Newsquawk Daily European Equity Opening News - 12th February 2026

ASIA

APAC stocks were ultimately mixed with a slightly positive bias amongst the major indices as the region reflected on earnings releases and the better-than-expected US jobs data, while Japan's benchmark hit a fresh record high on return from holiday, before fading the gains. ASX 200 was led higher by strength in utilities and financials after shares in Origin Energy and ANZ Group rallied post-earnings, but with upside in the broader market capped by hawkish rhetoric from RBA Governor Bullock. Nikkei 225 swung between gains and losses, in which the index initially climbed to above the 58,000 level for the first time, but then briefly wiped out all of its gains as currency strength persisted. Hang Seng and Shanghai Comp were mixed with the Hong Kong benchmark dragged lower by underperformance in the likes of Budweiser and NetEase following their earnings releases, with the latter also weighed by tech/AI-related headwinds, which dragged other large tech names lower such as Tencent, Baidu and Meituan, while AI startup Zhipu shares surged around 36% after the release of its new model. Conversely, the mainland treaded water following another firm liquidity operation by the PBoC and after China's State Council held a session on boosting AI use, with Premier Li urging to promote the use of AI in various sectors, while there are also expectations for the US and China to extend the trade truce by up to a year during the expected Trump-Xi meeting in April.

Lenovo (992 HK) - Q3 (USD) net 546mln (prev. 693mln Y/Y), pre-tax profit rose 48% Y/Y to 803mln, rev. 22.2bln (prev. 18.8bln Y/Y). (Lenovo)

Xiaomi (1810 HK) - Co. launches open-source Xiaomi-Robotics-0, which is a 4.7B parameter VLA model with vision language understanding and real-time execution. (Xiaomi)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.11% at 6,041, Dax 40 -0.43% at 24,880, FTSE 100 +1.14% at 10,472, CAC 40 -0.18% at 8,313, FTSE MIB -0.62% at 46,511, IBEX 35 -0.43% at 18,045, PSI +1.31% at 9,071, SMI +0.39% at 13,571, AEX +0.48% at 1,009

SECTORS: Energy 3.24%, Utilities 2.11%, Consumer Stpl 1.04%, Materials 1.03%, Telecoms 0.83%, Healthcare 0.65%, Industrials 0.31%, IT -0.75%, Consumer Disc -0.91%, Financials -1.24%                         

FTSE 100

UK RICS - UK RICS House Price Balance (Jan) -10% vs. Exp. -11% (Prev. -14%)

UK Regulation - UK Chancellor Reeves is to limit the deregulatory drive as she seeks closer UK relations with the EU, according to FT. (FT)

UK-EU - UK Chancellor Reeves sees opportunities for joint procurement with Europe; hope for more concrete progress in EU talks very soon. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

BP (BP/ LN) downgraded to Reduce from Hold at HSBC

DAX

Mercedes-Benz Group (MBG GY) - FY25 (EUR): Net 5.33bln (exp. 4.9bln), Revenue 132.2bln (exp. 132.8bln), EBIT 1.76bln (exp. 1.73bln); sees 2026 Adj. ROS between 3-5% (exp. 5.79%). CEO: "Amid a dynamic market environment, our financial results remained within our guidance, thanks to our sharp focus on efficiency, speed, and flexibility". (Mercedes)

Siemens (SIE GY) - Q1 (EUR): Net income 2.2bln (prev. 3.90bln Y/Y), Revenue 19.1bln (exp. 22.4bln), Orders 21.37bln (exp. 20.85bln), raises FY EPS pre-PPA 10.70-11.10 (prev. guided 10.40-11.00) Comp Revenue +8% (exp. +6.95%) Notes Q1'25 net income benefited from a EUR 2.1bln gain from the sale of Innomotics. CEO: “Our strong first-quarter performance shows that we’re delivering on our strategy. Siemens is very well positioned in its growth markets. Artificial intelligence is a strong growth driver for our businesses. We’re scaling industrial AI in our core industries together with world-class partners". (Siemens)

OTHER GERMAN COMPANIES

Carl Zeiss Meditec (AFX GY) - Q1 (EUR): Revenue 467mln (exp. 471.4mln), EBITA Margin 2.2% (prev. 6.7% Y/Y). Outlook for fiscal year 2025/26 temporarily suspended - previously announced. (Carl Zeiss Meditec)

Deutsche Boerse (DB1 GY) - Prelim FY25 (EUR): Revenue 5.2bln (exp. 6.29bln), Net Profit 488mln, -3.6% Y/Y. Elsewhere, Deutsche Boerse will acquire General Atlantic’s remaining 20% stake in ISS STOXX for a total consideration of EUR 1.1bln, based on ~20x adjusted EBITDA, payable in two tranches: EUR 731mln in February 2026 and the remainder in March 2026. The deal will be funded through cash and debt. The transaction is expected to be low single-digit accretive to Cash EPS in the first full year. (Deutsche Boerse)

ThyssenKrupp (TKA GY) - Q1 (EUR): Sales 7.2bln (exp. 7.94bln), EPS -0.57 (exp. -0.26), Adj. EBIT 211mln (exp. 208.9mln). The group confirmed its forecast for the current fiscal year on this basis and continues to expect adjusted EBIT in a range between EUR 500-900mln. (ThyssenKrupp)

BROKER MOVES

CAC

Boeing (BA), Airbus (AIR FP) - Air Canada announced plans to add eight Airbus A350-1000 widebody aircraft, with deliveries beginning in H2 2030; it also holds rights to purchase eight more. The order is in addition to 14 Boeing 787-10 Dreamliners entering service later this year, 30 Airbus A321XLRs, 23 remaining Airbus A220s from a firm order of 65, and five leased Boeing 737 MAX aircraft due in 2026.

Essilor Luxottica (EL FP) - Q4 25 (EUR): Revenue 7.6bln (exp. 7.2bln). North America revenue 3.6bln (exp. 3.3bln). North America, EMEA and Asia-Pacific regions all growing double digits in Q4 and FY. AI-glasses selling more than 7 million units in the FY, with all the regions and brands contributing. Dividend proposed at EUR 4.00/shr, offering a scrip dividend option. Confirms 2025 guidance. (Essilor Luxottica)

LVMH (MC FP) - Co’s South Korea units of LVMH, Dior and Tiffany are said to have been fined KRW 36bln over customer data leaks. (Newswires)

Michelin (ML FP) - FY25 (EUR): EPS 2.36 (exp. 2.28), revenue 26bln (exp. 25.8bln). Adj. EBIT 2.72bln (exp. 2.61bln), adj. EBITDA 4.66bln (exp. 4.64bln). Plans a EUR 2bln share buyback over 2026-28. Tire markets are expected to remain stable over 2026, contracting slightly in the first half. Michelin is targeting growth in segment operating income at iso-forex and iso-scope in 2026 compared with 2025, and over €1.6 billion in free cash flow before M&A. (Michelin)

OTHER FRENCH COMPANIES

Ipsen (IP FP) - FY 2025 (EUR): Revenue 3.68bln (exp. 3.76bln), Adj. EBIT 1.29bln (exp. 1.24bln), EPS 5.32 (prev. 4.15 Y/Y). Outlook: Total sales growth greater than 13.0%, at constant currency. Based on the average level of exchange rates in January 2026, an adverse effect on total sales of around 2% of currencies is expected. As part of its ongoing review of long-term assumptions including competitive intensity and product lifecycle considerations, Ipsen no longer expects to achieve the €500m peak sales for Onivyde and Tazverik. (Ipsen)

Rexel (RXL FP) - FY (EUR): Sales 19.4bln (exp. 19.4bln), Net Income 591.4mln, +7.3% Y/Y. Proposed dividend for 2025 of EUR 1.20/shr, a 52% payout ratio, maintaining a strong track record. 2026 outlook: 3% to 5% same-day sales growth, current adjusted EBITA margin at c. 6.2% and free cash flow conversion above 65%. (Rexel)

Spie (SPIE FP) - Announces the acquisition of INVIZO s.r.o., a Slovak company specialising in building security systems and smart technical solutions. (Spie)

BROKER MOVES

PAN EUROPE

AB InBev (ABI BB) - Q4 2025 (EUR): Revenue 15.6bln (exp. 15.6bln), underlying EPS 0.95 (exp. 0.88), Adjusted EBITDA Margin +2.3% (exp. +1.7%); Co. sees 2026 organic Adj EBITDA at +4 to 8% (exp. +5.4%). “We remain confident in the long-term potential of the beer category, which has structural tailwinds for growth and plays an important role in bringing people together and creating moments of celebration”. (AB Inbev)

Defence Names - Pentagon prepares second aircraft carrier to deploy to Middle East, WSJ reports; Pentagon move comes as Trump raises pressure on Iran to make nuclear deal. (WSJ)

DSM-Firmenich (DSFIR NA) - FY (EUR): Sales 9.03bln (exp. 12.6bln), Adj. EBITDA 1.77bln (exp. 2.29bln). Co. to buy back EUR 500mln. (DSM-Firmenich)

Eni (ENI IM) - Co. has been awarded a new offshore exploration license in Libya, concession granted to a consortium led by Eni in partnership with Qatar Energy. (Eni)

Fagron (FAGR BB) - FY (EUR): EPS 1.25 (exp. 1.28), Revenue 952mln (exp. 942.7mln). FY 2026 outlook: Mid- to high-single digit organic sales growth and margin slightly improving YoY. (Fagron)

KBC (KBC BB) - Q4 (EUR): Net Result 1bln (prev. 1.1bln Y/Y), EPS 2.44 (prev. 2.75 Y/Y). (KBC)

Strabag (STR AV) - FY 2025 (EUR): Revenue 20.4bln (prev. 19.2bln), EBIT margin 6.5% (prev. 6.1% Y/Y); For 2026, an EBIT margin in a range between 5% and 5.5% is expected. (Strabag)

NN Group (NN NA) - FY 2025 (EUR): Operating profit 3.0bln (prev. 2.6bln Y/Y), Result before tax 1.5bln (prev. 1.9bln Y/Y). (NN)

BROKER MOVES

Ferrari (RACE IM) upgraded to Neutral from Sell at Citigroup

SMI

Swisscom (SCMN SW) - FY 2025 (CHF): Revenue 5.1bln (exp. 15.0bln), EBITDA 4.98bln (exp. 4.06nln). (Swisscom)

OTHER SWISS COMPANIES

BROKER MOVES

Sandoz Group (SDZ SW) upgraded to Buy from Hold at Jefferies

Siegfried (SFZN SW) downgraded to Sector Perform from Outperform at RBC

SCANDINAVIA

Bewi (BEWI NO) - Q4 (EUR): Sales 187mln (exp. 194mln), EBITDA 21mln (exp. 20.1mln). (Bewi)

Novo Nordisk (NOVOB DC) - Co. aims to start selling its Wegovy in vials, Bloomberg reports.(Bloomberg). Elsewhere, CEO says plans to launch Wegovy trials this year. 36.1% of patients on new Wegovy weight-loss pill have no prior experience on a GLP-1 drug, new study finds; Among patients on new Wegovy pill, 21.1% switched from injectable wegovy, 15.8% switched from injectable zepbound. (Novo Nordisk)

Veidekke (VEI NO) - Q4 (NOK): Revenue 12.1bln (exp. 12.2bln), EPS 4.70 (exp. 3.47). Proposing a dividend of NOK 11.25 per share for the financial year 2025. (Veidekke)

BROKER MOVES

US

CLOSES: SPX +0.00% at 6,941, NDX +0.29% at 25,201, DJI -0.13% at 50,121, RUT -0.38% at 2,669

SECTORS: Financials -1.49%, Communication Services -1.31%, Consumer Discretionary -0.55%, Real Estate +0.05%, Technology +0.21%, Industrials +0.51%, Health +0.60%, Utilities +0.87%, Materials +1.30%, Consumer Staples +1.40%, Energy +2.59%.

Albemarle (ALB) - Q4 adj. EPS -0.53 (exp. -0.49), Q4 revenue USD 1.4bln (exp. 1.35bln). Management said it has strengthened its competitive position through portfolio optimisation and cost reductions amid volatile lithium pricing. Separately, it announced that it will idle the remaining operating train at its Kemerton lithium hydroxide processing plant in Western Australia, placing it into care and maintenance effective immediately, a move expected to be accretive to adj. EBITDA from Q2 with no impact on projected 2026 volumes; management said the decision improves financial flexibility and preserves optionality despite recent lithium price improvements.

Cisco (CSCO) - Cisco shares fell 7.3% in extended trading after it issued guidance that only met expectations, disappointing traders, despite reporting better-than-expected quarterly results. Q2 adj. EPS 1.04 (exp. 1.02), Q2 revenue USD 15.3bln (exp. 15.12bln). In Q2, it posted order growth across new and refreshed products, with networking again the standout, and highlighted continued momentum in its SaaS business as AI adoption increases, adding that it expects to recognise USD 3bln in revenue from AI hyperscalers in 2026. Chair/CEO Robbins said the strong Q2 and H1 demonstrates the power of Cisco’s portfolio and its role in delivering trusted infrastructure for the AI era, adding the group is on track for its strongest year yet. Raised quarterly dividend +2% to 0.42/shr. Sees Q3 adj. EPS between 1.02-1.04 (exp. 1.03), and Q3 revenue between USD 15.4-15.6bln (exp. 15.21bln); raised its FY26 outlook, sees adj. EPS between 4.13-4.17 (exp. 4.13) and FY revenue between USD 61.2-61.7bln (exp. 60.77bln; prev. saw 60.2-61bln), citing strong demand across all customer markets.

Meta Platforms (META), Alphabet (GOOG) - Russian authorities blocked Meta-owned WhatsApp, cutting off access for its at least 100mln Russian users and removing it from the Roskomnadzor online directory, effectively erasing it from the country’s internet, FT reports. Facebook and Instagram were also removed, while access to Alphabet's YouTube was degraded. The move follows efforts to promote state-controlled app Max, owned by VK, and broader restrictions on Telegram.

McDonalds (MCD) - McDonald’s reported better-than-expected earnings and revenue, driven by strong same-store sales and improved traffic as value offerings and promotional campaigns attracted customers. Q4 adj. EPS 3.12 (exp. 3.05), Q4 revenue USD 7.01bln (exp. 6.84bln); Q4 global comparable sales increased 5.7% (exp. 3.8%), with US +6.8%, International Operated Markets +5.2%, and International Developmental Licensed Markets +4.5%, while global systemwide sales rose 8%. Management said value leadership initiatives improved traffic and affordability scores, citing strong performance from the return of Snack Wraps in the US and its Minecraft movie collaboration, its largest global campaign to date, and noted improving trends in low-income customer share, although it expects quick service restaurant environments in the US and many markets to remain challenging. Targets approximately 2,600 gross restaurant openings in 2026, including about 750 in the US and International Operated Markets, contributing to roughly 2,100 net additions and around 2.5% systemwide sales growth in constant currencies, and remains on track for 50,000 restaurants and 250mln 90-day active users by end-2027. Sees FY26 capital expenditure between USD 3.7-3.9bln, operating margin in the mid-to-high 40% range, interest expense +4-6%, an effective tax rate between 21-23%, free cash flow conversion in the low-to-mid 80% range, and a FX tailwind to FY26 EPS between 0.20-0.30/shr.

Motorola (MSI) - Motorola shares edged higher in extended trading after it reported record revenue, earnings and cash flow, alongside strong software and services growth and a record backlog that improved long-term visibility. Q4 adj. EPS 4.59 (exp. 4.35), Q4 revenue USD 3.38bln (exp. 3.34bln). Chair/CEO Brown cited record backlog and strong demand as underpinning momentum into the new year. Sees Q1 EPS between 3.20-3.25 (exp. 3.25), and revenue up +6-7% Y/Y, implying revenue between USD 2.68-2.70bln (exp. 2.76bln). For FY26, sees EPS between 16.70-16.85 (exp. 16.32), and revenue of around USD 12.7bln (exp. 12.6bln).

12 Feb 2026 - 07:00- Research Sheet- Source: Newsqauwk