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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.1%), CAC flat, IBEX (0.2%), MIB (0.2%)

Jan 12 ,2026

  • Synopsis

    • European equity markets set to open broadly flat to lower after last week's gains with fresh record levels across the region. The benchmark Stoxx 600 rose 2.3% last week (led by Tech sector) and ended above the 600 level and there was notable outperformance in the German DAX, which gained almost 3% on the week. The FTSE 100 climbed 0.8% to 10,124.60 points on Friday, led by Glencore and other miners after reports of Glencore-Rio Tinto resuming merger talks.

    • At the start of the new week, market reacting to revelation Fed served with DoJ grand jury subpoenas threatening criminal indictment of Chair Powell over his testimony in June about renovations of central bank's headquarters. NY Times sources earlier said Powell being probed whether he lied to Congress about scope of project. Powell described action as retribution for Fed setting rates independently of Trump's preferences and vowed to remain in his job. Comes after Trump in December voiced his displeasure at Powell and expressed a desire to fire him.

    • Iran the focus of latest geopolitical headlines after President Trump confirmed US military weighing "strong options" for Tehran as regime intensifies crackdown against large-sale demonstrations. Iran threatened to retaliate against any strike, putting American bases, commercial interest and as well as Israel in its crosshairs. Oil spiked following initial headlines before erasing gains as market reassesses whether renewed hostilities would directly impact crude flows from Strait of Hormuz.

    • This week's agenda sees the release of Germany 2025 GDP, UK Nov industrial/manufacturing production, final Dec CPIs from across the region as well as earnings/updates from the likes of bp (BP.LN), Brunello Cucinelli (BC.IM), Jeronimo Martins (JMT.PL), Repsol (REP.SM), Richemont (CFR.SW) and Whitbread (WTB.LN). Note that in the US, Q4 earnings season kicks off on Tuesday with JPM/DAL/BK earnings and continues to ramp from there with notable prints expected from BAC, C, WFC on Wednesday; GS, MS, BLK on Thursday.

    • European macro data releases out today include Denmark Dec CPI, Eurozone Jan economic index - Sentix, Switzerland Dec consumer confidence - SECO

    • In central banks, ECB's de Guindos fireside chat at 9:50CET during presentation of the euro yearbook 2025 at Instituto Español de Analistas and Bundesbank's Balz lecture at 17:00CET at business4school, title 'The Bundesbank and its tasks'. Bank of France's Villeroy speech in Paris. ECB publishes first of the Economic Bulletin pre-releases at 10:00CET. In politics, G7 finance ministers meet in Washington. Norway's Minister of Trade and Industry Myrseth will visit Trysil to gain insight into the largest tourism destination in the hinterland and an industry with significant export growth, whilst PM Støre, others, attend Central Board Meeting of the Labour Party (through Tue). In UK, there are MPs questions on housing, communities and local government one of which is 'what recent progress has made on delivering 1.5M new homes by the end of this Parliament', whilst committee topics include the work of the Chief of the Defence Staff at 14:00GMT. Polish President Nawrocki starts two-day visit to U.K.

  • Politics/Macro/World News

    • UK

      • Hiring activity declines at end of 2025 amid weak employer confidence and rising costs -- KPMG and REC report

      • London Now Most Likely Place to See Homes Sell at a Loss in UK -- Bloomberg

    • France

      • Le Pen's political fate hangs in the balance as French appeal begins -- Reuters

    • Germany

      • Friedrich Merz under pressure to ease 'firewall' against Germany's far-right -- FT

      • Defence Jobs Boom As Germany's Arms Companies Go On Hiring Spree - FT

  • Top company news

    • Earnings/updates

      • COPN.SW (Cosmo Pharmaceuticals) -- reports prelim FY revenue €104M at guidance midpoint (€102M-€107M) vs FactSet €129.2M [5 est, €89-237.8M]

      • VIRI.FP (Viridien) --reports prelim FY revenue >$1.15B vs FactSet $1.18B [5 est, $1.16-1.19B]

      • Also reporting today

        • Earnings:

          • UK: Knights Group Holdings (KGH.LN)

        • Trading Update:

          • DACHs: Volkswagen Group (VOW.GR) deliveries 2025

          • France: Airbus (AIR.FP) 2025 orders/deliveries investor call at 18:30CET

          • Southern Europe: Repsol (REP.SM), Brunello Cucinelli (BC.IM)

          • UK: Oxford Nanopore Technologies (ONT.LN), Polar Capital Holdings (POLR.LN)

          • Other: Íslandsbanki (ISB.IR)

        • Traffic: Heathrow Airport (+HTR.LN)

        • CMD/Events: Circio Holding (CRNA.NO) EGM rights issue, SmartCraft (SMCRT.NO) EGM cross-border merger and relisting to Nasdaq Stockholm

    • M&A

      • WKL.NA (Wolters Kluwer) -- acquires StandardFusion for ~€32M in cash

      • FAGR.BB (Fagron) -- completes acquisition of University Compounding Pharmacy in North America

      • PIRC.IM (Pirelli) -- Shareholder pact between Camfin and Sinochem to be dissolved soon -- Il Messaggero

      • NB2.GR (Northern Data) -- reports option to reacquire and sell the Corpus Christi site for HPC purposes to expire

      • EPRO.B.SS (Electrolux Professional) -- completes acquisition of assets of Royal Range

      • CORE.A.SS (Corem Property Group) -- signs agreement to divest 417 Park Avenue in New York

      • EQT.SS EQT Life Sciences confirms agrees to sell Vivasure Medical to Haemonetics

      • EU clears Eni and Petronas' JV including assets in Malaysia and Indonesia

      • EU clears Volvo's acquisition of Swecon's business operations in Sweden, Germany and the Baltics

    • Healthcare

      • JNJ (Johnson & Johnson) -- announces new longer follow-up results from Phase 1B/2 OrigAMI-1 study evaluating amivantamab-vmjw; RYBREVANT longer-term results show promising and durable responses in difficult-to-treat colorectal cancer

      • SAN.FP (Sanofi) -- Sanofi's Teizeild approved in the EU for patients with stage 2 type 1 diabetes

      • RGNX (REGENXBIO) -- issues 2026 catalysts, new Phase I/II RGX-202 functional data demonstrates long-term durable treatment effect at pivotal dose at 18 months

      • IDIA.SW (Idorsia) -- announces the publication in Nature Communications of promising results of MODIFY study evaluating lucerastat on kidney function in Fabry disease

      • MOLN.SW (Molecular Partners) -- provides update which it will present tomorrow at the JPMorgan Healthcare Conference

      • NYXH.BB (Nyxoah) -- Transcript Intelligence: Nyxoah Non Deal Roadshow

    • Other

      • EQT.SS (EQT AB) -- EQT reportedly selects Goldman, Morgan Stanley, and RBC to advise on potential IPO of First Student -- Bloomberg

      • SMWH.LN (WH Smith) -- seeking to replace Annette Court as chairman - Sky News

      • CO.FP (Casino Guichard-Perrachon) -- provides update on consent from creditors

      • KAR.SS (Karnov Group) -- share repurchase authorisation of up to SEK 500M

      • STLAM.IM (Stellantis) -- ending production of Jeep SUV and Chrysler minivan PHEVs, citing slowdown in EV sales, quality concerns, lowered fuel economy requirements -- CNBC, citing emailed statement

      • WPP.LN (WPP Group) -- WPP's exodus of talent leading major clients to explore marketing deals with rivals - Mail on Sunday

      • SRG.IM (Snam) -- announces the exchange price of its previously announced €500M green bonds exchangeable into existing shares of Italgas due 2031

      • Estimated weekend box office revenues in US, Canada $94.0M, +19.7% y/y - Box Office Mojo

      • No ruling from Supreme Court on tariffs today; Stellantis scraps hybrids in intraday themes (9-Jan)

      • Trump says not looking at how much oil companies lost [in Venezuela] in the past, will start with even slate -- CNBC/WH meeting

  • Key rating changes

    • Upgrades

      • NXT.LN (Next) -- to outperform from market perform at Bernstein

      • Deutsche Bank upgrades BEI.GR, OR.FP

      • SGE.LN (Sage) -- to buy from neutral at UBS

      • NEWA.B.SS (New Wave Group) -- to buy from hold at Handelsbanken

      • SCR.FP (SCOR) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • Deutsche Bank downgrades BARN.SW, BN.FP, HLN.LN

      • ABF.LN (Associated British Foods) -- to market perform from outperform at Bernstein

      • DIM.FP (Sartorius Stedim Biotech) -- to neutral from buy at Goldman Sachs

      • MNDI.LN (Mondi) -- to underweight from equal-weight at Morgan Stanley

      • SWON.SW (SoftwareONE Holding) -- to underweight from equal-weight at Morgan Stanley

      • NHY.NO (Norsk Hydro) -- to hold from buy at Handelsbanken

      • SUNN.SW (Sunrise Communications) -- to neutral from outperform at Oddo

      • PRU.LN (Prudential) -- to neutral from outperform at BNP Paribas Exane

      • PST.IM (Poste Italiane) -- to neutral from outperform at BNP Paribas Exane

      • SLHN.SW (Swiss Life) -- to underperform from neutral at BNP Paribas Exane

    • Other Actions

      • SRT3.GR (Sartorius) -- target increased to €445 from €320 at KeyBanc

      • SOP.FP (Sopra Steria Group) -- initiated buy at UBS

  • Data

    • Nikkei +0.00% to 51939.89

    • Hang Seng +1.20% to 26547.60

    • Shanghai Composite +0.99% to 4161.25

    • S&P futures (39.5) vs prior close of 7005.0

    • €-$ +0.0038 or +0.33% to 1.1673

    • $-¥ (0.04) or (0.03%) to 157.99

    • €-¥ +0.59 or +0.32% to 184.43

    • WTI Crude (Feb 26): +$0.14 or +0.24% to $59.26

    • Gold (Feb 26): +$86.40 or +1.92% to $4587.30

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.
Please refer to "Terms Of Use".

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