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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.39%, DAX +0.26%, CAC40 +0.24%

Jan 06 ,2026

  • Synopsis

    • European equity markets are set to open higher whilst Markets in Cyprus, Finland, Greece, Poland, and Sweden will be closed for Epiphany Day.

    • Asia equities advancing once again Tuesday. More strong gains for the Nikkei and Topix, Shanghai, Shenzhen and Hong Kong benchmarks. The Kospi and Taiex also higher to post fresh records while Indonesia and Singapore also strong and also at new highs. India slightly lower, Australia down under pressure from bank stocks on valuation concerns.

    • Regional attention still largely on diplomacy/geopolitics accentuated by the US intervention in Venezuela which represents a substantial setback for China investment in Latin America. Latest press discussions canvassed China's economic exposure to Venezuela (notably crude oil access) though complications not seen reaching levels that might provoke direct confrontation with US. China NFRA asked major lenders to report lending exposure to Venezuela and to step up risk monitoring. Also, ongoing debate over how the US precedent might influence China's territorial claims. Latest report indicated Taiwan sees this as a deterrent against Beijing aggression.

    • Sanguine US price action in the wake of Venezuela developments apt to reinforce clarity for Asia markets after regional semis emerged as the frontrunner, some of which reflected optimism ahead of CES presentations. Semblance of haven trades remained generally secondary to established macro/micro themes (US macro, Fed rates, AI, valuations, earnings fundamentals). Strength in energy stocks garnered the most attention as the main Venezuela-driven trade, followed by defense. Tight memory chip supply driving inflated prices also coming more into focus as an extension of AI dynamics.

    • On today's agenda , UK parliament sees MPs questions on Energy Security and Net Zero, whilst committee topics include reforming the water sector at 10:00GMT, Post Office Horizon scandal at 14:00 (includes Paul Patterson, director of Fujitsu Services (6702.JP)). Norway's government concludes a 2-day strategy conf. France due to host a "Coalition of the Willing" leaders' meeting, attendees include EU's von der Leyen, Kallas and Costa. Amongst events and conferences are CES technology trade fair, Las Vegas (through Fri), Norway Seafood Council's annual conf and also in Norway, "North in South 2026" conf. Of note, Germany and UK Dec new car registrations are due to be released and Deutsche Lufthansa (LHA.GR) celebrates its 100th Anniversary; first aircraft with the annv. special livery landed at Frankfurt airport on 23-Dec.

    • In central banks, Bank of France hosts event 'The International Monetary System and international payments. Recent trends and challenges ahead' which sees Bank of France's Villeroy speech at 9:00CET, ECB's Cipollone chairs a panel at 10:30 and Bundesbank's Mauderer chairs panel at 16:00.

    • A busy macro front today with Italy, Spain Dec services PMI as well as final reads for Eurozone, France, Germany, UK, Germany Dec preliminary CPI, France Dec preliminary CPI, UK Dec shop price inflation - BRC, Ireland Dec preliminary HICP.

    • In Corporate news, Stellantis (STLAM.IM) FCA US issued total Q4 sales of 332,321 vehicles, +4% y/y; whilst BMW (BMW.GR) of North America released Q4 US BMW brand sales of 113,512 vehicles, (3.4%) y/y. In the Netherlands, Galapagos (GLPG.NA) announced its intention to wind down its cell therapy activities following a comprehensive strategic review and sale process, including an exploration of potential divestment options. In France, Nexans (NEX.FP) issued an updated on the Great Sea Interconnector (GSI) project, indicating to changes that will affect delivery date but not the 2028 financial guidance.

  • Politics/Macro/World News

    • UK Dec shop price inflation +0.7% vs consensus +1.0% and prior +0.6% - BRC

    • Eni, Repsol fight to recoup $6bn in gas payments from Venezuela - FT

    • Venezuela swears in interim president after defiant Maduro pleads not guilty in US court - BBC

    • Economists favour Hernández de Cos and Knot as next ECB president - FT

    • Trump's Greenland Logic Spells Trouble for Europe and NATO - Bloomberg

    • UK Wealth Cracks Widen as Family Offices Start Scaling Back - Bloomberg

  • Top company news

    • Earnings/updates

      • STLAM.IM (Stellantis) -- FCA US reports Q4 sales of 332,321 vehicles, +4% y/y

      • GLPG.NA (Galapagos) -- board makes decision to initiate wind-down of Cell Therapy activities

      • APAM.NA (Aperam) -- reaffirms Q4 of 2025 outlook

      • BMW.GR (Bayerische Motoren Werke) -- of North America reports Q4 U.S. BMW brand sales 113,512 vehicles, (3.4%) y/y

      • SMG.SW (SMG) -- and the Price Supervisor reach amicable agreement; no impact on SMG's previously announced financial target

      • NEX.FP (Nexans) -- updates on Great Sea Interconnector (GSI) project; changes will affect delivery date but will not affect 2028 financial guidance

      • TRI.FP (Trigano) -- reports Q1 revenue €833.4M vs FactSet €868.0M [1 est]

      • BAKKA.NO (Bakkafrost) -- Q4 Trading Update

      • Also due to report today:

        • Trading Update:

          • UK: Next (NXT.LN)

        • Traffic: Icelandair (ICEAIR.IR)

        • CMD/Events: AstraZeneca (AZN.LN) BofA EU Pharma R&D conf call

    • M&A

      • APO (Apollo Global Management) -- Ab InBev exercises right to reacquire minority stake in its US-based metal container plant from Apollo Global Management for ~$3B

      • HOLN.SW (Holcim) -- acquires French manufacturer of precast concrete Alkern; terms undisclosed

      • UCG.IM (UniCredit) -- has increased its stake in Alpha Bank to ~29.8%

      • ZIM (Zim Integrated Shipping Services) -- trades lower following update on the company's Authority (state) intervening in/cooling the sales process - Calcalist

      • FAGR.BB (Fagron) -- completes Purifarma transaction in Brazil

      • HHFA.GR (Hamburger Hafen und Logistik) -- Port of Hamburg Beteiligungsgesellschaft SE submits request to squeeze out minority shareholders of Hamburger Hafen und Logistik

      • SCHP.FP (Seche Environnement) -- announces two acquisitions in Chile and Italy

      • Imabari Shipbuilding says it has completed acquisition of combined 30% stake in Japan Marine United from JFE Holdings and IHI - Nikkei

    • Healthcare

      • SAN.FP (Sanofi) -- FDA issues press release confirming pediatric label expansion for Cablivi

      • DBV.FP (DBV Technologies) -- SEC filing: SCHEDULE 13D/A (Filed by Bpifrance Participations SA)

      • IDIA.SW (Idorsia) -- announces new analysis of Phase 3 study of daridorexant in women during menopausal transition age with insomnia published in Maturitas

      • IDIA.SW (Idorsia) -- initiates a proof-of-concept trial with its oral first-in-class selective CCR6 antagonist

      • NWRN.SW (Newron Pharmaceuticals) -- EPO to grant Newron new patent for evenamide

    • Other

      • INGA.NA (ING Groep) -- will pay €0.172/share on 15-Jan, as part of the up to €1.6B distribution to shareholders as announced on 30-Oct

      • DG.FP (VINCI SA) -- implements share buyback program

      • VRLA.FP (Verallia) -- appoints Cristina Riesgo as CFO, effective 1-Mar-26

      • PIRC.IM (Pirelli & C.) -- Pirelli, Italy seeking fresh solutions for ending Sinochem's involvement in the company amid US ban on Chinese-backed car software and hardware - FT

      • Eni, Repsol struggling to recover payments worth ~$6B from Venezuela - FT

      • Quectel Wireless Solutions issues cease and desist letters to Telit Cinterion, Thales Group, DBAY Advisors, Liberty Bell Project and Charles Parton

  • Key rating changes

    • Upgrades

      • G24.GR (Scout24) -- to buy from hold at Jefferies

      • SMG.SW (SMG Swiss Marketplace Group) -- to buy from hold at Jefferies

      • GIVN.SW (Givaudan) -- to equal-weight from underweight at Morgan Stanley

      • ISS.DC (ISS A/S) -- to overweight from equal-weight at Morgan Stanley

      • RS1.LN (RS Group plc) -- to overweight from equal-weight at Morgan Stanley

      • RTO.LN (Rentokil Initial) -- to overweight from equal-weight at Morgan Stanley

      • DGE.LN (Diageo) -- to outperform from sector perform at RBC Capital Markets

      • GALP.PL (Galp Energia SGPS) -- to overweight from equal-weight at Morgan Stanley

      • PAG.LN (Paragon Banking Group) -- to buy from hold at Jefferies

      • BA.LN (BAE Systems) -- upgraded to hold from reduce at Kepler Cheuvreux

      • ORA.FP(Orange) -- to buy from neutral at Citi

    • Downgrades

      • SSPG.LN (SSP Group) -- to equal weight from overweight at Barclays

      • DSFIR.NA (DSM-Firmenich) -- to equal-weight from overweight at Morgan Stanley

      • BUCN.SW (Bucher Industries) -- to neutral from buy at UBS

      • DCC.LN (DCC) -- to equal-weight from overweight at Morgan Stanley

      • IMCD.NA (IMCD) -- to equal-weight from overweight at Morgan Stanley

      • SGSN.SW (SGS) -- to equal-weight from overweight at Morgan Stanley

      • BNR.GR (Brenntag) -- to underweight from equal-weight at Morgan Stanley

      • HEIA.NA (Heineken) -- to sector perform from outperform at RBC Capital Markets

      • AUTO.LN (Auto Trader Group) -- to hold from buy at Jefferies

      • VEND.N) (Vend Marketplaces) -- to hold from buy at Jefferies

      • ORSTED.DC (Ørsted) -- downgraded to hold from buy at Kepler Cheuvreux

      • ADS.GR (Adidas) -- downgraded to underperform from buy at BofA

  • Data

    • Nikkei +1.32% to 52518.08

    • Hang Seng +1.63% to 26775.54

    • Shanghai Composite +1.38% to 4078.96

    • S&P futures +14.3 vs prior close of 6943.8

    • €-$ +0.0011 or +0.09% to 1.1735

    • $-¥ (0.02) or (0.01%) to 156.38

    • €-¥ +0.17 or +0.09% to 183.50

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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