Newsquawk Daily European Equity Opening News - 11th February 2026

ASIA

APAC stocks traded higher but with some of the gains in the region capped after the weak handover from the US and with the NFP report on the horizon, while participants also digested earnings and data in thinned conditions, with Japanese markets shut for a holiday. ASX 200 outperformed with the index led higher by the top-weighted financial sector after shares in Australia's largest lender and company by market cap, CBA, rallied following a 5% increase in H1 profits. Hang Seng and Shanghai Comp were kept afloat following the PBoC's liquidity operations and recent pledge to continue implementing an appropriately loose monetary policy in its quarterly implementation report. However, the upside was limited as participants also reflected on the mixed Chinese inflation data in which CPI printed softer-than-expected, while PPI was slightly better-than-feared but remained in deep deflationary territory.

Chinese autos - Chinese January vehicle sales fell 3.2% Y/Y vs prev. decline of 6.2% Y/Y in December

Chinese Inflation - Chinese Inflation Rate YoY (Jan) Y/Y 0.2% vs. Exp. 0.4% (Prev. 0.8%, Low. 0.1%, High. 0.9%); Inflation Rate MoM (Jan) M/M 0.2% vs. Exp. 0.3% (Prev. 0.2%, Low. 0.1%, High. 0.5%); PPI YoY (Jan) Y/Y -1.4% vs. Exp. -1.5% (Prev. -1.9%, Low. -1.9%, High. -1.0%)

Samsung (005930 KS) - ByteDance reportedly plans to produce 100k-300k units of AI chips this year, while it is developing the AI chip and is in talks with Samsung to manufacture it, according to sources.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.18% at 6,048, Dax 40 -0.12% at 24,986, FTSE 100 -0.31% at 10,354, CAC 40 +0.06% at 8,328, FTSE MIB -0.04% at 46,803, IBEX 35 -0.43% at 18,118, PSI -0.42% at 8,953, SMI -0.05% at 13,511, AEX +0.51% at 1,004

SECTORS: Consumer Disc 1.62%, Materials 1.21%, Healthcare 0.78%, Consumer Stpl 0.67%, Utilities 0.54%, IT 0.11%, Telecoms -0.20%, Industrials -0.52%, Energy -1.00%, Financials -1.16%.

FTSE 100

OTHER UK COMPANIES

BROKER MOVES

B&M (BME LN) upgraded to Buy from Add at Peel Hunt

EasyJet (EZJ LN) upgraded to Buy from Neutral at Citigroup

Fever tree (FEVR LN) upgraded to Overweight from Equal Weight at Barclays

DAX

Commerzbank (CBK GY) - Q4 (EUR): Revenue 3.14bln (exp. 3.09bln), NII 2.05bln (exp. 2.04bln, prev. 2.31bln Y/Y), Net Income 737mln (exp. 628.6mln); Outlook 2026: Net result expected above original target of EUR 3.2bln (exp. 3.41bln) Q4 Metrics continued: Loan-loss provision 207mln, -3.3% Y/Y. CET1 Ratio 14.7% (exp. 14.6%). FY: Revenue 12.2bln (exp. 12bln) NII 8.23bln (prev. 8.33bln Y/Y) CET1 Ratio 14.7% (prev. 15.1% Y/Y) Op. Result 4.50bln (prev. 3.83bln Y/Y). (Commerzbank)

Siemens Energy (ENR GY) - Q1 (EUR): Revenue 9.6bln (exp. 9.83bln), Profit Before Special Items 1.16bln (exp. 992.4mln), Orders 17.61bln (exp. 14.17bln); affirms guidance. CEO: "We have made a very strong start to the financial year. Sustained high demand in our gas turbines and grid technologies businesses is making a significant contribution to overall performance. Also in the wind business, there are early signs of a modest improvement". Siemens Gamesa continues to plan to break even in the 2026 fiscal year. The underlying operational measures are showing results, in particular the improved productivity in Offshore and increased service profitability in Onshore. The first quarter continued the positive development of the past fiscal year. (Siemens Energy)

OTHER GERMAN COMPANIES

Thyssenkrupp Nucera (NCH2 GY) - Q1 (EUR): Sales 147mln (exp. 155.7mln), Order Intake 95mln (prev. 75mln Y/Y). FY Outlook: Sales 500-600mln (exp. 555.7mln). First quarter order intake and sales were below previous year's level, as market uncertainties continue to affect the green hydrogen sector. A significant increase in Q2 order intake is expected following the signing of Thyssenkrupp Nucera's largest chlor-alkali new construction project, valued in the high double-digit million-euro range. Confirms FY25/26 outlook. (Thyssenkrupp Nucera).

Wacker Neuson (WAC GY) - FY (EUR): Revenue 2.22bln (exp. 2.2bln), EBIT 132mln (prev. 123mln Y/Y). Due to one-off effects in Q4/2025 the EBIT margin was below the most recently published guidance range. The one-off effects include addition legal and consulting costs in connection with the public takeover discussions with Doosan Bobcat Inc. (Wacker Neuson)

BROKER MOVES

CAC

Airbus (AIR FP), Palantir Technologies (PLTR) - Palantir and Airbus extended their collaboration via a multi-year agreement where Airbus will continue using Palantir’s Skywise civil aviation data platform, which supports aircraft and equipment design, production efficiency, safety and sustainability across Airbus’s industrial operations. (Palantir)

Dassault Systemes (DSY FP) - Q4 (EUR): EPS 0.33 (exp. 0.33), Adj. EBIT 622mln (exp. 654.6mln), Non-IFRS Revenue 1.68bln (exp. 1.74bln), Non-IFRS Revenue ex-FX +1% (exp. +3.49%); Sees Q1'26 Revenue ex-FX 1-5%, EPS 0.25-0.31 (exp. 0.33). Initiating FY26 non-IFRS outlook: total revenue growth of 3% to 5%, operating margin between 32.2% and 32.6%, and diluted EPS of EUR 1.30-1.34. AI-powered Virtual Twins showing early traction and demonstrating strong customer value; building a strategic partnership with NVIDIA (NVDA) to establish new Industry World Models at scale. (Dassault Systemes)

TotalEnergies (TTE FP) – Co. reportedly to take ownership of Zeeland refinery which was formerly co owned by Russia’s Lukoil.

OTHER FRENCH COMPANIES

Gecina (GFC FP) - FY (EUR): Net Income 494.5mln (prev. 474.4mln Y/Y). Favorable market outlook, with demand increasingly focused on prime workspace demand expected to outpace supply in this segment by end‑2027. Recurrent net income per share (Group share) expected to be up +0.2% to +1.0% at EUR 6.70-6.75. (Gecina)

BROKER MOVES

ArcelorMittal (MT FP) upgraded to Buy from Hold at Jefferies

Wendel (MF FP) downgraded to Neutral from Outperform at Oddo Securities

PAN EUROPE

ABN AMRO (ABN NA) - Q4 (EUR) EPS 0.43 (exp. 0.54), NII 1.66bln (exp. 1.63bln, prev. 1.66bln Y/Y), Op. Income 2.25bln (prev. 2.24bln Y/Y); Additional EUR 500mln capital distribution; final dividend proposed of EUR 0.70/shr. "For 2026, we maintain our guidance for commercial net interest income of around EUR 6.4bln (exp. 6.62bln), excluding the intended acquisition of NIBC." "For 2026, we expect costs of EUR 5.6bln, excluding restructuring expenses and the intended acquisition of NIBC". (ABN AMRO)

Energy Names - Syria taps energy majors to explore for trillions of cubic meters of gas with the state oil chief noting that Chevron (CVX), ConocoPhillips (COP) and TotalEnergies (TTE FP) and Eni (ENI IM) are interested in exploration, according to FT. (FT)

Heineken (HEIA NA) - FY 2025 (EUR): Adj. Op. Profit 4.93bln (exp. 4.37bln), Organic Beer Volume -1.2% (exp. -2.48%), Div/Shr 1.90 (exp. 1.90); Sees 2026 Adj. Op. Profit +2-6%. Co also to axe up to 6k jobs over the next 2 years. (Heineken)

KBC (KBC NA) - KBC Group finalises acquisition of Business Lease Czech Republic and Slovakia. The total consideration for the deal amounts to EUR 72mln and has only an immaterial impact on KBC Group’s robust capital position (a reduction of just 4 basis points on KBC Group’s unfloored fully loaded CET1 ratio). (KBC)

Ahold Delhaize (AD NA) – Q4 2025 (EUR) Revenue 23.5bln (exp. 23.4bln) Adj. operating income 899mln (exp. 918mln). (Ahold Delhaize)

Randstad (RAND NA) Q4 2025 (EUR): Revenue 23.08bln (prev. 24.12bln Y/Y), EBITA 595mln (prev. 573mln Y/Y), Net income 299mln (prev. 123mln Y/Y). (Randstad)

Stellantis (STLAP FP/STLAM IM) - Co. seeks to exit battery venture with Samsung as EV losses mount, Bloomberg reports. (Bloomberg)

Universal Music Group (UMG NA) – Co.’s takeover of Downtown Music Group receives EU approval, according to the FT. (Financial Times)

BROKER MOVES

SMI

Galderma (GALD SW) – Co. expands Restylane portfolio in Japan with launch of OBT hyaluronic acid injectables Restylane Defyne and Refyne. (Galderma)

Novartis (NOVN SW) - Novartis received FDA orphan drug designation for a 2'-methoxyethyl antisense gapmer oligonucleotide targeting MAPT mRNA for the treatment of progressive supranuclear palsy. The designation status is listed as designated, and the product is not FDA approved for the orphan indication. (Novartis)

Schindler Holdings (SCHP SW) – FY 2025 (CHF): Revenue 10.95bln (prev. 11.24bln Y/Y), Operating profit 1.38bln (prev. 1.27bln Y/Y), Basic EPS 9.48 (prev. 8.83 Y/Y). (Schinder Holdings)

OTHER SWISS COMPANIES

SGS (SGSN SW) – FY 2025 (CHF): Revenue 6.95bln (prev. 6.79bln Y/Y), adjusted Operating profit 1.1bln (prev. 1.08bln Y/Y); guides initial FY26 organic growth target of +5-7% (SGS)

BROKER MOVES

SCANDINAVIA

Aker BP (AKRBP NO) - Q4 (USD): Revenue 2.6bln (exp. 2.48bln), EBITDA 2.07bln (exp. 2.15bln). A dividend of USD 0.63/shr was paid in the quarter, bringing full-year dividends to USD 2.52/shr. Stable production: Net production averaged 411 mboepd, supported by 96 percent production efficiency and safe, reliable operations across the portfolio. (Aker BP)

Kojamo (KOJAMO FH) - Co. has agreed to acquire a housing portfolio and issued special rights entitling to shares. (Kojamo)

Storebrand (STB NO) – Q4 2025 (NOK): Net Income 1.15bln (exp. 1.06bln Y/Y), Operating profit 1.13bln. (Storebrand)

Sweco (SWECB SS) - Q4 (SEK): Sales 8.5bln (exp. 8.59bln), EPS 1.84 (exp. 1.96bln). The Board of Directors proposes a dividend distribution of SEK 3.70 (prev. 3.30/shr). (Sweco)

BROKER MOVES

US

CLOSES: SPX -0.33% at 6,942, NDX -0.56% at 25,128, DJI +0.10% at 50,188, RUT -0.34% at 2,680

SECTORS: Communication Services -0.84%, Financials -0.75%, Health -0.63%, Consumer Staples -0.63%, Technology -0.58%, Energy -0.08%, Industrials +0.12%, Consumer Discretionary +0.45%, Materials +1.29%, Real Estate +1.39%, Utilities +1.59%.

Ford (F) - Ford shares rose 0.8% in extended trading despite a quarterly earnings miss, as the the automaker guided stronger profits for 2026, and highlighted progress in improving its core business and cost controls. Q4 adj. EPS 0.13 (exp. 0.19), Q4 revenue USD 45.9bln (exp. 41.78bln); Q4 adj. EBIT was USD 1bln, with Ford Pro revenue of USD 14.9bln and Ford Blue revenue of USD 26.2bln. Said Q1 EBIT is expected to be flat sequentially, with a return towards a more normalised EBIT level in Q2 and an underlying run-rate in H2. Sees FY26 adj. EBIT between USD 8-10bln, including a USD 2bln headwind from the Novelis fires and a net tariff impact of USD 2bln, USD 1bln higher than previously communicated due to late changes in tariff credits. Sees FY26 EBIT for Ford Pro between USD 6.5-7.5bln, and for Ford Blue between USD 4-4.5bln, while Ford Model E is expected to post losses between USD 4-4.5bln. Sees FY26 adj. free cash flow between USD 5-6bln with capex between USD 9.5-10.5bln, and continues to target an 8% adj. EBIT margin by 2029.

Gilead (GILD) - Gilead shares fell 1.6% in extended trading after the company issued a FY26 outlook at the low end of expectations, including a weaker-than-anticipated forecast for its Yeztugo sales and a trimmed growth outlook due to a pricing agreement and insurance coverage uncertainty. Q4 adj. EPS 1.86 (exp. 1.83), Q4 revenue USD 7.9bln (exp. 7.68bln). Q4 Yeztugo sales were USD 96mln (exp. 88mln), while Biktarvy sales rose 5% to USD 4bln (exp. 3.8bln). Highlighted a strong close to the year, citing the US launch of Yeztugo, described as the first twice-yearly HIV prevention therapy, alongside continued growth from Biktarvy and Descovy. Quarterly dividend was raised +3.8% to 0.82/shr. Chairman and CEO said the group expects potential 2026 launches to include two cancer therapies and an additional HIV treatment, adding that momentum from Yeztugo and Livdelzi in liver disease supports confidence in continued growth. Sees FY26 adj. EPS between 8.45-8.85 (exp. 8.74), and sees FY26 product sales between USD 29.6-30bln; also sees FY26 product sales excluding Veklury between USD 29-29.4bln; sees FY26 Yeztugo sales of USD 800mln (exp. 907mln).

Robinhood (HOOD) - Robinhood shares fell 8.7% in extended trading after reporting Q4 revenue below expectations, with both crypto and options trading revenue missing forecasts and net deposit growth slowing. Q4 EPS 0.66 (exp. 0.64), Q4 revenue USD 1.28bln (exp. 1.34bln). Q4 crypto revenue USD 221mln (exp. 248.2mln), options revenue USD 314mln (exp. 331mln). Q4 ARPU increased 16% Y/Y to USD 191. Management said 2025 was a record year for net deposits, Gold subscribers, trading volumes, revenues and profits, with momentum carrying into early 2026. Shiv Verma has been appointed CFO effective 6th February, succeeding Jason Warnick, who will remain as a strategic adviser until 1st September. Net deposit growth decelerated in Q4 and into January, according to analysts. Management reiterated momentum into 2026 and highlighted diversification across products, including app offerings and prediction markets, against a weaker crypto backdrop, with bitcoin down more than 45% from its October peak. The company sees FY26 adjusted operating expenses and SBC between USD 2.6-2.725bln, implying around 18% Y/Y growth at the midpoint.

Cloudflare (NET) - Shares rose +15.6% in extended trading after it reported Q4 earnings and revenue ahead of Wall Street expectations, and issued a 2026 revenue outlook above forecasts. Q4 adj. EPS 0.28 (exp. 0.27), Q4 revenue USD 614.5mln (exp. 591.4mln). Highlighted closing its largest annual contract value deal to date at an average of USD 42.5mln per year, with total new ACV growth of nearly 50% Y/Y, the fastest since 2021. Management said demand is being driven by the shift towards AI and agents, describing it as a fundamental re-platforming of the internet benefiting Cloudflare. Sees Q1 EPS at 0.23 (exp. 0.25), and sees Q1 revenue between USD 620-621mln (exp. 614.2mln). Sees FY26 EPS between 1.11-1.12 (exp. 1.18), and FY26 revenue between USD 2.785-2.795bln (exp. 2.74bln).

11 Feb 2026 - 07:00- Research Sheet- Source: Newsquawk