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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.12% to 10150.05, DAX +1.20% to 24856.47, CAC40 +0.99% to 8148.89, STOXX 600 +1.03% to 608.86

Jan 22 ,2026

  • Synopsis:

    • European equity markets finished firmly higher, with UK ending modestly up. Follows mixed close on Wednesday. Construction, autos, banks, telco and travel/leisure best performers; basic resources and energy lag.

    • Recovery in risk sentiment after Trump backed off from threat to impose tariffs on EU after he moved away from demanding the US be allowed to purchase Greenland. Announced "framework" of future deal involving US 'Golden Dome' and mineral rights. It avoids market's worst-case scenario of tit-for-tat trade war escalation. Fits in with Trump's familiar 'escalate-to-deescalate' playbook. Europe had moved to suspend work on finalizing US-EU trade deal. EU leaders to meet in Brussels for emergency summit despite trade tariff reprieve. Assessment is US no longer a reliable ally.

    • Norges Bank kept policy rate steady at 4%, as expected. Bundesbank said German economy to remain in slow lane in early 2026. No surprise from December ECB minutes, which reiterated policy in a good place, but stance was not static. Quieter European macro data calendar today. UK public finance data saw narrow-than-expected borrowing. CBI Distributive Trade survey saw improvement in retail sales conditions, though still at weak levels, while Eurozone Flash Consumer Confidence for January came at (12.4) vs consensus (13.6) and prior revised (13.2) from (13.1).

    • Busy on the corporate front with earnings picking up; out of DACHs, Volkswagen (VOW3.GR) announced FY25 net cash flow of around €6B in Automotive Division, as well as net liquidity in the Automotive Division of more than €34B, both ahead of expectations. In France, Ubisoft (UBI.FP) shares were halted in early trading after losing over (28%) following announcement of major organizational, operational and portfolio reset and revised guidance for FY2025-26. Michelin SA (ML.FP), Interparfums (ITP.FP), Getlink (GET.FP), Ipsos (IPS.FP) issued market updates. Out of the UK, Associated British Foods PLC (ABF.LN) and B&M European Value Retail (BME.LN) posted trading updates.

    • Busy in M&A headlines as well, FT reports Aegon's (AGN.NA) UK insurance business draws interest from Phoenix Group (PHNX.LN), CVC (CVC.NA), Royal London and Scottish Widows; EQT (EQT.SS) to acquire Coller Capital for base consideration of $3.2B in shares and Deutsche Börse (DB1.GR) agrees to acquire Allfunds (ALLFG.NA) for total consideration of €5.3B. Telenor (TEL.NO) sells ownership in True Corporation (TRUE.TB) for NOK 39B. Beazley's (BEZ.LN) issued statement that board has unanimously rejected cash proposal of 1,280p/sh from Zurich Insurance Group (ZURN.SW).

    • Looking ahead to tomorrow's EU econ-calendar, notable releases will include, amongst others, Eurozone, France, Germany, UK Jan flash manufacturing/services PMIs, France Jan business survey, UK Dec retail sales and Jan consumer confidence - GfK.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Construct & Mtls +2.40%, Autos & Parts +2.25%, Banks +2.02%, Telecom +1.95%, Travel & Leisure +1.74%, Health Care +1.63%, Media +1.52%, Financial Svcs +1.39%, Chemicals +1.22%, Real Estate +1.16%

      • Underperformers:

        • Basic Resources (0.52%), Oil & Gas (0.34%), Ind Goods & Svcs +0.10%, Insurance +0.29%, Utilities +0.60%, Retail +0.87%, Food & Beverage +0.92%, Persnl & HHold Goods +0.93%, Technology +0.98%

    • Macro:

      • Ukraine-Russia:

        • Ukraine-US-Russia talks to be held this weekend, says Zelenskyy after Trump meeting -- Guardian

      • Central banks:

        • ECB in no hurry to change rates, comfortable with market bets, accounts show -- Reuters

      • EU:

        • Germany's Merz: Europe must not rush to write off transatlantic ties -- Reuters

        • Renewables generate more electricity than fossil fuels in Europe in 2025 -- IlSole24Ore

      • UK:

        • Farage Vows to Upend UK Economic Policy Without Liz Truss Moment -- Bloomberg

      • Germany:

        • German economy staying in slow lane in early 2026, Bundesbank predicts -- Reuters

        • German Chancellor Urges Europe to Cut Red Tape and Spend Big on Defense -- NYT

    • Company news:

      • Notable Gainers

        • +32.6% KITW.LN (Kitwave Group £2.93, +0.72) -- OEP Capital Advisers 295p/sh cash offer; earnings

        • +14.6% PLEJD.SS (Plejd AB SEK848.00, +108.00) -- earnings

        • +11.7% ARYN.SW (Aryzta CHF55.60, +5.84) -- prelim earnings

        • +10.1% CCC.LN (Computacenter £33.68, +3.08) -- trading update

        • +10.0% VSVS.LN (Vesuvius £4.79, +0.43) -- BNP Paribas Exane upgrade

        • +8.8% SNR.LN (Senior £2.48, +0.20) -- trading update

        • +8.2% ITP.FP (Interparfums €25.94, +1.96) -- sales

        • +8.1% KOO.LN (Kooth £1.14, +0.09) -- contract

        • +7.7% CNC.LN (Concurrent Technologies £2.44, +0.18) -- initiated buy at Berenberg

        • +7.0% TEL.NO (Telenor NOK156.60, +10.20) -- sells ownership in True Corporation for NOK 39B; to recognise accounting gain of ~NOK 14.7B

        • +6.9% ONWD.BB (Onward Medical €4.66, +0.30) -- adavances ARC-BCI program with treatment of two additional spinal cord injury patients

        • +6.6% IPS.FP (Ipsos €35.14, +2.18) -- guidance

        • +6.5% VOW3.GR (Volkswagen €105.30, +6.44) -- earnings

        • +6.4% MT.NA (ArcelorMittal €46.35, +2.77) -- restarts talks on selling operations in South Africa

        • +5.8% FUTR.LN (Future Plc £5.37, +0.30) -- acquisition

        • +5.3% FNX.LN (Fonix Plc £1.78, +0.09) -- trading update

        • +5.3% SBB.B.SS (Samhällsbyggnadsbolaget i Norden SEK4.93, +0.25) -- reinitiated buy at Arctic Securities

        • +5.0% HKFOODS.FH (HKFoods €1.59, +0.08) -- OP Corporate Bank upgrade

        • +4.9% ORSTED.DC (Ørsted DKK135.55, +6.30) -- Santander, Oddo upgrades

        • +4.3% SSAB.A.SS (SSAB SEK78.66, +3.26) -- agreement with Rheinmetall (RHM.GR)

        • +4.3% IOS.GR (IONOS Group €28.20, +1.15) -- Oddo upgrade

        • +4.1% MAB1.LN (Mortgage Advice Bureau £7.12, +0.28) -- trading update

        • +4.0% CVC.NA (CVC Capital Partners €15.23, +0.59) -- Aegon's £2B UK insurance business draws interest from Phoenix Group, CVC, Royal London and Scottish Widows - FT

        • +4.0% ORA.FP (Orange €14.95, +0.57) -- Bouygues Telecom, Free-iliad Group and Orange issue joint statement following press rumors

        • +4.0% BCG.LN (Baltic Classifieds Group £2.11, +0.08) -- initiated overweight at Morgan Stanley

        • +3.9% ALLFG.NA (Allfunds Group €8.27, +0.31) -- Deutsche Börse to acquire Allfunds Group plc for €8.80/sh

        • +3.8% EQT.SS (EQT AB SEK374.70, +13.70) -- acquisition; earnings

        • +3.5% KALMAR.FH (Kalmar €42.52, +1.44) -- service agreement

        • +3.4% UMI.BB (Umicore €20.36, +0.66) -- Berenberg upgrade

        • +3.3% FGR.FP (Eiffage €121.60, +3.90) -- contract win

        • +3.2% THULE.SS (Thule Group SEK229.20, +7.20) -- initiated buy at Sparebank 1 Markets

        • +3.0% NYXH.BB (Nyxoah €4.23, +0.13) -- expands manufacturing footprint in Belgium

        • +2.3% AGN.NA (Aegon €6.61, +0.15) -- Aegon's £2B UK insurance business draws interest from Phoenix Group, CVC, Royal London and Scottish Widows - FT

        • +2.2% DB1.GR (Deutsche Börse €214.00, +4.70) -- Deutsche Börse to acquire Allfunds Group plc for €8.80/sh

      • Notable Decliners

        • -39.8% UBI.FP (Ubisoft Entertainment €3.99, -2.64) -- organizational, operational and portfolio reset; revised guidance; CIC Market Solution downgrade

        • -18.5% WRKS.LN (TheWorks.co.uk £0.33, -0.08) -- earnings

        • -16.6% AFX.GR (Carl Zeiss Meditec €29.34, -5.86) -- profit warning

        • -16.0% JDG.LN (Judges Scientific £48.20, -9.20) -- trading statement

        • -7.4% ESSITY.B.SS (Essity SEK251.30, -20.10) -- earnings

        • -7.3% GKP.LN (Gulf Keystone Petroleum £1.72, -0.14) -- production; guidance

        • -7.0% HUBN.SW (HUBER+SUHNER CHF145.80, -11.00) -- sales

        • -7.0% HBR.LN (Harbour Energy £2.06, -0.16) -- trading update

        • -2.9% CAML.LN (Central Asia Metals £2.04, -0.06) -- RBC Capital Markets downgrade

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: HBM Healthcare Investments (HBMN.SW)

        • Nordics: Telefonaktiebolaget LM Ericsson (ERIC.B.SS)

      • Trading Updates:

        • DACHs: Gurit Holding (GURN.SW), SFS Group (SFSN.SW), Autoneum Holding (AUTN.SW)

        • UK: Record (REC.LN)

  • Data:

    • Economics:

      • Eurozone Jan Flash Consumer Confidence (12.4) vs consensus (13.6) and prior revised (13.2) from (13.1)

      • UK Jan CBI Distributive Trades (17) vs consensus (35) and prior (44)

    • Markets:

      • WTI Crude (26-Mar): ($0.92) or (1.52%) to $59.70

      • €-$ +0.0056 or +0.48% to 1.1743

      • £-$ +0.0064 or +0.48% to 1.3493

      • €-£ +0.0004 to 0.8706

      • S&P 500 +0.70%

      • Performance year-to-date:

        • FTSE 100: +2.20%

        • DAX: +1.49%

        • CAC: (0.01%)

        • MIB: +0.33%

        • Stoxx 600: +2.81%

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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