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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.04%, DAX (0.14%), CAC40 +0.09%

Jan 26 ,2026

  • Synopsis

    • European equity markets are set for a mixed open amidst largely lower Asia markets Monday. Steep declines in Japan amid more warnings over yen intervention. Greater China markets lower with outsized declines in tech stocks. South Korea lower but Taiwan's Taiex seeing some small gains. Singapore and other Southeast Asia benchmarks lower. Australia and India markets closed for holidays. US futures lower.

    • German government hosts the third International North Sea Summit, Chancellor Merz will attend. Invited participants include Belgium, Denmark, France, Great Britain, Ireland, Luxembourg, the Netherlands, Norway, and the European Commission, as well as, for the first time, Iceland and NATO. EU's Jørgensen among the attendees. A seminar with the expert council for the State Pension Fund sees Norway's finance minister Stoltenberg speech at 12noon CET and commentary by Norges Bank's Børsum at 12:35. In UK, there are MPs questions on work and pensions, whilst Armed Forces Bill continues its passage through parliament. EU General Affairs Council, EU Agriculture and Fisheries Council, EU's Hansen and Roswall among the particpants as well as EU's Kubilius speech at the event 'Europe's Space Ambitions in the 2028+ EU Budget'.

    • In central banks, Bundesbank's Balz panellist at 4:00CET at Asian Financial Forum and Nagel speech at 12noon CET title 'Outlook for 2026 in the light of multifaceted challenges worldwide' at event hosted by Ambassadors Club and then holds a monetary policy dialogue with the Bundestag's finance committee at 14:30. Bank of Austria's Kocher speech at 15:00GMT at event hosted by European Institute and the Centre for Macroeconomics.

    • A light macro front sees Germany Jan IFO business climate and Spain Dec PPI. Finland Dec PPI came in at (0.8%) y/y vs consensus +0.1%.

    • In earnings, Inficon Holding (IFCN.SW) reported prelim FY25 operating income ~$112.3M vs FactSet $112.9M whilst Ryanair Holdings (RYA.ID) reported Q3 net income €115.4M ex-items vs StreetAccount €78.8M and Iveco Group (IVG.IM) now guides FY25 Industrial Free Cash Flow at about €60M vs prior guidance between €250-350M.

  • Macro

    • Andy Burnham 'disappointed' after bid to become MP blocked - BBC

    • Gold rises past $5,000 for first time - FT

    • Britain's finance and trade chiefs to join Starmer's China trip - politico

    • Disposable income in 11 towns and cities has risen twice as fast as rest of UK - Guardian

    • Zelenskiy says security guarantees document from US is 100% ready - Reuters

    • Finland Dec PPI (0.8%) y/y vs consensus +0.1% and prior +0.2%

  • Top company news

    • Earnings/updates

      • DACHs:

        • IFCN.SW (Inficon Holding) -- reports prelim FY25 operating income ~$112.3M vs FactSet $112.9M [10 est, $105.0-137M]

        • STM.GR (Stabilus) -- reports Q1 net income €8.1M vs year-ago €14.3M; FY26 forecast confirmed

        • VH2.GR (Friedrich Vorwerk Group) -- reports prelim FY25 EBITDA €163.3M vs FactSet €142.7M [6 est, €138-149.9M]

      • UK:

        • RYA.ID (Ryanair Holdings) -- reports Q3 net income €115.4M ex-items vs StreetAccount €78.8M

      • Southern Europe:

        • IVG.IM (Iveco Group) -- now guides FY25 Industrial Free Cash Flow at about €60M vs prior guidance between €250M - €350M

    • M&A

      • FNAC.FP (EP group) -- offers to acquire Fnac Darty at a price of €36 per share, in cash

      • BVI.FP (Bureau Veritas) -- acquies SPIN360 in Italy

      • PIRC.IM (Pirelli & C.) -- holders Camfin and Sinochem do not intend to renew shareholder pact - Reuters, citing sources

      • IVG.IM (Iveco Group) -- now guides FY25 Industrial Free Cash Flow at about €60M vs prior guidance between €250M - €350M

      • SPI.LN (Spire Healthcare Group) -- Bridgepoint, Triton Partners among PE firms thinking about buying Spire Healthcare - Sky News

      • EFGN.SW (EFG International) -- to acquire Zurich-based private bank Quilvest Switzerland; terms undisclosed

      • APGN.SW (APG SGA) -- JCDecaux notes APG|SGA shareholders approve selective opting-up clause, paving way for sale of APG|SGA shares to NZZ

      • TalkTalk seeking to sell its consumer, PXC units - Sky News (15:17 GMT/10:17 ET)

      • EU sets a provisional deadline of 26-Feb to rule on EMK Capital's acquisition of Project Informatica (WeAreProject Group)

    • Healthcare

      • SRPT (Sarepta Therapeutics) -- to report 3-year topline data from EMBARK study of ELEVIDYS ambulatory DMD patients this Monday, 26-Jan

      • 4523.JP (Eisai) -- FDA accepts for review sBLA for lecanemab-irmb subcutaneous autoinjector (SC-AI), LEQEMBI IQLIK, as a weekly starting dose

      • DIA.IM (Diasorin) -- announces CFO Piergiorgio Pedron to step down with effect from 31-Mar-26

      • 4519.JP (Chugai Pharmaceutical) -- to apply for approval of GYM329 as early as 2028 - Nikkei

      • VIVE.SS (Vivesto) -- announces outcome of rights issue: subscribed to 100% , company will receive ~ SEK 53.8M before issue costs

    • Other

      • HBAN.SW (Helvetia Baloise Holding) -- intends to merge its Asset Management units; merger will not take place until mid-2026 at the earliest

      • BANQ.BB (Banqup Group) -- secures additional shareholder funding up to €6M, recalibrates covenants with Francisco Partners and signs agreement for sale of Baltic operations with Fitek Oü

      • DIA.IM (Diasorin) -- signs exclusive distribution agreement for LIAISON NES molecular point‑of‑care platform and the Flu A/B, RSV & Covid‑19 panel

      • ASC.LN (Asos) -- 25% holder Frasers Group voted against all resolutions at Asos AGM - London Times, seemingly citing sources

      • GNS.LN (Genus) -- PLC announces that Canada has approved use of the PRP (PRRS Resistant Pig) gene edit

      • AMG.NA (AMG Critical Materials) -- AMG LIVA will install its industrial battery at Aramco's Bulk Plant in Tabuk, Saudi Arabia

      • VOW3.GR (Volkswagen) -- unwilling to put new Audi factory in US at current tariff levels - Handelsblatt

      • BN.FP (Danone) -- announces targeted recall of specific infant formula batches

      • NEXI.IM (Nexi SpA) -- appoints Piergirogio Pedron as CFO; effective 1-Apr-26

      • ESSITY.B.SS (Essity) -- Street Takeaways - Essity Q4 Earnings

      • Estimated weekend box office revenues in US, Canada $56.6M, (12.2%) y/y - Box Office Mojo

      • European nations commit to wind energy expansion, Senator calls for investigation into TikTok deal in intraday themes (23-Jan)

      • Rheinmetall, OHB speaking about potential bid for service for German military - FT

      • UK government selects seven industry partners to develop drones (Project NYX) prototypes (24-Jan)

  • Key rating changes

    • Upgrades

      • AZA.SS (Avanza Bank Holding) -- buy from hold at Kepler Cheuvreux

      • INTRUM.SS (Intrum) -- buy from hold at ABG Sundal Collier

      • PUBLI.NO (Public Property Invest) -- buy from hold at ABG Sundal Collier

      • Goldman Sachs upgrades NESTE.FH; downgrades OMV.AV

      • Jefferies upgrades BYG.LN, HMSO.LN, SGRO.LN; resumes PPH.LN

      • Jefferies upgrades RMS.FP; transfers UHR.SW

      • UBS downgrades BLND.LN, ICAD.FP; transfers CAST.SS

      • NEM.GR (Nemetschek) -- to overweight from underweight at JPMorgan

      • NESTE.FH (Neste) -- to overweight from equal-weight at Morgan Stanley

      • RIO.LN (Rio Tinto) -- to buy from hold at Erste Group (earlier, timing uncertain)

      • ROCK.B.DC (Rockwool) -- to overweight from neutral at JPMorgan

    • Downgrades

      • JM.SS (JM) -- hold from buy at ABG Sundal Collier

      • AFX.GR (Carl Zeiss Meditec) -- market perform from outperform at Bernstein

      • SHEL.LN (Shell) -- sector perform from outperform at RBC Capital Markets

      • RBC Capital Markets downgrades BOSS.GR, III.LN

      • HEIA.NA (Heineken) -- to neutral from outperform at Oddo

      • FHZN.SW (Flughafen Zuerich) -- to neutral from overweight at JPMorgan

      • JDG.LN (Judges Scientific) -- to underperform from buy at Jefferies

    • Initiations

      • GNC.LN (Greencore Group) -- buy at Berenberg

  • Data

    • Nikkei (1.79%) to 52885.25

    • Shanghai Composite +0.08% to 4139.40

    • S&P futures (12.3) vs prior close of 6945.8

    • €-$ +0.0004 or +0.03% to 1.1862

    • $-¥ (0.98) or (0.63%) to 154.11

    • €-¥ (1.15) or (0.63%) to 182.75

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.
Please refer to "Terms Of Use".

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