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StreetAccount Summary - EU Market Recap: FTSE 100 (0.67%) to 10126.78, DAX (1.07%) to 24692.79, CAC40 (0.61%) to 8062.58, STOXX 600 (0.71%) to 602.76

Jan 20 ,2026

  • Synopsis:

    • European indices ended in negative territory, but off the session's lows. In geopolitics, on Saturday, President Trump announced eight European nations, including Denmark, France, Germany, and the UK, would face 10% tariff starting 1-Feb, escalating to 25% on 1-Jun, if Greenland not sold to the US. Following the threat, FT reported European leaders are considering €93B of tariffs or restricting US companies' access from the EU market. EU leaders have also called to pause approval of EU's trade deal with the US. French President Macron among those to call for EU to use anti-coercion instrument, which could include tariffs, new taxes on tech companies, target curbs on investment in the EU, and limit access to some parts of EU market. Trump said on Truth Social Tuesday he had a good call with NATO Secretary General Rutte, will meet with European leaders in Davos tomorrow. Politico also reported Trump's address on Wednesday will help determine European response. EU leaders also holding emergency summit Thursday. Also, President Trump has no plans to travel to Paris for an emergency G7 summit proposed by French President Emmanuel Macron, a White House official confirmed. Macron suggested the meeting via text, including invitations to Ukraine Report noted leaders hoping to bring down temperature, with some noting it's too early to threaten anti-coercion instrument. Deutsche Bank strategists also noted potential for European to leverage the $8T of US bonds and equities it owns, arguing weaponization of capital could be far more disruptive to markets than trade flows. In the afternoon, wires reported that Denmark's Akademikerpension news about the divestiture of its US Treasuries holding was rooted in poor US government finances and not directly related to ongoing rift between the US and Europe

    • In macro-news, the latest German ZEW economic sentiment indicator jumped in January to 59.6 versus consensus 50.0 and prior 45.8, though current conditions indicator still very weak at -72.7 versus forecast -76.0 and prior -81.0. Headline indicator recorded its strongest level since July 2021. Better German reading saw Eurozone indicator at 40.8 versus prior 33.7. ZEW highlighted that index is rising strongly and 2026 could mark a turning point. Assessment points to rapidly improving expectations after headline index gained for second consecutive month. Coincides with number of economists anticipating economic recovery in Germany this year. In the UK, BoE Governor Bailey warned of market spillovers from Trump's action in a testimony to UK lawmakers on financial stability. Said world economy lot more stable than it would have thought last spring, but geopolitical tensions and particularly trade issues have increased risks in the UK and around the world. In France, asset markets showed limited reaction to PM Lecornu's decision to invoke Article 49.3 of the Constitution, bypassing a full National Assembly vote to pass the stalled 2026 budget. OAT bonds exhibited no additional stress amid a broader global sell-off, with the 10Y OAT-Bund spread remaining constructive and reflecting priced-in reduced political risk. Government stability remains pivotal: while Lecornu secured enough backing-including Socialist non-censure-to likely survive forthcoming no-confidence motions (potentially three invocations for revenues, expenditures, and final reading), any collapse would introduce significant uncertainty, widening spreads and pressuring the euro. With passage now probable by mid-February, fiscal details include a credible 5% public deficit target for 2026 (improved from 2025 expectations at 5.2%), supported by extending the corporate tax surcharge on large firms (€8B revenue).

    • On the earnings front; out of the UK, Informa (INF.LN), Big Yellow Group (BYG.LN), Wise (WISE.LN), DFS Furniture (DFS.LN), Ibstock (IBST.LN) issued trading updates. In DACHs, DocMorris (DOCM.SW) reported preliminary Q4 sales, Hypoport SE (HYQ.GR) issued FY total mortgage finance transaction while Flughafen Wien (FLU.AV) reported Dec Group total passenger traffic. Renault (RNO.FP) reported strong 2025 sales growth. In other corporate updates, NetEase Cloud Music (9899.HK) and Universal Music Group (UMG.NA) announce multi-year licensing agreement for China. In M&A news, GSK (GSK.LN) acquired RAPT Therapeutics (RAPT) for $58.00/sh in aggregate equity value deal of $2.2B, whilst Elon Musk floated again the idea to buy Ryanair (RYA.ID); Deutsche Boerse (DB1.GR) is said to near a €5.3B deal for Allfunds (ALLFG.NA) and Henkel (HEN.GR) confirmed that it is currently in discussions with

    • Looking ahead to tomorrow's calendars, Barry Callebaut (BARN.SW), Alstom (ALO.FP), Burberry (BRBY.LN), JD Sports Fashion (JD.LN), La Française de l'Energie (FDE.FP), Avanza Bank Holding (AZA.SS), Experian (EXPN.LN), Hochschild Mining (HOC.LN), Currys (CURY.LN), Elementis (ELM.LN) and JD Wetherspoon (JDW.LN) will be among few other names to update investors

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Media +0.06%, Technology +0.02%, Oil & Gas (0.24%), Food & Beverage (0.39%), Ind Goods & Svcs (0.40%), Health Care (0.50%), Autos & Parts (0.55%), Financial Svcs (0.62%)

      • Underperformers: Real Estate (1.85%), Telecom (1.53%), Construct & Mtls (1.43%), Utilities (1.36%), Insurance (1.36%), Persnl & HHold Goods (1.12%), Basic Resources (1.03%), Retail (0.98%), Banks (0.92%), Chemicals (0.88%), Travel & Leisure (0.73%)

    • Macro:

      • Von der Leyen vows 'unflinching' response to Trump with EU-US relations in turmoil (Politico)

      • EU on the cusp of a historic trade agreement with India - von der Leyen (EU)

      • Danish Pension Fund AkademikerPension to Exit US Treasuries (BBG)

      • Greenland is ground zero for Arctic 'Great Game' (FT)

      • France's PM to make his case to pass the 2026 budget bill without a vote before the Assemblée Nationale (Le Monde)

      • Are transatlantic tensions between Greenland and US playing into Moscow's hands? (Sky News)

      • Trump to meet global CEOs in Davos, with US policy in spotlight (Reuters)

      • UK defends Chagos Islands deal after Trump calls handover 'act of great stupidity' (BBC)

    • Company news:

      • Notable Gainers

        • +16.1% EYE.LN (Eagle Eye Solutions Group £3.47, +0.48) -- H1 trading update

        • +15.0% IMMNOV.SS (Immunovia SEK0.22, +0.03) -- withdraws proposal for reverse share split and cancels 22-Jan EGM

        • +14.4% FCH.LN (Funding Circle Holdings £1.45, +0.18) -- FY trading update

        • +10.5% THRU.LN (Thruvision Group £0.01, -0.00) -- contract

        • +9.8% STAF.LN (Staffline Group £0.49, +0.04) -- FY trading update

        • +7.6% OCI.NA (OCI NV €3.37, +0.24) -- acknowledges Amsterdam Court of Appeal's decision to only allow shareholders to vote on proposal to grant approval to the OCI AH sale at EGM

        • +7.4% RCH.LN (Reach £0.58, +0.04) -- FY trading update

        • +5.3% CAML.LN (Central Asia Metals £2.11, +0.11)

        • +5.1% BGO.LN (Bango £0.83, +0.04) -- FY trading update

        • +5.0% VIRP.FP (Virbac €369.00, +17.50) -- prelim Q4 revenue

        • +4.6% INF.LN (Informa £9.07, +0.40) -- FY market update; confirms partnership with Dubai World Trade Centre

        • +4.3% KOMN.SW (Komax Holding CHF60.00, +2.50) -- FY earnings

        • +4.1% MVIR.SS (Medivir SEK0.50, +0.02)

        • +4.0% TFBANK.SS (TF Bank SEK176.66, +6.84) -- FY earnings

        • +3.4% QIA-ETR (40.58, +1.32) -- reportedly exploring options amid new takeover interest -- Bloomberg

        • +3.2% TIG.LN (Team Internet Group £0.49, +0.02) -- FY 25 trading update

        • +2.9% MOVE.SW (Medacta Group CHF169.60, +4.80)

        • +2.8% ABVX.FP (Abivax €103.80, +2.80) -- AstraZeneca also shows interest in Abivax - La Lettre

        • +2.7% VLA.FP (Valneva €4.31, +0.11) -- to voluntarily withdraw BLA and IND application for its chikungunya vaccine, IXCHIQ, in the United States

        • +2.6% G4M.LN (Gear4music (Holdings) £3.18, +0.08) -- Q3 trading update

        • +2.4% DB1.GR (Deutsche Börse €214.70, +5.10) -- is said to near €5.3B deal for Allfunds -- Bloomberg

        • +2.2% RNO.FP (Renault €31.82, +0.70) -- FY25 woldwide car sales

        • +1.6% ALLFG.NA (Allfunds Group €8.09, +0.13) -- Deutsche Boerse is said to near €5.3B deal for Allfunds -- Bloomberg

        • +1.1% DFS.LN (DFS Furniture £1.88, +0.02) -- H1 trading update; appoints new CFO

        • +0.9% TET.LN (Treatt £2.15, +0.02) -- FY earnings; enters into customary relationship agreement with major shareholder Döhler Finance Management

      • Notable Decliners

        • -16.7% HYQ.GR (Hypoport €104.00, -20.60) -- FY mortgage finance transaction volume

        • -15.0% RROS.SS (Rottneros SEK2.27, -0.40) -- prelim Q4 earnings

        • -14.2% FXPO.LN (Ferrexpo £0.62, -0.10) -- provides update on operations in Ukraine

        • -12.9% BKW.SW (BKW AG CHF153.60, -22.70) -- adjusts FY guidance

        • -8.6% DOCM.SW (DocMorris CHF5.90, -0.56) -- prelim Q4 earnings

        • -5.7% WIHN.SW (WISeKey International Holding CHF13.56, -0.82)

        • -5.1% CREO.LN (Creo Medical Group £0.12, -0.01) -- FY trading update

        • -4.4% NIOX.LN (NIOX Group £0.66, -0.03) -- FY trading update

        • -4.1% ANA.SM (Acciona €176.50, -7.50)

        • -3.5% IBST.LN (Ibstock £1.31, -0.05) -- FY trading update

        • -3.1% HOT.GR (Hochtief €353.00, -11.40) -- CIMIC Group, Sojitz Corporation finalize strategic partnership for UGL Transport

        • -2.7% AZN.LN (AstraZeneca £135.28, -3.70) -- to complete direct listing on NYS; Nordea downgrade

        • -2.7% CRW.LN (Craneware £18.25, -0.50) -- H1 trading update

        • -2.6% BYG.LN (Big Yellow Group £10.38, -0.28) -- Q3 trading update

        • -2.4% ACS.SM (ACS SA €93.85, -2.35) -- CIMIC Group, Sojitz Corporation finalize strategic partnership for UGL Transport

        • -2.2% AHT.LN (Ashtead Group £50.04, -1.10)

        • -2.2% MC.FP (LVMH Moet Hennessy Louis Vuitton €571.70, -12.80) -- sector move (Trump threatens 200% tariffs on French wines and champagnes)

        • -1.5% EQT.SS (EQT AB SEK357.30, -5.40) -- co-leads €51M Series B in Exciva

        • -1.4% BBY.LN (Balfour Beatty £7.13, -0.10)

        • -1.3% VWS.DC (Vestas Wind Systems DKK179.20, -2.35)

        • -1.0% NESN.SW (Nestle CHF73.94, -0.75) -- article on Le Parisien cited; Nestle infant formula recall: judicial inquiry launched after the suspicious death of a baby, results expected "within several days"

        • -0.7% RYA.ID (Ryanair Holdings €28.63, -0.21) -- Elon Musk floats idea to buy Ryanair -- Forbes

        • -0.5% CATE.SS (Catena SEK0.00, -2.60) -- to place ~6M new shares; acquisition of SEK 9B portfolio in the Nordics

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: VEF (0TX.GR)

        • Nordics: Avanza Bank Holding (AZA.SS), Flerie (FLERIE.SS), Admicom (ADMCM.FH), MAG Interactive (MAGI.SS)

      • Trading Update:

        • DACHs: Barry Callebaut (BARN.SW)

        • France: Alstom (ALO.FP), La Française de l'Energie (FDE.FP), Catering International Services (ALCIS.FP)

        • UK: Experian (EXPN.LN), Burberry (BRBY.LN), JD Sports Fashion (JD.LN), Hochschild Mining (HOC.LN), Currys (CURY.LN), Elementis (ELM.LN), JD Wetherspoon (JDW.LN), PensionBee Group (PBEE.LN)

      • CMD/Events: Hera (HER.IM), Nykode Therapeutics (NYKD.NO) EGM

    • Macro-releases expected tomorrow:

      • UK Dec CPI/RPI/PPI input/output and Jan industrial trends orders - CBI

  • Data:

    • Economics:

      • Eurozone

        • Dec CPI +1.9% y/y vs preliminary +2.0%

        • Nov Construction Output (0.8%) y/y consensus +0.9% and prior +0.5%

      • Germany

        • Less material shortage in German manufacturing Ifo survey

        • Jan ZEW Economic Sentiment Indicator 59.6 s consensus 50.0 and prior 45.8

        • Dec PPI y/y (2.5%) vs consensus (2.4%) and prior (2.3%)

      • UK Nov ILO Unemployment Rate 5.1% vs consensus 5.1% and prior 5.1%

      • Spain Nov Trade Balance (€5.68B) vs consensus (€5.4B) and prior (€4.69B)

      • Switzerland Dec PPI y/y (1.8%) vs prior (1.6%)

    • Markets:

      • WTI Crude (Feb 26): +$0.97 or +1.63% to $60.41

      • €-$ +0.0084 or +0.72% to 1.1730

      • £-$ +0.0029 or +0.22% to 1.3455

      • €-£ +0.0045 to 0.8719

      • S&P 500 (1.12%)

      • Performance year-to-date

        • FTSE 100: +1.97%

        • DAX: +0.83%

        • CAC: (1.07%)

        • MIB: (0.51%)

        • Stoxx 600: +1.78%

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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