With earnings season in full swing, there's plenty of earnings to digest this morning. Telecoms firms will be in focus with Ericsson, Telia and Vodafone reporting. Let's start with the good news: Swedish mobile telecom equipment maker Ericsson has reported a significantly smaller Q4 operating loss than expected and said it was on track to reach its financial goals. Vodafone will issue its trading statement later this morning. Its shares were hammered yesterday after its South African unit Vodacom's weak numbers. In other more downbeat results news, fragrance and flavour maker Givaudan said its weaker-than-expected net income in 2018 was hit by higher financing costs and foreign currency losses. Online retailers, which have been the big winners of the Christmas holiday sales, may get a boost from a report in The Times that Britain has ruled out an online sales tax proposed to help high street vendors in the country as it would fall foul of the European Union rules. French dairy group Savencia may be in focus after its unit Sodilac said it was recalling infant formula sold in pharmacies in France and produced at a Spanish factory due to possible links with salmonella cases among babies.

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