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StreetAccount Summary - EU Market Recap: FTSE 100 (0.55%) to 10627.04, DAX (0.93%) to 25043.57, CAC40 (0.36%) to 8398.78, STOXX 600 (0.53%) to 625.33

Feb 19 ,2026

  • Synopsis:

    • European equity markets generally remained under pressure through the session with just Norway +0.7% and Finland, Ireland both little changed, bucking the lower trend, and are joined by Switzerland in leading outperformers.

    • Pan-European indices opened slightly lower and steadily extended falls before becoming range-bound mid morning and trading in a narrow range for the remainder of the session. Greece (2.2%) and Italy (1.3%) joined Spain and the DAX in leading underperformers.

    • Geopolitical headlines remain in focus as crude oil prices rally amid speculation that a US-led strike on Iran could come as soon as this weekend.

    • ECB published its Economic Bulletin Issue 1/2026 whilst Bundesbank's did likewise with its latest Monthly Report. ECB's Cipollone made opening remarks during exchange of views on the digital euro with the parliamentary commission of inquiry into the banking, financial and insurance system of the Italian Senate.

    • Economic data included, in the UK, data from the CBI indicating signs of stabilization in the manufacturing sector, though underlying conditions remain weak, whilst Swiss trade surplus widens in Jan amid notable jump in exports, though Swiss watch exports started 2026 on the back foot. Eurozone Feb flash consumer confidence remained below its long-term average

    • Greece's IOBE hosted a roundtable discussion on Europe's Competitiveness.

    • EU Council's Costa in Norway, met PM Støre, post meeting press conf. EU's Albuquerque spoke at Portuguese Association of Insurers (APS) Conf - The Geoeconomy: how geopolitics interferes with the economy and the reflex in the insurance sector whilst EU's Šefčovič participates in the Foreign Affairs Council (Trade) (through Fri). Finland's PM Orpo participated in the Artificial Intelligence Summit hosted by India's PM Modi, having met with the Indian PM yesterday. UK PM Starmer is pushing Treasury to accelerate plans to increase defense spending despite worries over fiscal backdrop.

    • The limited M&A news flow included Freudenberg extends offer period until 8-Apr in connection with the acquisition of Nilfisk Holding (NLFSK.DC), Air France-KLM (AF.FP) announces intention to increase stake in SAS to 60.5% with closing targeted in H2 of 2026 and CVC Capital Partners (CVC.NA) reportedly exploring sale of marina operator D-Marin in potential €1B transaction

    • Among the region's leading companies releasing earnings/updates were - with shares moving to the upside, Air France-KLM, Nestle (NESN.SW) and Orange (ORA.FP), with smaller percentage share price moves seen at Repsol (REP.SM) Q4 adj net income €661M vs consensus €674M, raises dividend +7.8% y/y and announces up to €350M share buyback as well as Mondi (MNDI.LN) FY underlying EPS €0.57 vs FactSet €0.66 [15 est, €0.56-0.83]; now prioritising maintenance capex and cost-optimisation opportunities. Movers to the downside included Aegon (AGN.NA ), Airbus (AIR.FP), Centrica (CNA.LN), Eramet (ERA.FP), ISS (ISS.DC) and Rio Tinto (RIO.LN) with smaller percentage share price moves seen at Accor (AC.FP) FY recurring EBITDA €1.20B vs consensus €1.19B, raises dividend +7% y/y and guides FY26, Brunello Cucinelli (BC.IM) FY net income attributable €135.0M vs FactSet €137.1M [14 est, €133.6-144M] and guides 2026, Euronext (ENX.FP) Q4 adj. EPS €1.75 vs consensus €1.71; will accelerate the execution of its strategic plan in 2026, Renault (RNO.FP) FY net income (€10.93B) vs FactSet (€9.73B) [17 est, (€10.27)-(7.55B)], guides 2026 operating margin ~ 5.5% as well as Zurich Insurance Group (ZURN.SW) FY net income attributable $6.80B vs consensus $6.53B and well on track to achieve or even exceed its 2027 targets.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Food & Beverage +1.58%, Telecom +0.95%, Oil & Gas +0.89%, Media +0.61%, Real Estate +0.52%, Insurance (0.13%), Retail (0.21%), Construct & Mtls (0.22%), Persnl & HHold Goods (0.24%)

      • Underperformers:

        • Basic Resources (2.12%), Utilities (1.83%), Financial Svcs (1.53%), Travel & Leisure (1.41%), Banks (1.29%), Autos & Parts (1.21%), Health Care (0.73%), Chemicals (0.70%), Ind Goods & Svcs (0.67%), Technology (0.59%)

    • Macro/Peripheral markets:

      • Central banks:

        • How Lagarde's ECB twist sets up a season of EU horse-trading - FT

        • ECB's Lagarde hints her exit is not imminent in message to colleagues - Reuters

      • EU:

        • Von der Leyen plans Greenland visit in Mar amid tensions with US over territory - Bloomberg

      • Finland:

        • Finland and Germany signed a statement of intent on further cooperation on hydrogen infrastructure, hydrogen technology development and investments in the hydrogen sector at yesterday's Ministerial Meeting of the IEA - release

      • France:

        • Deficit-cutting plan very uncertain, auditor says - Bloomberg

      • Germany:

        • Chancellor for "longer time": Merz seeks second term in office - Handelsblatt

      • Greece:

        • PM Mitsotakis tells his Indian counterpart, Modi, that country wants to participate in the India-Middle East-Europe Economic Corridor (IMEC) - ekathomerini

      • Ireland:

        • Almost half of the corporation tax collected by the State is paid by three multinationals the Irish Fiscal Advisory Council estimates - release

      • Italy:

        • Approved a 2% IRAP corporate tax increase on energy companies to finance relief measures for household and business electricity bills - Reuters

      • Sweden:

        • Government announces new large support package to Ukraine focused on air defence - release; intends to propose Swedish loan guarantee to World Bank to enable SEK2.5B in new budget support to Ukraine - release

      • UK:

        • Residential land prices may have bottomed - Knight Frank Q4 index

        • Retailers plan to cut staff hours and jobs amid rising employment costs - BRC release

        • Approach to fiscal policy needs a rethink says The Institute for Fiscal Studies - release

        • Chancellor Reeves to do 'as little as possible' in Spring Statement despite pressure - Telegraph

    • Company news:

      • Notable Gainers

        • +47.8% CINT.SS (Cint Group) -- Q4 EPS €0.03 vs FactSet €0.00 [2 est, €0.00-0.00]; confirms financial targets

        • +16.3% SUS.SS (Surgical Science Sweden) -- Q4 adjusted EBIT SEK45.7M vs FactSet SEK41.2M [3 est, SEK31.2-53M]

        • +12.8% AF.FP (Air France-KLM) -- Q4 net income €81.3M vs consensus €81.3M; guides FY26

        • +10.7% CBRAIN.DC (cBrain) -- FY EPS DKK2.16 vs FactSet DKK1.72 [2 est, DKK1.66-1.77]; now expects earnings before tax between +20-25% vs prior expectation +15-20%

        • +9.8% FDJU.FP (La Francaise des Jeux)

          • FY adj net income €487M vs FactSet €415.8M; guides FY26 and raises dividend +2.4%

          • Appoints Pascal Chaffard as Chief Online Betting and Gaming Officer as well as Group Strategy and Operational Transformation Officer

        • +7.8% TRUE.B.SS (Truecaller) -- buy from hold at Deutsche Bank

        • +7.1% ORA.FP (Orange)

          • Q4 EBITDAaL €3.36B vs FactSet €3.35B [1 est], guides 2026

          • Presents new plan "Trust the future"; targets EBITDAaL ~3% 2025-2028 CAGR

        • +6.2% DFDS.DC (DFDS)

          • Q4 EPS (DKK5.27) vs FactSet (DKK4.00) [2 est, (DKK5.69)-(2.30)], guides 2026

          • Jan freight volume +1.2% y/y and (0.5%) y/y adjusted for route changes

        • +5.5% COV.FP (Covivio) -- FY Adjusted EPRA EPS €4.75 vs year-ago €4.47

        • +5.1% AZE.BB (Azelis Group) -- FY net income €113M vs FactSet €151.6M [14 est, €134.6-191.8M]

        • +4.2% NESN.SW (Nestle) -- FY Underlying EPS CHF4.42 vs FactSet CHF4.31 [21 est, CHF3.89-4.56]; confirms sale of ice cream business

        • +3.6% KBX.GR (Knorr-Bremse) -- Q4 Operating EBIT €267.5M vs consensus €262.0M, guides FY26

        • +3.1% GIMB.BB (Gimv) -- 9M net income €173.3M

        • +2.8% RI.FP (Pernod Ricard) -- H1 EPS €4.04 vs FactSet €3.86 [4 est, €3.74-4.10], reaffirms FY guidance

          • On earnings/updates: EXAE.GA (Hellenic Exchanges-Athens Stock Exchange), BURE.SS (Bure Equity), TKO.FP (Tikehau Capital), ADP.FP (Aeroport de Paris), DOFG.NO (DOF Group), GPE.LN (Great Portland Estates), IRES.ID (Irish Residential Properties REIT), DG.FP (VINCI), REP.SM (Repsol), BORR.NO (Borr Drilling), SAFE.LN (Safestore Holdings)

      • Notable Decliners

        • -38.7% ONCO.SS (Oncopeptides)

          • FY EPS (SEK1.10) vs FactSet (SEK1.05) [1 est]

          • Announces ~SEK200M rights issue

        • -23.4% ERA.FP (Eramet) -- FY net income (€370M) vs year-ago €144M

        • -11.8% GARO.SS (GARO) -- FY EPS (SEK0.35) vs year-ago (SEK1.20), proposes no dividend for FY25

        • -11.5% ARCAD.NA (ARCADIS) -- Q4 adj. EBITDA €122M vs FactSet €190.3M [3 est, €139-289.0M], raises dividend +5% y/y; guides 2026

        • -9.0% FTK.GR (flatexDEGIRO) -- expects FY 2025 net income €160M vs FactSet €162.6M

        • -7.7% FNTN.GR (Freenet) -- sell from neutral at UBS

        • -7.6% NEX.FP (Nexans) -- FY net income €358M, raises dividend +11.5% y/y; guides 2026

        • -7.5% BESI.NA (BE Semiconductor Industries) -- Q4 EPS €0.54 vs consensus €0.54; guides Q1

        • -7.2% KRN.GR (Krones) -- prelim. Q4 EBITDA €171.6M vs FactSet €168.9M [4 est, €162-173.7M], guides 2026

        • -7.1% AIR.FP (Airbus) -- Q4 adjusted EBIT €2.98B vs consensus €2.87B, guides 2026

        • -6.6% CMBN.SW (Cembra Money Bank) -- FY net income CHF180M vs FactSet CHF182.6M [3 est, CHF180.6-184.6M]; CFO Pascal Perritaz to leave

        • -5.8% AGN.NA (Aegon) -- FY net income €980M vs FactSet €1.28B [12 est, €985.4-1.60B]

        • -4.7% CNA.LN (Centrica) -- FY EPS 11.2p vs FactSet 11.3p [10 est, 10.8-12.6p], guides 2026

        • -4.3% ZEAL.DC (Zealand Pharma) --

        • -4.2% VPLAY.A.SS (Viaplay Group) -- FY EPS (SEK0.28) vs year-ago SEK0.03; guides FY26

        • -3.7% ISS.DC (ISS) -- FY operating income DKK4.17B ex-items vs consensus DKK4.35B; initiates a new share buyback program

        • -3.9% RIO.LN (Rio Tinto) -- FY underlying NPAT $9.97B vs FactSet $11.06B [11 est, $10.09-12.13B]; reiterates FY26 guidance

          • On earnings/updates: RNO.FP (Renault), AC.FP (Accor), ENX.FP (Euronext), ZURN.SW (Zurich Insurance Group), KIN.BB (Kinepolis Group), BAMNB.NA (Koninklijke BAM Groep), BC.IM (Brunello Cucinelli), KITW.LN (Kitwave Group) and reversing initial gains RROS.SS (Rottneros), VLA.FP (Valneva)

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Umicore (UMI.BB), Cofinimmo (COFB.BB), Brunel International (BRNL.NA)

        • DACHs: Sika Group (SIKA.SW), Siegfried Holding (SFZN.SW), Allreal Holding (ALLN.SW), Liechtensteinische Landesbank (LLBN.SW), First Sensor (SIS.GR)

        • Denmark: ALK-Abello (ALK.B.DC), MT Hojgaard Holding (MTHH.DC)

        • Finland: Scanfil (SCANFL.FH), Ilkka (ILKKA2.FH), Modulight (MODU.FH)

        • France: Air Liquide (AI.FP), Danone (BN.FP)

        • Norway: Petronor E&P (PNOR.NO)

        • Other: Kingspan Group (KRX.ID), MOL Hungarian Oil & Gas (MOL.HB)

        • Sweden: Catena (CATE.SS), Synsam (SYNSAM.SS), BTS Group (BTS.B.SS), Cantargia (CANTA.SS), Pierce Group (PIERCE.SS), Scandinavian Enviro Systems (SES.SS), Xbrane Biopharma (XBRANE.SS)

        • UK: Anglo American (AAL.LN), Segro (SGRO.LN), TBC Bank Group (TBCG.LN)

  • Data:

    • Economics:

      • Netherlands Jan unemployment rate 4.0% vs consensus 4.0%, prior 4.0%

      • Finland Jan CPI (0.2%) y/y vs consensus (0.2%), prior +0.2%

      • Switzerland Jan trade balance CHF3.82B vs prior CHF1.04B

        • Jan Swiss watch exports (3.7%) to CHF 1.83B

      • Eurozone

        • Feb flash consumer confidence (12.2) vs consensus (11.8), prior (12.4)

        • Dec construction output (0.9%) y/y consensus (0.3%), prior revised (1.5%) from (0.8%)

      • Spain Dec trade balance (€5.57B) vs consensus (€4.9B), prior (€5.68B)

      • Portugal Jan PPI (2.1%) y/y vs consensus (1.8%), prior revised (3.3%) from (3.2%)

      • Ireland Jan CPI +2.7% y/y vs consensus +2.6%, prior +2.8%

      • UK Feb CBI industrial trend orders (28) vs consensus (28), prior (30)

    • Markets:

      • WTI Crude (Mar 26): +$1.24 or +1.90% to $66.43

      • €-$ (0.0014) or (0.12%) to 1.1769

      • £-$ (0.0038) or (0.28%) to 1.3455

      • €-£ +0.0018 to 0.8749

      • S&P 500 (0.28%)

      • Performance year-to-date:

        • FTSE 100: +7.00%

        • DAX: +2.26%

        • CAC: +3.06%

        • MIB: +1.76%

        • Stoxx 600: +5.60%

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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