Feb 20 ,2026
Synopsis
European indices are set to open higher. Tension with Iran continue to escalate, with reports indicating US military prepared to strike the country as soon as this weekend
Asia equities trading mixed Friday. Japan's two main benchmarks gapped lower at the bell and stayed near their trough all day. Hang Seng reopened with sharp falls with rotation out of 'traditional internet' names and into AI pure plays evident
US equities finished mostly lower in Thursday trading, though ended off worst levels. S&P broke a three-session string of gains (though remains higher WTD). Big tech was mostly weaker with AAPL the notable decliner
Friday sees, in central banks, ECB's Lagarde acceptance speech at 1:00CET for the Wolfgang Friedmann Memorial Award at Columbia Law School. In Latvia, there's expert panel event at 9:00CET providing an insight into the dynamics of public debt among European countries and in Italy, there's 32nd ASSIOM FOREX Congress (through Sat), with Bank of Italy's Panetta due to speak at 11:30CET on Sat.
Economic: Eurozone, France, Germany, UK Feb flash manufacturing/services PMIs, Germany Jan PPI, UK Jan retail sales, public sector net borrowing, Denmark Q4 preliminary GDP, Sweden Jan final CPI
Earnings reported so far today: (UNI.IM) Unipol Gruppo reports FY net income €1.53B vs FactSet €1.42B.. (AI.FP) Air Liquide reports FY EPS €6.10 vs consensus €6.01 (ALK.B.DC) ALK-Abello reports FY EBIT DKK1.65B vs FactSet DKK1.61B. (CANTA.SS) Cantargia reports FY EPS SEK0.59 vs FactSet SEK0.44. (SFZN.SW) Siegfried Holding reports FY core net income CHF162.1M vs FactSet CHF162.3M
Politics/Macro/World News
Top company news
Earnings/updates
MONC.IM (Moncler) -- reports FY net income €626.7M vs FactSet €596.2M [23 est, €574-630.0M]
SIKA.SW (Sika Group) -- reports FY EPS CHF6.50 vs FactSet CHF6.92 [20 est, CHF6.34-8.67]
SFZN.SW (Siegfried Holding) -- reports FY core net income CHF162.1M vs FactSet CHF162.3M [8 est, CHF149.3-174M]
LI.FP (Klepierre) -- reports FY CFPS €2.72 vs FactSet €2.69
GTT.FP (Gaztransport & Technigaz) -- reports FY net income €413.6M vs FactSet €425.6M [11 est, €393.7-475M]
MMB.FP (Lagardere) -- reports FY adjusted net income €319M vs FactSet €261M
NK.FP (Imerys) -- reports FY current EPS €1.73 vs FactSet €1.76 [6 est, €1.53-1.89]
MOL.HB (MOL Hungarian Oil & Gas) -- reports Q4 EPS Ft121.3 vs FactSet Ft124.03 [2 est, Ft97.03-151.03]
CANTA.SS (Cantargia) -- reports FY EPS SEK0.59 vs FactSet SEK0.44 [1 est]
COFA.FP (Coface) -- reports FY net income €222.0M vs FactSet €231.6M [5 est, €220-254.6M]
COFA.FP (Coface) -- Follow-up: Coface reports FY results
BION.SW (BB Biotech) -- BB Biotech reports final Q4 earnings inline with preliminary release: Launch of a new share buyback program
ALHG.FP (Louis Hachette Group SA) -- reports FY adjusted net income €212M, +23% vs year-ago €173M
ALLN.SW (Allreal Holding) -- reports FY net income (ex-revaluation gains) CHF122.1M vs FactSet CHF120.9M; Positive outlook for 2026
M&A
GLEN.LN (Glencore) -- launched talks for stake sale in Kazzinc Ltd in Kazakhstan -- Bloomberg, citing people familiar with the matter
STAN.LN (Standard Chartered) -- launches process to sell Botswana business - Bloomberg
VISTAA.MM (Vista Oil & Gas) -- provides update related to acquisition of Equinor's assets in Vaca Muerta
QBE.AU (QBE Insurance Group) -- Swiss Re Corporate Solutions to acquire QBE's Global Trade Credit and Surety business; terms undisclosed
AGGK.LN (Aggreko) -- Aggreko's owners moving forward with plans for either US IPO or stake sale, targeting $12B valuation - FT
DOFG.NO (DOF Group) -- announces high-grading of AHTS fleet through vessel transactions
500672.IN (Novartis India) -- Novartis to sell 70.7% stake in Novartis India to consortium
Healthcare
ROG.SW (Roche Holding) -- Roche's giredestrant gets FDA NDA acceptance in ESR1-mutated, ER-positive advanced breast cancer
4519.JP (Chugai Pharmaceutical) -- launches ELEVIDYS Intravenous Infusion as a regenerative medical product for the treatment of Duchenne muscular dystrophy (DMD) in Japan
PRTC.LN (PureTech Health) -- issues press release on previously disclosed FDA and EC orphan drug designations to deupirfenidone (LYT-100) for the treatment of idiopathic pulmonary fibrosis (IPF)
RHC.AU (Ramsay Health Care) -- presents proposal to distribute Ramsay Santé shares held by Ramsay to Ramsay shareholders
Other
DGE.LN (Diageo) -- CEO Dave Lewis planning major overhaul of executive team - FT
ORA.FP (Orange) -- Transcript Intelligence: Orange Capital Markets Day
UCG.IM (UniCredit) -- cancels 53.7M treasury shares
RECSI.NO (REC Silicon) -- shareholders to vote on 12-Mar on previously disclosed rights issue, share capital reduction by reduction of the nominal value
RECSI.NO (REC Silicon) -- announces key information relating to previously disclosed rights issue
PRS.NO (Prosafe) -- appointa Halvdan Kielland as permanent CFO
AKAST.NO (Akastor) -- Akastor's 66.7% owned affiliate AKOFS Offshore secures contract worth ~$213M for its vessel "Aker Wayfarer"
Quick Take: Rio Tinto (3.7%) on broadly in-line FY result with NPAT miss vs SA; cash generation strained amid heavy investment phase
Ramsay Health Care presents proposal to distribute Ramsay Santé shares held by Ramsay to Ramsay shareholders
Key rating changes
Upgrades
CAST.SS (Castellum AB) -- to buy from hold at ABG Sundal Collier
OEM.B.SS (OEM International) -- to buy from hold at Handelsbanken
STJ.LN (St. James's Place) -- to buy from neutral at UBS
SUS.SS (Surgical Science Sweden) -- to buy from hold at Pareto
TEMN.SW (Temenos) -- to neutral from underperform at Oddo
TKA.GR (ThyssenKrupp) -- to buy from hold at Jefferies
CINT.SS (Cint Group) upgraded to buy from hold at SEB
Downgrades
TIT.IM (Telecom Italia) -- to hold from buy at Deutsche Bank
ARCAD.NA (ARCADIS) -- to sector weight from overweight at KeyBanc
BITTI.FH (Bittium downgraded to reduce from accumulate at Inderes
Initiations
AZN.SS (AstraZeneca) -- buy at Sparebank 1 Markets
BOOZT.SS (Boozt Fashion) initiated buy at Nordea
Other Actions
CBK.GR (Commerzbank) -- transferred equal weight at Barclays; prior rating was equal weight
Data
Nikkei (1.04%) to 56871.04
Hang Seng (0.63%) to 26538.83
Shanghai Composite +0.00% to 4082.07
S&P futures +20.8 vs prior close of 6877.0
€-$ (0.0021) or (0.18%) to 1.1755
$-¥ +0.23 or +0.15% to 155.22
€-¥ (0.05) or (0.03%) to 182.45
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