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Swiss banking giant UBS on Tuesday posted $770 million in fourth-quarter net profit, launching a $1 billion share buyback program in the first half of 2025.

The net profit figure compares with a mean forecast of $886.4 million in a LSEG poll of analysts and with a $483 million estimate in a company-provided consensus estimate.

Group revenue over the period hit $11.635 billion, versus analyst expectations of $11.64 billion in a LSEG analyst poll.

The bank also announced plans to repurchase $1 billion of shares in the first half of 2025, along with up to an additional $2 billion over the second half of this year.

Read the full story here.

— Ruxandra Iordache

China’s DeepSeek shook global stock markets after revealing that it had built a powerful artificial intelligence model for a mere $6 million.

While some have disputed the shockingly low cost of developing the AI models, most agree that DeepSeek has sharply cut the ongoing cost of running powerful AI models and the Chinese firm’s decision to release its technology for free has altered the course of the industry.

CNBC Pro spoke to Roadzen, a Nasdaq-listed firm attempting to disrupt the insurance sector, and OODA AI, a Sweden-listed AI service company, on how DeepSeek’s new AI models are set to impact their operations and financials.

— Ganesh Rao, Chloe Taylor

European markets are expected to open higher Tuesday.

The U.K.’s FTSE 100 index is expected to open 8 points higher at 8,581, Germany’s DAX up 65 points at 21,462, France’s CAC up 6 points at 7,851 and Italy’s FTSE MIB up 18 points at 36,360, according to data from IG.

On Tuesday, earnings come from UBS, OMV, Amundi, Vodafone, BNP Paribas, Dassault Systemes, Infineon, Diageo, Spotify and Intesa Sanpaolo. There are no major data releases Tuesday.

— Holly Ellyatt