenue.
• BioMarin Pharmaceutical shares rose over 7% after reporting stronger-than-expected fourth-quarter earnings. BioMarin achieved 64 cents per share on $747 million in revenue, surpassing the analyst estimate of 53 cents per share and $712 million in revenue.

For the complete list of after-hours movers, click here.

— Sean Conlon