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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.04%, DAX +0.46%, CAC40 +0.42%

Feb 03 ,2026

  • Synopsis

    • European equity markets are set to open flat to higher, amidst Asian equities higher Tuesday. Japan, Korea and Taiwan benchmarks outperforming while Greater China lagging Hang Seng flat amid tech weakness. S&P 500 futures up slightly afterhours.

    • Commodity-fueled volatility ebbing, aiding broader market sentiment and translating to big gains on tech-heavy benchmarks that underperformed Monday. Memory chip giants have driven Kospi up 5% at one stage with index futures surge triggering buyside 'sidecar' trading halt. Positive leads from US set tone for Japan equities with rally sustained by positive reaction to earnings from companies including Kyocera, TDK and Mizuho Financial. Elsewhere, Nifty 50 futures pointing to strong open in India after US agreed to cut tariffs.

    • On today's agenda, in UK, parliamentary committee topics include property management companies - on issues including service charges at 10:15GMT, what can we learn from Venezuela? at 10:30 and UK's fiscal framework at 15:00. Dutch parliament is expected to discuss the new coalition agreement agreed last Fri (minority government - PM Rob Jetten - lacking a majority in both parliament and the senate. New cabinet expected on be inaugurated on 23 Feb). EU's Tzitzikostas participates in the Singapore Airshow (through Sun). EU's Serafin in Fublin, meets with various ministers and parliamentary committee as well as agricultural stakeholders and EU's Dombrovskis speech at ECFIN workshop. World Governments Summit (through Thu) speakers include IMF's Georgieva ay 8:00GMT, Spain's President Sánchez at 9:00. Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) meeting (through Sun). Euractiv organises event at 16:00CET title 'Europe's path to a cleaner automotive sector - What are the opportunities and challenges?'

    • In central banks, SNB publishes its annual results 2025 at 7:15CET. Bundesbank's Balz speech at 15:50CET at Afore Consulting's Annual FinTech Conf and Köhler-Geib speech at 18:15 at Zirp Wirtschaftsforum 2026. ECB's Montagner at 12:45 and EU's Albuquerque also speak at the event hosted by Afore Consulting. ECB's latest Euro area Bank Lending Survey at 10:00CET.

    • Also making news, President Trump announced trade agreement with India that will reduce reciprocal tariff rate to 18% from 25%. White House official said would involve removal of additional 25% tariff over India's purchases of Russian crude. Trump also repeated warning to Canada of substantial response if it proceeds with China trade deal. Japan Finance Minister Katayama portrayed PM Takaichi's weekend remarks as textbook response not intended to emphasize merits of weak yen.

    • European macro data releases out today include, France Jan preliminary CPI, and Spain Jan unemployment change

    • A busy morning for earnings, in the DACHs region, Sartorius (SRT3.GR) reported FY earnings and indicated continued FY26 profitable growth, whilst ProSiebenSat.1 Media (PSM.GR), Medacta Group (MOVE.SW) and Siltronic (WAF.GR) released preliminary FY numbers. In France, Sartorius Stedim Biotech (DIM.FP), Publicis Groupe (PUB.FP) and Amundi (AMUN.FP) issued FY earnings reports. In the Netherlands, Pharming Group (PHRAM.NA) released 2026 financial guidance and its advancing clinical-stage rare disease pipeline ahead of its Investors day today, and Akzo Nobel (AKZA.NA) reported Q4 earnings and guided FY26 adj. EBITDA at or above €1.47B vs FactSet €1.53B. In Nordics, Alfa Laval (ALFA.SS), Boliden (BOL.SS), Netcompany Group (NETC.DC) and Demant (DEMANT.DC) updated investors with their last numbers. Elsewhere, Galp Energia SGPS (GALP.PL) provided investors with a Q4 trading update.

  • Politics/Macro/World News

    • Keir Starmer seeks to push forward with delayed defence investment plan - FT

    • EU wrestles with competitiveness impasse as industry languishes - FT

    • Swiss National Bank Chairman says current situation not easy for policy - Reuters

    • Delayed French 2026 budget finally through, paves way for Macron's military spending boost - France24

    • Iran's president says Tehran ready to pursue 'fair' talks with US - The Guardian

  • Top company news

    • Earnings/updates

      • DACHs

        • SRT3.GR (Sartorius) -- reports FY underlying EPS €4.78 vs FactSet €4.91 [20 est, €4.60-5.73]; management forecasts continued FY26 profitable growth

        • PSM.GR (ProSiebenSat.1 Media) -- reports preliminary FY25 adjusted EBITDA €405M vs prior guidance €420M-450M and FactSet €427.8M [7 est, €394-441.4M]

        • RSGN.SW (R&S Group Holding) -- reports preliminary FY revenue CHF414.8M vs FactSet CHF418.3M [6 est, CHF413-424.3M]

        • MOVE.SW (Medacta Group) -- reports preliminary FY revenue €683.8M vs FactSet €687.2M [4 est, €681.9-693.1M]

        • WAF.GR (Siltronic) -- reports preliminary FY adjusted EBITDA €317M vs FactSet €306.1M [11 est, €296.0-315M]

        • ATS.AV (AT & S Austria Technologie & Systemtechnik) -- reports Q3 EPS €0.51 vs FactSet (€0.15) [2 est, (€0.16)-(0.13)]

      • France

        • DIM.FP (Sartorius Stedim Biotech) -- reports FY underlying EPS €4.40 vs FactSet €4.39 [15 est, €3.30-4.74]

        • AMUN.FP (Amundi) -- reports FY adjusted net income €1.59B vs FactSet €1.32B

        • PUB.FP (Publicis Groupe) -- reports FY headline EPS €7.48 vs consensus €7.49; hikes divi by 4.2% and guides FY26

        • LHYFE.FP (Lhyfe) -- reports preliminary FY revenue €9.8M vs FactSet €10.5M [2 est, €10.1-10.9M]

      • Southern Europe

        • GALP.PL (Galp Energia SGPS) -- provides Q4 trading update

        • ORS.IM (Orsero) -- guides FY26 adjusted net income €25-29M vs FactSet €31.8M (post EU close 2-Feb)

        • UNI.SM (Unicaja Banco) -- reports FY net income €632M vs FactSet €639.9M [17 est, €595.9-658.3M]; guides FY26

      • Benelux

        • PHARM.NA (Pharming Group) -- Investor Day: provides 2026 guidance including total revenues between $405-425M vs FactSet $395.13M

        • AKZA.NA (Akzo Nobel) -- reports Q4 EPS (total ops) €3.50 vs consensus €2.20; guides FY26 adj. EBITDA at or above €1.47B vs FactSet €1.53B

      • Nordics

        • EMBLA.DC (Embla Medical hf) -- reports FY net income $84M vs FactSet $82.9M [6 est, $80-85M]; guides FY26

        • EQV1V.FH (eQ) -- reports FY net income €21.6M vs FactSet €21.8M [1 est]; cuts divi by 21% and guides FY26

        • OKEA.NO (Okea) -- reports Q4 net income ($17.7M) vs FactSet $5.2M [4 est, ($2)-13.1M]

        • ALFA.SS (Alfa Laval) -- reports Q4 Adjusted EBITA SEK3.24B vs FactSet SEK3.36B

        • ANOD.B.SS (Addnode Group) -- reports Q4 EPS SEK1.01 vs FactSet SEK0.97 [5 est, SEK0.67-1.28]

        • NETC.DC (Netcompany Group) -- reports FY EPS DKK5.42 vs FactSet DKK13.18 [8 est, DKK12.25-14.80]; to initiate a DKK 750M share buyback program

        • FG.SS (Fasadgruppen Group) -- reports Q4 EBITA SEK102.2M ex-items vs FactSet SEK107.0M; announces rights issue

        • DEMANT.DC (Demant) -- reports FY adj. EPS DKK11.74 vs FactSet DKK11.50 [18 est, DKK10.30-12.32]; guides FY26 adj. EBIT of DKK 4.10-4.50B vs FactSet DKK4.62B

        • INWI.SS Inwido reports Q4 EPS SEK2.87 vs FactSet SEK3.08 [5 est, SEK2.81-3.32]

        • BOL.SS (Boliden) -- reports Q4 EPS SEK15.31 vs consensus SEK10.97; keeps divi and FY26 guidance unchanched and guides Q1

      • Also due to report today includes:

        • Earnings:

          • Finland: Fortum (FORTUM.FH)

          • Southern Europe: Banca Mediolanum (BMED.IM)

          • Sweden: Kinnevik (KINV.B.SS), Vitrolife (VITR.SS), Bulten (BULTEN.SS)

          • UK: LBG Media (LBG.LN), Alumasc Group (ALU.LN), NWF Group (NWF.LN)

        • Trading Update:

          • DACHs: Jadestone Energy (8KW.GR)

          • UK: YouGov (YOU.LN)

    • M&A

      • AES (AES Corp.) -- Global Infrastructure Partners working with EQT in bid for AES - Bloomberg, people familiar with the matter

      • RNA (Avidity Biosciences) -- confirms 12-Feb record date for distribution of common stock Atrium Therapeutics to shareholders

      • TELIA.SS (Telia Co.) -- Telia Norway and Lyse form JV for mobile radio access networks

      • AEDAS.SM (AEDAS Homes) -- AEDAS Homes' board gives a favourable opinion on Neinor Home's offer (post EU close 2-Feb)

      • SDG.FP (Synergie) -- closes acquisition of majority stake in House of Flexwork

      • Virgin Media O2 owners Telefonica and Liberty Global set to lead £2B acquisition of Netomnia - FT

    • Healthcare

      • SAN.FP (Sanofi) -- to commence already communicated up to €1B buyback

      • AFX.GR (Carl Zeiss Meditec) -- China's NMPA approves the ZEISS ARTEVO 750 and ARTEVO 850 ophthalmic microscopes

      • VLA.FP (Valneva) -- announced the initiation of a Pilot Vaccination Strategy (PVS) in Brazil using Valneva's single-shot chikungunya vaccine IXCHIQ

      • NWRN.SW (Newron Pharmaceuticals) -- notes publication highlighting clinically meaningful benefits of evenamide as an adjunctive treatment in schizophrenia

    • Other

      • IBE.SM (Iberdrola) -- Iberdrola, Norges Bank Investment Mgmt. add 646MW of new solar capacity to JV; now totals 1,500MW

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- TGS awarded 4D streamer acquisition contract in the North Sea, offshore Norway

      • DOCM.SW (DocMorris) -- notifies the bondholders of its convertible bond due in 2026 that it has exercised the early redemption option

      • RR.LN (Rolls-Royce Holdings) -- Rolls-Royce Solutions America named principal contractor for $740M sale to Government of Israel (30-Jan, post-close)

      • PSON.LN (Pearson) -- SEC filing: SCHEDULE 13D/A (Filed by Cevian Capital II GP LTD)

      • DG.FP (VINCI SA) -- awarded hydraulic contract in Jamaica

      • LDO.IM (Leonardo) -- Helicopters USA named principal contractor for $150M sale to Government of Israel (30-Jan, post-close)

      • ORSTED.DC (Ørsted) -- receives favorable ruling by US judge, who ruled that a wind farm off the coast of Long Island can resume after being halted by Trump admin - Bloomberg

      • ORSTED.DC (Ørsted) -- confirms report, announces US federal court grants preliminary injunction allowing Sunrise Wind construction to resume

      • GTT.FP (Gaztransport & Technigaz) -- receives order from HD KSOE for the design of the tanks of four new LNG carriers

      • Italy Jan new passenger car registrations 141,980 units; +6.2% y/y; provides forecast for 2026 -- UNRAE

      • Sonoco and ENGIE announce commencement of 140-Megawatt virtual power purchase agreement

      • US to lower tariffs on India immediately in trade deal; Orsted can resume Sunrise Wind in intraday themes (2-Feb)

  • Key rating changes

    • Upgrades

      • SAVE.SS (Nordnet) -- to neutral from underperform at BNP Paribas Exane

      • INGA.NA (ING Groep) -- to buy from hold at Deutsche Bank

      • GALP.PL (Galp Energia SGPS) -- to overweight from neutral at JPMorgan

    • Downgrades

      • MRK.GR (Merck KGaA) -- to hold from buy at Deutsche Bank

      • PNDORA.DC (Pandora) -- to hold from buy at Jefferies

      • ANTO.LN (Antofagasta) -- to underweight from equal-weight at Morgan Stanley

      • BFF.IM (BFF Bank SpA) -- to neutral from outperform at Mediobanca

      • REP.SM (Repsol) -- to neutral from overweight at JPMorgan

      • AZA.SS (Avanza Bank Holding) -- to underperform from neutral at BNP Paribas Exane

    • Initiations

      • ACS.SM (ACS SA) -- hold at Deutsche Bank

      • A2A.IM (A2A) -- outperform at Santander

      • ASKER.SS (Asker Healthcare Group) -- hold at SEB

    • Other Actions

      • SUNN.SW (Sunrise Communications) -- transferred underweight at JPMorgan; prior rating was underweight

  • Data

    • Nikkei +3.92% to 54720.66

    • Hang Seng +0.18% to 26823.54

    • Shanghai Composite +1.26% to 4066.17

    • S&P futures +21.3 vs prior close of 7002.5

    • €-$ +0.0023 or +0.20% to 1.1815

    • $-¥ (0.20) or (0.13%) to 155.41

    • €-¥ +0.13 or +0.07% to 183.59

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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