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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.08%), DAX +0.14%, CAC40 +0.13%

Jan 13 ,2026

  • Synopsis

    • European equity markets are set to open mixed to higher amidst Asia equities mostly higher Tuesday. Japan markets sharply higher partially on catch-up to Monday's moves elsewhere and partially on increased signals of a snap general election being called and weaker yen. More gains for Seoul and Taipei, Australia's ASX higher again, Singapore's STI at a fresh record.

    • Trump threatened to impose 25% tariffs on countries doing business with Iran. Follow-through uncertain with India and China among Iran's largest trading partners (US is currently working to finalize deal with India while 25% tariff on China risks reigniting trade tensions). In other trade developments, press sources said Trump administration close to trade deal with Taiwan that could see tariff rate lowered from 20% to 15%. TSMC (2330.TT) would also commit to construction of five new factories in US. US and India set for more trade talks Tuesday.

    • Limited market fallout DOJ probe into Fed Chair Powell over senate testimony related to headquarter cost overruns. Press highlighting White House concerns about probe backfiring with GOP senator pushback risking tougher confirmation path for Trump's Fed nominees. Some thought development could also encourage Powell and other Fed members to stay on for longer to fight perception of political interference.

    • On today's agenda, in UK, parliamentary committee topics include the work of HM Revenue and Customs at 9:45GMT, UK trade with the US, India and EU at 14:30 and the UK's fiscal framework at 15:00 (former Chair at Office for Budget Responsibility Richard Hughes). Reportedly, Chancellor Reeves's due to host a pre-Davos reception for business leaders aimed at presenting her economic priorities for 2026. Also, the FT hosts The Central & Eastern European Forum (through Wed) sees Austria central bank's Kocher speech at 10:40CET as well as execs from Raiffeisen Bank International (RBI.AV) and Erste Group (EBS.AV) on panel at 17:15. Event includes senior politicians and central bank governors/deputy governors from several countries in the region. Nueva Economía Fórum event (livestream) at 9:00CET with EU's Rodríguez, hosted by Margrethe Vestager. Munich Re (MUV2.GR) due to release its natural disaster report 2025.

    • In central banks, BOE's Bailey speech at 9:00GMT at meeting of the Bellagio Group 2026. Denmark central bank's Nødgaard speech at 12:00CET at the Danish FSA's professional week.

    • European macro data releases out today include UK Dec retail sales monitor - BRC, Netherlands final Dec CPI, Greece Dec CPI, Portugal Dec final CPI, Ireland Nov retail sales.

    • In earnings news, DACHs names kicked off the session with Sika Group (SIKA.SW) and Chocoladefabriken Lindt & Spruengli (LISN.SW) reporting preliminary FY revenue, whilst Nordex (NDX1.GR) reported preliminary Q4 orders and Suedzucker (SZU.GR) released its Q3 earnings. In France, Airbus (AI.FP) issued 2025 delivery numbers. In Italy, Brunello Cucinelli (BC.IM) reported preliminary Q4 earnings slightly ahead of consensus.

  • Politics/Macro/World News

    • Greenland calls for 'Nato framework' protection from Trump's threats - FT

    • Trade between EU member states is slowing, data shows - FT

    • Marine Le Pen's embezzlement appeal to open in Paris - Reuters

    • Trump threatens 25 percent tariff on 'any country' that trades with Iran - Politico

    • UK Recruiters Face Dire Year With Tough Jobs Market, AI Threat - Bloomberg

    • Netherlands Dec CPI +2.8% y/y vs preliminary +2.8%

    • UK Dec retail sales monitor +1.0% y/y vs consensus +1.3% and prior +1.2% - BRC

  • Top company news

    • Earnings/updates

      • DACHs

        • ROG.SW (Roche Holding) -- affirms FY25 guidance, publishes slides for presentation at JPM conference

        • SIKA.SW (Sika Group) -- reports preliminary FY revenue CHF11.20B vs FactSet CHF11.30B [19 est, CHF11.22-11.49B]

        • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- reports preliminary FY revenue CHF5.92B vs FactSet CHF5.90B [13 est, CHF5.79-6.00B]

        • NDX1.GR (Nordex) -- reports prelim Q4 order intake €3.18B vs year-ago €2.89B

        • SZU.GR (Suedzucker) -- reports Q3 operating income €53M vs FactSet €53.0M [1 est]

        • AGR.AV (Agrana Beteiligungs) -- reports Q3 EPS €0.13 vs year-ago (€0.17); expects a significant increase in FY EBIT

      • France

        • AIR.FP (Airbus SE) -- Airbus reports 2025 deliveries of 793 aircraft, +4% y/y, vs target of 790

        • ACA.FP (Credit Agricole) -- provides update on Banco BPM stake crossing 20% threshold

        • ALVU.FP (Vente-Unique.com) -- reports FY net income €8.1M vs FactSet €8.5M [1 est]

      • Southern Europe

        • BC.IM (Brunello Cucinelli) -- reports preliminary Q4 revenue €388.6M vs consensus €381.1M (post EU close 12-Jan)

      • Benelux

        • NYXH.BB (Nyxoah) -- reports preliminary Q4 gross revenue €6.3M vs FactSet €3.5M [6 est, €3.4-3.5M]

      • Nordics

        • KCC.NO (Klaveness Combination Carriers) -- Q4 Business Update; prelim fleet average TCE earnings $29,333/day vs guidance $28,500-30,000/day

      • Also due to report today includes:

        • Trading Update:

          • Southern Europe: Jeronimo Martins (JMT.PL)

          • UK: Persimmon (PSN.LN), Whitbread (WTB.LN), Grafton Group (GFTU.LN), Integrafin Holdings (IHP.LN), PageGroup (PAGE.LN), Trustpilot Group (TRST.LN), Hunting (HTG.LN), Gym Group (GYM.LN), SIG (SHI.LN)

        • Traffic: DFDS (DFDS.DC)

    • M&A

      • SN.LN (Smith & Nephew) -- acquires Integrity Orthopaedics for initial cash payment of $225M plus additional performance-based payments of up to $225M over the next five years

      • SGSN.SW (SGS) -- completes the acquisition of Applied Technical Services

      • SAF.FP (Safran) -- FTC grants antitrust clearance for Safran's sale of Safran Passenger Innovations to Kingswood Capital Management

      • DVAX (Dynavax Technologies) -- discloses received $15.00/sh cash offer from unnamed "Party A" on 23-Dec, follow-up email on 28-Dec - SC 14D9 (pre-open)

      • 532174.IN (ICICI Bank) -- closes on ICICI Prudential Pension Funds Management acquisition

      • SY1.GR (Symrise) -- decides to divest terpenes business; expects non-cash impairment in value of Swedencare investment

      • AMS.SW (ams-OSRAM) -- ams OSRAM confirms being in advanced discussions on the potential sale of certain businesses as part of its previously communicated deleveraging plan

      • LKOH.RU (Lukoil) -- Carlyle, Chevron-Quantum Capital consortium, and International Holdings Co. reportedly favorites in bidding for Lukoil's international assets -- Reuters

      • ONTEX.BB (Ontex Group) -- brings forward Laurent Nielly's appointment as CEO to 13-Jan-26; launches strategic review

      • JTC.LN (JTC) -- FTC grants antitrust clearance for Permira's purchase of JTC

    • Healthcare

      • NOVN.SW (Novartis) -- Transcript Intelligence: Novartis at J.P. Morgan Healthcare Conference

      • SAN.FP (Sanofi) -- FDA approves efficacy supplement for CEREZYME; expands label for Type 3 Gaucher disease

      • SAN.FP (Sanofi) -- Transcript Intelligence: Sanofi at J.P. Morgan Healthcare Conference

      • MRK.GR (Merck KGaA) -- reports FDA acceptance of NDA for pimicotinib for the treatment of TGCT

      • ONT.LN (Oxford Nanopore Technologies) -- Transcript Intelligence: Oxford Nanopore Technologies at J.P. Morgan Healthcare Conference

      • PHO.NO (PhotoCure) -- announces study publication in Frontiers of Urology journal this week

    • Other

      • UBSG.SW (UBS Group) -- Sergio Ermotti to step down as UBS CEO in April 2027 - FT

      • DBK.GR (Deutsche Bank) -- publishes ESG Investments Framework

      • SY1.GR (Symrise) -- discloses €400M share buyback program

      • STAN.LN (Standard Chartered) -- to establish crypto prime brokerage - Bloomberg

      • ORSTED.DC (Ørsted) -- US judge grants Ørsted's motion for injunction, allowing construction of Revolution Wind to resume -- Reuters

      • SLHN.SW (Swiss Life Holding) -- Swiss Life places hybrid bond totalling CHF 225M

      • DKSH.SW (DKSH Holding) -- receives approval from SBTi for near-term and net-zero emissions targets

      • Crypto assets lower w/w; Miners have rallied sharply behind solid Dec production, APLD earnings (12-Jan)

  • Key rating changes

    • Upgrades

      • AKRBP.NO (Aker BP) -- to buy from hold at DNB Carnegie

      • LAGR.B.SS (Lagercrantz Group) -- to buy from hold at Pareto

      • SAN.SM (Banco Santander) -- to buy from hold at Kepler Cheuvreux

      • ZAL.GR (Zalando) -- to overweight from equal weight at Barclays

      • AOF.G (ATOSS Software) -- to buy from hold at Jefferies

      • TPE.GR (PVA TePla) -- to buy at Jefferies

      • GRI.LN (Grainger) -- to buy from neutral at Van Lanschot Kempen

      • LEG.GR (LEG Immobilien) -- to buy from neutral at Van Lanschot Kempen

      • SHUR.BB (Shurgard Self Storage) -- to buy from neutral at Van Lanschot Kempen

      • WHA.NA (Wereldhave) -- to buy from neutral at Van Lanschot Kempen

      • HUFV.A.SS (Hufvudstaden) -- to neutral from sell at Van Lanschot Kempen

      • LAND.LN (Land Securities Group) -- to neutral from sell at Van Lanschot Kempen

    • Downgrades

      • RACE.IM (Ferrari) -- to hold from buy at HSBC

      • BMW.GR (Bayerische Motoren Werke) -- to neutral from buy at UBS

      • HEIA.NA (Heineken) -- to hold from buy at HSBC

      • TELIA.SS (Telia Co.) -- to neutral from buy at UBS

      • KAMBI.SS (Kambi Group) -- to hold from buy at Jefferies

      • VAR.NO (Vår Energi) -- to sell from hold at DNB Carnegie

      • S92.GR (MA Solar Technology) -- to hold from buy at Jefferies

      • AED.BB (Aedifica) -- to neutral from buy at Van Lanschot Kempen

      • HMSO.LN (Hammerson) -- to neutral from buy at Van Lanschot Kempen

      • WIHL.SS (Wihlborgs Fastigheter) -- to neutral from buy at Van Lanschot Kempen

      • ATRLJ.B.SS (Atrium Ljungberg) -- to sell from neutral at Van Lanschot Kempen

      • BALD.B.SS (Fastighets Balder) -- to sell from neutral at Van Lanschot Kempen

      • COL.SM (Inmobiliaria Colonial SOCIMI) -- to sell from buy at Van Lanschot Kempen

      • DLN.LN (Derwent London) -- to sell from neutral at Van Lanschot Kempen

      • ICAD.FP (Icade) -- to sell from neutral at Van Lanschot Kempen

      • LI.FP (Klepierre) -- to sell from neutral at Van Lanschot Kempen

    • Initiations

      • GALD.SW (Galderma Group) -- hold at Deutsche Bank

      • SPSN.SW (Swiss Prime Site) -- underweight at Morgan Stanley

      • PLNW.FP (Planisware) -- buy at UBS

  • Data

    • Nikkei +3.10% to 53549.16

    • Hang Seng +0.56% to 26756.50

    • Shanghai Composite (0.49%) to 4144.86

    • S&P futures (5.8) vs prior close of 7016.5

    • €-$ (0.0012) or (0.10%) to 1.1656

    • $-¥ +0.75 or +0.47% to 158.91

    • €-¥ +0.73 or +0.40% to 185.23

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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