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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.2%), DAX (0.7%), CAC (0.4%)

Feb 23 ,2026

  • Synopsis

    • European equity markets set to open broadly lower following last week's gains. Recall the STOXX Europe 600 rose +2.08% last week, closing near all-time highs despite a backdrop of simmering Middle East tensions and AI disruption anxieties.

    • Market dealing with fallout from Friday's SCOTUS ruling striking down IEEPA tariffs. President Trump immediately announced global tariff rate of 10% that he has since raised to 15% under different trade authority. Administration expected to launch series of trade investigations under other statutes as it looks to restore effective tariff rate, creating more complicated trade picture. Another uncertainty relates to issue of tariff refunds though resolution not immediately forthcoming after SCOTUS refrained from offering guidance. SCOTUS decision and Trump's response injecting fresh uncertainty about state of current trade agreements. USTR Greer said no countries have indicated they planned to pull out of trade deals. However, plenty of articles discussing winners (SE Asia economies and China, whose tariff rates fall), losers (Australia, whose tariff rate rises to 15%) and implications for trade deals (reduced incentives for some Asian nations to fulfil purchase and investment commitments). India also said will postpone US trip. The EU says it requests full clarity and argues the current situation is not conducive to delivering "fair, balanced, and mutually beneficial" transatlantic trade and investment, as agreed to by both sides and spelled out in the EU-U.S. Joint Statement of August 2025. EU argues a deal is a deal and it expects the U.S. to honour its commitments set out in the Joint Statement. (link )

    • Asian equities mostly higher Monday. South Korea extending record-setting run amid continued strength in memory names. Hong Kong outperforming with China seen as winner of US tariff ruling. Australia weaker. Japan closed for Emperor's Birthday. Mainland China closed for LNY.

    • This week's agenda 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). Of note, overnight on Tue, President Trump due to deliver 2026 State of the Union Address at 21:00ET

    • European macro data releases out today include Germany Feb Ifo business climate, Italy Jan final CPI, Switzerland Jan PPI, Ireland Jan PPI

    • Among stocks in focus this morning: Rolls-Royce Holdings (RR.LN) to launch up to £1.5B buyback this week, reports Sky News; Dassault Systemes (DSY.FP) chairman Bernard Charlè to step down, effective immediately; Pearson (PSON.LN) eyed on back of Sunday Times article that activists Cevian and Artisan build large stakes; Enel (ENEL.IM) launches new share buyback of up to €1B, to run from 22-Feb until no later than 31-Jul; PostNL (PNL.NA) reports Q4 normalised EBIT €79M vs consensus €75M; announces €0.04/divi and guides FY26; Honeywell International (HON) reportedly considering withdrawing from deal to acquire Johnson Matthey's (JMAT.LN) Catalyst Technologies Business

    • In central banks, Bundesbank's Balz speech at 11:00CET at annual reception of one of the bank's regional offices, BOE's Taylor fireside chat at 11:00GMT at Deutsche Bank and ECB's Lagarde speech at 18:30CET for the 2026 Paul A. Volcker Lifetime Achievement Award and remarks at NABE Economic Policy Conf (livestream).

    • In politics, there are meetings of EU's Agriculture and Fisheries, EU's Hansen participates, as well as Foreign Affairs Councils, the latter chaired by EU's Kallas, whilst UK trade minister Bryant hosts Norway's minister of trade Myrseth at 10:00, following which Myrseth has roundtable with Norwegian business at 12:30 and EU's Šefčovič participates online in a G7 Trade Ministerial meeting and EU's Dombrovskis participates in Confederation of Swedish Enterprise event 'Beyond Omnibus: Simplification for a Competitive Europe'. In the Netherlands, a new cabinet will be sworn in, with Rob Jetten set to become PM.

    • Holidays: Greece (Ash Monday), Cyprus (Clean Monday), Russia (Defender of the Fatherland Day)

  • Politics/Macro/World News

    • UK Graduate Jobs Drop Below 10,000 for First Time, Adzuna Says -- Bloomberg

    • Iceland looks to fast-track vote on joining EU -- POLITICO

    • Bitcoin Falls Below $65,000 in Latest Bout of Tariff Uncertainty -- Bloomberg

    • Iran agreed secret shoulder-fired missile deal with Russia -- FT

    • Iran and U.S. to meet on Thursday for talks -- Reuters

  • Top company news

    • Earnings/updates

      • ALM.SM (Almirall) -- reports FY net income €46.2M vs FactSet €47.0M [12 est, €42-54.3M]

      • BEAN.SW (BELIMO Holding) -- reports FY net income CHF181.6M vs FactSet CHF186.6M [10 est, CHF175.1-194.1M]

      • PNL.NA (PostNL) -- reports Q4 normalised EBIT €79M vs consensus €75M; announces €0.04/divi and guides FY26

      • HLE.GR (FORVIA HELLA) -- reports preliminary FY EBIT €466M vs FactSet €413.0M [2 est, €371.5-454.5M]

      • Also reporting today

        • Earnings:

          • DACHs: Schloss Wachenheim (SWA.GR)

          • France: Exosens (EXENS.FP)

          • Nordics: Ensurge Micropower (ENSU.NO)

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

          • UK: MONY Group (MONY.LN)

        • CMD/Events: Enel (ENEL.IM)

    • M&A

      • 012510.KS (DOUZONE BIZON) -- EQT to launch tender offer for remaining 18.2M DOUZONE BIZON shares at KRW120,000/share

      • JMAT.LN (Johnson Matthey), HON (Honeywell International) -- reportedly considering withdrawing from deal to acquire Johnson Matthey's Catalyst Technologies Business - Bloomberg

      • ISB.IR (Íslandsbanki) -- announces that merger discussions with Skagi have been discontinued

      • ALL.LN (Atlantic Lithium) -- reports receipt of conditional, non-binding, indicative proposal to acquire the company, but notes no agreement was reached

      • LINK.NO (LINK Mobility Group Holding) -- LINK Mobility to initiate NOK167M extraordinary share-buyback program, postpone SPEC.LN (Inspecs Group) -- Safilo Group updates on Inspecs Group plc holdings

      • SPEC.LN (Inspecs Group) -- and Bidco 1125 announce switch from scheme of arrangement to a takeover offer

    • Healthcare

      • JNJ (Johnson & Johnson) -- announces new long-term data from the QUASAR LTE study; TREMFYA (guselkumab) long-term data show sustained clinical and endoscopic remission in ulcerative colitis through 3 years

      • TEVA (Teva Pharmaceutical) -- and Medincell announce FDA acceptance of NDA for olanzapine extended-release injectable suspension for the treatment of schizophrenia in adults

      • ABVX.FP (Abivax) -- presents first evidence of anti-fibrotic activity for Obefazimod alongside new clinical efficacy and safety analyses in inflammatory bowel disease at ECCO 2026

      • GBT.FP (Guerbet) -- announces new pediatric indication for Elucirem Injection (earlier, 11:21ET)

    • Other

      • RR.LN (Rolls-Royce Holdings) -- Rolls-Royce to launch up to £1.5B buyback this week - Sky News

      • DSY.FP (Dassault Systemes) -- chairman Bernard Charlè to step down, effective immediately

      • PSON.LN (Pearson) -- Activists Cevian and Artisan build large stakes in Pearson - Sunday Times

      • ENEL.IM (Enel) -- launches new share buyback of up to €1B, to run from 22-Feb until no later than 31-Jul

      • DG.FP (VINCI SA) -- enters into negotiations with French government for concession of future A154 and A120 motorway link

      • LI.FP (Klepierre) -- Chair David Simon to step down

      • Anthropic announces Claude Code Security now available in research preview (+ANTHROPIC)

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- Monte dei Paschi approves preliminary list of candidates for new board - Bloomberg

      • Estimated weekend box office revenues in US, Canada $73.3M, (6%) y/y - Box Office Mojo

      • Regional Gaming Revenues - Massachusetts January 2026

  • Key rating changes

    • Upgrades

      • (NULL) -- Barclays transfers BKG.LN, BREE.LN, BWY.LN, others

      • SAN.SM (Banco Santander) -- to outperform from sector perform at RBC Capital Markets

      • ABN.NA (ABN AMRO Bank) -- to buy from neutral at BofA

      • ASRNL.NA (ASR Nederland) -- to outperform from neutral at Mediobanca

    • Downgrades

      • RI.FP (Pernod Ricard) -- to sell from hold at Deutsche Bank

      • ICAD.FP (Icade) -- to equal-weight from overweight at Morgan Stanley

      • XBRANE.SS (Xbrane Biopharma) -- to hold from buy at Pareto

      • VATN.SW (Valiant Holding) -- to neutral from buy at UBS

  • Data

    • Nikkei +0.00% to 56825.70

    • Hang Seng +2.69% to 27122.82

    • Shanghai Composite +0.00% to 4082.07

    • S&P futures (45.8) vs prior close of 6923.3

    • €-$ +0.0027 or +0.23% to 1.1824

    • $-¥ (0.44) or (0.29%) to 154.50

    • €-¥ (0.06) or (0.03%) to 182.69

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.
Please refer to "Terms Of Use".

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