EUROPEAN OPEN: Stocks open flattish/mild upside bias

OPEN: An uninspiring open in Europe following weak leads from Wall Street and the overnight APAC session. President Lagarde's somewhat softer comments on monetary policy have not resulted in any major rally in EGBs, keeping tech/growth styles under pressure amid threats of higher yields, with Meta's Monday slide on Wall Street reminding us about the vulnerability of tech; the failure of the Softbank/Nvidia Arm deal after global regulators' objections also highlights other headwinds for the sector. In Europe, the earnings docket has been heavy on Tuesday: Tui (TUI LN) gave positive reopening commentary; bank BNP Paribas (BNP FP) topped expectations and targets higher revenue growth through 2025; supermarket Ocado's (OCDO LN) core earnings were dragged lower by investments; energy giant BP (BP LN) saw its highest profits in 8yrs.

INDICES: At 08:05GMT, Euro Stoxx 50 +0.1%, FTSE 100 +0.4%, DAX 40 +0.1%, CAC 40 +0.0%, FTSE MIB +0.1%, IBEX 35 +0.6%, SMI +0.2%. Travel & Leisure led gains after constructive commentary from Tui. Tech lags on higher yields, leads from Wall St as well as Nvidia/Softbank Arm deal collapse.

NOTABLE MOVERS:

Banco Sabadell (SAB SM) +2.8%: Reiterated OW at JPMorgan.
CaixaBank (CABK SM) +1.8%: Upgraded to buy at Citi.
Orange (ORA FP) +1.3%: Reportedly in talks to merge Spanish operations with Masmovil.
Deutsche Bank (DBK GY) +1.2%: Eyes expansion of US wealth management.
BP (BP/ LN) +1.1%: Earnings, highest profits in 8yrs.
Just Eat Takeaway (JET LN) -1.7%: To delist from Nasdaq.
EDF (EDF FP) -3.1%: Narrows FY22 nuclear guidance.
BNP Paribas (BNP FP) -3.9%: Earnings.
Ocado (OCDO LN) -9.5%: Earnings.

NOTE: Our full Newsquawk Daily European Equity Opening News (7/Feb) can be accessed here; additional European Equity News (7/Feb) can be accessed here.

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DAY AHEAD FEBRUARY 8TH:

08:00GMT/03:00EST: Spain Industrial Production (DEC)
09:00GMT/04:00EST: Italy Retail Sales (DEC)
11:00GMT/06:00EST: BCB Minutes
11:00GMT/06:00EST: Russia Vehicle Sales (JAN)
11:00GMT/06:00EST: US NFIB Business Optimism Index (JAN)
11:45GMT/06:45EST: Pfizer Inc (PFE) earnings (preview)
13:30GMT/08:30EST: Canada Trade Data (DEC)
13:30GMT/08:30EST: US Trade Data (DEC)
13:55GMT/08:55EST: US Redbook (05/FEB)
15:00GMT/10:00EST: US IBD/TIPP Economic Optimism (FEB)
16:00GMT/11:00EST: US Q4 Report on Household Debt and Credit
18:00GMT/13:00EST: US 3-Year Note Auction (history)
21:30GMT/16:30EST: US Weekly API Energy Inventories (04/FEB)