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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.45%, DAX +0.32%, CAC40 +0.17%

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

    • Trump warns Iran of 'bad things' if no deal made, sets deadline of 10-15 days (Reuters )

    • Blue Owl's Woes Expose Private Credit Risks for Retail Investors (Bloomberg )

  • 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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