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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.07%), DAX (0.11%), CAC40 (0.29%)

Jan 21 ,2026

  • Synopsis

    • European equity markets are set for a negative open amidst mostly lower Asia stocks again Wednesday although the losses have steadied. Japan's Nikkei and Topix still in the red but well off their lows. Australia, Singapore and Taiwan trading down. Greater China markets broadly positive, South Korea's Kospi also trading higher albeit below its recent peak. India markets again under pressure. US futures trading higher.

    • Greenland tensions remain in focus at the World Economic Forum in Davos. Reuters reports France has asked for a NATO exercise in Greenland and is ready to contribute to it whilst Politico reports Germany has joined France in saying it will ask the EU Commission to explore unleashing the Anti-Coercion Instrument at the emergency EU leaders' summit in Brussels on Thur evening. Denmark's defence minister Poulsen hosts UK defence minister Healey; planning continues for major Joint Expeditionary Force exercise activity taking place in 2026. Today sees speeches by Spain's PM Sánchez at 10:00CET, USA's President Trump 14:30, panellists include Bank of France Villeroy at 10:15, ECB's Lagarde at 8:30 and 17:45 with NATO's Rutte also on a panel the same day.

    • Reuters reports German government is planning on lowering ​its growth forecast for GDP in ‌2026 to +1.0% from +1.3%, reflecting greater economic uncertainty in international trade. The downward revision is likely to be included in ‌the Economy Ministry's annual economic report on 28-Jan.

    • Weekly UK PMQs at 12noon GMT whilst parliamentary committee topics include drought preparedness at 10:00, work of the Prudential Regulation Authority (regular evidence sessions) at 14:15, European Affairs Committee at 14:30 (Minister of State at Home Office) and the cost of energy at 15:00. NATO Military Committee in Chiefs of Defence Session (through Thu). UK Finance publishes report on buy to let mortgage lending. Oxford Economics webinar at 10:00GMT Global CRE key themes for 2026 - Deal recovery delayed, not derailed.

    • In central banks, Denmark central bank's Krogstrup speech at 12noon CET at Centre for European Policy Studies. Austria central bank's Kocher introductory remarks at 16:00CET at event on International and Climate Economics. Bundesbank's Nagel panellist at 19:30CET at event hosted by Frankfurt Main Finance, title: 'Europe, Germany, Frankfurt: The Path to Growth'. IEA monthly oil market report.

    • In earnings, Barry Callebaut (BARN.SW) reported Q1 revenue CHF3.67B vs consensus CHF3.13B and reiterates its outlook for FY25/26 whilst Wienerberger (WIE.AV) reported preliminary FY revenue €4.60B vs FactSet €4.65B. VINCI (DG.FP) reported December airport passenger traffic +2.5% whilst Alstom (ALO.FP) is out with preliminary Q3 revenue €4.79B vs StreetAccount €4.72B and confirmed FY25/26 outlook and mid-term ambitions. Elsewhere, InPost (INPST.NA) reported FY Group parcel volumes +25% y/y, Mowi (MOWI.NO) released Q4 trading update and Rio Tinto (RIO.LN) reported Q4 production.

  • Politics/Macro/World News

    • European leaders rally united front at Davos against Trump's Greenland ambitions, urge tough stance over flattery (Reuters)

    • Macron defies Trump in Davos as Europe rejects 'bullying' over Greenland tariffs and sovereignty threats (Reuters)

    • EU moves closer to using its trade bazooka against the US - politico

    • France asks for a NATO exercise in Greenland, is ready to participate - Reuters

    • Trump confident Europe will keep investing in US despite Greenland tariffs; EU calls threats a 'mistake' (Bloomberg)

    • ECB's Lagarde Says Uncertainty Is Back Amid Latest Trump Threats - Bloomberg

    • Germany to cut 2026 GDP growth forecast to 1.0%, source says - Reuters

    • UK in 'strong position' to avoid further tax rises, says Rachel Reeves - FT

    • UK homes to get £15bn for solar and green tech to cut energy bills - BBC

    • High North security set to be focus of Defence Secretary visit to Denmark - gov release

    • Families to save in biggest home upgrade plan in British history - gov release

    • BoE Governor Bailey says he is very alert to geopolitical and trade risks from Trump threats over Greenland (Reuters)

  • Top company news

    • Earnings/updates

      • Benelux:

        • INPST.NA (InPost) -- Trading Update: FY Group parcel volumes +25% y/y

        • SOF.BB (Sofina) -- reports preliminary NAV per share of €299 at 31-Dec-25 vs €296 per share as of 30-Jun-25

      • France

        • DG.FP (VINCI SA) -- reports December airport passenger traffic +2.5%

        • ALO.FP (Alstom) -- reports preliminary Q3 revenue €4.79B vs StreetAccount €4.72B; reaffirms FY25/26 outlook and mid-term ambitions

      • DACHs:

        • BARN.SW (Barry Callebaut) -- reports Q1 revenue CHF3.67B vs consensus CHF3.13B; reiterates its outlook for FY25/26

        • WIE.AV (Wienerberger) -- reports preliminary FY revenue €4.60B vs FactSet €4.65B [7 est, €4.61-4.70B]

        • SBO.AV (SBO AG) -- reports preliminary FY revenue €455M vs FactSet €478.0M [4 est, €472.2-484.8M]

      • Nordics

        • MOWI.NO (Mowi) -- Q4 trading update: operational EBIT €213M vs FactSet €232.4M [12 est, €215.9-258.3M]

        • APOTEA.SS (Apotea) -- provides Q4 update

        • AZA.SS (Avanza Bank Holding) -- reports Q4 EPS SEK3.90 vs FactSet SEK3.92 [12 est, SEK3.74-4.10]

      • UK:

        • RIO.LN (Rio Tinto) -- reports Q4 production; Pilbara iron ore shipments (100% basis) 91.3Mt vs StreetAccount 88.1Mt

    • M&A

      • NXT.LN (Next) -- and Retail Realisation near deal to buy Russell & Bromley; terms unreported - Sky News

      • CATE.SS (Catena) -- to carry out an issue of ~ 6M shares via accelerated bookbuild through Danske, SB1 Markets, SEB, Van Lanschot Kempen to fund contemplated acquisition

      • RHM.GR (Rheinmetall) -- EU sets a provisional deadline of 24-Feb to rule on Rheinmetall's acquisition of Naval Vessels Lürssen

      • CVC.NA (CVC Capital Partners) -- looking to sell FineToday; Bain Capital a potential buyer - Nikkei

      • CATE.SS (Catena) -- directed share issue of 6.0M-shares carried out at subscription price of SEK456.00/sh

      • NB2.GR (Northern Data) -- FTC grants antitrust clearance for transaction involving Northern Data AG

      • Blackstone reportedly exploring potential sale of Beacon Offshore Energy -- Bloomberg

    • Other

      • MAIRE.IM (MAIRE) -- 's TECNIMONT signs a term sheet to participate as integrated engineering service provider in the development of Argent LNG's project in Louisiana, USA

      • MONC.IM (Moncler) -- Chairman & CEO Remo Ruffini to become Executive Chairman; Leo Rongone to become CEO (~12:15ET/18:15CET)

      • UBSG.SW (UBS Group) -- UBS considering potential external candidates to take over as CEO next year alongside internal options - Bloomberg (12:32 ET/18:32 CET)

      • KER.FP (Kering) -- announces Bottega Veneta CEO Bartolomeo Rongone will step down

      • MONC.IM (Moncler) -- Moncler's Chief Business and Global Market Officer Roberto Eggs will step down effective from 1-Mar to pursue a new professional chapter (post EU close 20-Jan)

      • BARN.SW (Barry Callebaut) -- CEO Peter Feld to leave Barry Callebaut to pursue other opportunities

      • Quick Take: Rio Tinto ASX listing trading +2.1% on strong Q4 finish with most production above expectations

      • Regional Gaming Revenues - Massachusetts December 2025

      • Street Takeaways - Fletcher Building Divestment of Construction Division to VINCI for NZ$315.6M

  • Key rating changes

    • Upgrades

      • KOMN.SW (Komax Holding) -- outperform from neutral at Oddo

      • Berenberg upgrades SMIN.LN; reinstates TTG.LN

      • Barclays upgrades NEX.FP; downgrades NKT.DC

      • BNP Paribas Exane upgrades WCH.GR; downgrades EVK.GR

      • Goldman Sachs upgrades ASRNL.NA, PHNX.LN; downgrades ADM.LN, SCR.FP, SREN.SW

      • AIXA.GR (Aixtron) -- to overweight from neutral at JPMorgan

      • DIE.BB (D'Ieteren Group) -- to buy from hold at Jefferies

      • GMAB.DC (Genmab) -- to buy from hold at DNB Carnegie

      • HLN.LN (Haleon) -- to buy from hold at HSBC

    • Downgrades

      • DOU.GR (Douglas) -- underperform from neutral at BofA

      • SCA.B.SS (Svenska Cellulosa) -- hold from buy at Berenberg

      • ENGI.FP (ENGIE) -- to hold from buy at Berenberg

      • ONTEX.BB (Ontex Group) -- reduce from hold at Kepler Cheuvreux

    • Initiations

      • AF.FP (Air France-KLM) -- sector perform at RBC Capital Markets (earlier, timing uncertain)

    • Other Actions

      • BKW.SW (BKW) -- resumed hold at Kepler Cheuvreux; prior rating was buy

  • Data

    • Nikkei (0.41%) to 52774.64

    • Shanghai Composite (0.01%) to 4113.26

    • S&P futures +22.5 vs prior close of 6829.5

    • €-$ (0.0001) or (0.01%) to 1.1726

    • $-¥ (0.03) or (0.02%) to 158.13

    • €-¥ (0.07) or (0.04%) to 185.39

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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