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

Feb 05 ,2026

  • Synopsis

    • European equity markets set to open mixed in a busy day for earnings newsflow. In central banks, BOE is expected to leave its unchanged at 3.75% at 12noon GMT. ECB is expected to leave its benchmark interest rate unchanged at 2.00% at 14:15CET, press conf at 14:45.

    • Earnings/updates eyed from the likes of BBVA, BNP Paribas, ArcelorMittal, Shell, Volvo Car, Maersk, and Vestas among many others

    • Asian equities trading lower Thursday. Tech selloff the big story with South Korea under the most pressure. While most of the attention has been SaaS companies, sentiment towards chipmakers has taken a hit in Asia with Samsung Electronics (005930.KS) and SK Hynix (000660.KS) weighing heavily on Kospi.

    • Precious metals volatile with silver falling as much as 17% and gold down 4% at one stage during Thursday's Asia session. Nothing specific behind latest drop, which has occurred alongside broader commodity and equity market selloff. S&P 500 futures retreating afterhours.

    • European macro data releases out today include Germany Dec factory orders, industrial production, Jan construction PMI, France Dec industrial production, Italy Dec retail sales, Eurozone Dec retail sales, UK Jan construction PMI, Ireland Jan unemployment rate

    • In other agenda items Bundesbank press conf at 11:00CET to present the 2025 annual report (livestream), Theurer speech at 14:00 at a digital supervisory briefing hosted by the bank (livestream). No change in the 3.5% benchmark interest rate is expected with Czech central bank announcement at 14:30CET. The bank will also release its latest economic forecast. EU's von der Leyen working dinner with the members of BusinessEurope. Chancellor Merz visits Qatar before concluding his visit in the United Arab Emirates. Wood Mac's latest Horizons report webinar at 15:00GMT. LSE's Dept of International Relations hosts event at 18:30GMT title 'The new economic diplomacy'. UK Jan new car registrations, also releasing its latest market forecast.

  • Politics/Macro/World News

    • Starmer engulfed in leadership speculation as he backtracks over Mandelson papers -- FT

    • Bank of England to Hold Interest Rates as Caution Reigns -- Bloomberg

  • Top company news

    • Earnings/updates

      • Benelux

        • MT.NA (ArcelorMittal) -- reports Q4 adj EPS $0.86 vs consensus $0.58; hikes divi by ~9% and guides FY26 capex

      • DACH region

        • SHL.GR (Siemens Healthineers) -- reports Q1 EPS €0.49 ex-items vs consensus €0.37; reaffirms FY guidance

        • RAA.GR (Rational) -- reports preliminary FY EBIT €333M vs FactSet €319.8M [13 est, €311-323M]

        • HNR1.GR (Hannover Re) -- reports FY net income €2.64B vs FactSet €2.62B [15 est, €2.57-2.76B]; confirms FY26 guidance

        • HBAN.SW (Helvetia Baloise Holding) -- Helvetia Baloise presents new brand identity; IFRS amortisation expense will be accelerated

        • NDA.GR (Aurubis) -- reports Q1 EPS €1.86 vs year-ago €2.26; Operating EBT in line with preliminary

      • Nordics

        • PNDORA.DC (Pandora) -- reports Q4 EPS DKK36.90 vs FactSet DKK37.64 [5 est, DKK37.09-38.80]; guidance for 2026 is for "-1% to +2% organic growth" and an EBIT margin of "21-22%"; also guides 2027

        • DANSKE.DC (Danske Bank) -- reports Q4 net income DKK6.31B vs consensus DKK5.75B; to initiate a share buy-back program of DKK 4.5B; guides 2026 Net profit in range DKK 22-24B vs FactSet DKK22.81B

        • VWS.DC (Vestas Wind Systems) -- reports Q4 net income €437M vs FactSet €425.0M [12 est, €381-477M]; announces €150M share buyback (

        • GN.DC (GN Store Nord) -- reports FY EPS DKK4.48 vs FactSet DKK5.72 [17 est, DKK4.27-7.36]

        • CHEMM.DC (ChemoMetec) -- reports Q2 EBITDA DKK67.4M vs FactSet DKK84.0M [2 est, DKK81.6-86.4M]

        • NOD.NO (Nordic Semiconductor) -- reports Q4 EPS $0.02 vs FactSet $0.00 [9 est, ($0.04)-0.04]

        • VOLCAR.B.SS (Volvo Car) -- reports Q4 EPS SEK0.43 vs FactSet SEK1.33 [3 est, SEK1.09-1.55]

        • PNDX.B.SS (Pandox) -- reports Q4 cash EPS SEK2.07 vs FactSet SEK2.34 [5 est, SEK1.24-2.81]

        • KESKOB.FH (Kesko) -- reports Q4 EPS €0.28 vs FactSet €0.30 [6 est, €0.29-0.31] (€21.90)

        • ORX.SS (Orexo) -- reports Q4 EPS (SEK3.33) vs year-ago (SEK5.15)

        • AFRY.SS (AFRY AB) -- reports Q4 EPS SEK1.94 vs FactSet SEK3.26 [4 est, SEK2.60-3.90]

        • JYSK.DC (Jyske Bank) -- reports FY EPS DKK85.50 vs FactSet DKK84.01 [8 est, DKK81.79-87.20]

        • NEWA.B.SS (New Wave Group) -- reports Q4 EPS SEK2.31 vs FactSet SEK2.64 [8 est, SEK2.45-2.75] (SEK 110.10)

        • NSKOG.NO (Norske Skog) -- reports Q4 EPS (NOK2.77) vs FactSet (NOK1.99) [2 est, (NOK2.20)-(1.78)] (NOK 18.80)

        • DNO.NO (DNO) -- reports FY net income ($25.2M) vs FactSet $67.9M [8 est, $28.9-216.8M] (NOK 16.15)

        • NCC.B.SS (NCC) -- reports Q4 EPS ex-items SEK5.04 vs FactSet SEK5.50 [5 est, SEK4.10-8.13] (SEK 235.20)

        • AKTIA.FH (Aktia Bank) -- reports Q4 comparable EPS €0.25 vs FactSet €0.26 [2 est, €0.26-0.26]

      • Southern Europe

        • OVS.IM (OVS) -- reports preliminary FY revenue €1.74B vs FactSet €1.73B [6 est, €1.72-1.75B]

        • BBVA.SM (BBVA) -- reports Q4 net income €2.53B vs consensus €2.56B

      • France

        • BNP.FP (BNP Paribas) -- reports Q4 net income €2.97B vs consensus €2.84B; confirms 2024-2026 trajectory and raises FY28 targets

      • Also reporting today (earnings/udpates)

        • DACH region

          • HDD.GR (Heidelberger Druckmaschinen), NVM.GR (Novem Group), BST.GR (Bastei Lübbe), DYVOX.GR (Dynavox Group), VATN.SW (Valiant Holding), SPSN.SW (Swiss Prime Site), LUKN.SW (Luzerner Kantonalbank), BMW.GR (Bayerische Motoren Werke), R3NK.GR (Renk Group

        • France

          • DG.FP (VINCI), XFAB.FP (X-FAB Silicon Foundries),

        • Nordics

          • MAERSK.B.DC (Maersk), GMAB.DC (Genmab), SOLAR.B.DC (Solar), NNIT.DC (NNIT), GABR.DC (Gabriel Holding), ASSA.B.SS (Assa Abloy), SAAB.B.SS (Saab), SOBI.SS (Swedish Orphan Biovitrum), EVO.SS (Evolution), ADDT.B.SS (Addtech), AAK.SS (AarhusKarlshamn), MYCR.SS (Mycronic), FABG.SS (Fabege), WALL.B.SS (Wallenstam), ROKO.B.SS (Röko), BUFAB.SS (Bufab), NOLA.B.SS (Nolato), NORION.SS (Norion Bank), ATT.SS (Attendo), BETSB.SS (Betsson), MTG.B.SS (Modern Times Group MTG), BILI.A.SS (Bilia), TROAX.SS (Troax Group), SCST.SS (Scandi Standard), MILDEF.SS (MilDef Group), FOI.B.SS (Fenix Outdoor International), EAST.SS (Eastnine), HTRO.SS (Hexatronic Group), XANO.B.SS (XANO Industri), HNSA.SS (Hansa Biopharma), REJL.B.SS (Rejlers), CEVI.SS (CellaVision), SVIK.SS (Studsvik), NOBI.SS (Nobia), RUG.SS (Rugvista Group), PRIC.B.SS (Pricer), FRACTL.SS (Fractal Gaming Group), ITECH.SS (I-Tech), BACTI.B.SS (Bactiguard Holding), ACE.SS (Ascelia Pharma), FING.B.SS (Fingerprint Cards), SAMPO.FH (Sampo), NESTE.FH (Neste), KCR.FH (Konecranes), ALMA.FH (Alma Media), FSKRS.FH (Fiskars), METSB.FH (Metsa Board), FSECURE.FH (F-Secure), DIGIA.FH (Digia), DETEC.FH (Detection Technology), BWE.NO (BW Energy), ICEAIR.IR (Icelandair Group)

        • Southern Europe

          • LOG.SM (Logista Integral), BAMI.IM (Banco BPM), FBK.IM (FinecoBank), CE.IM (Credito Emiliano)

        • UK:

          • SHEL.LN (Shell), AAL.LN (Anglo American), CPG.LN (Compass Group), VOD.LN (Vodafone Group),

        • Traffic: NAS.NO (Norwegian Air Shuttle), FIA1S.FH (Finnair)

        • CMD/Events: SLIGR.NA (Sligro Food Group), CRNO.B.SS (Cereno Scientific)

    • M&A

      • SHEL.LN (Shell Plc) -- seeking to sell minority stake in Woodside-operated North West Shelf project - Australian Financial Review

      • HEI.GR (Heidelberg Materials) -- acquires Maas Group's construction materials business. The transaction reflects a total enterprise value of A$1.7B on a cash and debt free basis

      • HIK.LN (Hikma Pharmaceuticals) -- Brookfield Private Capital discloses it does not intend to make an offer for Hikma Pharmaceuticals

      • CLN.SW (Clariant) -- provides update on acquisition of Stahl

      • SBMO.NA (SBM Offshore) -- and ExxonMobil Guyana Ltd have completed the transaction related to the purchase of FPSO ONE GUYANA

      • TNXT.IM (Tinexta) -- announces Intesa Sanpaolo exercises put option for €48.3M

    • Healthcare

      • CHEMM.DC (ChemoMetec) -- announces LOI with Roche Diagnostics

    • Other

      • SAP.GR (SAP) -- will carry out first tranche of share buy-back from 5-Feb

      • STLA.IM (Stellantis) -- facing delays to some electric Peugeot models due to battery production issues - Bloomberg

      • PNDORA.DC (Pandora) -- appoints Philippa Newman as new Chief Product Officer

      • AF.FP (Air France-KLM) -- SAS in negotiations with Boeing and Airbus for large order of widebody jets - Bloomberg

      • SIGN.SW (SIG Combibloc Group) -- SIG Group notes new CEO Mikko Keto to start on 1-Mar-26

      • BELA.GA (Jumbo) -- shareholders approve an extraordinary cash distribution of €0.50/share (gross) (post EU close 4-Feb)

      • US seeks critical minerals trading system, price floors; SBTi updates net-zero standards for auto sector in intraday themes (4-Feb)

  • Key rating changes

    • Upgrades

      • Oddo upgrades TEN.IM; downgrades FTI, SPM.IM, SUBC.NO

      • ALIF.B.SS (AddLife) -- to buy from hold at DNB Carnegie

      • EQNR.NO (Equinor) -- to buy from hold at Pareto

      • LOOMIS.SS (Loomis) -- to buy from hold at SEB

      • NOBA.SS (NOBA Bank Group) -- to buy from hold at ABG Sundal Collier

      • PEAB.B.SS (Peab) -- to buy from hold at DNB Carnegie

      • PEAB.B.SS (Peab) -- to buy from hold at Handelsbanken

      • PEAB.B.SS (Peab) -- to buy from hold at SEB

    • Downgrades

      • Oddo downgrades FTI, SPM.IM, SUBC.NO

      • NOVO.B.DC (Novo Nordisk) -- to sell from hold at ABG Sundal Collier

      • ENGI.FP (ENGIE) -- to neutral from overweight at JPMorgan

      • SHB.A.SS (Svenska Handelsbanken) -- to sell from hold at SEB

      • SHB.A.SS (Svenska Handelsbanken) -- CORRECTION: to sell from hold at SEB

      • SECU.B.SS (Securitas) -- to hold from buy at Pareto

      • BEZG.LN (Beazley) -- to equal-weight from overweight at Morgan Stanley

      • BEZ.LN (Beazley) -- to hold from buy at Jefferies

      • AKSO.NO (Aker Solutions) -- to sell from hold at Danske Bank

      • OMV.AV (OMV) -- to reduce from hold at HSBC

      • EQNR.NO (Equinor) -- to neutral from buy at BofA (NOK 253.20)

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

    • Initiations

      • G1A.GR (GEA Group) -- buy at Berenberg

  • Data

    • Nikkei (0.88%) to 53818.04

    • Hang Seng (0.38%) to 26744.61

    • Shanghai Composite (0.52%) to 4080.96

    • S&P futures +6.5 vs prior close of 6906.3

    • €-$ (0.0019) or (0.16%) to 1.1790

    • $-¥ +0.10 or +0.07% to 156.98

    • €-¥ (0.18) or (0.10%) to 185.06

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