Stephen Carroll

Some breaking earnings news this morning.

The carmaker Stellantis swung to a loss in the second half of last year after it scaled back an electric vehicle push.

The company behind brands including Chrysler, Citroën and Peugeot reported an adjusted loss of just under 1.4 billion euros for the six months.

That's after write-downs of over €25 billion last year linked to bets on electric vehicles that were destined to be unprofitable.

Stellantis has been slashing prices and volumes improved, led by North America where deliveries gained almost 40% to 825,000 vehicles.

Shares in Stellantis are down by more than 30% so far this year.

And the advertising firm WPP has slashed its dividend for this year.

The firm announcing a dividend per share of 7.5 pence per share, far lower than the previous year's 24.4 pence.

In its filings, the advertising agency says it plans half a billion pounds in cost savings to fund a major restructuring plan around AI.

Once the world's largest ad agency, WPP has seen a 65% drop in share price over the last year.

as it grapples with losing a string of large clients.

And US and Iranian officials will meet in Geneva today for the latest round of nuclear talks.

Ahead of those discussions, the US government imposed sanctions on more than 30 entities that support Iranian oil and weapons sales.

Republican Senator Steve Davies says Iran's leadership presents a threat.

Republican Steve Davies there speaking to Bloomberg yesterday.

According to the U.S.

Office of Foreign Assets Control, individuals and entities across the Middle East that helped Tehran develop advanced weapons have been blacklisted.

In his State of the Union address, President Trump claimed Iran was working to reconstitute its nuclear program even as it negotiates with Washington.

And those are your top stories on the programme this morning.

Coming up next on Daybreak, excuse me, let's check in on what's happening on the markets for you this morning.