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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.7%), DAX (0.9%), CAC (0.9%), IBEX (0.7%), MIB (1%)

Feb 02 ,2026

  • Synopsis

    • European equity markets set to open broadly lower, following last week's gains (Stoxx Europe 600 +0.44%). Asian equities weaker Monday. Momentum to the downside with tech stocks among steepest decliners. Korea exchange triggered trading halt with Kospi down 5%. Hang Seng leading China market declines. Japan turning lower following initial rally. S&P 500 futures down 1%. JGB curve bear steepening while Treasuries unchanged. Yen lower after PM Takaichi stopped short of voicing explicit support for weaker currency. Gold and silver have swung sharply lower following earlier rebound, with gold now down (5.9%) and silver down (7.4%). Copper slides nearly (6%). Dollar strongest against Korean won. Crude tracking broader commodity sell-off with WTI Crude (Mar 26) (5.2%) to $61.85. Bitcoin plunge continues, down to lowest since Nov-2024.

    • China official PMIs showed manufacturing unexpectedly fell back into contraction last month. Sub-indexes showed output slowed, new orders went backward, and new export order declines quickened. Non-manufacturing activity also swung to contraction, marking worst result since Dec-2022 with construction a notable drag. Contrasted with RatingDog PMI, which showed manufacturing activity unexpectedly improved as rising workloads prompted staffing hires. However, business confidence fell amid input cost pressures.

    • European macro data releases out today include Germany Dec retail sales, Switzerland. Dec retail sales, Italy, Spain, Sweden, Switzerland Jan manufacturing PMI and final reads for Eurozone, France, Germany, UK, Austria Jan unemployment rate, UK Jan Nationwide House Price Index. Netherlands Dec Retail Sales +3.0% y/y vs consensus +3.5% and prior revised +4.3% from 3.9%. France Jan new passenger car registration (2.1%) y/y (comparable working days) to 107,157 vehicles -- PFA. Italy, Spain Jan new car registrations also due to be released.

    • This week's agenda sees BOE and ECB interest rate decisions, Jan manufacturing/services PMIs from around the region as well as earnings/updates from ArcelorMittal (MT.NA), BBVA (BBVA.SM), Banco Santander (SAN.SM), Equinor (EQNR.NO), GSK (GSK.LN), Intesa Sanpaolo (ISP.IM), Maersk (MAERSK.B.DC), Novartis (NOVN.SW), Shell (SHEL.LN), Societe Generale (GLE.FP), UBS Group (UBSG.SW) and Vodafone Group (VOD.LN).

    • In central banks today, BOE's Breeden speech at 11:45GMT at the City & Financial Annual Payments Regulation and Innovation Summit and Jackson speech at 13:30 at event hosted by Assn of Foreign Banks (AFB). Chancellor Merz opens the Niedax Technology Campus and is expected to be a guest at New Year's reception of Deutsche Börse. Informal meeting of EU competition ministers (through Tue). In London, there's meetings of EU-UK Withdrawal Agreement Joint Committee as well as the EU-UK Partnership Council, also EU's Šefčovič meets bilaterally with his UK counterparts Thomas-Symonds and Kyle, and together with EU's Dombrovskis, jointly meets with them and Chancellor Reeves. EU's Dombrovskis also meets with BOE's Bailey. Annual reception of the Chamber of Industry and Commerce of Rhineland-Palatinate, includes former EU Commission President Jean-Claude Juncker as a guest.

  • Politics/Macro/World News

    • Italy Outlook Revised To Positive On Fiscal And External Resilience; 'BBB+/A-2' Ratings Affirmed -- S&P

    • UK Treasury offers up to £100,000 exit packages to cut hundreds of jobs -- FT

    • Bank of England expected to hold rates this week -- FT, Bloomberg

    • Lord Mandelson resigns from Labour Party over Epstein links -- BBC

    • Keir Starmer wants to rejoin EU rearmament scheme despite collapsed talks -- Times

    • Starmer's Labour Heads Into Crunch UK Elections Short of Cash -- Bloomberg

    • UK unemployment 'will reach a five-year high this year' -- Times , citing EY Item Club

    • OPEC+ maintains production pause as US eyes negotiations with Iran

    • Trump jokes about suing new Fed chair nominee Kevin Warsh if he doesn't slash rates -- media report

  • Top company news

    • Earnings/updates

      • AIR.FP (Airbus SE) -- reportedly has not yet set its aircraft delivery target for 2026 - Bloomberg

      • BAER.SW (Julius Baer Group) --

        • reports FY Adj. Net Income CHF 878M vs consensus CHF803.8M; AUM CHF521B vs consensus CHF522.40B; Net New Money CHF 14.4B vs consensus CHF14.65B

        • now well positioned to enter its strategic cycle 2026-2028 and is firmly on track to deliver against its medium-term targets

      • VOLV.B.SS (Volvo) -- completes previously announced acquisition of Swecon

      • SF.SS (Stillfront Group) -- reports prelim FY adj EBITDAC SEK1.58B vs FactSet SEK1.98B [6 est, SEK1.47-2.13B]; will record non-cash impairment of SEK 2.258B

      • KBCA.BB (KBC Ancora) -- reports H1 net income €74.4M vs year-ago €73.9M

      • ZUGER.SW (Zuger Kantonalbank) -- reports FY net income CHF131.1M, +7% vs year-ago CHF122.4M, dividend to increase by 10 francs to CHF230 per share

      • SCHP.FP (Seche Environnement) -- reports prelim adj EBITDA ~€220M vs guidance "between €250M and €260M" and FactSet €253.2M [4 est, €252.1-254.7M]; guides FY26

      • ARCH.NO (Archer) -- reports preliminary FY IFRS EBITDA $166.5M; guides 2026

      • Also reporting today

        • Earnings:

          • DACHs: MVV Energie (MVV1.GR)

          • Nordics: AcadeMedia (ACAD.SS)

          • Southern Europe: Intesa Sanpaolo (ISP.IM)

        • Trading Update:

          • France: Wavestone (WAVE.FP)

          • Southern Europe: Galp Energia (GALP.PL)

          • UK: Kazatomprom (KAP.LN)

        • CMD/Events: GEA Group (G1A.GR) pre-close call

    • M&A

      • NCC.B.SS (NCC) -- in advanced talks to sell industry business to consortium including CRH, Heidelberg Materials and Bouygues's Colas unit - Bloomberg

      • COHR (Coherent) -- Bystronic completes acquisition of Coherent's Tools for Materials Processing business unit; deal was announced on 31-Oct

      • GLEN.LN (Glencore) -- Rio Tinto and Glencore to extend deadline for merger talks - Bloomberg

      • CAP.FP (Capgemini) -- to launch divestiture of Government Solutions

      • VOLV.B.SS (Volvo) -- completes previously announced acquisition of Swecon

      • METSO.FH (Metso Corp.) -- Metso acquires MRA Automation; terms undisclosed

      • CVC.NA (CVC Capital Partners) -- Bain Capital set to acquire FineToday in deal estimated at ¥200B ($1.08B) - Nikkei

      • NAE.FP (Esso) -- North Atlantic France provides update on tender offer for North Atlantic Energies shares

      • NFL's Seattle Seahawks rumored to go up for sale after Superbowl LX - ESPN

    • Healthcare

      • SAN.FP (Sanofi) -- Sanofi's Venglustat meets all primary endpoints in LEAP2MONO Phase 3 study for patients with type 3 Gaucher disease

      • GALD.SW (Galderma Group) -- Galderma announces US FDA acceptance of RelabotulinumtoxinA biologics license application resubmission

      • MOLN.SW (Molecular Partners) -- Announces Presentation of First Imaging and Dosimetry Data of DLL3-Targeting Radiotherapy MP0712 in Patients at TWC 2026

      • PHARM.NA (Pharming Group) -- FDA issues CRL to Pharming Group's sNDA for Joenja (leniolisib) as a treatment for children aged 4-11 years with activated phosphoinositide 3-kinase delta syndrome

    • Other

      • AKRBP.NO (Aker BP) -- has started oil production from the Solveig Phase 2 development in the North Sea.

      • RILBA.DC (Ringkjøbing Landbobank) -- announces a new DKK500M (up to 600K shares) share buyback program

      • Estimated weekend box office revenues in US, Canada $83.3M, (3.3%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • HO.FP (Thales) -- to buy from hold at Jefferies

      • CRST.LN (Crest Nicholson Holdings) -- to buy from add at Peel Hunt

      • HEXA.B.SS (Hexagon) -- to buy from hold at Pareto

      • BMAX.SS (Byggmax Group) -- to hold from sell at ABG Sundal Collier

      • ELISA.FH (Elisa) -- to hold from sell at Nordea

    • Downgrades

      • ARJO.B.SS (Arjo) -- to hold from buy at DNB Carnegie

      • AIR.FP (Airbus) -- to hold from buy at Jefferies

      • BA.LN (BAE Systems) -- to hold from buy at Jefferies

      • LIGHT.NA (Signify) -- to neutral from overweight at JPMorgan

      • ELISA.FH (Elisa) -- downgraded to equal weight from overweight at Barclays

      • AFX.GR (Carl Zeiss Meditec) -- to equal weight from overweight at Barclays

      • MAERSK.B.DC (Maersk) -- to hold from buy at ABG Sundal Collier

    • Other Actions

      • ATEA.NO (Atea) -- resumed hold at Danske Bank

  • Data

    • Nikkei (1.25%) to 52655.18

    • Hang Seng (3.03%) to 26557.20

    • Shanghai Composite (2.11%) to 4031.07

    • S&P futures (92.8) vs prior close of 6965.8

    • €-$ (0.0001) or (0.01%) to 1.1852

    • $-¥ (0.31) or (0.20%) to 154.63

    • €-¥ (0.37) or (0.20%) to 183.26

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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