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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.3%, DAX (0.1%), CAC +0.2%, IBEX +0.1%, MIB +0.4%

Jan 29 ,2026

  • Synopsis

    • European equity markets set to open mixed to mostly higher. Focus on earnings newsflow with European heavyweights including SAP, Roche, ABB, Sanofi, Deutsche Bank, ING, Nokia, STMicroelectronics, Lloyds Banking Group, EasyJet among those reporting.

    • FX market remains in focus with dollar stabilizing after hitting four-month low. On Wednesday Treasury Secretary Bessent pushed back against perception administration favors weaker currency, re-stipulating support for strong dollar and rejecting speculation US will intervene to prop up yen. Comes after President Trump's comments the other day received outsized attention when he said he was not concerned with dollar's decline. Partial retracement still leaves it down for the week and precious metals continue to rip higher with negative dollar sentiment persisting.

    • European macro data releases out today include Eurozone Jan economic sentiment indicator, Dec M3 money supply, Spain Dec retail sales, Switzerland Dec trade balance (monthly watch export data), Sweden Q4 preliminary GDP, Belgium Q4 preliminary GDP, Jan CPI, Greece Dec unemployment rate, PPI, Nov retail sales, Ireland Q4 preliminary GDP, Portugal Dec retail sales

    • In central banks, Riksbank is expected to leave its benchmark interest rate unchanged at 1.75% when announcing decision at 9:30CET, followed a press conf at 11:00. Norges Bank's Bech-Moen speech at 10:00CET at the Norwegian Society of Social Economists' Currency Seminar. BOE's Mills speech at 9:25GMT at the City & Financial Global London tokenisation summit. ECB's Donnery fireside chat at 13:00CET at House of the Euro event on simplification. ECB's Cipollone in conversation at 15:30CET at New Year's Forum in Rome. ECB enters quiet period ahead of the 4/5-Feb rate-setting meeting. Bundesbank's Lienenkämper speech at 17:00CET at annual reception at one of the bank's regional offices. Turkey central bank publishes minutes of last MPC meeting. Annual press conf. of the European Investment Bank. Norway's national investment fund (world's largest sovereign wealth fund) press conf at 10:00CET (livestream) on the fund's annual key figures 2025 and publication of total holdings. The annual report will be published on 27-Feb.

    • US tech companies reported afterhours. META +8% after ad revenue drove top line beat and guided Q1 revenue above forecast. Capex guidance also topped expectations, aimed at supporting Meta Superintelligence Labs with latest AI models released in coming months. MSFT -7% after Azure growth slowed in-line with estimates while capex came in higher than expected. TSLA +2% came in with top line beat. Robotaxi plans on track with aim of deploying to at least nine cities this year. Also announced $2B investment in xAi. In other US tech news, sources tell The Information NVDA, MSFT and AMZN in talks to invest up to $60B in OpenAI.

    • In Asia, Samsung Electronics (005930.KS) Q4 earnings topped expectations with chip unit a highlight as strong memory demand translated to favorable pricing. Confirmed on track for mass production of HBM4 in Q1.

  • Politics/Macro/World News

    • Starmer tells Xi UK wants more 'sophisticated' relationship with China -- FT

    • Merz Seeks a More Competitive Europe to Counter the Weak Dollar -- Bloomberg

    • UK Dec car manufacturing +17.7% y/y to 53,003 units -- SMMT

  • Top company news

    • Earnings/updates

      • Germany

        • SAP.GR (SAP) -- reports Q4 non-IFRS EPS €1.62 vs consensus €1.51; to conduct up to €10B buyback in February

        • DBK.GR (Deutsche Bank) -- reports Q4 net income €1.30B vs consensus €1.12B; €2.9B of distributions proposed in respect of 2025

        • DWS.GR (DWS Group) -- raises mid-term targets and proposes payment of extraordinary dividend in 2027

      • Switzerland

        • ROG.SW (Roche Holding) -- reports FY core EPS CHF19.46 vs FactSet CHF19.67 [21 est, CHF18.80-21.39]

        • ABBN.SW (ABB Limited) -- reports Q4 EPS $0.70 vs consensus $0.62; Orders $10.32B vs consensus $8.49B; expects to launch new $2.0B share buyback in Feb-26

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

        • BUCN.SW (Bucher Industries) -- reports preliminary FY revenue CHF2.91B vs FactSet CHF2.89B [7 est, CHF2.84-2.96B]

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

      • France

        • SAN.FP(Sanofi) -- reports Q4 Business EPS €1.53 vs consensus €1.49, intends to execute a share buyback program in 2026 of €1B

        • STMPA.FP (STMicroelectronics) --

          • reports Q4 EPS $0.11 ex-items vs StreetAccount $0.27; Revenue $3.33B vs StreetAccount $3.28B

          • Q1 Outlook: Net revenues are expected to be $3.04B, a decrease of 8.7% sequentially, +/- 350 bps. vs Consensus $2.92B; Gross margin of 33.7%, +/- 200 bps.

        • RCO.FP (Remy Cointreau) -- reports Q3 revenue €245.8M vs consensus €243.8M; reaffirms FY guidance

        • KOF.FP (Kaufman & Broad) -- reports FY net income €54.2M, +20% vs year-ago €45.0M

        • EXA.FP (Exail Technologies) -- reports prelim FY Revenue growth of +28% vs prior guidance between +20-25%

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

        • MTU.FP (Manitou BF) -- reports Q4 revenue €721M vs FactSet €708.0M [1 est]

        • VLTSA.FP (Voltalia) -- reports preliminary Q4 revenue €166.3M vs FactSet €162.4M [1 est]; confirms 2025 EBITDA Target

      • Benelux

        • INGA.NA (ING Groep) -- reports Q4 net income €1.41B vs consensus €1.34B; strong outlook for 2026 and upgraded outlook for 2027

      • Italy

        • DLG.IM (De'Longhi) -- reports Q4 preliminary revenue €1.34B, +5.7%

      • Finland

        • NOKIA.FH (Nokia) -- reports 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

      • Sweden

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

        • SWED.A.SS (Swedbank) -- reports Q4 EPS SEK7.22 vs consensus SEK6.44; proposing a total dividend of SEK 29.80 per share, of which SEK 9.35 is a special dividend

        • TELIA.SS (Telia) -- reports Q4 Adjusted EBITDA SEK7.69B vs consensus SEK7.82B

        • NDA.SE.SS (Nordea Bank) -- reports Q4 EPS €0.34 vs FactSet €0.33 [19 est, €0.29-0.35]

        • INTRUM.SS (Intrum) -- reports Q4 EBIT SEK1.63B ex-items vs consensus SEK1.64B

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

      • Norway

        • PROT.NO (Protector Forsikring) -- reports Q4 EPS NOK8.50 vs FactSet NOK8.98 [4 est, NOK7.00-10.20]; to distribute NOK 6.00 per share dividend

      • Also reporting today

      • Earnings

        • Denmark: Alm. Brand (ALMB.DC), RTX (RTX.DC)

        • Finland: Suominen (SUY1V.FH)

        • France: Eurofins Scientific (ERF.FP), Alten (ATE.FP)

        • Norway: Gjensidige Forsikring (GJF.NO), Pareto Bank (PARB.NO), Europris (EPR.NO), Sparebanken Møre (MORG.NO)

        • Sweden: H&M Hennes & Mauritz (HM.B.SS), Indutrade (INDT.SS), Trelleborg (TREL.B.SS), Munters Group (MTRS.SS), HEXPOL (HPOL.B.SS), Atrium Ljungberg (ATRLJ.B.SS), Electrolux Professional (EPRO.B.SS), Paradox Interactive (PDX.SS), Gränges (GRNG.SS), Hemnet Group (HEM.SS), RVRC Holding (RVRC.SS), VNV Global (VNV.SS)

        • Switzerland: Emmi (EMMN.SW), Berner Kantonalbank (BEKN.SW), Swatch Group (UHR.SW) [tbc]

        • UK: Lloyds Banking Group (LLOY.LN), EasyJet (EZJ.LN), Wizz Air Holdings (WIZZ.LN), Rank Group (RNK.LN), ITM Power (ITM.LN), Crest Nicholson Holdings (CRST.LN), Scancell Holdings (SCLP.LN)

        • Other: KRKA d.d. (KRKG.SV)

      • Trading Update

        • DACHs: Schaeffler (SHA0.GR), PIERER Mobility (PKTM.SW)

        • France: Elis (ELIS.FP), Maurel et Prom (MAU.FP), Groupe Samse (SAMS.FP), Lanson-BCC (ALLAN.FP), Cegedim (ALCGM.FP), Groupe LDLC (ALLDL.FP), Vranken-Pommery Monopole (POMRY.FP)

        • UK: Glencore (GLEN.LN), Antofagasta (ANTO.LN), St. James's Place (STJ.LN), Greencore Group (GNC.LN), CVS Group (CVSG.LN), Hilton Food Group (HFG.LN), ASA International Group (ASAI.LN)

    • M&A

      • 656.HK (Fosun International) -- Deutsche Bank and its asset manager DWS Group may take meaningful minority stake in Frankfurter Leben Gruppe - Bloomberg

      • ULVR.LN (Unilever) -- announces sale of its Home Care business in Colombia and Ecuador to Alicorp; financial terms undisclosed

      • INF.FP (Infotel) -- acquires 100% of the Sesin group

      • BRKN.SW (Burkhalter Holding) -- is acquiring building technology company Enplan AG; terms undisclosed

      • Stonepeak and CMA CGM reach deal to form US ports joint venture valued at ~$10B -- media report

    • Healthcare

      • ONCIN.NO (BerGenBio) -- Oncoinvent enrols first patient into newly activated site for phase 2 study of Radspherin for peritoneal carcinomatosis from ovarian cancer

      • GBT.FP (Guerbet) -- appoints Karim Boussebaa as CEO; effective 2-Feb-26

    • Other

      • AIR.FP (Airbus SE) -- AirAsia close to finalizing order for 100 Airbus A220 jets - Bloomberg

      • ABBN.SW (ABB Limited) -- completes $1.3B share buyback program; expects to launch new $2.0B share buyback in Feb-26

      • LOGN.SW (Logitech International) -- SEC filing: 10-Q

      • TTE.FP (TotalEnergies) -- signs contract with SWM to supply 800 GWh of renewable electricity over 10 years

      • VK.FP (Vallourec) -- enters strategic supply chain partnership with XGS Energy for geothermal project

  • Key rating changes

    • Upgrades

      • SCHP.SW (Schindler) -- to neutral from underperform at Oddo

      • ASML.NA (ASML Holding) -- to overweight from equal weight at Barclays

      • UMG.NA (Universal Music Group) -- to buy from hold at ING

      • EQNR.NO (Equinor) -- to hold from sell at Danske Bank

      • WIHL.SS (Wihlborgs Fastigheter) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • OMV.AV (OMV) -- to underperform from sector perform at RBC Capital Markets

      • CAF.SM (Construcciones y Auxiliar de Ferrocarriles) -- to underperform from outperform at Oddo

      • TYRES.FH (Nokian Renkaat) -- to sell from hold at Handelsbanken

  • Data

    • Nikkei +0.03% to 53375.60

    • Hang Seng +0.33% to 27918.82

    • Shanghai Composite +0.19% to 4159.19

    • S&P futures +10.3 vs prior close of 7007.3

    • €-$ +0.0031 or +0.26% to 1.1987

    • $-¥ (0.36) or (0.24%) to 153.06

    • €-¥ +0.06 or +0.03% to 183.45

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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