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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.11% to 10138.09, DAX (0.58%) to 24560.98, CAC40 +0.08% to 8069.17, STOXX 600 (0.02%) to 602.67

Jan 21 ,2026

  • Synopsis:

    • European equity markets closed mixed off session lows. after Trump Davos speech. Basic Resources, Chemicals, Autos & Parts lead; Insurance, Food, Beverage and Tobacco and Telecom lag. Follows Tuesday's weaker close.

    • Market continues to navigate ramp in trade tensions following President Trump's threat to impose tariffs on EU unless Denmark hands over Greenland, reviving 'sell America' trade with stocks, bonds and dollar all under pressure. Trump said in Davos speech it is seeking immediate negotiations to acquire Greenland, will not use excessive force. Continues to be a lot of discussion about potential European countermeasures (tariffs and anti-coercion instrument), though accompanied by talk about off ramps that will avert worst-case scenario. ECB sees muted impact from latest US tariff threat.

    • Overseas, attention on stabilization in JGBs. Analysts cite technical factors, though Finance Minister Katayama on Tuesday urged calm and stressed government will weigh options to fund tax cuts amid worries over deficit. Also more speculation about potential for JGB intervention. Has spurred discussions about wider market spillovers with Citi warning of forced Treasury selling by risk parity funds. In Europe, UK bonds seen at risk. Elsewhere, Bloomberg sources said South Korea will delay committing to invest $20B in US this year as part of trade agreement, citing downward pressure on currency. USTR Greer indicated next round of US-China trade talks will focus on purchases of goods and services.

    • On macro data front, UK headline inflation surprised on the upside but core reading unchanged as expected and services prices increase less than forecast. Follows yesterday's weaker labor market update. However, inflation update likely to underline caution on the BoE's rate-setting committee. Survey by HR data company Brightmine showed pay deals coming down at start of the year. CBI survey sees further weakness in manufacturing activity. UK Chancellor Reeves said UK in a strong position to avoid further tax rises in comments at Davos. Elsewhere, in Netherlands, seven MPs quit Wilders' party meaning it is no longer the largest opposition force.

    • In earnings news, DAHCs names kicked off the session with Wienerberger (WIE.AV) reporting preliminary FY earnings, whilst Barry Callebaut (BARN.SW) released its Q1 revenue number, beating consensus but missing on volume, and announced that the group's CEO was stepping down. In the Netherlands, InPost (INPST.NA) issued a FY trading update indicating to FY Group parcel volumes of +25% y/y. In France, Alstom (ALO.FP) reported Q3 revenue and orders both ahead of expectations, and Atos (ATO.FP) reported preliminary FY earnings, reiterating long-term ambitions. In the UK, Experian (EXPN.LN), Currys (CURY.LN), Burberry Group (BRBY.LN), Aberdeen Group (ABDN.LN), JD Sports Fashion (JD.LN) and Wetherspoon (JDW.LN) are among others in the region that have updated investors on their latest numbers.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 19-Jan to 23-Jan attached) (INVE.B.SS), EQT (EQT.SS), Essity (ESSITY.B.SS), Tryg (TRYG.DC), Linc (LINC.SS), Bankinter (BKT.SM), Ilika (IKA.LN), TheWorks.co.uk (WRKS.LN), Galenica (GALE.SW), HUBER+SUHNER (HUBN.SW), Aryzta (ARYN.SW), Getlink (GET.FP), Stef (STF.FP), Sword Group (SWP.FP), Harbour Energy (HBR.LN), AJ Bell (AJB.LN), B&M European Value Retail (BME.LN), Auction Technology Group (ATG.LN), Associated British Foods (ABF.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Eurozone Jan flash consumer confidence, UK Dec public sector net borrowing, Jan distributive trades - CBI, Norway Dec unemployment rate, Ireland Dec PPI.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +3.73%, Chemicals +1.71%, Autos & Parts +1.07%, Travel & Leisure +1.07%, Energy+0.89%, Consumer Products and Services +0.80%, Retail +0.27%, Technology +0.22%, Media +0.20%, Financial Svcs (0.01%),

      • Underperformers:

        • Insurance (1.73%), Food, Beverage and Tobacco (1.01%), Telecom (0.92%), Health Care (0.43%), Real Estate (0.41%), Personal Care Drug and Grocery Stores (0.29%), Banks (0.16%), Utilities (0.06%), Ind Goods & Svcs (0.06%),

    • Macro/Peripheral markets:

      • Geopolitics

        • IEA raises growth forecast for global oil demand in 2026 - monthly oil market report

        • Trump wants 'immediate negotiations' to acquire Greenland but insists he 'won't use force' - BBC

        • France calls for NATO exercise in Greenland - Politico

      • EU

        • EU lawmakers vote to delay Mercosur trade pact over legal concerns - FT

        • EU seeks to reform WTO 'most favoured nation' trade rules - FT

        • EU Freezes US Trade Deal Approval Over Trump's Greenland Threats - Bloomberg

      • UK

        • UK's Reeves says confident UK-US economic deal will hold - Reuters

        • Keir Starmer to visit China with British business leaders next week, say reports - The Guardian

        • Rachel Reeves to back pubs on rates - but not hotels and cafés - The Times

        • Inner London house prices fall at fastest rate since global financial crisis - FT

      • France

        • At appeal trial, France's Le Pen denies EU embezzlement charges - Reuters

      • Germany

        • CDU discusses less protection against dismissal for top earners - Handelsblatt

      • Ireland

        • Irish government announces first call for projects for Housing Infrastructure Investment Fund - release

    • Company news:

      • Trading Higher:

        • +11.5% VLX.LN (Volex £4.56, +0.47) -- 9M trading update

        • +10.7% AIXA.GR (Aixtron €21.04, +2.05) -- JPMorgan upgrade

        • +7.7% CURY.LN (Currys £1.35, +0.10) -- H1 trading update

        • +7.1% PFD.LN (Premier Foods £1.81, +0.12) -- Q3 trading update

        • +6.4% ATO.FP (ATOS SE €57.13, +3.46) -- prelim. FY revenue

        • +5.8% WCH.GR (Wacker Chemie €70.80, +3.90) -- BNP Paribas Exane upgrade

        • +5.5% BRBY.LN (Burberry Group £12.86, +0.68) -- Q3 revenue

        • +5.1% TKA.GR (ThyssenKrupp €10.52, +0.51)

        • +5.1% OUT1V.FH (Outokumpu €4.78, +0.23)

        • +5.1% RIO.LN (Rio Tinto $66.30, +3.21) -- Q4 production

        • +5.0% KOMN.SW (Komax Holding CHF63.00, +3.00) -- Oddo upgrade

        • +4.6% QLT.LN (Quilter £1.96, +0.09) -- Q4 trading statement

        • +4.5% WIE.AV (Wienerberger €28.02, +1.20) -- prelim. FY earnings

        • +4.4% EKT.GR (EnergieKontor €36.60, +1.55) -- purchase agreements for two German wind park projects with ~93 megawatts

        • +4.2% JD.LN (JD Sports Fashion £0.81, +0.03) -- Q4 Trading Update

        • +3.6% SQZ.LN (Serica Energy £2.08, +0.07) -- FY trading update

        • +3.5% BARN.SW (Barry Callebaut CHF1,291.00, +44.00) -- Q1 revenue; CEO resigns; Vontobel upgrade

        • +3.1% DIE.BB (D'Ieteren Group €187.90, +5.70) -- Jefferies upgrade

        • +3.0% PROT.NO (Protector Forsikring NOK547.00, +16.00) -- Q4 business update

        • +2.9% GFRD.LN (Galliford Try Holdings £5.38, +0.15) -- H1 trading update

        • +2.7% PTSB.ID (Permanent TSB Group Holdings €3.05, +0.08) -- approval of IRB mortgage models

        • +2.7% ELM.LN (Elementis £1.70, +0.04) -- FY trading update

      • Trading Lower:

        • -21.4% MAGI.SS (MAG Interactive SEK6.26, -1.70) -- Q1 earnings

        • -8.3% BN.FP (Danone €67.56, -6.08) -- may be related to Nestle's infant formula recall

        • -8.1% JDW.LN (JD Wetherspoon £6.79, -0.60) -- H1 trading update

        • -6.7% STX.LN (Shield Therapeutics £0.11, -0.01) -- Q4 trading update

        • -4.4% EXPN.LN (Experian £30.89, -1.41) -- Q3 trading update

        • -3.5% SCR.FP (SCOR SE €26.90, -0.98) -- Goldman Sachs downgrade

        • -3.1% CATE.SS (Catena SEK459.40, -14.80) -- 6.0M-shares issue at subscription price of SEK456.00/sh

        • -2.5% MOWI.NO (Mowi NOK214.60, -5.40) -- Q4 trading update

    • EU companies reporting tomorrow:

      • Earnings:

        • Nordics: Investor (INVE.B.SS), EQT (EQT.SS), Essity (ESSITY.B.SS), Tryg (TRYG.DC), Linc (LINC.SS)

        • Southern Europe: Bankinter (BKT.SM)

        • UK: Ilika (IKA.LN), TheWorks.co.uk (WRKS.LN)

      • Trading Update:

        • DACHs: Galenica (GALE.SW), HUBER+SUHNER (HUBN.SW), Aryzta (ARYN.SW)

        • France: Getlink (GET.FP), Stef (STF.FP), Sword Group (SWP.FP)

        • UK: Harbour Energy (HBR.LN), AJ Bell (AJB.LN), B&M European Value Retail (BME.LN), Auction Technology Group (ATG.LN), Associated British Foods (ABF.LN)

      • CMD/Events: Ipsos (IPS.FP), OHB (OHB.GR), Immunovia (OMMNOV.SS) EGM, Kongsberg Gruppen (KOG.NO) EGM, Santander Bank Polska (SPL.PW) EGM

  • Data:

    • Economics:

      • UK Dec

        • CPI +3.4% y/y vs cons +3.3% and prior +3.2%; +0.4% m/m vs cons +0.4% and prior (0.2%)

        • Core +3.2% y/y vs cons +3.2% and prior +3.2%

        • RPI +4.2% y/y vs cons +4.0% and prior +3.8%; +0.7% m/m vs cons +0.5% and prior (0.4%)

        • Output PPI +3.4% y/y vs cons +3.3% and prior +3.4% ; 0.0% m/m vs cons +0.1% and prior +0.1%

        • Input PPI +0.8% y/y vs cons +1.0% and prior +1.1%; (0.2%) m/m vs cons (0.1%) and prior revised +0.5% from +0.3%

        • Jan CBI Industrial Trends Orders (30) vs consensus (33) and prior (32)

    • Markets:

      • WTI Crude (Mar 26): +$0.05 or +0.08% to $60.41

      • €-$ (0.0017) or (0.14%) to 1.1710

      • £-$ (0.0009) or (0.07%) to 1.3432

      • €-£ (0.0008) to 0.8717

      • S&P 500 +0.71%

      • Performance year-to-date

        • FTSE 100: +2.08%

        • DAX: +0.29%

        • CAC: (0.99%)

        • MIB: (0.94%)

        • Stoxx 600: +1.77%

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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