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StreetAccount Summary - EU Market Recap: FTSE 100 +0.17% to 10171.76, DAX (2.07%) to 24309.46, CAC40 +0.06% to 8071.36, STOXX 600 (0.23%) to 607.14

Jan 29 ,2026

  • Synopsis:

    • European equity markets generally ended the day lower. Pan-European indices opened higher and gently extended gains through the morning before paring gains and moving lower in tandem with declines on Wall St., the benchmarks ending in negative territory on the day

    • With shares ending slightly around the worst levels of the session, Switzerland +1.0% and Norway +0.7% led outperformers and were among the handful of country benchmark indices that ended higher on the day. Denmark (1.2%), Austria (0.8%) joined the DAX in leading underperformers

    • Norges Bank's Bech-Moen spoke at the Norwegian Society of Social Economists' Currency Seminar and BOE's Mills spoke at the City & Financial Global London tokenisation summit whilst ECB's Donnery was in a fireside chat at House of the Euro event on simplification and ECB's Cipollone was in conversation at New Year's Forum in Rome. Bundesbank's Lienenkämper spoke at annual reception at one of the bank's regional offices.

    • Riksbank left its benchmark interest rate unchanged at 1.75%, as expected. Turkey central bank published minutes of last MPC meeting.

    • Macro data included Belgium and Sweden Q4 preliminary GDPs, Switzerland Dec trade balance and Spain Dec retail sales. Releases also showed Eurozone economic sentiment picks up at the start of the year, Swiss watch exports rebound in Dec and UK Dec car production up y/y, though for 2025 vehicle production fell to lowest level since 1952 as cyberattack on Jaguar Land Rover, US tariffs and Stellantis (STLAM.IM) closing Vauxhall van plant weighed. SMMT expects a recovery in production in 2026. Update from property portal Zoopla pointed to healthy demand in UK housing market at the start of the year. Household water bills in England and Wales will rise by an average of +5.4% from Apr-26

    • European Investment Bank released its annual result. Norway's national investment fund (world's largest sovereign wealth fund) held press conf on the fund's annual key figures 2025 and publication of total holdings. The annual report will be published on 27-Feb.

    • In politics, EU Commission presented its strategy for asylum and migration policy. UK's PM began a 2-day visit to China. There were meetings of EU Foreign Affairs Council and EU-Morocco Assn Council, whilst EU's Hoekstra gave a speech at L'Echo and De Tijd 'Future of Europe' event. Chancellor Merz hosted Lithuanian PM Ruginienė whilst in the UK, there were MPs questions on business and trade. Elsewhere, there was the Athens Energy Summit and EIOPA Insurance Conf

    • Amongst the limited M&A news flow was Lukoil (LKOH.RU) agrees with Carlyle (CG) on sale of international asset, Cofinimmo (COFB.BB) announces FSMA approval and publication of the Prospectus in connection with Aedifica's (AED.BB) offer and Infotel (INF.LN) acquires the Sesin group. Reportedly, CVC (CVC.NA) said to near deal for DSM-Firmenich's (DSFIR.NA) animal health unit.

    • As earnings/updates pick-up, saw releases from banks including Deustche Bank, ING, Swedbank and Nordea, whilst from DACHs Roche Holding, SAP, DWS Group, Givaudan and ABB, from France, Sanofi and STMicroelectronics and the Nordics, Nokia, Telia, H&M and Intrum. From the UK, Glencore, Antofagasta, easyJet and Wizz Air as well as Luceco (LUCE.LN), ASA International Group (ASAI.LN), Tribal Group (TRB.LN), Microlise Group Holdings (SAAS.LN), Smiths News (SNWS.LN) and Henry Boot (BOOT.LN)

    • Elsewhere, Severfield (SFR.LN) reversed modest gains after announces to discontinue its Modular Solutions business; confirms FY26 underlying PBT expectations and Greencoat UK Wind (UKW.LN) announces UK government publishes results of renewables obligation indexation consultation; to amend dividend policy; as at 31-Dec NAV 133.5p/share. Almirall (ALM.SM) announces approval of Seysara in China for treatment of moderate-to-severe acne. AstraZeneca (AZN.LN) plans to invest $15B in China through 2030 to expand medicines manufacturing and R&D.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Oil & Gas +1.40%, Food & Beverage +1.13%, Real Estate+0.42%, Basic Resources +0.41%, Insurance +0.39%, Ind Goods & Svcs +0.38%, Financial Svcs +0.30%, Autos & Parts +0.25%, Utilities +0.16%, Persnl & HHold Goods +0.09%, Health Care (0.06%)

      • Underperformers:

        • Technology (3.86%), Media (1.27%), Retail (1.01%), Chemicals (0.82%), Telecom (0.61%), Banks (0.38%), Construct & Mtls (0.35%), Travel & Leisure (0.30%)

    • Macro/Peripheral markets:

      • Order situation for companies in Germany eases only slightly in Jan, Ifo survey shows; situation remains tense - release

      • Riksbank leaves the policy rate unchanged at 1.75%, as expected and the rate is expected to remain at this level for some time to come - press release

      • Norway's Sovereign wealth fund returned 15.1% in 2025 - press release; presentation

      • UK-China reset vital for world peace, Xi tells Starmer - Politico, BBC

        • PM unlocks new opportunities for British businesses in China - release

      • Germany plans satellite missile detection system to cut reliance on US - FT

      • EU to list Iran's Revolutionary Guard as terrorist group, says top diplomat - Politico

      • Vietnam, EU elevate diplomatic ties as international order "is under threat" - Reuters

      • EU Commission presents a five-year strategy on migration - release; adopts a first-ever EU Visa Strategy - release

      • Finland will contribute to NATO's peacetime maritime activities in 2027 - release

    • Company news:

      • Notable Gainers

        • +18.9% MTU.FP (Manitou BF) -- Q4 revenue €721M vs FactSet €708.0M [1 est]; buy from hold at Kepler Cheuvreux

        • +15.2% SAGA.LN (Saga) -- expects to report FY underlying profit before tax that ahead of the prior year

        • +13.6% CRST.LN (Crest Nicholson Holdings) -- FY adj EPS 7.9p vs FactSet 7.8p [10 est, 7.3-8.2p], guides 2026

        • +13.0% CAN.LN (Canal+) -- announces expected cost synergies resulting from the acquisition of MultiChoice Group

        • +13.0% FSJ.LN (James Fisher & Sons) -- FY revenue £395M vs FactSet £412.2M [2 est, £411-413.4M], underlying operating profit ahead of current market expectations

        • +11.0% WIZZ.LN (Wizz Air Holdings) -- Q3 net income (€139.3M) vs StreetAccount (€150.5M)

        • +10.1% DWS.GR (DWS Group) -- Q4 net income €295M vs consensus €271M; dividend +36% y/y; sees extraordinary divi in 2027

        • +9.6% ALL.LN (Atlantic Lithium) -- Q2 net cash from / (used in) operating activities (A$967K) - Appendix 5B

        • +8.9% DURC.B.SS (Duroc) -- divests Asota to Beaulieu International Group for EV ~SEK175M

        • +8.8% III.LN (3i Group) -- Q3 performance update: As at 31-Dec NAV 3,017p/share

        • +8.5% ABBN.SW (ABB) -- Q4 EPS $0.70 vs consensus $0.62; expects to launch new $2.0B share buyback in Feb-26

        • +6.2% ACSO.LN (accesso Technology Group) -- FY revenue $155M vs FactSet $153.0M; to launch tender offer to buy back £14.5M of shares at £3/share

        • +6.0% MRN.FP (Mersen) -- prelim. FY revenue €1.19B vs FactSet €1.19B [6 est, €1.18-1.20B]; down (3.2%) on an organic basis

        • +4.3% HBR.LN (Harbour Energy) -- FTC grants antitrust clearance for Harbour Energy's purchase of LLOG Exploration Co. LLC

        • +4.2% EPRO.B.SS (Electrolux Professional) -- Q4 EPS SEK0.98 vs FactSet SEK0.74 [3 est, SEK0.71-0.79]

        • +3.7% EMMN.SW (Emmi) -- FY revenue CHF4.75B vs FactSet CHF4.69B [6 est, CHF4.66-4.73B], confirms earnings guidance for 2025

        • +3.0% MAU.FP (Maurel et Prom) -- FY working interest production 37,096 boepd, +2% y/y

          • On earnings/updates: EXA.FP (Exail Technologies), KOF.FP (Kaufman & Broad), HEM.SS (Hemnet Group), RNK.LN (Rank Group), GRNG.SS (Gränges), SWED.A.SS (Swedbank), HVO.LN (hVIVO), DLG.IM (De'Longhi), BUCN.SW (Bucher Industries), GLEN.LN (Glencore), ANTO.LN (Antofagasta), WINE.LN (Naked Wines), RNWH.LN (Renew Holdings), GNC.LN (Greencore Group), LLOY.LN (Lloyds Banking Group), RCO.FP (Remy Cointreau), SYNT.LN (Synthomer) and reversing initial falls MTRS.SS (Munters Group), DIA.SM (Distribuidora Internacional De Alimentacion)

      • Notable Declinersx

        • -16.2% SAP.GR (SAP) -- Q4 revenue €9.68B vs consensus €9.75B, non-IFRS EPS €1.62 vs consensus €1.51; to conduct up to €10B buyback in Feb; disappointing Current Cloud Backlog growth weighs

        • -14.4% PDX.SS (Paradox Interactive) -- Q4 EPS (SEK1.91) vs FactSet SEK0.57 [5 est, (SEK1.15)-1.68]

        • -12.9% HPOL.B.SS (HEXPOL) -- Q4 EPS SEK0.98 vs FactSet SEK1.27 [6 est, SEK1.08-1.58]

        • -12.1% INTRUM.SS (Intrum) -- Q4 EBIT SEK1.63B ex-items vs consensus SEK1.64B; presents "Intrum 2030"; targets Servicing EBIT-margin of 30-35% by 2030

        • -11.2% HFG.LN (Hilton Food Group) -- FY25 adj. PBT within £72-75M range vs FactSet £72.9M; warns on 2026 profits; strategic review near completion

        • -9.4% INRN.SW (Interroll Holding) -- prelim. FY revenue CHF514.2M vs FactSet CHF524.5M [6 est, CHF517-535M]; CFO to step down at the end of Jun-26

        • -9.1% QTCOM.FH (Qt Group) -- CFO Jouni Lintunen to pursue new opportunities outside the company; appoints Ann Zetterberg as interim CFO

        • -9.0% NOKIA.FH (Nokia) -- Q4 comparable EPS €0.16 vs FactSet €0.15 [21 est, €0.11-0.17]; guides 2026 comparable operating profit €2.0-2.5B vs FactSet €2.34B

        • -8.6% OCDO.LN (Ocado Group) -- Sobeys has decided to close its CFC in Calgary; closure is expected to reduce Ocado's fee revenue by £7M in FY26

        • -6.7% STMPA.FP (STMicroelectronics) -- Q4 EPS $0.11 ex-items vs StreetAccount $0.27

        • -6.5% ERF.FP (Eurofins Scientific) -- FY adj net income €725M vs consensus €651M; dividend +20% y/y

        • -6.4% SEB.A.SS (Skandinaviska Enskilda Banken) -- Q4 EPS SEK3.71 vs consensus SEK3.90; declares special dividend; initiates new SEK 1.25B program

        • -6.3% AXFO.SS (Axfood) -- Q4 EPS SEK2.65 ex-items vs FactSet SEK2.63 [8 est, SEK2.42-2.77]

        • -6.2% GIVN.SW (Givaudan) -- FY net income CHF1.07B vs consensus CHF1.08B

        • -5.3% TREL.B.SS (Trelleborg) -- Q4 adj EPS SEK4.30 vs consensus SEK4.26; dividend ~ +~6.7% y/y and guides Q1

        • -4.6% ALMB.DC (Alm. Brand) -- confirms prelim FY25 earnings and capital returns-4.3% INDT.SS (Indutrade) -- Q4 EPS SEK1.72 vs FactSet SEK2.09 [6 est, SEK1.97-2.42]

        • -3.6% EPR.NO (Europris) -- Q4 EPS NOK2.83 vs FactSet NOK2.97 [4 est, NOK2.83-3.10]

        • -3.5% NEM.GR (Nemetschek) -- FY revenue €1.19B vs FactSet €1.18B [17 est, €1.17-1.20B]

          • On earnings/updates: TELIA.SS (Telia Co.), HM.B.SS (H&M Hennes & Mauritz), PROT.NO (Protector Forsikring), VLTSA.FP (Voltalia), SAN.FP (Sanofi), INGA.NA (ING Groep), DBK.GR (Deutsche Bank), ALFA.LN (Alfa Financial Software Holdings) and reversing initial gains ASML.NA (ASML Holding), ITM.LN (ITM Power), EZJ.LN (EasyJet), GJF.NO (Gjensidige Forsikring), NDA.SE.SS (Nordea Bank), EUZ.GR (Eckert & Ziegler), FEVR.LN (Fevertree Drinks)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: KBC Ancora (KBCA.BB), Warehouses de Pauw (WDP.BB), Signify (LIGHT.NA)

        • DACHs: Raiffeisen Bank International (RBI.AV), StarragTornos Group (STGN.SW), ATOSS Software (AOF.GR), First Sensor (SIS.GR)

        • Nordics: Hexagon (HEXA.B.SS), Lifco (LIFCO.B.SS), SKF (SKF.B.SS), Svenska Cellulosa (SCA.B.SS), Beijer Ref (BEIJ.B.SS), Holmen (HOLM.B.SS), Billerud (BILL.SS), Electrolux (ELUX.B.SS), JM (JM.SS), Arjo (ARJO.B.SS), Byggmax Group (BMAX.SS), Enea (ENEA.SS), Midsona (MSON.B.SS), Sparebanken Norge (SBNOR.NO), Scatec (SCATC.NO), Elisa (ELISA.FH)

        • Southern Europe: CaixaBank (CABK.SM)

        • UK: Airtel Africa (AAF.LN)

      • Trading Update:

        • France: Maisons du Monde (MDM.FP)

  • Data:

    • Economics:

      • Sweden Q4 preliminary GDP +1.8% y/y vs consensus +2.2%, prior +2.6%; +0.2% q/q vs consensus +0.6%, prior +1.1%

      • Switzerland Dec trade balance CHF1.04B vs consensus CHF4.9B, prior CHF3.84B

        • Dec watch exports +3.3%, marks first monthly expansion in five months

      • Spain Dec retail sales +2.9% y/y vs consensus +5.5%, prior +6.0%; (0.8%) m/m vs consensus +0.8%, prior +1.0%

      • Eurozone

        • Jan economic sentiment indicator 99.4 vs consensus 97.0, prior revised 97.2 from 96.7

        • Jan consumer confidence (12.4) vs preliminary (12.4)

        • Jan services sentiment indicator 7.2 vs consensus 6.0, prior revised 5.8 from 5.6

        • Dec M3 money supply +2.8% y/y vs consensus +3.0%, prior +3.0%

      • Belgium

        • Q4 preliminary GDP +1.1% y/y vs consensus +1.1%, prior +1.0%; +0.2% q/q vs consensus +0.2%, prior +0.3%

        • Jan CPI +1.1% y/y vs consensus +1.8%, prior +2.1%; +0.4% m/m vs consensus +1.1%, prior +0.1%

      • Ireland Q4 preliminary GDP +3.7% y/y vs consensus +8.0%, prior +10.8%; (0.6%) q/q vs consensus +0.6%, prior (0.3%)

      • Greece

        • Dec unemployment rate 7.5% vs consensus 8.1%, prior revised 8.1% from 8.2%

        • Dec PPI (2.1%) vs consensus +0.5%, prior +0.1%

        • Nov retail sales +0.3% y/y vs consensus +3.6%, prior revised +4.4% from +4.2%

      • Portugal Dec unemployment rate 5.6% vs consensus 5.7%, prior 5.7%

    • Markets:

      • WTI Crude (Mar 26): +$2.43 or +3.84% to $65.64

      • €-$ (0.0016) or (0.13%) to 1.1940

      • £-$ (0.0025) or (0.18%) to 1.3782

      • €-£ +0.0002 to 0.8661

      • S&P 500 (0.97%)

      • Performance year-to-date:

        • FTSE 100: +2.42%

        • DAX: (0.74%)

        • CAC: (0.96%)

        • MIB: +0.29%

        • Stoxx 600: +2.52%

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