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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.4%, DAX +0.4%, CAC +1.1%, IBEX +0.3%, MIB +0.4%, Euro Stoxx 50 +0.8%

Feb 12 ,2026

  • Synopsis

    • European equity markets set to open broadly flat to higher, with newsflow on earnings likely to dominate sentiment. A number of heavyweights on the tape including Siemens (raises guidance; shares seen up premarket), EssilorLuxottica (ADRs were up 10% in reaction), Mercedes-Benz (shares down premarket on Q4 miss and weak cars adj EBIT margin guide), Michelin, AB InBev and Thyssenkrupp.

    • European macro data releases include UK Q4 preliminary GDP, monthly GDP tracker - NIESR, Dec trade balance, industrial/manufacturing production, construction output, Greece Jan CPI. Netherlands Jan CPI comes in at +2.4% y/y vs preliminary +2.4%.

    • In the UK housing market, some upbeat news. RICS' house price balance rose to (10%), the highest reading since Jun and vs Reuters poll of (11%). Gauge of new buyer enquiries rose to (15%) from (21%), the highest reading since Jul.

    • Asia equities continued to mostly rally Thursday. Subdued gains for Japan following its holiday Wednesday. Mainland China stocks modestly higher but Hang Seng down. News flow quiet in China as a record nine-day LNY holiday approaches. South Korea's Kospi surging again to a new record high.

    • Markets digesting better-than-expected US payrolls data. 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 CPI data.

    • In central banks, ECB's Cipollone lecture at 10:00CET at conf organised by Commissione Europa of the Accademia Nazionale dei Lincei, Bank of Italy's Franco speech at 16:30 whilst ECB's Machado gives a speech at 17:00CET at the EUI Frankfurt Alumni Chapter Meeting. Norges Bank's Wolden Bache delivers her annual address at 18:00CET (livestream) and Bundesbank's Nagel speech at 19:30GMT at Euro50 Group meeting in London. ECB's Lane speech at 19:30CET at The Economist's World Ahead 2026 Sofia, other speakers include Bulgaria central bank's Radev at 16:50 and Greece central bank's Stournaras at 17:05. Denmark central bank interest rate decision (tentative). Benchmark interest rate is expected to be left unchanged at 5.75%. Latvia central bank's Krasovska participates in a discussion on licensing crypto-asset service providers at Warsaw School of Economics. IEA monthly oil market report due to be released.

    • In politics, informal EU leaders' retreat in Belgium, EU's von der Leyen among the participants as well as NATO defense ministers' meeting. UK and Germany will convene the Ukraine Defence Contact Group; security policy situation, the war in Ukraine and burden sharing will be key topics. In the UK, there are MPs questions on transport at 9:30GMT. It's House of Commons last day of business before recess, returning on 23-Feb.

  • Politics/Macro/World News

    • UK housing market shows early signs of recovery, RICS survey shows (Reuters)

    • EU Finance Chiefs to Discuss Lifting Use of Euro in Transactions (Bloomberg )

  • Top company news

    • Earnings/updates

      • France

        • EL.FP (EssilorLuxottica) -- reports FY adjusted net income €3.16B vs FactSet €3.14B; to recommend €4.00 per share dividend

        • ML.FP (Cie Generale des Etablissements Michelin SA) -- reports FY EPS €2.36 vs consensus €2.29; share-buyback program up to €2.0B over the 2026-2028 period announced

        • IPN.FP (Ipsen) -- reports FY Core net income €1.01B vs FactSet €733.5M [12 est, €471.8-1.01B]

        • RXL.FP (Rexel) -- reports FY net income €678.5M vs FactSet €636.0M [12 est, €578-661M]

        • LSS.FP (Lectra) -- reports FY net income €25.6M vs FactSet €27.9M [6 est, €25.3-34.6M]; to propose dividend of €0.35 per share

        • LIN.FP (Linedata Services) -- reports FY net income €14.7M vs FactSet €18.9M [2 est, €17.6-20.1M]; to proposed €1.20 per share dividend

      • DACH

        • SIE.GR (Siemens AG) -- reports Q1 EPS pre-PPA €2.80 vs consensus €2.24; raises FY26 EPS pre-PPA guide to a range of €10.70 to €11.10 vs prior €10.40 to €11.00 and FactSet €10.78 (

        • MBG.GR (Mercedes-Benz Group) -- reports Q4 earnings miss. For 2026 guidance, sees Return on Sales adj. Mercedes-Benz Cars seen at 3-5%, Mercedes-Benz Vans 8-10%, Return on Equity adj. at Mercedes-Benz Financial Services 10-12%.

        • DB1.GR (Deutsche Börse) -- reports preliminary Q4 EPS €2.68 vs FactSet €2.73 [7 est, €2.59-2.90]

        • TKA.GR (ThyssenKrupp) -- reports Q1Adj. EBIT €211M vs consensus €198.0M; confirms FY guidance

        • FRA.GR (Fraport) -- reports Jan Frankfurt Airport traffic statistics: passengers 4.1M, +4.9% y/y

        • FHZN.SW (Flughafen Zuerich) -- reports January traffic statistics

        • DAE.SW (Dätwyler Holding) -- reports FY net income CHF80.8M vs FactSet CHF82.1M [3 est, CHF81.3-83.1M]

        • BCVN.SW (Banque Cantonale Vaudoise) -- reports FY net income attributable CHF429.7M vs FactSet CHF419.5M [1 est]

        • AERO.SW (Montana Aerospace) -- reports FY adjusted EBITDA €161M vs FactSet €170.4M [5 est, €158.8-206.3M]; reconfirms its guidance for the 2026 financial year

      • Benelux

        • ABI.BB (Anheuser-Busch InBev) -- reports Q4 underlying EPS $0.95 vs consensus $0.89

        • KBC.BB (KBC Group) -- reports Q4 net income €1.00B vs consensus €973M; guides FY26; updates medium to long-term guidance

        • DSFIR.NA (DSM-Firmenich) -- reports Q4 adj EBITDA from cont ops €408M vs company compiled consensus €421M; €500 buyback and will issue outlook on 12-Mar

        • NN.NA (NN Group) -- reports H2 Operating Capital Generation €1.07B vs consensus €980M

      • Nordics

        • AUTO.NO (AutoStore Holdings) -- reports Q4 EPS $0.01 vs FactSet $0.01 [8 est, $0.01-0.01]

        • ORK.NO (Orkla) -- reports Q4 adjusted EPS NOK1.74 vs FactSet NOK1.40 [7 est, NOK1.31-1.49]; proposes total dividend of NOK 6.00 per share

        • RECSI.NO (REC Silicon) -- reports final Q4 earnings in line with preliminary release: EPS ($0.04)

        • EMGS.NO (Electromagnetic Geoservices) -- reports Q4 net income ($8.8M) vs year-ago $8.1M

        • TGS.NO (TGS-NOPEC Geophysical Co) -- reports Q4 EPS $0.03 vs FactSet $0.24 [7 est, $0.17-0.41]

        • EMBRAC.B.SS (Embracer Group) -- reports Q3 EPS SEK1.77 ex-items vs FactSet SEK1.01 [5 est, SEK0.65-1.26] (SEK 45.91)

        • CAPMAN.FH (Capman ) -- reports FY comparable EPS €0.09 vs FactSet €0.08 [3 est, €0.06-0.09]

        • Also due to report today

          • Benelux: Fagron (FAGR.BB), Sipef (SIP.BB), Ontex Group (ONTEX.BB), Adyen (ADYEN.NA), Flow Traders (FLOW.NA) France: Hermes (RMS.FP), L'Oreal (OR.FP), Legrand (LR.FP), Unibail-Rodamco-Westfield (URW.FP), TF1 (TFI.FP), Ubisoft Entertainment (UBI.FP) DACH: KWS SAAT (KWS.GR), Carl Zeiss Meditec (AFX.GR), Verbio (VBK.GR), CANCOM (COK.GR), STRABAG (STR.AV), Swisscom (SCMN.SW), DO & CO (DOC.AV), Bell Food Group (BELL.SW), Glarner Kantonalbank (GLKBN.SW), Leonteq (LEON.SW), Bachem (BANB.SW) Finland: Metso Corp. (METSO.FH), Orion (ORNBV.FH), Mandatum (MANTA.FH), Kemira (KEMIRA.FH), Hiab (HIAB.FH), Outokumpu (OUT1V.FH), Tietoevry (TIETO.FH), Vaisala (VAIAS.FH), Harvia (HARVIA.FH), Marimekko (MEKKO.FH), Oma Savings Bank (OMASP.FH), Pihlajalinna (PIHLIS.FH), Atria (ATRAV.FH), Etteplan (ETTE.FH), Verkkokauppa.com (VERK.FH) Norway: SpareBank 1 SMN (MING.NO), Veidekke (VEI.NO), Kitron (KIT.NO), SpareBank 1 Nord-Norge (NONG.NO), Norconsult (NORCO.NO), Aker BioMarine (AKBM.NO), LINK Mobility Group Holding (LINK.NO), Pexip Holding (PEXIP.NO), B2 Impact (B2I.NO), Elmera Group (ELMRA.NO), Solstad Offshore (SOFF.NO), Sea1 Offshore (SEA1.NO), Akastor (AKAST.NO), Axactor (ACR.NO), Komplett (KOMPL.NO), Hexagon Composites (HEX.NO), Nekkar (NKR.NO), ArcticZymes Technologies (AZT.NO), Lumi Gruppen (LUMI.NO), Vistin Pharma (VISTN.NO), Webstep (WSTEP.NO) Sweden: Verisure (VSURE.SS), NIBE Industrier (NIBE.B.SS), Camurus (CAMX.SS), Hufvudstaden (HUFV.A.SS), AQ Group (AQ.SS), Lindab International (LIAB.SS), Vimian Group (VIMIAN.SS), INVISIO (IVSO.SS), BioGaia (BIOG.B.SS), Ambea (AMBEA.SS), Fastpartner (FPAR.A.SS), Volati (VOLO.SS), Instalco (INSTAL.SS), RaySearch Laboratories (RAY.B.SS), Yubico (YUBICO.SS), Nederman Holding (NMAN.SS), MEKO (MEKO.SS), Swedencare (SECARE.SS), Lime Technologies (LIME.SS), Devyser Diagnostics (DVYSR.SS), Genovis (GENO.SS), C-RAD (CRAD.B.SS), Sedana Medical (SEDANA.SS), Nordisk Bergteknik (NORB.B.SS), ProfilGruppen (PROF.B.SS), Ferronordic (FNM.SS), Nilörngruppen (NIL.B.SS), Tradedoubler (TRAD.SS), Precise Biometrics (PREC.SS), Active Biotech (ACTI.SS), Vivesto (VIVE.SS), Alligator Bioscience (ATORX.SS) UK: British American Tobacco (BATS.LN), RELX (REL.LN), Schroders (SDR.LN), Ashmore Group (ASHM.LN), Carasent (0H9M.LN), Unilever (ULVR.LN) Other: Íslandsbanki (ISB.IR) Southern Europe: MAPFRE (MAP.SM), Iveco Group (IVG.IM), Elica (ELC.IM) Trading Update: CVC Capital Partners (CVC.NA) Traffic: Flughafen Wien (FLU.AV), DFDS (DFDS.DC)

    • M&A

      • DB1.GR (Deutsche Börse) -- to acquire remaining 20% stake in ISS STOXX from General Atlantic for €1.1B cash

      • AC.CN (Air Canada) -- to acquire 8 Airbus A350-1000 widebody aircrafts to support international network growth; terms undisclosed

      • AGN.NA (Aegon) -- Lloyds Banking Group, Phoenix Group among bidders for Aegon's UK arm - Bloomberg

      • SPIE.FP (SPIE) -- announces acquisition of INVIZO in Slovakia; terms not disclosed

      • DVYSR.SS (Devyser Diagnostics) -- acquires Cybergene AB for SEK 12.2M in stock

      • INF.FP (Infotel) -- acquires initial 20% stake in AeroEx

      • Sale process for Infinity Pharmacy Group launches - Australian Financial Review

    • Healthcare

      • ROG.SW (Roche Holding) -- NICE recommends Genentech's Gazyvaro with mycophenolate mofetil to treat lupus nephritis

      • IVA.FP (Inventiva) -- Transcript Intelligence: Inventiva at Guggenheim Emerging Outlook Biotech Summit

      • SAN.FP (Sanofi) -- CEO Paul Hudson to step down on 17-Feb; appoints Belén Garijo as new CEO (

    • Other

      • SIE.GR (Siemens AG) -- appoints Veronkia Bienert as CFO, effective 1-Apr-26

      • ENI.IM (Eni) -- awarded offshore exploration License O1 following the Libyan NOC's competitive 2025 open licensing round

      • TEMN.SW (Temenos) -- selected by Mibanco for core banking modernization

      • SFER.IM (Salvatore Ferragamo) -- issues statement on media reports

      • YCA.LN (Yellow Cake) -- announces placing of new shares at fixed price of £6.29/sh to raise gross proceeds of $75M (~£55M)

  • Key rating changes

    • Upgrades

      • AKRBP.NO (Aker BP) -- to buy from hold at Arctic Securities

    • Downgrades

      • AMS.SM (Amadeus IT Group) -- to neutral from buy at Citi

      • YAR.NO (Yara International) -- to hold from buy at Arctic Securities

      • SFZN.SW (Siegfried Holding) -- to sector perform from outperform at RBC Capital Markets

      • ENTRA.NO (Entra ASA) -- to hold from buy at DNB Carnegie

    • Initiations

      • DESN.SW (Dottikon ES Holding) -- neutral at UBS

  • Data

    • Nikkei (0.02%) to 57639.84

    • Hang Seng (0.98%) to 26999.40

    • Shanghai Composite +0.03% to 4133.19

    • S&P futures +15.0 vs prior close of 6960.5

    • €-$ (0.0008) or (0.07%) to 1.1865

    • $-¥ +0.05 or +0.03% to 153.32

    • €-¥ (0.07) or (0.04%) to 181.88

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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