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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.03%, DAX (0.11%), CAC40 (0.01%)

Feb 10 ,2026

  • Synopsis

    • European equity markets are set to open broadly flat, whilst Asia equities largely continuing their rally Tuesday. Japan equities very strong for a second day driven in part by a 10% gain in Softbank. Mainland China benchmarks slightly higher, Hang Seng holding on to early gains. South Korea higher, Taiwan up on fresh tariff reprieve talk.

    • Focus remains on developments in technology sector. Better tone pinned on positive US lead amid tech/AI leadership and software rebound. AI narrative boosted by positive developments surrounding OpenAI ecosystem (Altman memo on OpenAI back to beating 10% monthly growth, DA Davidson upgrade) and extent of multiple and positioning reset in software. Alphabet's (GOOGL) debt issuance plans drew positive spin on AI spending rather than debt risk. Sentiment remains upbeat on broader underlying corporate fundamentals.

    • In Asia, attention remains on politics with Japan PM Takaichi aiming to compile a consumption tax framework before summer, though broader growth strategy provided the blueprint for Takaichi trades. Post-election market patterns suggest this will continue to fuel foreign inflows over at least the next year.

    • In Europe, supportive corporate news and upbeat macro-outlook providing traction after yesterday's jump in Eurozone investor confidence. UK politics continues to fuel fluctuations in UK assets. PM Starmer secured the support of cabinet ministers after resignation of key aides resigned in recent days, which may offer a temporary reprieve from speculation of potential leadership challenge.

    • On today's agenda, in the UK, there are MPs questions at 11:30GMT on energy security and net zero, whilst committee topics include affordability of home ownership at 9:45, one-off session on undersea activity at 10:30 and UK trade with the US, India and EU at 14:30. Norway's minister of agriculture and food Sandtrøen speech at the Agricultural Ecology Congress (through Wed) and minister of climate and environment Eriksen will receive the report Climate Action in Norway 2026 from the Norwegian Environment Agency. Finland and Sweden's foreign ministers meet for the annual Hanalys foreign and security policy forum. Also on Tue, The Economist hosts its Future of Food Summit, International Energy Week as well as Oslo Energy Forum get underway (both through Thu) and MSCI releases regular index reviews.

    • In central banks, BOE's Talbot speech at 17:30GMT (text released at 10:00) at event at the London School of Economics. Bundesbank's Balz speech at 17:00CET at one of the bank's regional offices.

    • European macro data releases out today include, France Q4 unemployment rate, UK Jan retail sales monitor - BRC, Norway Jan CPI, Sweden Dec industrial production, Denmark Jan CPI, Netherlands Dec manufacturing production, Finland Dec industrial production, Austria Dec industrial production, Greece Dec industrial production.

    • A busy morning for earnings, Nordics kicked off the session with Salmar (SALM.NO), Atea (ATEA.NO), and Vår Energi (VAR.NO) reporting Q4 earnings. In France, Kering (KER.FP) reported FY earnings this morning and announced a exceptional dividend of €1.00/share. In DACHs, TUI Group (TUI1.GR), ams-OSRAM (AMS.SW) and TeamViewer (TMV.GR) updated investors with their latest numbers. In Benelux, Koninklijke Philips (PHIA.NA) reported Q4 earnings, guided 2026 comparable sales growth of +3-4.5% and provided mid-term targets for 2026-2028. Elsewhere, Mediobanca (MB.IM) released Q2 earnings results. Other notable companies due to report today includes Nokian Renkaat (TYRES.FH), AstraZeneca (AZN.LN), BP (BP.LN), Barclays (BARC.LN), and Coca-Cola HBC (CCH.LN).

    • Other stocks in focus this morning include Standard Chartered (STAN.LN) as CFO Diego De Giorgi steps down to pursue external opportunity, effective immediately. UniCredit (UCG.IM) upgraded to overweight from equal-weight at Morgan Stanley.

  • Politics/Macro/World News

    • EU-US Tensions Over Greenland And Tech Are Far From Over, Says Macron - FT

    • Work 'No Longer Route Out of Poverty' in UK, Think Tank Says - Bloomberg

    • Starmer to chair cabinet meeting as he insists he will not 'walk away' after call to resign - BBC

    • Netherlands Dec Manufacturing Production +0.5% m/m vs consensus (0.2%) and prior revised (1.0%) from (0.5%)

    • Finland Dec Industrial Production +2.0% y/y vs consensus +2.1% and prior revised +1.7% from +1.9%

  • Top company news

    • Earnings/updates

      • Germany

        • TUI1.GR (TUI Group) -- reports Q1 underlying EPS (€0.08) vs FactSet (€0.11) [2 est, (€0.11)-(0.10)]; reaffirms FY26 guidance

        • AMS.SW (ams-OSRAM) -- reports Q4 adj net income €35M vs FactSet €16.7M; guides Q1 and FY26

          • Follow-up: ams-OSRAM issues 2030 - Over-the-Cycle Financial Targets

        • TMV.GR (TeamViewer) -- reports Q4 adjusted EBITDA €87M vs FactSet €84.8M [2 est, €81.3-88.2M]

      • France

        • KER.FP (Kering) -- reports FY recurring net income €532M vs consensus €727.8M; announces exceptional divi of €1.00/share

        • WAGA.FP (Waga Energy) -- reports prelim FY revenue €59.6M vs year-ago €55.7M

        • VIL.FP (Viel & Cie) -- reports prelim FY revenue €1.27B vs year-ago €1.18B

      • Benelux

        • PHIA.NA (Koninklijke Philips) -- reports Q4 Adj. EPS €0.60 vs consensus €0.49; guides 2026 Comparable sales growth +3-4.5% and provides mid-term targets for 2026-2028

        • BAR.BB (Barco) -- reports FY net income €71.6M, +14% vs year-ago €63.0M

        • WHA.NA (Wereldhave0 -- reports FY EPS €1.86 vs FactSet €1.79 [4 est, €1.70-1.84]

      • Southern Europe

        • MB.IM (Mediobanca) -- reports Q2 net income €301.2M ex-items vs FactSet €261M [2 est, €221-301M] (post EU close 9-Feb)

      • Nordics

        • RECSI.NO (REC Silicon) -- announces fully underwritten rights issue to raise NOK972.6M (gross) expected to be conducted in Mar or Apr-26; Reports preliminary Q4

        • SALM.NO (Salmar) -- reports Q4 EPS NOK6.60 ex-items vs FactSet NOK8.11 [12 est, NOK6.55-10.90]

        • SAGA.B.SS (Sagax) -- Follow-up: Sagax reports Q4 results

        • MCOV.B.SS (Medicover) -- reports FY EPS €0.51 vs FactSet €0.54 [6 est, €0.45-0.69]; hikes divi by ~33%

          • announces new three-year period 2026-2028.

        • ELO.NO (Elopak) -- reports Q4 adjusted EPS €0.06 vs FactSet €0.07 [7 est, €0.06-0.07]

        • ATEA.NO (Atea) -- reports Q4 EPS NOK2.94 vs FactSet NOK3.07 [4 est, NOK2.97-3.21]

        • MULTI.NO (Multiconsult) -- reports Q4 EPS NOK1.48 vs FactSet NOK2.33 [5 est, NOK1.97-2.68]

        • VAR.NO (Vår Energi) -- reports Q4 cash from operations $1.29B vs FactSet $920.7M

        • STOR.B.SS (Storskogen Group) -- reports Q4 net income SEK375M vs FactSet SEK359.5M [4 est, SEK340-378M]

        • ISLAX.NO (Icelandic Salmon) -- reports Q4 operational EBIT €2.6M vs FactSet €0.0M [1 est]

        • HPUR.NO (Hexagon Purus) -- reports Q4 EPS (NOK1.16) vs year-ago (NOK1.37)

        • WIHL.SS (Wihlborgs Fastigheter) -- reports Q4 EPS SEK2.76 vs year-ago SEK2.80

        • SATS.NO (SATS ASA) -- reports Q4 EPS NOK0.60 vs FactSet NOK0.56 [5 est, NOK0.50-0.62]

        • CLOUD.NO (Cloudberry Clean Energy) -- reports Q4 EPS (NOK0.01) vs FactSet NOK0.01 [1 est]

        • ITAB.SS (ITAB Shop Concept) -- reports Q4 EPS (SEK0.05) vs year-ago SEK0.29

        • MUSTI.FH (Musti Group) -- reports Q4 EPS €0.01 vs year-ago €0.08

        • IPCO.SS (International Petroleum Corp) -- reports Q4 net income ($4.9M) vs FactSet $2.3M [7 est, ($24)-25.2M]

        • INTEA.B.SS (Intea Fastigheter AB) -- reports Q4 net income SEK545M vs FactSet SEK257.4M [4 est, SEK190-322M]

        • SFAB.SS (Solid Försäkring) -- reports Q4 adjusted net income SEK44.4M vs FactSet SEK37M

        • THULE.SS (Thule Group) -- reports Q4 EPS SEK0.20 vs FactSet SEK0.33 [8 est, SEK0.08-0.62]

      • Also due to report today includes:

        • Earnings

          • Benelux: Alfen (ALFEN.NA), Econocom Group (ECONB.BB)

          • DACHs: EuroTeleSites (7YF.GR), Himalaya Shipping (J1X.GR)

          • Finland: Nokian Renkaat (TYRES.FH), Remedy Entertainment (REMEDY.FH)

          • France: Gecina (GFC.FP)

          • Sweden: Asker Healthcare Group (ASKER.SS), Alimak Group (ALIG.SS), Sdiptech (SDIP.B.SS), Nelly Group (NELLY.SS), Proact IT Group (PACT.SS), Prevas (PREV.B.SS), Catena Media (CTM.SS)

          • UK: AstraZeneca (AZN.LN), BP (BP.LN), Barclays (BARC.LN), Coca-Cola HBC (CCH.LN), Dunelm Group (DNLM.LN)

        • Trading Update:

          • France: Assystem (ASY.FP), Hexaom (ALHEX.FP), Haulotte Group (PIG.FP)

        • CMD/Events: Koninklijke Philips (PHIA.NA)

    • M&A

      • AAL.LN (Anglo American) -- considers sale of De Beers to public-private consortium to be the likely outcome of sale process - FT, citing CEO

      • RHC.AU (Ramsay Health Care) -- Speculation around Ramsay Health Care's review of stake in Ramsay Générale de Santé - The Australian

      • AED.BB (Aedifica) -- invests nearly €30M in the development of 3 care properties in Germany and Finland

      • PUBLI.NO (Public Property Invest) -- to re-domicile to Sweden and apply for primary listing on Nasdaq Stockholm

      • GSC1.GR (GESCO SE) -- announces burden from insolvency of contractual partner

    • Healthcare

      • ROG.SW (Roche Holding) -- Transcript Intelligence: Roche Holding Fenebrutinib vs. Ocrevus Phase III FENtrepid Study Update Call

      • AB.FP (AB Science) -- announces that the FDA has granted the status of Minor Use in Major Species for Masivet in the treatment of canine mast cell tumors

      • FARN.LN (Faron Pharmaceuticals) -- announces €40M rights offering

    • Other

      • STAN.LN (Standard Chartered) -- CFO Diego De Giorgi steps down to pursue external opportunity, effective immediately

      • UBSG.SW (UBS Group) -- Transcript Intelligence: UBS Group at UBS Financial Services Conference

      • WPP.LN (WPP Group) -- WPP Group's move to bring three units under one banner is expected to result in job cuts - Bloomberg (9-Feb, 15:06 GMT)

      • BAS.GR (BASF SE) -- BASF criticizes EU emissions trading system; calls it obsolete and warns it is hurting Europe's chemical sector - FT, citing CEO

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

      • SUBC.NO (Subsea 7) -- awarded contract with Chevron in Mediterranean Sea

      • CO.FP (Casino Guichard-Perrachon) -- Casino Group Communication announces The Nouveau Casino is not appealing its criminal sentence

      • Amazon to allow publishers to sell content to firms offering AI products - The Information

  • Key rating changes

    • Upgrades

      • AIXA.GR (Aixtron) -- to buy from hold at Jefferies

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

      • SOBI.SS (Swedish Orphan Biovitrum) -- to outperform from underperform at BNP Paribas Exane

      • SZU.GR (Suedzucker) -- Suedzucker transferred neutral at Oddo; prior rating was underperform

      • UCG.IM (UniCredit) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • SAFE.LN (Safestore Holdings) -- to reduce from hold at Kepler Cheuvreux

    • Initiations

      • LMP.LN (LondonMetric Property) -- neutral at Goldman Sachs

    • Other Actions

      • ALSEN.FP (Sensorion) -- transferred buy at Chardan Capital; prior rating was buy

  • Data

    • Nikkei +2.28% to 57650.54

    • Hang Seng +0.43% to 27143.25

    • Shanghai Composite +0.15% to 4129.23

    • S&P futures (7.3) vs prior close of 6983.3

    • €-$ (0.0016) or (0.13%) to 1.1902

    • $-¥ (0.49) or (0.31%) to 155.39

    • €-¥ (0.81) or (0.44%) to 184.94

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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