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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.10%), DAX +0.12%, CAC40 +0.04%

Feb 24 ,2026

  • Synopsis

    • European equity markets are set to open mixed, amidst Asia equities trading mixed Tuesday. Japan benchmarks trading higher despite a volatile and slightly negative open. Mainland China benchmarks trading higher on their first day back after the LNY break. More strong gains for Taiwan and South Korea benchmarks.

    • AI disruption trade once again in focus following Citrini note spelling out scenario where AI agents displace business models predicated on intermediation and trigger PE-backed software defaults over coming years. Other major focus was IBM, which fell 13% for its worst day since 2000 after Anthropic's Claude announced capabilities in COBOL. Asian software names including NEC (6701.JP), Fujitsu (6702.JP), Nomura Research Institute (4307.JP) and Kingsoft (3888.HK) among heaviest decliners.

    • Markets dealing with fresh trade uncertainty following SCOTUS ruling striking down IEEPA tariffs. Most US trading partners issued reacted cautiously rather than taking opportunity to revisit trade deals with Japan reaffirming its commitment to implementing current agreement. Trump also warned countries that "play games" will be hit with much higher tariffs than before. Japan Trade Minister Akazawa also conveyed to Commerce Secretary Lutnick Japan should not be made worse off under new tariff policy.

    • Also on today's agenda, in politics, in UK, House of Commons sees Opposition Day debate (topic tbc). Committee topics include BOE Monetary Policy Reports at 14:15GMT (BOE's Bailey, Greene, Taylor and Pill (livestream)) and pre-appointment hearing in connection with the appointment of the Government's preferred candidate as Chair of the Competition and Markets Authority at 14:30. There's a meeting of EU's General Affairs Council. On the fourth anniversary of Russia's full-scale invasion of Ukraine, Jacques Delors Institute event at 14:30CET title What hopes for Ukraine and Europe?. EU's von der Leyen is due to visit Ukraine, whilst EU's Dombrovskis participates in the 4th Annv. event in Paris 'War on Ukraine - What needs to change?'. France's President Macron and UK PM Starmer co-host a video-conf meeting of Ukraine's coalition of the willing. Elsewhere, Norway's minister of fisheries and oceans Næss in London (through Wed) and will have political discussions with British ministers on fisheries and shipping, as well as meet industry players at the Norway-UK Seafood Summit. EU's Hansen speech at the FoodDrinkEurope Partnership Days (through Fri). Franco-German Chamber of Commerce and Industry (AHK) presents its latest economic outlook at 9:00CET. European Automobile Manufacturers' Association (ACEA) Jan new car registrations for EU + EFTA + UK

    • In central banks, Austria central bank's Kocher speech at 11:30CET in Vienna, the same time as ECB's Machado speaks at KPMG RiskTech Conf. ECB's Tuominen panellist at 17:00CET at Nordea-ING event on 'Banks and EU competitiveness: the untapped potential of the single market' and Riksbank's Jansson speech about the economic situation at 18:00CET at seminar arranged by Swedbank. Croatia central bank's Fras introductory remarks at 19:00CET at event organized by Univ. of Zagreb, others title 'Digital Euro: Concept and Perspective'. Greece's central bank may release its latest monthly inflation monitor. Hungary interest rate decision, a (25bps) cut is expected in the benchmark interest rate to 5.25%.

    • European macro data releases out today include, France Feb business confidence, Finland Jan unemployment rate, UK Feb distributive trades - CBI.

    • A busy morning for earnings, DACHs names kicking off the session with dormakaba Holding (DOKA.SW), Wienerberger (WIE.AV), Fresenius Medical Care (FME.GR) reported H1/Final year results. In France, Edenred (EDEN.FP) and Forvia (FRVIA.FP) issued FY earnings reports. In Benelux, JDE Peet's (JDEP.NA) and Solvay (SOLB.BB) reported Q4/FY numbers, with the later announcing optimization for soda ash capacity to strengthen competitiveness; net reduction of maximum 77 positions. Elsewhere, Standard Chartered (STAN.LN) released Q4 earnings yesterday after the markets closed with Q4 underlying PBT miss but better capital/distributions and reassuring 2026 targets. Other notable companies due to report today includes Temenos (TEMN.SW), SBC Holdings (HSBA.LN), Croda International (CRDA.LN), MTU Aero Engines (MTX.GR), and Endesa (ELE.SM).

  • Politics/Macro/World News

    • Europe's 'tech sovereignty' ambitions carry security risks, military warns - FT

    • Trump warns countries that 'play games' with US trade deals will face higher tariffs - Reuters

    • European Auto Sales Fall Even as EV Demand Cushions the Drop - Bloomberg

    • Finland Jan Unemployment Rate 10.3% vs consensus 10.0% and prior 9.8%

  • Top company news

    • Earnings/updates

      • DACHs

        • DOKA.SW (dormakaba Holding) -- reports H1 net income CHF77.4M vs StreetAccount CHF76.7M

        • WIE.AV (Wienerberger) -- confirms prelim FY earnings as per 15-Feb update; guides FY26

        • OERL.SW (OC Oerlikon Corp.) -- reports FY net income (CHF14M) vs FactSet CHF11.3M [4 est, (CHF6.4)-19.8M]

        • PSPN.SW (PSP Swiss Property) -- reports FY EPRA EPS CHF4.91 vs FactSet CHF5.09 [6 est, CHF4.94-5.43]

        • TTK.GR (Takkt) -- reports Q4 EPS (€1.88) vs year-ago (€0.87)

        • BBN.SW (Bellevue Group) -- reports FY net income CHF1.9M vs year-ago CHF9.2M

        • FME.GR (Fresenius Medical Care) -- reports Q4 operating income excl. special items €705M vs consensus €633M

        • CWC.GR (CEWE Stiftung & Co) -- reports preliminary Q4 EBIT €86.4M vs year-ago €81.1M

        • INH.GR (INDUS Holding) -- reports prelim FY adj EBITA €147.8M vs FactSet €151.1M

        • ZIL2.GR (Elringklinger) -- reports prelim FY adj EBIT €88.6M vs FactSet €73.6M [4 est, €44-88M]

        • F3C.GR (SFC Energy) -- reports preliminary FY adjusted EBIT €8.9M vs FactSet €6.4M [6 est, €4-9M]

        • ELG.GR (Elmos Semiconductor) -- reports FY EPS €5.88 vs FactSet €5.43 [6 est, €5.27-5.72]; guides FY26 and FY30

      • Benelux

        • GLPG.NA (Galapagos) -- reports FY EPS €4.87 vs year-ago €1.12

        • JDEP.NA (JDE Peet's) -- reports FY EPS €2.46 ex-items vs FactSet €2.06 [4 est, €1.90-2.16]

        • SOLB.BB (Solvay) -- reports Q4 underlying EBITDA €169M vs consensus €170.0M

      • France

        • EDEN.FP (Edenred) -- reports FY net income €521M vs consensus €526M; hikes divi by 10% and guides FY26

        • FRVIA.FP (Forvia) -- reports FY Operating income €1.46B vs consensus €1.44B

      • UK

        • STAN.LN (Standard Chartered) -- reports Q4 underlying EPS 37.1c vs consensus 36.50c

      • Nordics

        • LSG.NO (Lerøy Seafood Group) -- reports Q4 EPS NOK0.15 and unclear if comparable to FactSet NOK0.62 [12 est, NOK0.40-1.11]

        • SALME.NO (Salmon Evolution) -- reports Q4 EPS NOK0.00 vs FactSet (NOK0.09) [7 est, (NOK0.12)-0.00]

        • MPCC.NO (MPC Container Ships) -- reports Q4 adjusted EPS $0.10 vs FactSet $0.08 [4 est, $0.08-0.09]

        • AUSS.NO (Austevoll Seafood) -- reports Q4 EPS NOK0.0 ex-items vs FactSet NOK1.04 [8 est, NOK0.55-1.72]

        • BNOR.NO (BlueNord) -- reports Q4 EPS $1.50 vs FactSet $1.02 [6 est, $0.06-1.55]

        • HANZA.SS (HANZA AB) -- reports Q4 adj. EPS SEK2.07 vs FactSet SEK1.46 [2 est, SEK1.46-1.46]; will present long term targets at CMD on 10-Mar

        • MAHA.A.SS (Maha Capital) -- reports Q4 EPS ($0.02) vs year-ago $0.06

      • Southern Europe

        • MVC.SM (Metrovacesa) -- reports FY net income €56.9M vs FactSet €44.6M [4 est, €34-58.4M]

        • TEF.SM (Telefonica) -- reports Q4 adjusted EBITDA €3.20B vs consensus €3.15B

      • Also reporting today

        • Earnings:

          • Benelux: Nedap (NEDAP.NA)

          • Denmark: Per Aarsleff Holding (PAAL.B.DC), Danske Andelskassers Bank (DAB.DC)

          • France: Altarea (ALTA.FP), Verallia (VRLA.FP), Bic (BB.FP)

          • Germany: MTU Aero Engines (MTX.GR), Dr. Hönle (HNL.GR)

          • Italy: Telecom Italia (TIT.IM), Saipem (SPM.IM)

          • Norway: SED Energy Holdings (ENH.NO),

          • Other: Uniphar (UPR.ID)

          • Spain: Endesa (ELE.SM), Grenergy Renovables (GRE.SM), ENCE Energia y Celulosa (ENC.SM)

          • Sweden: BONESUPPORT HOLDING (BONEX.SS), Immunovia (IMMNOV.SS)

          • Switzerland: Temenos (TEMN.SW)

          • UK: HSBC Holdings (HSBA.LN), Croda International (CRDA.LN), UNITE Group (UTG.LN), Georgia Capital (CGEO.LN), McBride (MCB.LN), Brooks MacDonald Group (BRK.LN)

        • Trading Update:

          • France: Adocia (ADOC.FP)

        • CMD/Events: Forvia (FORVIA.FP), TBC Bank Group (TBCG.LN) Strategy Day

    • M&A

      • MANTA.FH (Mandatum) -- Holder Altor Invest 8 to place 35.0M shares in Mandatum plc

      • CVW.AU (ClearView Wealth) -- enters scheme implementation to be acquired by Zurich for A$0.65/share cash

      • DOKA.SW (dormakaba Holding) -- acquires a stake in SwiftConnect Inc.; financial terms weren't disclosed

      • WIE.AV (Wienerberger) -- to acquire Italcer Group; terms undisclosed

      • General Atlantic confirms agreement to acquire equity stake in Grupo Financiero Banamex from Citigroup

      • Cochin Shipyard and HD Korea Shipbuilding near deal for $500M (INR45.48B/KRW722.72B) 50:50 JV for ship-block fabrication - Mint, citing chairman and MD Jose V.J.(pre-open)

    • Healthcare

      • NVO (Novo Nordisk) -- Street Takeaways - Novo Nordisk REDEFINE 4 trial in people with obesity did not achieve its primary endpoint

      • SN.LN (Smith & Nephew) -- signs distribution agreement with SI-BONE

      • RENX.LN (Renalytix) -- SEC filing: SCHEDULE 13D/A (Filed by JEFFERSON RIVER CAPITAL LLC)

      • 4516.JP (Nippon Shinyaku) -- grants marketing authorization from UCB for Fintepla oral solution in Japan effective 1-Apr-26

      • GALE.SW (Galenica) -- announces Bichsel plans to discontinue its production division by the end of 2026 at the latest

    • Other

      • BA.LN (BAE Systems) -- awarded $98.9M USAF contract

      • SPM.IM (Saipem) -- awarded a new offshore contract in Saudi Arabia worth ~$500M

      • NEX.FP (Nexans) -- holder Invexans (Quiñenco/Luksic Group) reportedly plans to reduce stake by ~2.2M shares via bookbuilding offering - Bloomberg

      • SOLB.BB (Solvay) -- optimizes soda ash capacity to strengthen competitiveness; net reduction of maximum 77 positions

      • SINCH.SS (Sinch) -- AB launches buyuback

      • IPS.FP (Ipsos) -- appoints Nathan Brumby as Chief Platforms and Technology Officer, effective 16-Feb-26; COO to step down

      • European Automobile Manufacturers' Association (ACEA) January new car registrations for EU + EFTA + UK (3.5%) y/y

      • Keurig Dr Pepper announces updated financing plan for JDE Peet's acquisition

  • Key rating changes

    • Upgrades

      • ASHM.LN (Ashmore Group) -- to buy from hold at Jefferies

    • Downgrades

      • NOVO.B.DC (Novo Nordisk) -- to neutral from overweight at JPMorgan

      • RIO.LN (Rio Tinto) -- to equal weight from overweight at Barclays

      • JMAT.LN (Johnson Matthey) -- to neutral from overweight at JPMorgan

      • ELI.BB (Elia Group SA/NV) -- to neutral from buy at UBS

      • GALE.SW (Galenica) -- to sell from neutral at UBS

    • Initiations

      • ELIS.FP (Elis) -- sector perform at RBC Capital Markets

      • THEON.NA (Theon International) -- outperform at Oddo

  • Data

    • Nikkei +0.87% to 57321.09

    • Hang Seng (1.97%) to 26548.25

    • Shanghai Composite +0.83% to 4115.89

    • S&P futures +15.0 vs prior close of 6851.5

    • €-$ (0.0005) or (0.04%) to 1.1781

    • $-¥ +0.36 or +0.23% to 155.03

    • €-¥ +0.35 or +0.19% to 182.62

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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