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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.09%, DAX +0.14%, CAC40 +0.15%

Feb 04 ,2026

  • Synopsis

    • European equity markets are set for a positive open amidst Asia equities mixed Wednesday. Japan lagging, contrasting with gains in South Korea, Taiwan and Australia. Big tech stocks again weighing on Hang Seng. India pulling back following Tuesday rally on US tariff cut. US futures higher afterhours.

    • In central banks, Poland central bank is expected to leave its benchmark interest rate unchanged at 4.0% with release of the decision at 15:00CET. Iceland interest rate decision at 9:30CET. Benchmark interest rate is expected to be left unchanged at 7.25%. Riksbank minutes from last MPC meeting.

    • In the UK, EY ITEM Club releases Winter Forecast (webcast at 11:00BST). EU College of Commissioners seminar on competitiveness with IMF's Georgieva. The exchanges will contribute to the preparations for the informal retreat of EU leaders of 12-Feb on strengthening the EU single market in a new geo-economic context. Chancellor Merz, accompanied by a business delegation, will begin his trip to the Gulf region with talks in Saudi Arabia. In UK, an Opposition Day debate (topic tbc) follows weekly PMQs at 12noon GMT, whilst committee topics include GB Energy and the net zero transition at 9:30, growth and proposed regulation of stablecoins in the UK at 10:05 and UK's future relationship with the US at 10:30.

    • On the macro front, 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 as well as Austria and Ireland Jan preliminary HICP.

    • In earnings, Novo Nordisk (NOVO.B.DC) reported Q4 earnings post close with 2026 Adjusted sales growth guidance (5%)-(13%) at CER. A slew of Q4 prints are out across the region including, from the Nordics, Svenska Handelsbanken (SHB.A.SS), Equinor (EQNR.NO), DNB Bank (DNB.NO), Husqvarna (HUSQ.B.SS), DSV (DSV.DC), Wartsila (WRT1V.FH) and Stora Enso (STERV.FH) also reported Q4 earnings. In the DACHs region, UBS Group (UBSG.SW), Novartis (NOVN.SW) and Infineon Technologies (IFX.GR). Elsewhere, Credit Agricole (ACA.FP), TomTom (TOM2.NA) and Banco Santander (SAN.SM) released Q4 results with Santander also announcing deal to acquire Webster Bank (WBS) for $12.2B in 65% cash and 35% stock.

    • Also due to report today are GSK (GSK.LN), DCC (DCC.LN), Watches of Switzerland Group (WOSG.LN) and Anima Holding (ANIM.IM).

    • Other events include, Deutsche Telekom (DTE.GR) and NVIDIA press conf at 13:00CET connected with the opening of the AI ​​factory 'Industrial AI Cloud', speakers include Telekom CEO Höttges, German finance minister Klingbeil. Handelsblatt event World Market Leaders (through Thu). FT hosts International Energy Policy Summit includes fireside chat with Iberdrola's (IBE.SM) executive chairman at 11:20CET, speech by EU's Jørgensen at 14:30.

  • Politics/Macro/World News

    • Merz looks to Gulf ties to curb Germany's reliance on the US - politico

    • UK, US agree Chagos air base is of strategic importance after Trump criticism of deal - Reuters

    • Jan Preliminary CPI

      • Netherlands +2.4% y/y vs consensus +2.9% and prior +2.8%

      • Finland HICP +1.0% y/y vs consensus +1.6% and prior +1.7%

  • Top company news

    • Earnings/updates

      • Benelux:

        • TOM2.NA (TomTom) -- reports Q4 net income €5.1M vs FactSet €7M [1 est]

        • MELE.BB (Melexis) -- reports FY EPS €2.78 vs FactSet €2.93 [14 est, €2.86-3.06]

      • DACHs:

        • UBSG.SW (UBS Group) -- reports Q4 EPS $0.37 vs consensus $0.28

        • AMS.SW (ams-OSRAM) -- to sell non-optical analog/mixed-signal sensor business to Infineon for €570M in cash

        • NOVN.SW (Novartis) -- reports Q4 core EPS $2.03 vs consensus $2.03; remains well on track to deliver mid-term guidance

        • A1OS.GR (All for One Group) -- reports Q1 EPS €0.59 vs year-ago €1.33; confirms forecast for the 2025/26 financial year

        • IFX.GR (Infineon Technologies) -- reports Q1 adj EPS €0.35 vs consensus €0.33; guides Q2 and FY26

        • OMV.AV (OMV) -- reports Q4 Clean CCS net income attributable €548M vs consensus €491M

        • TPE.GR (PVA TePla) -- reports preliminary FY EBITDA ~ €25M vs FactSet €27.2M [10 est, €25-28.8M]

        • HP3A.GR (Ringmetall) -- reports preliminary FY EBITDA €23.0M vs guidance €21-28M and FactSet €24.1M [1 est]

      • France:

        • ACA.FP (Credit Agricole) -- reports Q4 net income €1.03B vs consensus €960.3M; hikes divi by 3%

        • SOI.FP (SOITEC) -- reports Q3 revenue €160M vs FactSet €160.8M [3 est, €149.3-183M]

        • SCR.FP (SCOR) -- announces 1-January 2026 P&C renewals (Total traditional RI) €4.493B; +4.7% vs Jan 2024

      • Nordics:

        • NOVO.B.DC (Novo Nordisk) -- reports Q4 EPS DKK6.44 vs consensus DKK5.80; to initiate new share repurchase programme of up to DKK 15B

        • EQNR.NO (Equinor) -- reports Q4 EPS $0.81 ex-items vs consensus $0.61; raises quarterly dividend, announces share buyback, guide 2026

        • SHB.A.SS (Svenska Handelsbanken) -- reports Q4 EPS SEK3.01 vs FactSet SEK2.73 [16 est, SEK2.63-2.92]

        • DNB.NO (DNB Bank) -- reports Q4 net income NOK11.2B vs consensus NOK10.0B; hikes divi by ~7.5%

        • HUSQ.B.SS (Husqvarna) -- reports Q4 EPS (SEK1.35) ex-items vs FactSet (SEK1.30) [6 est, (SEK1.46)-(1.03)]; hikes divi by 25%

        • DSV.DC (DSV) -- reports Q4 adj net income DKK3.00B vs FactSet DKK3.45B; expects to finalise the integration of Schenker by the end of 2026

        • AMBU.B.DC (Ambu) -- reports Q1 net income DKK118M vs FactSet DKK130.8M [6 est, DKK124-138M]; 2025/26 financial guidance maintained

        • WRT1V.FH (Wartsila) -- reports Q4 EPS €0.32 vs consensus €0.29

        • STERV.FH (Stora Enso) -- reports Q4 EPS €0.04 vs consensus €0.04; demerger/listing of Swedish forest assets key focus as well as strategic review of Central European wood products business

        • HLUN.B.DC (H. Lundbeck) -- reports Q4 EPS DKK0.94 vs FactSet DKK0.72 [9 est, DKK0.40-1.00]

        • TOBII.SS (Tobii) -- reports Q4 EPS (SEK0.86) vs year-ago SEK0.02

        • BONAV.B.SS (Bonava) -- reports Q4 EPS SEK0.71 vs year-ago SEK0.49

        • SF.SS (Stillfront) -- confirms prelim Q4/FY25 earnings as per 2-Feb update; no divi for FY25

        • BRG.NO (Borregaard) -- reports Q4 EPS NOK1.64 ex-items vs FactSet NOK1.66 [8 est, NOK1.48-1.90]

        • LOOMIS.SS (Loomis) -- reports Q4 EPS SEK2.88 vs year-ago SEK5.89

        • PCELL.SS (PowerCell Sweden) -- reports Q4 net income (SEK21M) vs FactSet (SEK7M) [1 est]

        • CLA.B.SS Cloetta) -- reports Q4 EPS SEK0.82 vs FactSet SEK0.63 [2 est, SEK0.62-0.63] (

        • SVED.B.SS (Svedbergs Group) -- reports Q4 EPS SEK1.20 vs FactSet SEK0.95 [3 est, SEK0.90-1.03]; hikes divi by 33%

        • SLEEP.SS (Sleep Cycle) -- reports Q4 EPS SEK0.56 vs FactSet SEK0.60 [1 est]

      • Southern Europe:

        • SAN.SM (Banco Santander) -- reports Q4 attributable net income €3.76B vs FactSet €3.45B [13 est, €3.05-3.64B]

    • M&A

      • WBS (Webster Financial) -- Santander confirms prior report, to acquire Webster Bank for $12.2B in 65% cash and 35% stock

      • SEYE.SS Smart Eye to acquire Swedish AI-based software company Sightic Analyticsfor for SEK60.5M

      • IFX.GR (Infineon Technologies) -- confirms acquisition of the non-optical analog/mixed-signal sensor portfolio from ams OSRAM Group for €570M

      • ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin to acquire Flexitallic; price not disclosed

      • AMS.SW (ams-OSRAM) -- to sell non-optical analog/mixed-signal sensor business to Infineon for €570M in cash

      • ANTIN.FP Antin Infrastructure Partners to acquire Vigor Marine Group; terms not disclosed

      • SECU.B.SS (Securitas) -- acquires SaaS threat intelligence platform provider, Liferaft (Social Navigator Inc.)

      • LYV (Live Nation Entertainment) -- announces acquisition of ForumNet Group for undisclosed terms

      • RIO.AU (Rio Tinto) -- Rio Tinto's Australian shares see premium vs London-listed shares shrink as Glencore merger talks continue - Australian Financial Review

      • EXPN.LN (Experian) -- acquires Own Up; terms not disclosed

      • DOKA.SW (dormakaba Holding) -- dormakaba to acquire Vintech's operating business; terms undisclosed

      • ENRO.SS (Eniro Group) -- to acquire Mainostoimisto SST Oy

      • Ingenia and Mirvac among names expected to take a look at Lincoln Place retirement business - The Australian

    • Healthcare

      • UCB.BB (UCB) -- announced three-year data from the BE HEARD trials^ for BIMZELX (bimekizumab) in moderate to severe HS

      • PHARM.NA (Pharming Group) -- Transcript Intelligence: Pharming Group Investor Day

    • Other

      • BNP.FP (BNP Paribas) -- will file its notice of appeal of the Sudan litigation by 9-Feb-26

      • WRT1V.FH (Wartsila) -- to further expand its production capacity in Finland by 35% to meet global increase in demand in energy and marine

      • DNB.NO (DNB Bank) -- initiates share buy-back programme of up to 0.5% of its own shares

      • RILBA.DC (Ringkjøbing Landbobank) -- announces new distribution policy

      • SCR.FP (SCOR) -- Group CFO and Deputy CEO François de Varenne will step down effective 7-March 2026

      • HUSQ.B.SS (Husqvarna) -- CFO Terry Burke to leave the group, will remain in role until no later than 31-Jul

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- awarded ocean bottom node (OBN) contract in Europe

      • BAR.BB (Barco) -- completes share buyback program

      • NESN.SW (Nestle) -- to refocus business around four product categories as part of strategic overhaul - FT

      • GLEN.LN (Glencore) -- Canada suspends investments at Horne Smelter

      • SAB.SM (Banco de Sabadell) -- announces optional early redemption of all Tier 1 preferred securities contingently convertible into ordinary shares

      • AMUN.FP (Amundi) -- reducing exposure to US dollar assets in favor of European and emerging markets - FT, citing CEO

      • AMUN.FP (Amundi) -- launches previously announced €500M share buyback programme

      • State Department approves possible $3.0B Foreign Military Sale to Kingdom of Saudi Arabia

  • Key rating changes

    • Upgrades

      • ROR.LN (Rotork) -- outperform from neutral at BNP Paribas Exane

      • Jefferies upgrades TLW.LN; downgrades ENOG.LN

      • Oddo upgrades BC8.GR; downgrades NA9.GR

      • BKG.LN (Berkeley Group Holdings) -- to overweight from neutral at JPMorgan

      • OUT1V.FH (Outokumpu) -- to buy from hold at SEB

    • Downgrades

      • SAN.SM (Banco Santander) -- to equal-weight from overweight at Morgan Stanley

      • PUB.FP (Publicis Groupe) -- to equal weight from overweight at Barclays

      • SKF.B.SS (SKF) -- to underweight from neutral at JPMorgan

      • DEMANT.DC (Demant) -- to hold from buy at ABG Sundal Collier

      • HBR.LN (Harbour Energy) -- to sell from neutral at Goldman Sachs

      • SHI.LN (SIG) -- to sell from hold at Deutsche Numis

    • Initiations

      • BC8.GR (Bechtle) -- buy at Warburg Research (earlier, timing uncertain)

  • Data

    • Nikkei (0.78%) to 54293.36

    • Hang Seng +0.33% to 26923.65

    • Shanghai Composite +0.76% to 4098.75

    • S&P futures +16.0 vs prior close of 6941.8

    • €-$ +0.0012 or +0.10% to 1.1831

    • $-¥ +0.59 or +0.38% to 156.36

    • €-¥ +0.87 or +0.47% to 184.96

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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