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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.07%) to 10143.44, DAX +0.18% to 24900.71, CAC40 (0.07%) to 8143.05, STOXX 600 (0.09%) to 608.34

Jan 23 ,2026

  • Synopsis:

    • European equity markets ended mixed to mostly lower Friday with Stoxx Europe 600 seeing its first down week in six. FTSE100 also snapped a three-week winning streak. Bonds mixed. Oil up with WTI Crude (Mar 26) +2.80% to $61.02/bbl. Precious metals extended recent gains to new highs. Gold (Feb 26) was +1.48% to $4985.90. Silver topped $100.

    • Cautious tone in Europe despite Trump softening stance on Greenland and more details around NATO deal emerged. Geopolitics more constructive with EU expected to resume the process to ratify a US trade deal, though now may face a more challenging path due to lingering caution following Greenland developments. Europe's top risk watchdog warned over impact of geopolitical fragmentation on markets on Thursday. Ukraine, Russia and US also set to hold first three-way talks in Abu Dhabi today since Russia invaded in 2022.

    • On the macro data front, Eurozone flash composite PMI unchanged from December, but below expectations amid loss of momentum in services sector. Country updates included better German reading, but French services PMI weakness drags down composite measure. French business survey sees big jump in sentiment. Big jump in UK composite PMI amid strong services sector reading. UK retail sales came in ahead of forecast and consumer confidence ticked higher, though outlook remains challenging. Follows weak CBI retail sales survey on Thursday and soft BRC update last week.

    • BoJ policy decision the highlight in Asia. Left rates unchanged as expected. Political developments also adding new perspective on BOJ policy in light of an earlier than expected snap election. Governor Ueda said financial conditions remain accommodative after December hike; April price behaviour key in considering rate hike. Highlighted it must pay attention to even small FX moves. Comments coincided with big swings in USD-JPY, fueling speculation of BoJ rate checks. PBOC Governor Pan reaffirmed an easing stance, repeating there is still room to cut RRR and rates this year. Press sources indicated China will likely adopt a 2026 growth target range of 4.5-5.0%, affirming a recent shift in economist sentiment.

    • Elsewhere, French PM Lecornu survived a second no confidence motion, as expected. Fitch said political polarization hindering fiscal consolidation and sees limited scope for consolidation ahead of 2027 presidential elections. UK PM Starmer's leadership in focus after path opens up for challenge from Manchester mayor Burnham.

    • On the corporate front, Ericsson (ERIC.B.SS) top Stoxx 600 gainer as it reported strong Q4, beating on sales and adj EBITA (SEK 12.7B vs consensus SEK10.56B), with standout Networks performance. Lower opex also helped. Proposed dividend of SEK 3.00/share for 2025 and share buyback program of SEK 15.0B. BASF (BAS.GR) reported preliminary FY25 Adj EBITDA at €6.6B below prior guidance of €6.7B-7.1B. Novo Nordisk (NOVO.B.DC) traded higher as weekly scripts for Wegovy pill hit 20K in week two. Adidas (ADS.GR) shares fell on back of a broker downgrade, while Puma (PUM.GR) reacted negatively to a Platow article saying that an investment by Anta Sports is off the table for now.

    • Looking ahead to next week, the agenda includes EU-India Summit, Q4 preliminary GDPs and Jan preliminary CPIs from across the region as well as earnings/updates from ASML (ASML.NA), Deutsche Bank (DBK.GR), H&M Hennes & Mauritz (HM.B.SS), Lloyds Banking Group (LLOY.LN), LVMH Moet Hennessy Louis Vuitton (MC.FP), Nokia (NOKIA.FH), Roche Holding (ROG.SW), Ryanair Holdings (RYA.ID) and Volvo (VOLV.B.SS). Of note, after the EU close on Wed, the US Fed announces interest rate decision with subsequent press conf.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Telecom +1.58%, Basic Resources +1.52%, Energy+1.50%, Technology +0.61%, Media +0.34%, Ind Goods & Svcs +0.28%, Utilities +0.22%, Personal Care Drug and Grocery Stores +0.13%, Health Care +0.12%, Chemicals +0.02%

      • Underperformers:

        • Insurance (1.58%), Travel & Leisure (1.43%), Banks (1.05%), Consumer Products and Services (0.95%), Construct & Mtls (0.82%), Retail (0.76%), Financial Svcs (0.69%), Food, Beverage and Tobacco (0.53%), Autos & Parts (0.50%)

    • Macro:

      • Unexpected US rate cuts could fuel UK inflation, says BoE rate-setter -- FT

      • High stakes but low expectations ahead of Ukraine talks with Russia and US -- BBC

      • EU to suspend 93 billion euro retaliatory trade package against US for 6 months -- Reuters

      • French PM forces budget through parliament after surviving two no-confidence vote -- France24

      • Will Andy Burnham stand as an MP and what would a challenge to Starmer look like? -- Independent

      • India, EU likely to conclude trade talks on Tuesday, opening way for tariff cuts -- Reuters

    • Company news:

      • Trading Higher:

        • +10.5% ERIC.B.SS (Telefonaktiebolaget LM Ericsson SEK94.80, +9.02) -- Q4 earnings; hikes divi by ~5% and announces SEK 15B buyback

        • +8.5% GURN.SW (Gurit Holding CHF16.34, +1.28) -- FY revenue

        • +7.4% SHA0.GR (Schaeffler €11.80, +0.81) -- Jefferies upgrade

        • +5.4% SFSN.SW (SFS Group CHF117.60, +6.00) -- FY revenue

        • +4.6% BICO.SS (BICO Group SEK18.55, +0.81) -- Biosero launches GoSimple

        • +3.0% WOSG.LN (Watches of Switzerland Group £5.34, +0.16) -- acquires four new US showrooms

        • +3.0% ENW.LN (Enwell Energy £0.17, +0.01) -- Q4 operations update

        • +2.6% NOKIA.FH (Nokia €5.70, +0.14) -- Ericsson sympathy

        • +1.9% CAST.SS (Castellum AB SEK107.80, +2.00) -- Goldman Sachs upgrade

        • +1.6% CANTA.SS (Cantargia SEK6.20, +0.10) -- study update

        • +1.4% MYCR.SS (Mycronic SEK211.55, +2.90) -- order

        • +1.2% NOVO.B.DC (Novo Nordisk DKK401.35, +4.65) -- Wegovy pill reportedly hits c20k prescriptions in week 2

        • +0.9% TNG.FP (Transgene €0.93, +0.01) -- further strengthens Scientific Advisory Board

        • +0.9% INWI.SS (Inwido SEK162.00, +1.40) -- Handelsbanken downgrade

        • +0.1% WLN.FP (Worldline €1.50, -0.00) -- resumed underweight at Morgan Stanley

        • +0.1% BAB.LN (Babcock International Group £14.66, +0.02) -- Q3 trading update; CEO to retire

      • Trading Lower:

        • -29.8% NETI.B.SS (Net Insight SEK2.40, -1.02) -- prelim Q4 earnings

        • -21.6% WAC.GR (Wacker Neuson €18.62, -5.13) -- Discussions between company and Doosan Bobcat regarding acquisition of a majority stake and takeover of company will not be continued

        • -13.7% PUM.GR (Puma €18.60, -2.95) -- Platow article saying that an investment by Anta Sports is off the table for now

        • -12.9% MIKN.SW (Mikron Holding CHF17.36, -2.58) -- preliminary earnings

        • -7.4% AVTX.NA (Avantium €6.63, -0.53) -- provides an update on the start-up of its FDCA flagship plant

        • -7.0% SWP.FP (Sword Group €36.45, -2.75) -- prelim Q4 earnings

        • -6.1% ADS.GR (Adidas €143.15, -9.30) -- RBC Capital Markets downgrade

        • -6.0% PLX.FP (Pluxee €10.98, -0.70) -- UBS downgrade

        • -5.4% AUTN.SW (Autoneum Holding CHF151.00, -8.60) -- prelim FY eanrings

        • -5.3% EDEN.FP (Edenred €17.27, -0.96) -- UBS downgrade

        • -4.6% SALM.NO (Salmar NOK528.00, -25.50) -- reinstated underperform at BofA

        • -4.2% RNK.LN (Rank Group £0.94, -0.04) -- Deutsche Bank downgrade

        • -3.3% BAKKA.NO (Bakkafrost NOK442.80, -15.00) -- reinstated underperform at BofA

        • -3.1% MAERSK.B.DC (Maersk DKK14,410.00, -455.00) -- BofA downgrade; move could also be related to Shanghai Containerized Freight Index (SCFI) falling

        • -2.8% SBO.AV (SBO AG €31.50, -0.90) -- Berenberg downgrade

        • -2.4% LHN.SW (Holcim CHF78.00, -1.90) -- Goldman Sachs downgrade

        • -2.3% SSPG.LN (SSP Group £1.91, -0.04) -- Q1 trading update

        • -2.0% HLAG.GR (Hapag-Lloyd €116.40, -2.40) -- move could be related to Shanghai Containerized Freight Index (SCFI) falling

        • -2.0% KNIN.SW (Kuehne & Nagel CHF179.95, -3.70) -- move could be related to Shanghai Containerized Freight Index (SCFI) falling

        • -1.9% FLS.DC (FLSmidth & Co. DKK530.50, -10.50) -- Handelsbanken downgrade

        • -1.6% TW.LN (Taylor Wimpey £1.06, -0.02) -- Morgan Stanley downgrade

        • -1.5% MMT.FP (M6-Metropole €11.76, -0.18) -- Kepler Cheuvreux downgrade

        • -1.0% BAS.GR (BASF SE €46.07, -0.45) -- prelim FY eanrings

        • -0.9% OSB.LN (OSB Group £6.24, -0.05) -- Deutsche Numis downgrade

        • -0.5% FTON.SW (Feintool International Holding CHF10.55, -0.05) -- CFO to ste down

    • EU companies reporting Monday:

      • Earnings:

        • DACHs: Stabilus (STM.GR)

        • Nordics: Epiroc (EPI.A.SS), NOTE (NOTE.SS), Ependion (EPEN.SS)

        • Other: Ryanair Holdings (RYA.ID)

      • Trading Update:

        • France: ID Logistics Group (IDL.FP), Sidetrade (ALBFR.FP)

        • UK: Costain Group (COST.LN)

  • Data:

    • Economics:

      • Sweden Dec Unemployment Rate 8.3% vs consensus 8.6% and prior 8.2%

      • UK Dec Retail Sales +2.5% y/y vs consensus +1.0% and prior revised +1.8% from +0.6%

      • France Jan Business Survey 105 vs consensus 101 and prior 102

      • Jan Flash Manufacturing PMI

        • Germany 48.7 vs consensus 47.8 and prior 47.0

        • Eurozone 49.4 vs consensus 49.0 and prior 48.8

        • France 51.0 vs consensus 50.4 and prior 50.7

        • UK 51.6 vs consensus 50.6 and prior 50.6

    • Markets:

      • WTI Crude (Mar 26): +2.80% to $61.02/bbl.

      • €-$ +0.0010 or +0.09% to 1.1766

      • £-$ +0.0085 or +0.63% to 1.3586

      • €-£ (0.0045) to 0.8662

      • S&P 500 +0.20%

      • Performance year-to-date

        • FTSE 100: +2.14%

        • DAX: +1.68%

        • CAC: (0.08%)

        • MIB: (0.25%)

        • Stoxx 600: +2.73%

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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