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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.7%, DAX +1.1%, CAC +1.0%, IBEX +0.9%, MIB +1.1%

Jan 22 ,2026

  • Synopsis

    • European equity markets set to open broadly higher, on news US President Trump has backed off from threat to impose tariffs on EU unless Denmark ceded control of Greenland, announcing on Truth Social "framework" of future deal on the territory (Bloomberg, link). Speaking on CNBC, Trump said deal would be permanent and involve US 'Golden Dome' and mineral rights. Deal appeared to fall well short of Trump's demand for ownership, though NY Times sources said discussions involved granting US sovereignty over sections of Greenland for US military bases. NATO spokesman added continued talks between Denmark, Greenland and US will aim to ensure Russia and China never gain foothold in Greenland. Outcome avoids market's worst-case scenario of tit-for-tat trade war escalation, which had renewed discussions about 'sell America' trade following simultaneous selloff in US stocks, bonds and dollar. Trump's reversal was not altogether surprising amid thoughts he was following familiar 'escalate-to-deescalate' playbook. 'TACO' trade also appeared to win out after Trump softened his maximalist demands.

    • European macro data releases out today include Eurozone Jan flash consumer confidence, UK Dec public sector net borrowing, Jan distributive trades - CBI, Norway Dec unemployment rate, Ireland Dec PPI

    • In central banks, Norges Bank interest rate decision at 10:00CET, with the benchmark interest rate is expected to be left unchanged at 4.0%. Turkey central bank interest rate decision. Benchmark interest rate is expected to be lowered by (100bps) to 37.0%. ECB published the minutes of last MPC meeting at 13:30CET. Bundesbank releases its latest Monthly Report at 12noon CET.

    • On the corporate front highlights, Ubisoft (UBI.FP) last night announced a major organizational, operational and portfolio reset; revised guidance for FY26 downwards. In the autos & parts sector, VW (VOW.GR) generated net cash flow of around €6B in the Automotive Division in the 2025 fiscal year (noted to be a beat), while Michelin (ML.FP) reported preliminary FY25 FCF of €2.1B. Tryg (TRYG.DC) reports Q4 net income DKK1.28B vs consensus DKK1.15B, launches DKK 1B share buyback programmeIn M&A, Aegon's (AGN.NA) £2B UK insurance business draws interest from Phoenix Group, CVC, Royal London and Scottish Widows, reports the FT; EQT (EQT.SS) agrees to acquire Coller Capital for base consideration of $3.2B in shares; Deutsche Börse (DB1.GR) agrees to acquire Allfunds Group (ALLFG.NA) for total consideration of €8.80 per share (valued at approximately €5.3B); Telenor (TEL.NO) sells ownership in True Corporation for NOK 39B; to recognise accounting gain of ~NOK 14.7B

  • Politics/Macro/World News

    • Trump says has framework on future Greenland deal with NATO's Mark Rutte; will not impose tariffs on select European countries on 1-Feb -- Truth Social post

    • Trump's Greenland pivot leaves Europe flummoxed -- FT

    • Trump reversal on Greenland followed push by aides against military option, sources say -- Reuters

    • Knot Is Most Likely Heir to Lagarde at ECB, Survey Shows -- Bloomberg

  • Top company news

    • Earnings/updates

      • VOW3.GR (Volkswagen) -- announces FY25 net cash flow of around €6B in the Automotive Division vs year-ago €5.0B

      • UBI.FP (Ubisoft Entertainment) -- Ubisoft announces major organizational, operational and portfolio reset; revises guidance for FY2025-26

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- reports preliminary FY25 FCF of €2.1B

      • ESSITY.B.SS (Essity) -- reports Q4 adj EPS SEK5.07 vs consensus SEK4.84; hikes divi by 6%

      • SBER.RU (Sberbank Russia) -- CFO says company could see net profit close to RUB2T in 2026 - Reuters (01:21 Moscow)

      • GALE.SW (Galenica) -- reports prelim. FY revenue CHF4.14B vs FactSet CHF4.14B [6 est, CHF4.10-4.16B]; Reaffirms EBIT guidance

      • HUBN.SW (HUBER+SUHNER) -- reports FY net sales CHF864.1M, (3.3%) vs year-ago CHF893.9M

      • EQT.SS (EQT AB) -- reports FY EPS €1.12 ex-items vs FactSet €1.12 [15 est, €1.07-1.16]

      • TRYG.DC (Tryg) -- reports Q4 net income DKK1.28B vs consensus DKK1.15B, launches DKK 1B share buyback programme

      • ARYN.SW (Aryzta) -- reports prelim. FY EBITDA above €305M vs prior guidance of at least €300M and FactSet €302.4M

      • PBEE.LN (PensionBee Group) -- reports Q4 adjusted EBITDA £2.0M vs year-ago £1.6M

      • GET.FP (Getlink) -- reports prelim FY25 revenue €1.60B vs FactSet €1.61B [12 est, €1.58-1.66B]; confident in ability to exceed FY25 EBITDA target

      • Also reporting today

        • Earnings:

          • Nordics: Investor (INVE.B.SS), Linc (LINC.SS)

          • Southern Europe: Bankinter (BKT.SM)

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

        • Trading Update:

          • France: 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

    • M&A

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

      • EQT.SS (EQT AB) -- EQT agrees to acquire Coller Capital for base consideration of $3.2B in shares

      • ALLFG.NA (Allfunds Group) -- Deutsche Börse agrees to acquire Allfunds Group plc for total consideration of €8.80 per share (valued at approximately €5.3B)

      • TRUE.TB (True Corp. Public Co.) -- Telenor sells ownership in True Corporation for NOK 39B; to recognise accounting gain of ~NOK 14.7B

      • AED.BB (Aedifica) -- obtains approval from Belgian Competition Authority on Cofinimmo deal

      • ENI.IM (Eni) -- agrees to sell a 10% stake in the Baleine project to SOCAR; terms undisclosed

      • SambaNova Systems reportedly seeking $300-$500M in funding after acquisition talks with Intel stall - Bloomberg

      • Fair Holdings completes $227M take-private acquisition of TrueCar with PenFed, Zurich, AutoNation and others

    • Healthcare

      • IPN.FP (Ipsen) -- confirms Arbitration ruling upholding Ipsen's termination of R&D agreement with Galderma

      • GALD.SW (Galderma Group) -- provides update on arbitration case regarding Neuromodulator research and development partnership

      • AB.FP (AB Science) -- receives Japanese patent protection for the use of masitinib in progressive forms of multiple sclerosis (MS) until 2041

      • OSE.FP (OSE Immunotherapeutics) -- notes announcement by its partner Veloxis Pharmaceuticals that the FDA has granted Orphan Drug Designation to pegrizeprument (VEL-101 )

    • Other

      • GLE.FP (Societe Generale) -- reportedly to cut 1.8K employees in France as CEO heightens cost cut efforts -- FT

      • PGHN.SW (Partners Group Holding) -- appoints Oliver O'Bryan as Head of Sustainability

      • FGR.FP (Eiffage) -- wins in consortium contract to replace bridge over Kiel Canal in Germany

      • GTT.FP (Gaztransport & Technigaz) -- receives order from HD Korea Shipbuilding & Offshore Engineering for the design of three new LNG carriers tanks

      • HER.IM (Hera) -- Transcript Intelligence: Hera Analyst Meeting - Business Plan 2029

      • KNDS picks banks for IPO as it aims to list in Frankfurt and Paris as soon as June or July - Bloomberg (21-Jan, 14:53 CET)

      • Venture Global discloses ruling in Repsol arbitration - 8-K

  • Key rating changes

    • Upgrades

      • IOS.GR (IONOS Group) -- to outperform from neutral at Oddo

      • ORSTED.DC (Ørsted) -- to outperform from neutral at Oddo

      • UMI.BB (Umicore) -- to buy from hold at Berenberg

      • VSVS.LN (Vesuvius) -- to outperform from neutral at BNP Paribas Exane

      • ORSTED.DC Ørsted upgraded to neutral from underperform at Santander

    • Downgrades

      • ASML.NA (ASML Holding) -- to underperform from outperform at Santander

      • APAM.NA (Aperam) -- to hold from buy at Kepler Cheuvreux

      • SZG.GR (Salzgitter) -- to neutral from buy at UBS

      • PDX.SS (Paradox Interactive) -- to hold from buy at Pareto

      • ADM.LN (Admiral Group) -- to sector perform from outperform at RBC Capital Markets

      • CAML.LN (Central Asia Metals) -- to sector perform from outperform at RBC Capital Markets

      • BARN.SW (Barry Callebaut) -- to hold from buy at Kepler Cheuvreux

      • ELK.NO (Elkem) -- to hold from buy at SEB

      • VACN.SW (VAT Group) -- to neutral from outperform at Oddo

    • Other Actions

      • BYG.LN (Big Yellow Group) -- reinstated overweight at JPMorgan; prior rating was overweight

      • BCG.LN (Baltic Classifieds Group) -- initiated overweight at Morgan Stanley

      • PNDX.B.SS (Pandox) -- initiated buy at Danske Bank

  • Data

    • Nikkei +1.73% to 53688.89

    • Hang Seng (0.04%) to 26573.78

    • Shanghai Composite +0.05% to 4118.87

    • S&P futures +8.0 vs prior close of 6910.0

    • €-$ +0.0004 or +0.03% to 1.1691

    • $-¥ +0.46 or +0.29% to 158.77

    • €-¥ +0.60 or +0.32% to 185.59

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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