Feb 18 ,2026
Synopsis
European indices are set to open slightly higher as Asia equities also trade higher amid thin volumes Wednesday. Japan's two main boards more than 1% higher, Australia's ASX supported by banks post NAB's well-received earnings.
US equities finished mostly higher in Tuesday trading, a bit off best levels. Equal-weight S&P (RSP) trailed cap-weighted index with some notable outperformers in big tech (including AAPL, NVDA, and AMZN) and among the moneycenter banks.
Macroeconomic releases due today include: Economic: UK Jan CPI/RPI, PPI output/input, France Jan final CPI
In central banks, Bank of France's Villeroy speaks at 9:30CET at finance committee meeting of France's National Assembly.
Earnings reported so far: BRAV.SS Bravida Holding reports Q4 EPS SEK2.41 vs FactSet SEK2.22. SUNN.SW Sunrise Communications reports FY adj EBITDAaL CHF1.01B vs consensus CHF1.01B; guides FY26. EFGN.SW EFG International reports FY net income CHF339.3M ex-items vs FactSet CHF367.1M. STMN.SW Straumann Holding reports FY EPS CHF2.99 vs FactSet CHF3.05. ASRNL.NA ASR Nederland reports FY operating result €1.64B vs consensus €1.60B. IMCD.NA IMCD reports FY cash EPS €5.19 vs FactSet €5.14
Politics/Macro/World News
Christine Lagarde to leave ECB before the end of her 8-year term (FT )
Top company news
Earnings/updates
BAYN.GR (Bayer AG) -- Bayer's Monsanto announces proposed Roundup class settlement agreement intended to resolve current and future claims
CA.FP (Carrefour) -- reports FY adjusted net income €1.09B vs FactSet €1.03B [10 est, €922.9-1.09B]; to present multi-year strategic plan tomorrow at CMD
IMCD.NA (IMCD) -- reports FY cash EPS €5.19 vs FactSet €5.14 [15 est, €3.82-5.85], cuts dividend (16%) y/y
REC.IM (Recordati) -- reports preliminary FY25 revenue €2.62B vs FactSet €2.62B [10 est, €2.60-2.66B]
DUE.GR (Duerr) -- reports prelim net income of ~€200M vs prior guidance of €120-170M and FactSet €128.8M
EMEIS.FP (Emeis SA) -- reports FY EBITDA €376M, +53% vs year-ago €245M
ICAD.FP (Icade) -- reports FY net income (€123.0M) vs year-ago (€275.9M)
MMT.FP (M6-Metropole) -- reports FY net income €123.4M vs FactSet €146.3M [6 est, €134.5-156M]; launches €80M cost reduction plan over next few years
MERY.FP (Mercialys) -- reports FY net recurrent EPS €1.26 vs FactSet €1.25 [5 est, €1.24-1.27]
LOCAL.FP (Solocal Group) -- reports FY net income €14.2M vs year-ago €119.9M
BICO.SS (BICO Group) -- reports Q4 EPS cont ops (SEK0.84) vs FactSet (SEK0.47) [3 est, (SEK0.80)-(0.30)]
AAD.GR (Amadeus FiRe) -- Group reports preliminary FY25 operating income, ex. restructuring costs of ~€20M
M&A
SHEL.LN (Shell Plc) -- XRG considering bid for Shell's stake in Northwest Shelf Project - The Australian
VOW3.GR (Volkswagen) -- Volkswagen's Everllence division, valued at €5-6B, draws bids from Blackstone, EQT and CVC - FT
Invesco considering bid for sale retirement business Lincoln Place - The Australian
EQT, Viruvian weighing strategic options for their investment in CFC - Bloomberg (17-Feb, 16:12 CET)
Healthcare
REGN (Regeneron) -- NICE recommends Regeneron's Dupixent to treat severe chronic rhinosinusitis with nasal polyps
GSK.LN (GSK Plc) -- NICE recommends GSK's Blenrep with pomalidomide and dexamethasone for previously treated multiple myeloma
BAYN.GR (Bayer AG) -- Transcript Intelligence: Bayer AG Business Update Call
GMAB.DC (Genmab) -- announces initiation of share buyback program with maximum aggregate total value of 725M DKK
SDZ.SW (Sandoz Group) -- Sandoz receives US FDA approval to expand Enzeevu (aflibercept-abzv) label for multiple retinal indications
Other
ULVR.LN (Unilever) -- Transcript Intelligence: Unilever at Consumer Analyst Group Of New York Conference
ENI.IM (Eni) -- exploring JV with commodity trading houses as it considers return to oil and gas trading - FT, citing CEO
AVOL.SW (Avolta) -- announces 12-year contract at Toronto Pearson International Airport
BIRG.ID (Bank of Ireland Group) -- PLC to exit US Leveraged Acquisition Finance business
BMPS.IM (Banca Monte dei Paschi di Siena) -- board has resolved to proceed with the full integration with Mediobanca through a merger by incorporation and the resulting delisting of the latter
VRLA.FP (Verallia) -- considering adapting industrial footprint in Europe
THEON.NA (Theon International) -- announces €41M new firm orders and additional €40M options
Apple reportedly stepping up development of new AI glasses, wearable pendant, and camera airpods -- Bloomberg
Lufthansa, Air France-KLM and SAS call on EU to scrap aviation deal with Qatar following dismissal of senior EU official who oversaw negotiations - FT
Regional Gaming Revenues - New Jersey January 2026
Key rating changes
Upgrades
GROW.LN (Molten Ventures) -- to overweight from equal weight at Barclays
ROCK.B.DC (Rockwool) -- to buy from neutral at UBS
Downgrades
ULVR.LN (Unilever) -- to hold from buy at Berenberg
HM.B.SS (H&M Hennes & Mauritz) -- to sell from hold at DNB Carnegie
TKO.FP (Tikehau Capital) -- to neutral from outperform at Oddo
Other Actions
PINE.LN (Pinewood Technologies Group) -- resumed buy at Jefferies; prior rating was buy
Data
Nikkei +1.02% to 57140.68
Hang Seng +0.00% to 26705.94
Shanghai Composite +0.00% to 4082.07
S&P futures +10.8 vs prior close of 6860.5
€-$ (0.0011) or (0.09%) to 1.1844
$-¥ +0.18 or +0.12% to 153.47
€-¥ +0.04 or +0.02% to 181.76
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