Feb 12 ,2026
Synopsis:
European equity markets closed mostly lower, reversing earlier gains. EU Tech sector was notably under pressure, tracking weakness in US Big tech (AAPL, AMZN, META worst performers). Banks and Basic Resources also among EU sector underperformers. Gold slumped (2.5%) to ~$4969 while WTI Crude was (2.01%) to $63.33/bbl. Copper was down (2.55%).
In broader markets, hotter January US NFP and notable caveats, unrelenting AI disruption trade and dispersion continue to get outsized attention. Despite some debate over net implications from the notable headline surprise vs negative prior revisions, initial positive knee-jerk reactions were negated by the onset of dampened Fed rate cut expectations, taking market-implied odds of a June move below 50%. Yet Warsh nomination for Fed chair seemed to help sustain expectations of easing in H2. Miran later continued to advocate rate cuts for "a variety of reasons." Attention shifts to Friday's US CPI data.
UK data showed the economy ended 2025 on a weak footing. Q4 GDP expanded by 0.1% q/q, just short of the 0.2% consensus and follows Q3's 0.1% expansion. Left y/y growth of 1.0% versus consensus 1.2% and prior 1.2% revised from 1.3%. Growth was driven by a 1.2% increase in production, but construction fell 2.1% and the services sector saw no growth. The ONS monthly GDP estimate saw an expansion of 0.1% in December, in line with expectations and compared with prior 0.3% increase. Service sector grew 0.3% in December, but production dropped 0.9% and construction was 0.5% lower. Fits in with BoE analysis pointing to subdued underlying growth and weak growth in potential supply. Note, however, that PMI data has been consistently positive. January update hit a five-month high, pointing to improving growth rate at the start of the year, retail sales has improved, and housing market activity is picking up. Some thoughts that activity may gain traction into the spring, with inflation set to ease further and BoE expected to cut rates.
RICS January UK housing market survey points to signs of recovery. Price indicator recorded a net balance of -10% versus consensus -11% and prior -14%, continuing steady improvement from October 2025 low of -19%. Was the least negative since June when it recorded -7% but has not been positive since March 2025. While negative print still suggests weak momentum, fits in with recent updates from Nationwide and Halifax, which saw price recovery in January after a poor Q4 2025. Price growth the strongest in Scotland, Northern Ireland and Northwest and North of England, while London and south of the country lag. Overall activity still somewhat subdued, though new buyer enquiries reading at -15% versus prior -21% and November's -29% outturn. Similar trend in agreed sales, with a net balance of -9%, which was the least negative since June 2025. Medium-term expectations very upbeat, with sales expectations at +4% in the next three months and +35% over 12 months, the strongest since December 2024. Price expectations the highest since February 2025 on a yearly basis at +43%.
In M&A, Nuveen (asset management arm of TIAAA, Teachers Insurance and Annuity Association of America) is to acquire Schroders (SDR.LN) in a £9.9B recommended cash offer with shareholders to receive up to 612p per share (cash590 pence per Schroders, Dividends 22 pence).
Busy day for earnings/updates in the region. In Germany, Siemens (SIE.GR) Q1 beat and upgraded EPS outlook; Deutsche Boerse (DB1.GR) also reported solid, broadly in-line results. ThyssenKrupp (TKA.GR) reported mixed Q4 results and confirmed guidance; shares fell ~(12%). Mercedes-Benz Group (MBG.GR) also ended lower amid Q4 miss and disappointing FY26 Cars EBIT margin guidance. In France, Legrand (LR.FP) reported better than expected Q4 earnings and revenues, with 2026 guidance seen as a strong relief. Hermes (RMS.FP) also posted FY numbers ahead of consensus. EssilorLuxottica (EL.FP) reported Q4 revenue that exceeded estimates, fuelled by strong performance in the Professional Solutions division and continued momentum in smartglasses sales. However, analysts point out that the EBIT in the second half of the year was hit by pricing and FX headwinds, resulting in FY margins that fell short of consensus and declined y/y. Analysts also flag that management issued new long-term guidance, reassuring investors about recent margin pressures. Anheuser-Busch InBev (ABI.BB) posted Q4 beat as volume decline slows Sanofi (SAN.FP) CEO Paul Hudson to step down on 17-Feb; appoints Belén Garijo as new CEO. Adyen (ADYEN.NA) saw a negative reaction to FY results and guidance.
Elsewhere, European cement manufacturers such as HEI.GR, HOLN.SW, BZU.IM were under pressure after Germany called for revision or delay to the EU's emissions trading system, sending carbon prices tumbling from ~€75/tonne (Reuters).
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Telecom +1.91%, Food & Beverage +1.81%, Health Care +0.49%, Real Estate +0.45%, Autos & Parts +0.39%, Persnl & HHold Goods +0.32%, Travel & Leisure +0.31%, Financial Svcs +0.12%, Insurance +0.04%, Chemicals (0.30%)
Underperformers:
Technology (1.91%), Banks (1.89%), Basic Resources (1.87%), Construct & Mtls (1.78%), Oil & Gas (1.24%), Ind Goods & Svcs (1.13%), Media (0.86%), Utilities (0.74%), Retail (0.58%)
Macro:
Central banks
France
French first quarter GDP growth seen at 0.2%-0.3%, central bank chief says (Reuters)
Germany
For first time since stepping down as Chancellor, Angela Merkel will attend the CDU party conference (Handelsblatt)
Number of jobs in Germany dependent on exports to China has fallen sharply since 2021 (IW)
Company news:
Notable Gainers
+50.1% MVIR.SS (Medivir SEK1.06, +0.48) -- partner Vetbiolix initiates study
+28.6% SDR.LN (Schroders £5.89, +1.31) -- Pantheon to acquire Schroders in £9.9B recommended cash offer; earnings
+25.3% INSTAL.SS (Instalco SEK30.08, +6.42) -- earnings
+23.1% CYAD.BB (Celyad Oncology €0.28, +0.05) -- sale of C-CATHez Catheter to CellProthera
+18.7% EMBRAC.B.SS (Embracer Group SEK51.80, +8.57) -- earnings
+17.8% AUTO.NO (AutoStore Holdings NOK12.69, +1.97) -- earnings
+14.0% TIETO.FH (Tietoevry €18.24, +2.34) -- earnings; buyback; considers delisting from Nasdaq Stockholm
+11.7% SEDANA.SS (Sedana Medical SEK10.44, +1.12) -- earnings
+11.1% VIMIAN.SS (Vimian Group SEK28.00, +2.80) -- earnings
+8.6% FAGR.BB (Fagron €22.65, +1.85) -- earnings
+7.4% SECARE.SS (Swedencare SEK24.15, +1.70) -- earnings
+6.8% INTEA.B.SS (Intea Fastigheter AB SEK69.85, +4.60) -- Handelsbanken upgrade
+6.3% IPN.FP (Ipsen €148.80, +8.80) -- earnings
+6.2% NKR.NO (Nekkar NOK13.00, +0.75) -- earnings
+5.8% DOC.AV (DO & CO €191.80, +11.00) -- earnings
+5.7% ABI.BB (Anheuser-Busch InBev €65.84, +3.68) -- earnings
+5.6% NIBE.B.SS (NIBE Industrier SEK40.15, +2.06) -- earnings
+5.6% AZT.NO (ArcticZymes Technologies NOK25.00, +1.20) -- earnings
+5.3% VSSAB.B.SS (Viking Supply Ships SEK139.50, +7.00) -- earnings
+5.3% TGS.NO (TGS-NOPEC Geophysical Co. NOK110.40, +5.60) -- earnings
+5.1% MGNS.LN (Morgan Sindall Group £53.80, +2.60) -- trading update
+5.0% SIP.BB (Sipef €88.20, +4.20) -- earnings
+4.9% SDZ.SW (Sandoz Group CHF65.80, +3.08) -- Jefferies upgrade
+4.9% ML.FP (Cie Generale des Etablissements Michelin SA €34.50, +1.58) -- earnings
+4.2% EL.FP (EssilorLuxottica €270.60, +10.50) -- earnings
+4.2% VEI.NO (Veidekke NOK191.60, +7.60) -- earnings
+3.8% FLOW.NA (Flow Traders €26.42, +0.98) -- earnings
+3.5% GRE.SM (Grenergy Renovables €104.20, +3.40) -- financing
+3.5% BCVN.SW (Banque Cantonale Vaudoise CHF107.60, +3.80) -- earnings
+3.5% NONG.NO (SpareBank 1 Nord-Norge NOK150.74, +5.14) -- earnings
+3.5% DVYSR.SS (Devyser Diagnostics SEK99.00, +3.60) -- acquisition; earnings
+3.4% EUROB.GA (Eurobank SA €4.12, +0.14) -- Goldman Sachs upgrade
+3.1% FUR.NA (Fugro €12.00, +0.35) -- Kepler Cheuvreux upgrade
+3.0% LR.FP (Legrand €151.35, +4.35) -- earnings
+2.8% MING.NO (SpareBank 1 SMN NOK205.70, +5.59) -- earnings
+2.3% NN.NA (NN Group €71.32, +1.56) -- earnings
+2.1% VERK.FH (Verkkokauppa.com €4.00, +0.08) -- earnings
+1.6% REG1V.FH (Revenio Group €18.84, +0.28) -- SEB upgrade
+1.5% BIOVIC.B.SS (Biovica International SEK0.41, +0.01) -- data publication
+1.1% HEX.NO (Hexagon Composites NOK8.89, +0.09) -- earnings
+1.0% LRS1.GR (HomeToGo €1.48, +0.02) -- prelim earnings
+0.3% SIE.GR (Siemens AG €271.25, +0.75) -- earnings; CFO appointment
Notable Decliners
-24.0% CAMX.SS (Camurus SEK526.50, -161.00) -- earnings
-21.9% ADYEN.NA (Adyen €953.60, -252.90) -- earnings
-21.6% LIME.SS (Lime Technologies SEK209.00, -49.00) -- earnings
-17.5% YUBICO.SS (Yubico SEK56.16, -11.18) -- earnings
-16.4% VSURE.SS (Verisure Plc SEK11.79, -2.05) -- earnings
-15.4% CLA.FP (Claranova €0.81, -0.14) -- prelim sales
-14.5% LEON.SW (Leonteq CHF12.96, -2.12) -- earnings
-14.2% MEKKO.FH (Marimekko €11.74, -1.84) -- earnings
-13.8% NIL.B.SS (Nilörngruppen SEK51.30, -8.70) -- earnings
-13.0% VOLO.SS (Volati SEK89.00, -12.00) -- earnings
-11.9% AMBEA.SS (Ambea AB SEK116.40, -15.70) -- earnings
-11.7% PREC.SS (Precise Biometrics SEK1.83, -0.25) -- earnings
-10.6% HARVIA.FH (Harvia €35.60, -4.20) -- earnings
-10.2% CRAD.B.SS (C-RAD SEK26.25, -3.20) -- earnings
-10.2% TRAD.SS (Tradedoubler SEK6.14, -0.78) -- earnings
-10.2% MEKO.SS (MEKO AB SEK69.10, -7.30) -- earnings
-9.8% ELMRA.NO (Elmera Group NOK36.20, -4.00) -- earnings
-9.3% LINK.NO (LINK Mobility Group Holding NOK24.00, -2.35) -- earnings
-9.2% GENO.SS (Genovis SEK19.50, -1.82) -- earnings
-8.5% DSFIR.NA (DSM-Firmenich €62.46, -5.84) -- earnings
-8.0% ALICA.FP (ICAPE Holding €5.94, -0.52) -- sales; TPICAP Midcap downgrade
-8.0% GNC.LN (Greencore Group £2.79, -0.24) -- licensing partnership with Greencore (GLEN.LN)
-7.3% HFG.GR (HelloFresh €5.09, -0.40) -- prelim earnings
-7.2% ACR.NO (Axactor NOK8.08, -0.62) -- earnings
-7.0% RECSI.NO (REC Silicon NOK0.46, -0.03) -- earnings
-6.9% RTO.LN (Rentokil Initial £4.54, -0.33) -- Rollins (ROL) earnings sympathy
-6.7% BIOG.B.SS (BioGaia SEK106.00, -7.10) -- earnings
-6.5% CAPMAN.FH (Capman €1.85, -0.12) -- earnings
-6.4% LIAB.SS (Lindab International SEK188.20, -12.30) -- earnings
-5.7% SYNSAM.SS (Synsam SEK59.70, -3.60) -- new brand launch
-5.6% AQ.SS (AQ Group SEK184.60, -11.00) -- earnings
-5.0% KOMPL.NO (Komplett NOK13.25, -0.70) -- earnings
-4.8% LSS.FP (Lectra €21.75, -1.05) -- earnings
-4.5% TEKNA.NO (Tekna Holding NOK3.81, -0.19) -- earnings
-4.2% METSO.FH (Metso Corp. €16.67, -0.72) -- earnings
-4.2% SAN.FP (Sanofi €81.02, -3.46) -- CEO steps down
-4.1% ATORX.SS (Alligator Bioscience SEK0.19, -0.01) -- earnings
-4.0% RAY.B.SS (RaySearch Laboratories SEK184.80, -7.00) -- earnings
-3.4% PEXIP.NO (Pexip Holding NOK69.80, -2.40) -- earnings
-3.3% ONTEX.BB (Ontex Group €4.80, -0.17) -- earnings
-2.9% KEMIRA.FH (Kemira €20.68, -0.62) -- earnings; buyback
-2.9% NORCO.NO (Norconsult NOK41.75, -1.25) -- earnings
-2.7% AMS.SM (Amadeus IT Group €49.20, -1.36) -- Citi downgrade
-2.4% SOFF.NO (Solstad Offshore NOK48.85, -1.20) -- earnings
-2.3% AERO.SW (Montana Aerospace CHF34.00, -0.75) -- earnings
-2.1% WSTEP.NO (Webstep $18.40, -0.40) -- earnings
-1.9% LIN.FP (Linedata Services €40.30, -0.80) -- earnings
-1.4% HIAB.FH (Hiab €47.70, -0.71) -- earnings
-1.4% MBG.GR (Mercedes-Benz Group €55.32, -0.84) -- earnings
EU companies reporting tomorrow:
Earnings:
Benelux: Aedifica (AED.BB), Heijmans (HEIJM.NA), CM.com (CMCOM.NA)
DACHs: Mobimo Holding (MOBN.SW), Fabasoft (FAA.GR)
Finland: Huhtamaki (HUH1V.FH), Kalmar (KALMAR.FH), Terveystalo (TTALO.FH), Enento Group (ENENTO.FH), Viking Line (VIK1V.FH), Relais Group (RELAIS.FH), Koskisen (KOSKI.FH), HKFoods (HKFOODS.FH), Apetit (APETIT.FH), Teleste (TLT1V.FH), Loihde (LOIHDE.FH), Glaston (GLA1V.FH)
France: Safran (SAF.FP), Capgemini (CAP.FP), Eutelsat Communications (ETL.FP)
Norway: Norsk Hydro (NHY.NO), Aker (AKER.NO), Tomra Systems (TOM.NO), Sparebank 1 Ostlandet (SPOL.NO), AF Gruppen (AFG.NO), Norwegian Air Shuttle (NAS.NO), Arendals Fossekompani (AFK.NO), Bouvet (BOUV.NO), Klaveness Combination Carriers (KCC.NO), SmartCraft (SMCRT.NO), AKVA Group (AKVA.NO), Hofseth BioCare (HBC.NO)
Southern Europe: Interpump Group (IP.IM)
Sweden: NCAB Group (NCAB.SS), Alligo (ALLIGO.B.SS), Humble Group (HUMBLE.SS), Haypp Group (HAYPP.SS), Karnell Group (KARNEL.B.SS), KlaraBo (KLARA.B.SS), Arise (ARISE.SS), Bjorn Borg (BORG.SS), Viking Supply Ships (VSSAB.B.SS), Eltel (ELTEL.SS), FormPipe Software (FPIP.SS), CDON (CDON.SS), Novotek (NTEK.B.SS), Oneflow (ONEF.SS), 4C Group (4C.SS), Corem Property Group (CORE.A.SS), Logistea (LOGI.A.SS), Karolinska Development (KDEV.SS), Lammhults Design Group (LAMM.B.SS)
UK: NatWest Group (NWG.LN)
Trading Update:
France: Delta Plus Group (ALDLT.FP)
Data:
Economics:
Jan CPI
Netherlands +2.4% y/y vs preliminary +2.4%
Greece +2.5% y/y vs consensus +2.7% and prior +2.6%
UK
Q4 Preliminary GDP +1.0% y/y vs consensus +1.2% and prior revised +1.2% from +1.3%
house price balance (10%) vs consensus (11%) and prior revised (13%) from (14%) - RICS
Dec
Construction Output (0.3%) y/y vs consensus 0.0% and prior revised (0.3%) from (1.1%)
Industrial Production +0.5% y/y vs consensus +1.5% and prior +2.3%
Visible Trade Balance (£22.72B) vs consensus (£22.3B) and prior revised (£23.58B) from (£23.71B)
Markets:
WTI Crude (Mar 26): ($1.36) or (2.10%) to $63.27
€-$ +0.0003 or +0.03% to 1.1876
£-$ +0.0001 or +0.01% to 1.3630
S&P (1.02%)
Performance year-to-date
FTSE 100: +4.74%
DAX: +1.48%
CAC: +2.34%
MIB: +2.84%
Stoxx 600: +4.45%
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