Jan 16 ,2026
Synopsis
European indices are set to open lower as Asian equities trade mixed today. Taiwan outperforming following well-received TSMC results. Korean stocks also strengthening. Nikkei extending Thursday losses while Greater China little change
Geopolitical tensions easing a bit after Trump decided to hold off Iran strikes, a dynamic that has weighed on oil.
US equities were higher in Thursday trading though stocks ended off best levels. S&P 500, Nasdaq pacing for modest WTD declines, though R2K pacing for second solid weekly gain in a row. Semis, AI-linked names among the standouts on TSM results. Big tech mixed with NVDA the notable gainer; GOOGL pulled back.
Friday sees, in central banks, Riksbank's Thedéen speech at 8:30CET at Stockholm Chamber of Commerce. Elsewhere, it's the official start if the International Green Week (through 25th). Nueva Economía Fórum event (livestream (English)) at 9:00CET with EU's Jørgensen, the same time as it hosts event (livestream) with Hidalgo, President of Globalia and Air Europa
Economic data released today include: Germany Dec final CPI, Italy Dec final CPI
Morning Corporate News:
(ZEHN.SW) Zehnder Group reports FY revenue €760.7M vs FactSet €755.4M [6 est, €752.5-761.1M]
(TIBN.SW) Bergbahnen Engelberg-Trübsee-Titlis reports FY net income CHF7.7M vs FactSet CHF7.6M [1 est]
(BWE.NO) BW Energy issues Q4 operational update; net production 2.3 mmbbls vs quarter-ago 2.4 mmbbls
(BWLPG).NO BW LPG provides an update on its Product Services' Q4 segment performance; segment's net profit ~ $23M
(FRA.GR) Fraport reports Dec Frankfurt Airport traffic statistics: passengers 4.8M, +5.3% y/y
(AKRBP.NO) Aker BP reports FY net production 420.1K mboepd vs guidance 410-425 mboe/d
(KESKOB.FH) Kesko reports Dec sales from continuing operations €1.06B, +9.3% in comparable terms
UK: MJ Gleeson (GLE.LN), Ninety One (N91.LN)
Politics/Macro/World News
Top company news
Earnings/updates
FRA.GR (Fraport) -- reports Dec Frankfurt Airport traffic statistics: passengers 4.8M, +5.3% y/y
ADP.FP (Aeroport de Paris) -- reports Total Paris Aeroport December traffic 8.6M, +3.2% y/y
AKRBP.NO (Aker BP) -- reports FY net production 420.1K mboepd vs guidance 410-425 mboe/d
ONCO.SS (Oncopeptides) -- reports preliminary Q4 revenue SEK18.6M, +88% y/y
KESKOB.FH (Kesko) -- reports Dec sales from continuing operations €1.06B, +9.3% in comparable terms
FLOW.NA (Flow Traders) -- reports December 2025 ETP market statistics
CLTN.SW (Coltene Holding) -- reports preliminary FY revenue CHF240.2M vs FactSet CHF238.3M [2 est, CHF236.4-240.2M]
M&A
KCO.GR (Kloeckner & Co.) -- Worthington Steel to launch €11.00 per share takeover offer for Kloeckner & Co.
KCO.GR (Kloeckner & Co.) -- Follow-up: Worthington Steel to launch €11.00 per share takeover offer for Kloeckner & Co.
AV.IM (Antares Vision) -- CONSOB suspends the time limit for the review period in connection with Crane NXT's tender offer for Antares Vision for up to 15 days (post EU close 15-Jan)
(OTHER) RIO.AU (Rio Tinto) -- Speculation around potential carve outs if Rio Tinto-Glencore merger eventuates - Australian Financial Review
HEIA.NA (Heineken) -- announces Nicaraguan antitrust authority approves acquisition of all shares held by FIFCO in Nicaraguan Brewing Holding, S.A; closing expected in Q1 2026
KBC.BB (KBC Group) -- KBC completes the acquisition of 365.bank, in Slovakia
KCO.GR (Kloeckner & Co.) -- Klöckner & Co. to divest Becker Group
A17U.SP (CapitaLand Ascendas REIT) -- acquires DHL Canal Winchester logistics property in Ohio from DHL subsidary for SG94.5M ($73.8M)
Healthcare
IVA.FP (Inventiva) -- Transcript Intelligence: Inventiva at J.P. Morgan Healthcare Conference
MOLN.SW (Molecular Partners) -- Transcript Intelligence: Molecular Partners at J.P. Morgan Healthcare Conference
NYXH.BB (Nyxoah) -- Transcript Intelligence: Nyxoah at J.P. Morgan Healthcare Conference
VICO.SS (Vicore Pharma Holding) -- Transcript Intelligence: Vicore Pharma Holding at J.P. Morgan Healthcare Conference
Other
RR.LN (Rolls-Royce Holdings) -- appoints Ivanka Mamic as new Chief Sustainability Officer
OR.FP (L'Oreal) -- L'Oréal announced the first group of companies for its €100 million sustainable innovation program
EQNR.NO (Equinor) -- Judge reportedly grants injunction allowing Equinor's Empire Wind project to resume construction -- Bloomberg
ALO.FP (Alstom) -- reaches agreement valued at C$2.3B (approximately €1.4B) with the Toronto Transit Commission to provide 70 New Subway Trains (NSTs) for the Toronto subway network
SDR.LN (Schroders) -- Street Takeaways - Schroders 2025 Trading Update
BMPS.IM (Banca Monte dei Paschi di Siena) -- CEO Luigi Lovaglio could lose job - FT
ACKB.BB (Ackermans & Van Haaren) -- Ackermans & Van Haaren's portfolio company DEME takes delivery of its second new wind turbine installation vessel Norse ENERGI
IPS.FP (Ipsos) -- discloses Didier Truchot resigns as Chairman of the board due to health reasons; appoints Laurence Stoclet as Chair
Equinor wins ruling to restart wind project; BYD, Ford in talks on hybrid batteries in intraday themes (15-Jan)
Key rating changes
Upgrades
Oddo upgrades SAFE.LN, WDP.BB; downgrades AT1.GR, BYG.LN, COL.SM, others
NCAB.SS (NCAB Group) -- to buy from hold at Pareto
ROG.SW (Roche Holding) -- to neutral from sell at Goldman Sachs
TECN.SW (Tecan Group) -- to market perform from underperform at Bernstein
Downgrades
SAN.FP (Sanofi) -- to neutral from buy at UBS
OUT1V.FH (Outokumpu) -- to hold from buy at Jefferies
Data
Nikkei (0.26%) to 53971.18
Hang Seng (0.52%) to 26782.39
Shanghai Composite (0.20%) to 4104.58
S&P futures +19.5 vs prior close of 6981.8
€-$ (0.0001) or (0.01%) to 1.1608
$-¥ (0.23) or (0.15%) to 158.39
€-¥ (0.34) or (0.18%) to 183.81
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