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
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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