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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.31%) to 10309.91, DAX (0.07%) to 24781.32, CAC40 (0.02%) to 8179.50, STOXX 600 +0.10% to 617.91

Feb 03 ,2026

  • Synopsis:

    • European indices ended mostly lower. In macro-news, Germany's landmark fiscal expansion showing early signs of delivery, though 2025 targets fell significantly short. Federal investment rose 17% y/y while defense spending increased 18%, yet both missed ambitious goals by 25% and 7% respectively. Analysts broadly highlight timing constraints caused shortfalls-funding only became available in Q4 2025-but diverge on implications. UBS most optimistic, projecting +60 bps to GDP growth in both 2026 and 2027, suggesting two-thirds of 2026 infrastructure spending targets "growth-intensive" areas. Goldman Sachs highlighted December's acceleration, with monthly spending surging from €41.4B to €55.0B post-budget passage. In France, after more than a year of political chaos, France finally adopted 2026 budget as PM Lecornu survived two no-confidence motions. The BBC interviewed European Commissioner for finance Dombrovskis, who said after a meeting with UK ministers that Brussels would be open minded about discussing closer ties, including the possibility of working together on a customs union. With UK PM Starmer under pressure, the government has talked up closer ties with the bloc to support its growth agenda. Dombrovskis said Britain and the EU could remove most food checks and also signalled the opportunity for the UK to enter the EU's €150B defense loan scheme after talks broke down last year

    • In central bank developments, attention on comments by SNB Chairman Schlegel who said current situation difficult with inflation low and interest rates at zero, but expected inflation to rise in coming months. However, analysts do not expect SNB to cut rates below zero in the near-term. ECB expected to keep rates at 2% throughout 2026, with analysts broadly suggesting current policy in a "good place." BoE widely expected to leave policy unchanged on Thursday.

    • On the reporting front, out of DACHs, Siltronic (WAF.GR) reported preliminary FY numbers ahead of expectations; Sartorius (SRT3.GR) FY in-line and management forecasts continued FY26 profitable growth. In Benelux, Akzo Nobel (AKZA.NA) released Q4 numbers and soft FY26 guidance. In France, Sartorius Stedim Biotech (DIM.FP), Publicis Groupe (PUB.FP) and Amundi (AMUN.FP) issued their most recent earnings. Elsewhere, Alfa Laval (ALFA.SS), Boliden (BOL.SS), Netcompany Group (NETC.DC) and Demant (DEMANT.DC) updated investors whilst Ørsted (ORSTED.DC) confirmed earlier speculation, announcing that a US federal court granted preliminary injunction allowing Sunrise Wind construction to resume, adding that Sunrise Wind will determine how it may be possible to work with the US Administration to achieve an expeditious and durable resolution

    • In M&A news, Ørsted announced it signed an agreement with CIP to divest its European onshore business, with the total value of the deal amounting to €1.44B (DKK 10.7B) and Orion Critical Mineral Consortium acquired a 40% strategic stake in Glencore (GLEN.LN) DRC assets for ~$9B

    • Looking ahead to tomorrow's calendars Banco Santander (SAN.SM), UBS Group (UBSG.SW), Credit Agricole (ACA.FP), DNB Bank (DNB.NO), Svenska Handelsbanken (SHB.A.SS), Novartis (NOVN.SW), Novo Nordisk (NOVO.B.DC), GSK (GSK.LN), Infineon Technologies (IFX.GR), OMV (OMV.AV), DSV (DSV.DC), Carlsberg (CARL.B.DC), TomTom (TOM2.NA), Wartsila (WRT1V.FH), UPM-Kymmene (UPM.FH), Stora Enso (STERV.FH), Equinor (EQNR.NO), Borregaard (BRG.NO), SCOR (SCR.FP) and SOITEC (SOI.FP) are among several names from the region to update investors

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Basic Resources +4.23%, Oil & Gas +1.49%, Food & Beverage +1.42%, Construct & Mtls +1.27%, Utilities +1.09%, Banks +0.84%, Telecom +0.73%, Insurance +0.60%, Chemicals +0.55%, Ind Goods & Svcs +0.45%, Real Estate +0.18%

      • Underperformers: Media (5.90%), Technology (4.23%), Retail (2.50%), Financial Svcs (2.13%), Travel & Leisure (1.11%), Autos & Parts (0.15%), Health Care (0.11%), Persnl & HHold Goods (0.07%)

    • Macro:

      • Europe begins its slow retreat from US dependence (Politico)

      • EU to Offer US Critical Minerals Partnership to Check China (BBG)

      • France closes the 2026 budget chapter, at last (Le Monde)

      • Paris prosecutor's cybercrime unit raids X's French office over 'algorithm manipulation' (F24)

      • UK privacy watchdog launches investigation into Grok (Reuters)

      • Peter Madelson lobbied against US bank reforms on behalf of Jeffrey Epstein and Jes Staley (FT)

      • Italian govt expected to approve new security package Thursday (Ansa)

    • Company news:

      • Notable Gainers

        • +11.1% AUS.GR (AT & S Austria Technologie & Systemtechnik €46.05, +4.60) -- Q3 earnings

        • +7.8% PLUS.LN (Plus500 £45.68, +3.30) -- launches US prediction markets platform

        • +7.8% SRT3.GR (Sartorius €252.80, +18.20) -- FY earnings

        • +6.9% EOLU.B.SS (Eolus Aktiebolag SEK36.70, +2.35) -- customer takes final investment decision for Fageråsen project

        • +6.7% AAL.LN (Anglo American £36.78, +2.31) -- sector move

        • +6.7% FRES.LN (Fresnillo £39.16, +2.44) -- sector move

        • +6.6% ANTO.LN (Antofagasta £38.83, +2.39) -- sector move

        • +6.5% COPN.SW (Cosmo Pharmaceuticals CHF124.60, +7.60) -- places 937,086 treasury shares or ~5.3% of its outstanding shares through private placement

        • +6.3% BAG.LN (A.G. BARR £6.93, +0.41) -- FY trading update

        • +5.7% 8TRA.GR (TRATON €35.12, +1.90)

        • +5.6% MTRS.SS (Munters Group SEK183.20, +9.70) -- sector move

        • +5.5% BIOG.B.SS (BioGaia SEK115.00, +6.00) -- prelim Q4 earnings

        • +5.3% BOL.SS (Boliden SEK658.00, +33.00) -- Q4 earnings

        • +5.3% TKA.GR (ThyssenKrupp €11.80, +0.59) -- sector move

        • +5.1% ALU.LN (Alumasc Group £2.58, +0.13) -- H1 eanrings

        • +4.9% HOC.LN (Hochschild Mining £6.88, +0.32) -- sector move

        • +4.6% NETC.DC (Netcompany Group DKK352.80, +15.60) -- FY eanrings

        • +4.2% CAML.LN (Central Asia Metals £2.21, +0.09)

        • +4.1% OKEA.NO (Okea NOK24.15, +0.95) -- Q4 earnings

        • +3.6% DIM.FP (Sartorius Stedim Biotech €194.70, +6.75) -- FY earnings

        • +3.0% GLEN.LN (Glencore £5.16, +0.15) -- Orion Critical Mineral Consortium buys stake in Glencore's DRC assets

        • +2.9% BAER.SW (Julius Baer Group CHF66.76, +1.92) -- Amundi sympathy

        • +2.7% AMUN.FP (Amundi €79.15, +2.10) -- FY eanrings

        • +2.7% EYE.LN (Eagle Eye Solutions Group £3.80, +0.10)

        • +2.2% INWI.SS (Inwido SEK159.10, +3.50) -- Q4 earnings

        • +1.5% NWF.LN (NWF Group £1.37, +0.02) -- H1 earnings

        • +1.5% PHARM.NA (Pharming Group €1.46, +0.02) -- Investors day

        • +0.7% NWRN.SW (Newron Pharmaceuticals CHF20.20, +0.15) -- study update

        • +0.4% FPIP.SS (FormPipe Software SEK22.50, +0.10)

      • Notable Decliners

        • -21.5% VITR.SS (Vitrolife SEK92.35, -25.20) -- Q4 earnings

        • -12.6% BYW6.GR (BayWa €3.16, -0.45) -- board in precautionary talks with financing partners and major shareholders regarding potential adjustments of restructuring concept

        • -11.4% WPP.LN (WPP Group £2.70, -0.35) -- Publicis sympathy

        • -10.7% DEMANT.DC (Demant DKK198.50, -23.90) -- FY earnings

        • -10.0% DATA.LN (GlobalData £0.96, -0.11)

        • -9.2% POXEL.FP (Poxel €0.35, -0.04) -- implementation of equity line with Iris Capital as part of the execution of the recovery plan

        • -9.1% PUB.FP (Publicis Groupe €78.82, -7.86) -- FY earnings

        • -8.2% EXPN.LN (Experian £24.96, -2.26)

        • -5.7% GFG.GR (Global Fashion Group €0.28, -0.02)

        • -4.2% ALFA.SS (Alfa Laval SEK506.80, -22.40) -- Q4 earnings

        • -4.2% FORTUM.FH (Fortum €19.30, -0.83) -- Q4 earnings

        • -3.6% AKZA.NA (Akzo Nobel €57.10, -2.16) -- Q4 earnings

        • -3.6% PSM.GR (ProSiebenSat.1 Media €4.93, -0.19) -- prelim FY eanrings

        • -3.3% BVC.LN (BATM Advanced Communications £0.15, -0.01)

        • -2.4% HEXA.B.SS (Hexagon SEK99.40, -2.44)

        • -0.5% BMED.IM (Banca Mediolanum €20.16, -0.10) -- FY earnings

        • -0.5% DWS.GR (DWS Group €62.35, -0.30) -- Amundi sympathy

        • -0.1% ENSU.NO (Ensurge Micropower NOK0.81, -0.00) -- announces strategic restructuring

    • EU companies reporting tomorrow:

      • Benelux: Melexis (MELE.BB), TomTom (TOM2.NA)

      • DACHs: Novartis (NOVN.SW), UBS Group (UBSG.SW), Infineon Technologies (IFX.GR), OMV (OMV.AV)

      • Denmark: Novo Nordisk (NOVO.B.DC), DSV (DSV.DC), Carlsberg (CARL.B.DC), Rockwool (ROCK.B.DC), Ambu (AMBU.B.DC), Ringkjøbing Landbobank (RILBA.DC), ChemoMetec (CHEMM.DC), D/S Norden (DNORD.DC)

      • Finland: Wartsila (WRT1V.FH), UPM-Kymmene (UPM.FH), Stora Enso (STERV.FH)

      • France: Credit Agricole (ACA.FP)

      • Norway: Equinor (EQNR.NO), DNB Bank (DNB.NO), Borregaard (BRG.NO), Nordic Mining (NOM.NO)

      • Southern Europe: Banco Santander (SAN.SM), Anima Holding SpA (ANIM.IM)

      • Sweden: Svenska Handelsbanken (SHB.A.SS), Securitas (SECU.B.SS), Loomis (LOOMIS.SS), Peab (PEAB.B.SS), Husqvarna (HUSQ.B.SS), NOBA Bank Group (NOBA.SS), AddLife (ALIF.B.SS), Cloetta (CLA.B.SS), Bergman & Beving (BERG.B.SS), Apotea (APOTEA.SS), HEBA Fastighets (HEBA.B.SS), Bonava (BONAV.B.SS), Svedbergs Group (SVED.B.SS), Stillfront Group (SF.SS), PowerCell Sweden (PCELL.SS), Q-linea (QLINEA.SS), Tobii (TOBII.SS), Sleep Cycle (SLEEP.SS), Wastbygg Gruppen (WBGR.B.SS)

      • UK: GSK (GSK.LN)

      • Trading Update:

        • DACHs: flatexDEGIRO (FTK.GR)

        • France: SCOR (SCR.FP), SOITEC (SOI.FP), Figeac Aero (FGA.FP), LightOn (ALTAI.FP)

        • UK: DCC (DCC.LN), Watches of Switzerland Group (WOSG.LN), Gem Diamonds (GEMD.LN)

        • Sales: Avanza Bank Holding (AZA.SS), Nordnet (SAVE.SS)

      • CMD/Events: GFT Technologies (GFT.GR), 2G Energy (2GB.GR)

    • Macro-releases expected for tomorrow:

      • Italy, Spain, Sweden Jan services PMI as well as final reads for Eurozone, France, Germany, UK

      • Italy Jan preliminary CPI, Eurozone Jan flash CPI, Dec PPI, Portugal Q4 unemployment rate, Netherlands Jan preliminary CPI, Finland Jan preliminary HICP, Austria Jan preliminary CPI, Ireland Jan preliminary HICP

  • Data:

    • Economics:

      • France Jan Preliminary CPI +0.3% y/y vs consensus +0.6% and prior +0.8%

      • Spain Jan Unemployment Change 30.4K vs consensus +13.4K and prior (16.3K)

    • Markets:

      • WTI Crude (Mar 26): +$0.82 or +1.32% to $62.96

      • €-$ +0.0021 or +0.18% to 1.1813

      • £-$ +0.0031 or +0.23% to 1.3698

      • €-£ (0.0002) to 0.8625

      • S&P 500 (0.62%)

      • Performance year-to-date

        • FTSE 100: +3.81%

        • DAX: +1.19%

        • CAC: +0.37%

        • MIB: +3.28%

        • Stoxx 600: +4.34%

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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