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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.2%, DAX (0.4%), CAC (0.3%)

Feb 19 ,2026

  • Synopsis

    • European equity markets set to open broadly mixed with UK's FTSE 100 bucking a generally negative trend. Recall that yesterday saw indices in the region close firmly higher with new record highs for STOXX 600 and FTSE 100.

    • Busy session for earnings/updates in the region. Nestle (NESN.SW) reports FY results, and confirms sale of Ice Cream Business. Airbus (AIR.FP) reports Q4 adjusted EBIT €2.98B vs consensus €2.87B. Zurich Insurance Group (ZURN.SW) reports FY net income attributable $6.80B vs consensus $6.53B; well on track to achieve or even exceed its 2027 targets. Renault (RNO.FP) reports FY net income (€10.93B) vs FactSet (€9.73B); guides 2026 operating margin around 5.5%. Also reporting today are Rio Tinto (RIO.LN), Pernod Ricard (RI.FP), Orange (ORA.FP), Air France-KLM (AF.FP) among many others.

    • Asia equities trading higher Thursday, although Taiwan and Greater China still closed for holidays. More strong advances in the Kospi to send it to another record high. Japan's main boards higher again. Tech majors outperforming in Japan and South Korea. Positive sentiment chalked up to few factors, including some pushback against concerns about AI capex and software disruption fears. Bloomberg sources also noted OpenAI funding round set to net more than $100B, which could raise its valuation above $850B. Australia led to a fresh record by mining and bank stocks.

    • US equities finished higher in Wednesday trading, though ended off best levels from the midday. Big tech was broadly higher with AMZN, NVDA the standouts. January FOMC minutes highlight cautious Fed; note progress toward inflation target could be slow

    • European macro data releases out today include Switzerland Jan trade balance (monthly watch data), Spain Dec trade balance, Eurozone Feb flash consumer confidence, Dec construction output, UK Feb industrial trend orders - CBI, Portugal Jan PPI, Ireland Jan CPI. Netherlands Jan Unemployment Rate already out coming in at 4.0% vs consensus 4.0% and prior 4.0%. Finland Jan CPI (0.2%) y/y vs consensus (0.2%) and prior +0.2%

    • Elsewhere, ECB publishes at 10:00CET its Economic Bulletin Issue 1/2026. At 12noon CET, Bundesbank's latest edition of its Monthly Report is published, the same time as ECB's Cipollone makes 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. Greece's IOBE hosts roundtable discussion on Europe's Competitiveness. In politics, EU Council's Costa in Norway, meets PM Støre, post meeting press conf. ~13:15CET, others. EU's Albuquerque speech at Portuguese Association of Insurers (APS) Conf - The Geoeconomy: how geopolitics interferes with the economy and the reflex in the insurance sector and EU's Šefčovič participates in the Foreign Affairs Council (Trade) (through Fri)

  • Politics/Macro/World News

    • Christine Lagarde's move to run World Economic Forum not a 'foregone conclusion' -- FT

    • Starmer Seeks New Money to Accelerate Defense Spending Uplift -- Bloomberg

  • Top company news

    • Earnings/updates

      • UK

        • RIO.LN (Rio Tinto) -- reports FY underlying NPAT $9.97B vs FactSet $11.06B [11 est, $10.09-12.13B]

        • RIO.LN (Rio Tinto) -- Follow-up: Rio Tinto reports FY underlying NPAT $9.97B vs FactSet $11.06B [11 est, $10.09-12.13B]

      • France

        • AIR.FP (Airbus SE) -- reports Q4 adjusted EBIT €2.98B vs consensus €2.87B

        • AC.FP (Accor) -- reports FY net income €610M vs consensus €519.3M; hikes divi by 7% and guides FY26

        • ORA.FP (Orange) -- reports Q4 EBITDAaL €3.36B vs FactSet €3.35B [1 est]

        • DG.FP (VINCI SA) -- reports January airport passenger traffic +1.0%

        • ENX.FP (Euronext) -- Euronext reports Q4 adj. EPS €1.75 vs consensus €1.71; will accelerate the execution of its strategic plan in 2026

        • RI.FP (Pernod Ricard) -- reports H1 EPS €4.04 vs FactSet €3.86; continue to expect FY26 to be a transition year with improving trends in Organic Net Sales, skewed toward H2

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

        • VLA.FP (Valneva) -- reports prelim FY revenue €147.7M vs FactSet €169.1M [9 est, €150.3-179.8M]; guides FY26

        • ADP.FP (Aeroport de Paris) -- reports FY attributable net income €382M vs FactSet €451.7M [16 est, €299.8-551M]

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

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

      • Benelux

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

        • FFARM.NA (ForFarmers) -- reports FY Underlying EPS €0.70 vs FactSet €0.55 [2 est, €0.50-0.59]

        • AGN.NA (Aegon) -- reports FY EBIT €1.70B vs FactSet €1.68B [9 est, €1.55-1.96B]; FCF €829M vs consensus €826.2M; UK SII 184% vs consensus 185%

      • Nordics

        • ZEAL.DC (Zealand Pharma) -- reports FY net income from cont ops DKK6.45B vs FactSet DKK6.44B; guides FY26

        • BORR.NO (Borr Drilling) -- reports Q4 net income ($1.0M) vs FactSet ($4.1M) [6 est, ($12.8)-6M]

      • DACH

        • NESN.SW (Nestle) -- reports FY Underlying EPS CHF4.42 vs FactSet CHF4.31 [21 est, CHF3.89-4.56]. Organic Sales Growth +3.5% vs StreetAccount +3.4%; Confirms Sale of Ice Cream Business

        • ZURN.SW (Zurich Insurance Group) -- reports FY net income attributable $6.80B vs consensus $6.53B; well on track to achieve or even exceed its 2027 targets

        • KBX.GR (Knorr-Bremse) -- reports Q4 Operating EBIT €267.5M vs consensus €262.0M

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

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

        • KRN.GR (Krones) -- reports preliminary Q4 EBITDA €171.6M vs FactSet €168.9M [4 est, €162-173.7M]

        • HHFA.GR (Hamburger Hafen und Logistik) -- reports preliminary FY profit after tax and minority interest €10M vs year-ago €33M

      • Southern Europe

        • BC.IM (Brunello Cucinelli) -- reports FY net income attributable €135.0M vs FactSet €137.1M [14 est, €133.6-144M]

        • EXAE.GA (Hellenic Exchanges-Athens Stock Exchange) -- reports FY net income €31.6M vs year-ago €17.3M

      • Also reporting today

        • Earnings:

          • Belgium: Azelis Group (AZE.BB), Gimv (GIMB.BB), Kinepolis Group (KIN.BB)

          • DACH: Hochtief (HOT.GR), Jost Werke (JST.GR)

          • Denmark: ISS (ISS.DC), DFDS (DFDS.DC), Jeudan (JDAN.DC), cBrain (CBRAIN.DC)

          • Finland: Bittium (BITTI.FH), Lemonsoft (LEMON.FH)

          • France: Klepierre (LI.FP), Renault (RNO.FP), Gaztransport & Technigaz (GTT.FP), La Francaise des Jeux (FDJU.FP), Air France-KLM (AF.FP), Tikehau Capital (TKO.FP), Lagardere (MMB.FP), Imerys (NK.FP), Coface (COFA.FP)

          • Netherlands: ARCADIS (ARCAD.NA), Koninklijke BAM Groep (BAMNB.NA)

          • Norway: Smartoptics Group (SMOP.NO), Ensurge Micropower (ENSU.NO), BerGenBio (ONCIN.NO)

          • Other: Irish Residential Properties REIT (IRES.ID)

          • Southern Europe: Repsol (REP.SM), Unipol Gruppo (UNI.IM), The Navigator Co. (NVG.PL)

          • Sweden: Bure Equity (BURE.SS), GomSpace Group (GOMX.SS), Viva Wine Group (VIVA.SS), Implantica (IMP.A.SS), Ework Group (EWRK.SS), Surgical Science Sweden (SUS.SS), Arla Plast (ARPL.SS), Cint Group (CINT.SS), GARO (GARO.SS), Oncopeptides (ONCO.SS), Rottneros (RROS.SS), B3 Consulting Group (B3.SS), Eniro Group (ENRO.SS), Starbreeze (STAR.B.SS), Viaplay Group (VPLAY.A.SS)

          • UK: Centrica (CNA.LN), Mondi (MNDI.LN)

        • Trading Update:

          • France: Marie Brizard Wine & Spirits (MBWS.FP)

        • CMD/Events: Orange (ORA.FP), Nexans (NEX.FP) business deep dive

    • M&A

      • RIO.AU (Rio Tinto) -- rules out Pilbara assets in any future M&A transactions -- Australian Financial Review

    • Healthcare

      • NYXH.BB (Nyxoah) -- signs MOU with Sheikh Shakhbout Medical City (SSMC) to improve OSA therapy management and accelerate access to Genio in the Middle East

      • PRTC.LN (PureTech Health) -- FDA grants orphan drug designation to PureTech Health's deupirfenidone to treat idiopathic pulmonary fibrosis

      • HNSA.SS (Hansa Biopharma) -- announces that BLA for imlifidase accepted by FDA

    • Other

      • BATS.LN (British American Tobacco) -- Transcript Intelligence: British American Tobacco at Consumer Analyst Group Of New York Conference

      • RI.FP (Pernod Ricard) -- exploring merits of separate listing for India - Bloomberg, citing people with knowledge of the matter

      • LSEG.LN (London Stock Exchange Group) -- holder Elliott Management proposes £5B share buyback program - Bloomberg

      • AVOL.SW (Avolta) -- announces a ten-year food and beverage contract at Verona Valerio Catullo airport

      • IDR.SM (Indra Sistemas) -- Indra Group and Leonardo sign MoU to work together in the Cyber Defense field

      • FDJU.FP (La Francaise des Jeux) -- appoints Pascal Chaffard as Chief Online Betting and Gaming Officer as well as Group Strategy and Operational Transformation Officer

      • DEBS.LN (Debenhams Group) -- Boohoo Group Plc (Debenhams) updates on proposed fundraise to raise approximately £35M

      • President Trump issues order ensuring an adequate supply of elemental Phosphorus and glyphosate-based herbicides

      • SolarEdge reverses gains despite earnings beat; Google releases new AI music creation tool in intraday themes (18-Feb)

  • Key rating changes

    • Upgrades

      • CAP.FP (Capgemini) -- to equal-weight from underweight at Morgan Stanley

      • TRUE.B.SS (Truecaller) -- to buy from hold at Deutsche Bank

      • VNA.GR (Vonovia) -- to equal-weight from underweight at Morgan Stanley

    • Downgrades

      • BAS.GR (BASF SE) -- to underweight from equal weight at Barclays (earlier, timing uncertain)

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

      • BRAV.SS (Bravida Holding) -- to hold from buy at Pareto

  • Data

    • Nikkei +0.57% to 57467.83

    • Hang Seng +0.00% to 26705.94

    • Shanghai Composite +0.00% to 4082.07

    • S&P futures +9.8 vs prior close of 6894.3

    • €-$ +0.0015 or +0.13% to 1.1798

    • $-¥ +0.28 or +0.18% to 155.11

    • €-¥ +0.56 or +0.31% to 182.97

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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