Jan 15 ,2026
Synopsis:
European equity markets closed mostly higher and near the best levels of the session with the exception of France (0.2%), Spain (0.3%) and Denmark (1.8%). Follows fresh ATH close for Stoxx Europe 600 and FTSE100 on Wednesday, with some reports flagging extended signals. Technology, asset managers and property the best performers. Autos, health care and personal and household goods the biggest laggards.
Few dynamics in focus today, including better AI/tech sentiment following beat and raise and higher capex guide from TSMC. Some easing of geopolitical tensions in focus (hitting oil) as Trump signaled he will hold off for now on Iran strikes. In addition, Trump envoy said US and Greenland likely to reach beneficial agreement. Denmark and Sweden responded to ongoing Greenland tensions by announcing military deployments and exercises in the territory, underscoring the regional security implications of the US ownership demands.
French PM Lecornu's government survived two no-confidence votes, though budget approval for 2026 remains elusive with diminishing chances of passage by month-end.
On the macro front, Britain's economy beat expectations with 0.3% growth in November alongside surprisingly strong industrial and manufacturing production gains of 1.1% and 2.1% respectively, though construction output fell 1.3%. French annual inflation eased to 0.8% in December from 0.9% in Nov, with core inflation ticking up slightly to 1.1%, while Spanish inflation declined to 2.9% from 3.0%, driven by lower transport and fuel prices, though core inflation held steady at 2.6%. Germany 2025 GDP beat expectations, returned to growth after two years of stagnation. EZ industrial production also beat at 2.5% y/y versus 2% expected.
Focus on luxury sector as Richemont (CFR.SW) reported better than expected Q3 sales, with Jewellery Maison driving the beat. In the UK, trading updates included Robert Walters (RWA.LN), Hostelworld Group (HSW.LN), Rathbones Group (RAT.LN), Foxtons Group (FOXT.LN), Fuller, Smith & Turner (FSTA.LN), Savills (SVS.LN), Mitchells & Butlers (MAB.LN), Dunelm Group (DNLM.LN), Essentra (ESNT.LN), Ashmore Group (ASHM.LN), Schroders (SDR.LN). Also out with earnings/updates were Geberit (GEBN.SW) (4.1%), Repsol (REP.SM) (6.3%), OMV (OMV.AV) (1.4%) and VAT Group (VACN.SW) +15.8%.
Digest:
Sectors - STOXX Europe 600:
Outperformers
Technology +2.29%, Financial Svcs +2.24%, Real Estate +1.71%, Travel & Leisure +1.40%, Basic Resources +1.26%, Ind Goods & Svcs +1.01%, Banks +0.63%, Utilities +0.61%, Construct & Mtls +0.58%
Underperformers:
Autos & Parts (1.01%), Health Care (1.00%), Persnl & HHold Goods (0.62%), Retail (0.57%), Oil & Gas (0.23%), Media +0.00%, Chemicals +0.12%, Food & Beverage +0.21%, Telecom +0.24%, Insurance +0.39%
Macro:
Geopolitics
Central Banks
UK
UK economy grew by better-than-expected 0.3% in November despite budget uncertainty - The Guardian , The Telegraph
UK Foreign Secretary Yvette Cooper plans fresh visit to China - Politico
Twenty-three English councils ask for election delays - BBC
UK Housing Market Is Turning a Corner After Budget, Agents Say - Bloomberg
France
Macron convenes emergency meeting to discuss Greenland, Iran - Reuters
Germany
German economy grows for the first time in two years - Handelablatt
Debate on citizen's allowance reform - Reichinnek sees "fact-free smear campaign" - Handelsblatt
Company news:
Notable Gainers
+23.5% ASHM.LN (Ashmore Group £2.25, +0.43) -- Q2 AuM
+17.0% ASCN.SW (Ascom Holding CHF4.19, +0.61) -- prelim FY earnings
+15.8% VACN.SW (VAT Group CHF503.40, +68.80) -- prelim Q4 revenue
+13.6% OXB.LN (OXB £9.13, +1.09) -- confirms receiving unsolicited cash offer approach from EQT for entire share capital
+12.1% CABP.LN (CAB Payments Holdings £0.74, +0.08) -- trading update
+10.2% DXRX.LN (Diaceutics £1.56, +0.15) -- trading update
+9.8% SDR.LN (Schroders £4.58, +0.41) -- trading update
+9.1% FDEV.LN (Frontier Developments £5.29, +0.44) -- Deutsche Numis upgrade
+8.8% SVS.LN (Savills £11.08, +0.90) -- trading update
+7.8% RAT.LN (Rathbones Group £21.55, +1.55) -- trading update
+7.7% PGHN.SW (Partners Group Holding CHF1,090.00, +77.50) -- received $30.2B in total new assets in 2025 vs guidance between $26-31B
+6.3% SAFE.LN (Safestore Holdings £8.18, +0.49) -- FY earnings
+6.1% PEBB.LN (The Pebble Group £0.47, +0.03) -- trading update
+6.0% BOSN.SW (Bossard Holding CHF163.00, +9.20) -- trading update
+5.8% WIZZ.LN (Wizz Air Holdings £12.94, +0.71) -- Wizz Air Holdings' CEO sees growth returning to ~ +20% y/y citing addition of Airbus aircraft and as grounded aircraft return to flying - Bloomberg
+5.4% OXIG.LN (Oxford Instruments £23.25, +1.20) -- trading update
+3.5% GPE.LN (Great Portland Estates £3.39, +0.12) -- Q3 leasing update
+2.6% HSW.LN (Hostelworld Group £1.20, +0.03) -- trading update
+2.0% FSTA.LN (Fuller, Smith & Turner £7.24, +0.14) -- trading update
+1.1% ACKB.BB (Ackermans & Van Haaren €241.60, +2.60) -- announces sale of retail park Gewerbepark Stadlau in Vienna representing a net amount of €35.95M
Notable Decliners
-19.5% DNLM.LN (Dunelm Group £9.42, -2.29) -- trading update
-14.5% BFF.IM (BFF Bank SpA €8.30, -1.41) -- Kepler Cheuvreux downgrade
-10.2% PANR.LN (Pantheon Resources £0.07, -0.01) -- raises $10M of new capital via conditional placing of new ordinary shares of 7.0p/sh to support near-term appraisal activities across Ahpun and Kodiak projects and for general working capital
-7.2% PMI.LN (Premier Miton Group £0.51, -0.04) -- Q1 AuM
-6.6% BOOM.LN (Audioboom Group £7.10, -0.50) -- trading update
-6.5% METSB.FH (Metsa Board €3.00, -0.21) -- UBS downgrade
-6.3% REP.SM (Repsol €15.70, -1.06) -- trading update; RBC Capital Markets downgrade
-6.0% FOXT.LN (Foxtons Group £0.54, -0.03) -- prelim FY earnings
-5.5% RWA.LN (Robert Walters £1.29, -0.08) -- trading update
-5.4% BWE.NO (BW Energy NOK45.40, -2.60) -- Arctic Securities downgrade
-4.7% HAUTO.NO (Höegh Autoliners NOK98.40, -4.80) -- trading update
-4.1% GEBN.SW (Geberit CHF611.00, -26.40) -- Q4 earnings
-3.5% TEMN.SW (Temenos CHF80.00, -2.90) -- Q4 earnings
-1.6% BMPS.IM (Banca Monte dei Paschi di Siena €9.20, -0.15) -- UniCredit states that recent rumours and constant noise with regards to the MPS stake are speculative in nature and unjustified
-1.5% FAST.NA (Fastned €22.30, -0.35) -- prelim Q4 earnings
-1.4% OMV.AV (OMV €48.98, -0.70) -- trading update
EU companies reporting tomorrow:
Earnings:
DACHs: Bergbahnen Engelberg-Trübsee-Titlis (TIBN.SW)
Trading Update:
DACHs: Zehnder Group (ZEHN.SW)
Nordics: BW Energy (BWE.NO), Aker BP (AKRBP.NO)
UK: MJ Gleeson (GLE.LN), Ninety One (N91.LN)
Traffic: Fraport (FRA.GR)
Data:
Economics:
Dec CPI
Sweden +0.3% y/y vs preliminary +0.3%
France +0.8% y/y vs preliminary +0.8%
Spain +2.9% y/y vs preliminary +2.9%
UK Nov
Visible Trade Balance (£23.71B) vs consensus (£20.3B) and prior revised (£24.17B) from (£22.54B)
Construction Output (1.1%) y/y vs consensus +0.1% and prior +0.9%
Industrial Production +2.3% y/y vs consensus (0.4%) and prior revised +0.2% from (0.8%)
Eurozone Nov
Industrial Production +2.5% y/y vs consensus +2.0% and prior revised +1.7% from +2.0%
Trade Balance €9.9B vs consensus €15.2B and prior revised €17.9B from €18.4B
Germany 2025 GDP +0.2% vs consensus +0.2% and prior revised (0.5%) from (0.2%)
Netherlands Dec Unemployment Rate 4.0% vs consensus 4.0% and prior 4.0%
Norway Dec Trade Balance NOK42.9B vs consensus NOK84.4B and prior NOK41.3B
Italy Nov Industrial Production +1.4% y/y vs consensus (0.6%) and prior revised (0.2%) from (0.3%)
Markets:
WTI Crude (Feb 26): ($2.82) or (4.55%) to $59.20
€-$ (0.0035) or (0.30%) to 1.1611
£-$ (0.0056) or (0.42%) to 1.3389
€-£ +0.0011 to 0.8673
S&P 500 +0.68%
Performance year-to-date
FTSE 100: +3.10%
DAX: +3.52%
CAC: +2.01%
MIB: +2.01%
Stoxx 600: +3.78%
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