Jan 27 ,2026
Synopsis:
European equity markets ended higher, just DAX slightly bucking the positive trend. Banks, telecom, utilities the best performers; media, autos, and travel the main laggards. US equity markets mostly higher in midday trading. Treasuries mixed with the curve steepening; 2Y yield down ~2 bp, near lowest levels. Dollar index down 0.7% and near four-month lows. Yen strength the story again in FX with some support this morning from latest Katayma comments. Gold up 0.2%. Silver down 5.6%, paring Monday's 14% rise. Bitcoin futures up 0.9%. WTI crude up 2.0%.
On macro data front, European car sales rose for a third consecutive year in 2025, supported by strong demand for more affordable electric and hybrid models. BRC data recorded acceleration in UK shop prices in January and follow picked up consumer inflation expectations on Monday in Citi/YouGov survey. EY survey highlighted UK firms' profits hit by policy changes and geopolitics. French consumer confidence unchanged in January. Spanish unemployment weaker than forecast. Meanwhile, UK government announced ground rents in England and Wales to be capped at £250 a year and is to unveil modest support package for pubs. India and EU reached trade deal with tariffs to be slashed on most goods.
In M&A developments today, Anta Sports to acquire a 29% stake in Puma (PUM.GR) for €1.5B, paying €35/sh. Consortium comprising Helios, Fitzroy and Padma Ravichander announced recommended €5.70/sh cash tender offer for all shares and Equity Securities in Tecnotree (TEM1V.FH). OPmobility (OPM.FP) signed MoU with Hyundai Mobis (012330.KS) to explore potential acquisition of controlling stake in OPmobility's lighting business. Siegfried Holding (SFZN.SW) to acquire drug substance business of Noramco Group and Extractas Bioscience. Media reports Blackstone, Yanmar and Brookfield emerge as potential bidders for majority stake in Volkswagen (VOW.GR) unit Everllence.
In earnings, out of the UK, Sage Group (SGE.LN), MITIE Group PLC (MTO.LN), Evoke Plc (EVOK.LN), Virgin Wines UK PLC (VINO.LN), Genel Energy (GENL, LN), Cranswick (CWK.LN), Dr. Martens (DOCS.LN) issued trading updates. M&G (MNG.LN) issued response to Leasehold Reform Bill announced today capping ground rents in England and Wales at £250; reconfirmed adj operating profit growth and capital generation targets announced in March 2025. In the Nordics, Xvivo Perfusion (XVIVO.SS), HMS Networks (HMS.SS), Getinge (GETI.B.SS), and Sandvik (SAND.SS) posted latest numbers.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Banks +1.81%, Telecom +1.18%, Utilities +1.17%, Construct & Mtls +0.91%, Oil & Gas +0.68%
Underperformers:
Media (1.89%), Autos & Parts (0.86%), Chemicals (0.69%), Travel & Leisure (0.66%), Basic Resources (0.24%), Real Estate (0.09%), Food & Beverage (0.01%), Financial Svcs +0.00%, Persnl & HHold Goods +0.01%, Insurance +0.37%, Technology +0.37%, Health Care +0.46%, Ind Goods & Svcs +0.47%, Retail +0.54%
Macro:
Geopolitics:
India, EU reach landmark trade deal, tariffs to be slashed on most goods: Reuters
European Parliament delays unfreezing EU-US trade deal, seeks clarity on Greenland agreement: Politico
UK PM Starmer to start China visit to mend ties: Reuters
France's Finance Minister Tells G-7 to Avoid Unilateral Measures: Bloomberg
Central Banks:
UK:
France:
Olivier Faure, Sébastien Lecornu navigate tense budget compromise amid political tensions: LeParisien
Peripheral markets:
Company news:
Notable Gainers
+17.9% MSAB.B.SS (Micro Systemation SEK71.20, +10.80) -- earnings
+13.5% SFZN.SW (Siegfried Holding CHF100.00, +11.90) -- to acquire drug substance business of Noramco Group and Extractas Bioscience
+12.9% ELCO.LN (Eleco £1.49, +0.17) -- FY trading update
+11.7% STR.AV (STRABAG SE €90.00, +9.40) -- earnings
+11.2% FUR.NA (Fugro €11.05, +1.12) -- Oddo upgrade
+10.9% UPR.ID (Uniphar €4.00, +0.39) -- FY trading update
+9.0% PUM.GR (Puma €23.58, +1.95) -- ANTA Sports Products agrees to acquire 43.0M shares in Puma at €35/sh; Landesbank Baden-Wuerttemberg upgrade
+7.0% BITTI.FH (Bittium €42.80, +2.80) -- enters into Basic Ordering agreement with NATO communications and information agency NCIA
+6.4% HMS.SS (HMS Networks SEK410.00, +24.80) -- FY earnings
+6.3% LSL.LN (LSL Property Services £2.68, +0.16) -- pre-close trading update
+4.7% DOTD.LN (dotDigital Group £0.72, +0.03) -- H1 trading update
+4.6% ALDVI.FP (Advicenne €1.74, +0.08) -- Receives Marketing Authorization and Reimbursement for Sibnayal in UAE
+4.5% STEM.LN (Sthree £1.92, +0.08) -- FY earnings
+3.7% COTN.SW (COMET Holding CHF296.80, +10.60) -- positive sympathy on news Micron Technology breaks ground on ~$24B (SG$31B) advanced wafer fab in Singapore / also ZKB raises FV
+2.9% SLP.LN (Sylvania Platinum £1.25, +0.03) -- Q2 earnings
Notable Decliners
17.9% EOLU.B.SS (Eolus Aktiebolag SEK34.35, -7.45) -- prelim Q4/FY earnings
-9.5% EVOK.LN (Evoke Plc £0.25, -0.03) -- FY trading update
-7.0% EKF.LN (EKF Diagnostics Holdings £0.25, -0.02) -- FY trading update
-6.2% MTG.SW (Meier Tobler Group CHF37.00, -2.45) -- FY earnings
-5.9% GETI.B.SS (Getinge SEK199.45, -12.55) -- Q4 earnings
-4.2% OKEA.NO (Okea NOK22.95, -1.00) -- Q4 trading update
-4.1% BHG.SS (Lightshop SEK30.56, -1.30) -- Q4 earnings
-3.4% G1A.GR (GEA Group €60.45, -2.15) -- prelim Q4 earnings
-3.2% ENOG.LN (Energean £8.77, -0.29) -- FY trading update
-3.0% COLUM.DC (Columbus DKK9.94, -0.31) -- earnings
-2.2% BRG.NO (Borregaard NOK193.00, -4.40) -- Danske Bank downgrade
-1.7% PAG.LN (Paragon Banking Group £8.80, -0.15) -- Q1 trading update
-1.3% SEDANA.SS (Sedana Medical SEK10.58, -0.14) -- appoints new CFO
EU companies reporting tomorrow:
Earnings:
Benelux: ASML Holding (ASML.NA), Royal KPN (KPN.NA), NSI (NSI.NA)
DACHs: Lonza Group (LONN.SW)
France: Kaufman & Broad (KOF.FP)
Nordics: Volvo (VOLV.B.SS), Tele2 (TEL2.B.SS), Nordnet (SAVE.SS), SSAB (SSAB.A.SS), Dometic Group (DOM.SS), Green Landscaping Group (GREEN.SS), Elanders (ELAN.B.SS), Diamyd Medical (DMYD.B.SS), Stolt-Nielsen (SNI.NO)
UK: Hargreaves Services (HSP.LN)
Trading Update:
DACHs: Continental (CON.GR), Landis+Gyr Group (LAND.SW)
France: Voltalia (VLTSA.FP), Synergie (SDG.FP), Manitou BF (MTU.FP), Groupe Crit (CEN.FP), Infotel (INF.FP), Exel Industries (EXE.FP), HighCo (HCO.FP)
Southern Europe: HBX Group International (HBX.SM)
UK: Paragon Banking Group (PAG.LN), Oakley Capital Investments (OCI.LN), Pets At Home Group (PETS.LN), PPHE Hotel Group (PPH.LN), PayPoint (PAY.LN)
Other: Norilsk Nickel (GMKN.RU)
CMD/Events: Next 15 Group (NFG.LN), Mortgage Advice Bureau (Holdings) (MAB1.LN)
Data:
Economics:
France Jan Consumer Confidence 90 vs cons 90 and prior 90
Spain Q4 Unemployment Rate 9.9% vs cons 10.2% and prior 10.5%
Denmark Dec Retail Sales +3.3% y/y vs cons +4.0% and prior revised +4.9% from +4.7%; (1.2%) m/m vs cons (0.7%) and revised +1.7% from +1.5%
Finland Dec Unemployment Rate 9.8% vs cons 9.5% and prior 9.7%
Sweden Dec
Trade Balance SEK7.4B vs cons SEK0.1B and prior revised SEK9.6B from SEK11.6B
PPI (2.7%) y/y vs cons (1.3%) and prior (1.4%)
Markets:
WTI Crude (Mar 26): +$1.30 or +2.14% to $61.93
€-$ +0.0103 or +0.87% to 1.1984
£-$ +0.0104 or +0.76% to 1.3785
€-£ +0.0007 to 0.8693
S&P 500 +0.55%
Performance year-to-date
FTSE 100: +2.78%
DAX: +1.65%
CAC: +0.04%
MIB: +1.10%
Stoxx 600: +3.53%
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