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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.56% to 10686.89, DAX +0.87% to 25260.69, CAC40 +1.39% to 8515.49, STOXX 600 +0.84% to 630.56

Feb 20 ,2026

  • Synopsis:

    • European indices ended in positive territory, with Italy outperforming the region. Attention remained on Middle East developments, though equity markets have largely shrugged off tensions with reaction isolated to oil and energy names. Crude up 6% week-to-date. President Trump has given 10-day deadline for deal, while media sources noted US could strike within days but limit the initial attack to pressure Iran into agreement. While diplomatic door has been left ajar, US officials skeptical about prospects of reaching a satisfactory agreement. Also in the US, Supreme Court today issued a 6-3 opinion ruling against Trump administration's use of emergency authorities under the International Emergency Economic Powers Act (IEEPA). Justices Thomas, Alito, and Kavanaugh dissented. Chief Justice Roberts noted the president's assumption of these tariff powers came down to separate mentions of "regulate" and "importation" in the law's text, and these two words "cannot bear such weight." Decision argued assuming an unlimited presidential power to tariff would be a "transformative expansion" of presidential authority. Today's decision did not address the issue of potential refunds; in his dissent, Kavanaugh reiterated his view that the process is likely to be a "mess." If refunds are eventually made, they could total as much as $170B

    • In other news, ECB President Lagarde said in a press interview that her baseline is to complete term, which ends October 2027. Latest flow data from EPFR showed record sums going into European equity markets

    • On the macro-front, Eurozone PMI accelerated to three-month high after German PMI beat expectations. Euro area manufacturing back in expansionary territory, while services activity firmer. Eurozone wage growth rebounded. UK PMI at 22-month high with services holding up and manufacturing expansion accelerating. Big jump in UK retail sales in January in line with BRC update. Online retail saw the biggest gain. Jewelers saw unprecedented demand. UK public sector borrowing recorded large surplus due to higher tax receipts with January the deadline for self-assessments. German PPI surprised on the downside with unexpected monthly contraction, which dragged down annual measure

    • On the reporting front, French names in focus, with Q4/FY25 updates earnings from Air Liquide (AI.FP), Danone (BN.FP), Klepierre (LI.FP), (Gaztransport & Technigaz (GTT.FP), Lagardere (MMB.FP), Coface(COFA.FP) and Imerys (NK.FP). Elsewhere, Sika Group (SIKA.SW), Umicore (UMI.BB), Anglo American (AAL.LN), Brunel International (BRNL.NA) and ALK-Abello (ALK.B.DC) were mong few other names to issue their most recent numbers. In M&A news, Glencore (GLEN.LN) has reportedly entered negotiations regarding the divestment of its stake in Kazakhstan's Kazzinc Ltd, whilst Standard Chartered (STAN.LN) is exploring the exit from its Botswana operations; furthermore, the FT writes that Aggreko (AGGK.LN) owners are forward with a dual-track process, weighing a US IPO against a potential private sale, with the owners targeting a $12B enterprise value

    • The week ahead (please our StreetAccount Summary - Europe Week Ahead: Feb 23-27 attached below) sees EU parliament debate on Ukraine, Chancellor Merz visit China, a by-election in the UK, Feb preliminary CPIs and Q4 final GDPs from across the region, Germany Feb Ifo business climate, unemployment change as well as earnings/updates from Allianz (ALV.GR), AXA (CS.FP), Bayer (BAYN.GR), Diageo (DGE.LN), Deutsche Telekom (DTE.GR), Eni (ENI.IM), International Consolidated Airlines Group (IAG.LN), Holcim (HOLN.SW), HSBC Holdings (HSBA.LN), Iberdrola (IBE.SM), Standard Chartered (STAN.LN), Telecom Italia (TIT.IM), Telefonica (TEF.SM) and WPP Group (WPP.LN)

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Persnl & HHold Goods +2.26%, Chemicals +1.84%, Insurance +1.53%, Construct & Mtls +1.45%, Banks +1.38%, Media +1.18%, Technology +1.15%, Financial Svcs +0.96%, Real Estate +0.95%

      • Underperformers: Oil & Gas (0.63%), Retail (0.33%), Health Care (0.12%), Telecom +0.13%, Travel & Leisure +0.15%, Autos & Parts +0.36%, Food & Beverage +0.49%, Utilities +0.78%, Ind Goods & Svcs +0.83%, Basic Resources +0.84%

    • Macro:

      • German finance minister calls talk of ECB president succession 'speculation' (Reuters)

      • Far-right push clouds Lagarde's ECB future - Why it matters (dw)

      • France and Germany Are Playing a Dangerous Game (BBG)

      • French far right looks for Charlie Kirk moment after activist's killing (Politico)

      • France and Germany agreed to build the fighter jet of the future. Now they can't agree who is in charge (Guardian)

      • Gorton and Denton by-election on 'knife edge' as 1000s of voters undecided on backing Reform, Labour or Greens (ES)

      • Italian PM Giorgia Meloni: 'We must ensure Iran does not acquire nuclear weapons' (Sky News)

    • Company news:

      • Notable Gainers

        • +30.6% BTS.B.SS (BTS Group SEK139.00, +32.60) -- Q4 earnings

        • +15.1% MONC.IM (Moncler €57.84, +7.58) -- FY earnings

        • +9.9% PARRO.FP (Parrot €7.10, +0.64) -- Q4 revenue

        • +9.8% CAST.SS (Castellum AB SEK115.05, +10.25) -- divests nine properties to AP7 for SEK 5.6B; initiates up to SEK3.4B share buyback

        • +8.5% KRX.ID (Kingspan Group €86.40, +6.75) -- FY earnings

        • +8.3% TBCG.LN (TBC Bank Group £46.55, +3.55) -- FY earnings

        • +8.0% UNI.IM (Unipol Gruppo €21.01, +1.57) -- FY earnings

        • +7.3% GDS.FP (Ramsay Générale de Santé €11.00, +0.75) -- presents proposal to distribute Ramsay Santé shares held by Ramsay to Ramsay shareholders

        • +6.6% CATE.SS (Catena SEK491.00, +30.20) -- Q4 earnings

        • +6.1% ERA.FP (Eramet €48.92, +2.82)

        • +5.4% BRNL.NA (Brunel International €7.25, +0.37) -- FY earnings

        • +4.6% AI.FP (Air Liquide €175.24, +7.72) -- FY earnings

        • +4.4% MC.FP (LVMH Moet Hennessy Louis Vuitton €554.70, +23.20) -- Moncler sympathy

        • +4.0% ENX.FP (Euronext €127.40, +4.90)

        • +3.8% HOT.GR (Hochtief €407.80, +14.80) -- FY earnings

        • +3.3% KBX.GR (Knorr-Bremse €114.70, +3.70)

        • +3.1% BRBY.LN (Burberry Group £12.11, +0.36) -- Moncler sympathy

        • +3.1% MB.IM (Mediobanca €19.50, +0.59)

        • +2.9% SGO.FP (Compagnie de Saint-Gobain €90.04, +2.50)

        • +2.6% ZEAL.DC (Zealand Pharma DKK392.90, +10.10)

        • +1.9% CNA.LN (Centrica £1.89, +0.04)

        • +1.6% ACS.SM (ACS SA €106.30, +1.70)

        • +1.1% EZE.SM (Grupo Ezentis €0.09, -0.00) -- FY earnings

        • +0.9% AKAST.NO (Akastor NOK13.26, +0.12) -- contract

        • +0.6% MAU.FP (Maurel et Prom €8.64, +0.05)

      • Notable Decliners

        • -18.3% BITTI.FH (Bittium €29.40, -6.60) -- Inderes downgrade

        • -13.0% XBRANE.SS (Xbrane Biopharma SEK8.70, -1.30) -- Q4 earnings

        • -11.5% CANTA.SS (Cantargia SEK4.47, -0.58) -- FY earnings

        • -9.0% MTHH.DC (MT Hojgaard Holding DKK463.00, -46.00) -- FY earnings

        • -7.9% SFZN.SW (Siegfried Holding CHF82.90, -7.10) -- FY earnings

        • -7.5% ELON.SS (Elon AB SEK17.90, -1.45) -- Q4 earnings

        • -6.9% NK.FP (Imerys €23.64, -1.74) -- FY earnings

        • -4.9% LLBN.SW (Liechtensteinische Landesbank CHF94.10, -4.90) -- FY earnings

        • -3.0% TLW.LN (Tullow Oil £0.10, -0.00) -- trading update

        • -2.5% FPIP.SS (FormPipe Software SEK23.00, -0.60) -- Q4 earnings

        • -2.3% CHG.LN (Chemring Group £5.10, -0.12) -- AGM update

        • -2.2% SIS.GR (First Sensor €52.80, -1.20) -- Q1 earnings

        • -1.5% BNOR.NO (BlueNord NOK460.50, -7.00)

        • -1.2% NVG.PL (The Navigator Co. €3.34, -0.04) -- FY earnings

        • -0.9% UMI.BB (Umicore €18.55, -0.16) -- FY earnings

        • -0.5% DFDS.DC (DFDS DKK101.40, -0.50)

    • EU companies reporting on Monday:

      • Benelux: PostNL (PNL.NA)

      • DACHs: BELIMO Holding (BEAN.SW), Schloss Wachenheim (SWA.GR)

      • France: Exosens (EXENS.FP)

      • Nordics: Ensurge Micropower (ENSU.NO)

      • Southern Europe: Almirall (ALM.SM), Linea Directa Aseguradora (LDA.SM)

      • UK: MONY Group (MONY.LN)

      • CMD/Events: Enel (ENEL.IM)

  • Data:

    • Economics:

      • Feb flash manufacturing PMI

        • Eurozone 50.8 vs consensus 50.0, prior 49.5

        • France 49.9 vs consensus 50.9, prior 51.2

        • Germany 50.7 vs consensus 49.6, prior 49.1

        • UK 52.0 vs consensus 51.5, prior 51.8

      • Feb flash services PMI

        • Eurozone 51.8 vs consensus 51.9, prior 51.6

        • France 49.6 vs consensus 49.1, prior 48.4

        • Germany 53.4 vs consensus 52.4, prior 52.4

        • UK 53.9 vs consensus 53.5, prior 54.0

      • UK

        • Jan retail sales +4.5% y/y vs consensus +2.8%, prior revised +1.9% from +2.5%

        • Jan public sector net borrowing (£30.40B) vs consensus (£23.8B), prior £11.58B

      • Sweden Jan CPI +0.5% y/y vs preliminary +0.4%

      • Denmark Q4 preliminary GDP +3.0% y/y vs consensus +3.6%, prior +4.0%

      • Germany Jan PPI (3.0%) y/y vs consensus (2.1%), prior (2.5%)

    • Markets:

      • WTI Crude (Mar 26): ($0.37) or (0.56%) to $66.06

      • €-$ +0.0003 or +0.03% to 1.1779

      • £-$ +0.0025 or +0.19% to 1.3489

      • €-£ (0.0015) to 0.8731

      • S&P 500 +0.48%

      • Performance year-to-date

        • FTSE 100: +7.61%

        • DAX: +3.15%

        • CAC: +4.49%

        • MIB: +3.40%

        • Stoxx 600: +6.48%

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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