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Market news: Joe Ward, Tesla's (TSLA.O) Vice President of Business in Europe, the Middle East and Africa (EMEA), will lead the company's sales, service and delivery divisions.

The German DAX 30 index closed down 1.37 points, or 0.01%, at 25,003.37 on Tuesday, February 10th; the UK FTSE 100 index closed down 32.01 points, or 0.31%, at 10,354.22 on Tuesday, February 10th; the French CAC 40 index closed up 4.60 points, or 0.06%, at 8,327.88 on Tuesday, February 10th; European... The Stoxx 50 index closed down 10.85 points, or 0.18%, at 6048.16 on Tuesday, February 10; the Spanish IBEX 35 index closed down 70.89 points, or 0.39%, at 18124.21 on Tuesday, February 10; and the Italian FTSE MIB index closed down 26.31 points, or 0.06%, at 46796.50 on Tuesday, February 10.

On February 11th, Michael Pfister of Commerzbank stated in a report that the European Central Bank (ECB) may struggle to address the recent strength of the euro, as the factors driving this trend are beyond its control. Since hitting a low in August 2022, the euro has appreciated by over 15% on a trade-weighted basis, but this largely reflects the weakness of other currencies. The euro often benefits when other currencies face political crises, but this is detrimental to eurozone exports. ECB officials also emphasized that the euro's appreciation is primarily expected to occur in the first quarter of 2025, when Germany announces its fiscal plan and the dollar weakens significantly. Pfister stated that the ECB is only likely to react more strongly if the euro's appreciation becomes more pronounced.

The main Shanghai silver futures contract fell by more than 2.00% intraday, currently trading at 20,142.00 yuan/kg.

February 11th - In the fourth quarter, the delinquency rate for all types of loans in the United States, from mortgages to credit cards, rose to 4.8% of total outstanding household debt, the highest level since 2017, primarily driven by increased defaults among low-income groups and young borrowers. Data released Tuesday by the New York Federal Reserve showed that while the overall proportion of loans in default is close to pre-pandemic levels, the rise in delinquency rates among the lowest-income groups further confirms the growing divergence in the U.S. economy. The increase in default rates was mainly driven by mortgage delinquencies, particularly in low-income zip codes. Student loan delinquency rates rebounded sharply after repayment requirements were suspended during the pandemic, also contributing to the overall increase in defaults. The proportion of credit card loans overdue by at least 90 days rose to 12.7%, the highest since the first quarter of 2011; the proportion of heavily delinquent auto loans rose to 5.2%, approaching the record set in 2010. Approximately 16.3% of student loans went into delinquency in the fourth quarter, the largest increase since records began in 2004.

Market news: Tesla (TSLA.O) confirmed that it sent a memo to employees and filed a complaint against an external IG Metals union representative.

The memo shows that Tesla (TSLA.O) stated that police have seized a union representative's computer as evidence.

According to the memo, Tesla (TSLA.O) stated that representatives from the external union IG Metall attempted to record a working committee meeting held on Tuesday.

Spotify (SPOT.N) shares surged 15.8% after first-quarter profit expectations were exceeded, on track for their biggest one-day gain since October 2019.

The New York Fed reported that the default transfer rates for auto loans, credit card loans, and home equity lines of credit remained stable in the fourth quarter.

New York Fed: Early default rates on mortgage and student loans are rising.

New York Fed: Debt default rate rose in the fourth quarter, with 4.8% of loans in some form of distress.

The Federal Reserve Bank of New York: Total U.S. household debt increased by $4.6 trillion in the fourth quarter since the end of 2019.

New York Fed: Credit card debt reached $1.3 trillion in the fourth quarter, an increase of $44 billion from the third quarter.

New York Fed: Mortgage delinquency problems were concentrated in low-income zip code areas in the fourth quarter.

The Federal Reserve Bank of New York reported that student loan debt reached $1.7 trillion in the fourth quarter, an increase of $11 billion from the third quarter.

The New York Fed: Overall mortgage delinquency rates remained low in the fourth quarter, consistent with long-term trends.

U.S. Commerce Secretary Lutnick: GDP growth is expected to exceed 5% in the fourth quarter.