Newsquawk Daily European Equity Opening News - 23rd January 2026

ASIA

APAC stocks traded entirely in the green, though without a clear sector-led driver, as regional sentiment stayed broadly constructive. ASX 200 posted modest gains, supported by strength in mining and metals as gold, silver and platinum extended their bid. A strong PMI print — with both manufacturing and services pushing further into expansion — added to the positive tone. Nikkei 225 gapped higher at the open but later pared part of its advance, pressured by chip stocks after weak Intel earnings. Offsetting some of the drag, videogame names outperformed, with Nintendo (+5%) boosted by strong US Switch 2 sales data. Following the BoJ rate decision, the Nikkei was unreactive as rates remained unchanged. Hang Seng and Shanghai Comp opened higher, with the Hang Seng outperforming after Alibaba (+3.6%) was reported to be preparing the listing of its chipmaking arm. Metals strength following fresh records in gold and silver also supported both indices.

China - China is likely to set 2026 economic growth target between 4.5-5.0%, SCMP reports citing sources. (SCMP)

Hong Kong - China is considering tighter rules for firms to list in Hong Kong amid deal quality concerns, Bloomberg reports. (Bloomberg)

Japan - BoJ maintains its short-term interest rate at 0.75%, as expected; 8-1 vote split with Takata voting for a 25bps hike. (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.22% at 5,955, Dax 40 +1.28% at 24,876, FTSE 100 +0.12% at 10,150, CAC 40 +0.99% at 8,149, FTSE MIB +1.36% at 45,091, IBEX 35 +1.28% at 17,663, PSI +1.70% at 8,604, SMI +0.67% at 13,245, AEX +0.63% at 1,000

SECTORS: Telecoms 2.18%, Healthcare 1.61%, Financials 1.44%, Consumer Disc 1.16%, IT 1.16%, Consumer Stpl 0.66%, Materials 0.62%, Utilities 0.61%, Industrials 0.39%, Energy -1.52%

FTSE 100

OTHER UK COMPANIES

BROKER MOVES

Haleon (HLN LN) upgraded to Overweight from Equal Weight at Barclays

Pennon Group (PNN LN) upgraded to Overweight from Equal weight at Morgan Stanley

Severn Trent (SVT LN) upgraded to Buy from Hold at Jefferies

DAX

BASF (BAS GY) - FY (EUR): Sales 59.7bln (exp. 60.7bln), Adj. EBITDA 6.6bln (exp. 6.87bln), EBIT 1.6bln, Net income 1.6bln, FCF 1.3bln. Guidance: FY FCF -600mln. FY adj. EBITDA 6.6bln (exp. 7.35bln). (BASF)

OTHER GERMAN COMPANIES

BROKER MOVES

Henkel (HEN3 GY) downgraded to Equal Weight from Overweight at Barclays

CAC

Sanofi (SAN FP) – Co. confirmed that the Phase 3 study of amlitelimab in combination with topical therapies met all primary and key secondary endpoints at Week 24, with efficacy increasing over time and some patients showing improvement as early as Week 2. (Sanofi)

Michelin (ML FP) - Co. completes the acquisition of Cooley Group and creates a global leader in industrial coated fabrics. (Michelin)

OTHER FRENCH COMPANIES

BROKER MOVES

L'Oreal (OR FP) upgraded to Overweight from Underweight at Barclays

PAN EUROPE

Tech - Intel shares fell 12% in extended trading after it issued softer-than-expected Q1 guidance, citing supply constraints and production efficiency challenges despite a quarterly earnings beat. See US section below for details

BROKER MOVES

SMI

Nestle (NESN SW) - Bloomberg reports that Nestle is continuing ahead with the sale of its EUR 5bln water unit stake. (Bloomberg)

OTHER SWISS COMPANIES

Gurit (GURN SW) - FY (CHF): Sales 319.6mln (exp. 310.5mln). 2026: Expects an adjusted operating profit margin of around 8% (prev. 6.9% in 2024)

SFS Group (SFS SW) – FY25 2025 (CHF): Revenue 3.06bln (prev. 3.04bln), Organic growth +2.9% (SFS Group)

BROKER MOVES

Holcim (HOLN SW) downgraded to Neutral from Buy by Goldman Sachs

Chocoladefabriken Lindt & Spruengli (LISN SW) downgraded to Underweight from Overweight at Barclays

SCANDINAVIA

Ericsson (ERICB SS) - Q4 2025 (SEK): Adj. EBITDA 12.70bln (exp. 10.48bln). Revenue 69.3bln (exp. 66.6bln); mandates a SEK 15bln share buyback. (Newswires)

BROKER MOVES

Castellum (CAST SS) upgraded to Buy from Neutral by Goldman Sachs

Maersk (MAERSKB DC) downgraded to Underperform from Neutral by Bank of America

US

Alcoa (AA) - Q4 EPS 1.26 (exp. 1.01), Q4 revenue USD 3.45bln (exp. 3.27bln). Q4 alumina production +1% Q/Q to 2.48mln metric tonnes on higher Australian refinery output; aluminium production +4% Q/Q to 604k tonnes on progress restarting San Ciprian; alumina third-party shipments +5% Q/Q, aluminium shipments +9% Q/Q. CEO said 2025 saw delivery against operational, strategic and capital allocation objectives with multiple production records and continued momentum. Sees FY26 alumina production between 9.7-9.9mln tonnes, shipments between 11.8-12.0mln tonnes, aluminium production between 2.4-2.6mln tonnes, shipments 2.6-2.8mln tonnes. Q1 Alumina segment adj. EBITDA is expected to see sequential USD -30mln impacts, and Q1 Aluminium segment adj. EBITDA sequential USD -70mln impacts.

CSX (CSX) - Q4 adj. EPS 0.42 (exp. 0.41), Q4 revenue USD 3.51bln (exp. 3.54bln). Results reflected a subdued industrial demand environment, with the company taking actions to adjust its cost structure. CEO said it retains a strong operational foundation, and is positioned to deliver improved financial performance in 2026 by focusing on productivity, cost control and capital discipline while continuing to provide safe and reliable service.

Capital One Financial (COF) - Capital One agreed to acquire fintech Brex for USD 5.15bln in cash and stock, gaining access to technology used by thousands of companies for corporate credit cards, expenses and rewards, WSJ reports. Brex also oversees nearly USD 13bln in deposits at partner banks and money-market funds. The consideration is split approximately 50% cash and 50% stock. COF reported Q4 adj. EPS 3.86 (exp. 4.14), Q4 revenue USD 15.6bln (exp. 15.47bln). Management cited solid top-line growth and strong, stable credit performance, with the CEO highlighting the benefits of long-term strategic investment and confidence in future growth opportunities.

Intel (INTC) - Intel shares fell 12% in extended trading after it issued softer-than-expected Q1 guidance, citing supply constraints and production efficiency challenges despite a quarterly earnings beat. Intel reported Q4 adj. of EPS 0.15 (exp. 0.08), and Q4 revenue of USD 13.67bln (exp. 13.39bln). Management said it exceeded Q4 expectations across revenue, gross margin and EPS despite industry-wide supply shortages, where it missed a lot of opportunities, and can’t get enough supply to meet orders; CFO expects available supply to be at its lowest level in Q1 before improving in Q2 and beyond, noting healthy demand fundamentals as AI adoption reinforces the x86 ecosystem. CEO reiterated growing conviction in CPUs’ role in the AI era, cited the introduction of first products on Intel 18A as a milestone, and said priorities are execution, engineering excellence and capitalising on AI. Sees Q1 adj. EPS of 0.00 (exp. 0.05), and Q1 revenue between USD 11.7–12.7bln (exp. 12.55bln).

23 Jan 2026 - 06:41- MetalsResearch Sheet- Source: Newsquawk