Newsquawk Daily European Equity Opening News - 27th February 2026

ASIA

APAC stocks were ultimately higher heading into month-end but with price action choppy following the weak handover from the US, where sentiment was clouded by tech weakness, while participants also digested the recent US-Iran talks in Geneva. ASX 200 mildly gained as strength in tech and telecoms atoned for the losses in financials and consumer stocks. Nikkei 225 traded indecisively amid a firmer currency and a slew of mixed data releases from Japan, in which Industrial Production disappointed, Retail Sales topped forecasts, and Tokyo CPI printed firmer-than-expected but slowed across the board with the Core reading falling beneath the central bank's 2% price target for the first time since October 2024. Hang Seng and Shanghai Comp were varied with outperformance in Hong Kong as participants digested earnings releases from the likes of Baidu and Sun Hung Kai Properties, while the mainland initially lacked direction in the absence of fresh catalysts and ahead of next week's annual "two sessions", while Trump-Xi summit preparations were said to falter. However, late upside was seen after comments from China's Politburo meeting in which it stated that China's development process during the 14th Five-Year Plan is extraordinary and that it is necessary to continue to implement a more active fiscal policy and a moderately loose monetary policy.

China Politburo - China Politburo held a meeting on Friday and noted that China's development process during the 14th Five-Year Plan is extremely unusual and extraordinary. Necessary to continue to implement a more active fiscal policy and a moderately loose monetary policy. Necessary to focus on building a strong domestic market and step up the cultivation and expansion of new growth momentum. (Newswires)

China - PBoC is to cut FX Risk Reserve Ratio for forward FX sales to 0% from 20% effective March 2nd to promote FX market development and support corporate exchange rate risk management. (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.28% at 6,156, Dax 40 +0.40% at 25,278, FTSE 100 +0.38% at 10,847, CAC 40 +0.72% at 8,621, FTSE MIB +0.53% at 47,423, IBEX 35 +0.19% at 18,497, PSI -0.30% at 9,268, SMI -0.56% at 13,904, AEX -0.74% at 1,022

SECTORS: Consumer Disc 0.73%, Industrials 0.66%, Financials 0.53%, Energy 0.43%, Utilities 0.39%, Consumer Stpl -0.40%, Healthcare -1.04%, Telecoms -1.08%, Materials -1.67%, IT -1.86%

FTSE 100

Flutter Entertainment (FLTR LN) - Flutter shares fell nearly 7% in extended US trading after it reported Q4 revenue and earnings that missed expectations, and issued softer-than-expected 2026 guidance. Q4 adj. EPS 1.74 (exp. 1.57), Q4 revenue USD 4.74bln (exp. 4.85bln). It said it reached nearly 40mln customers in 2025, maintaining number one positions in US sportsbook and iGaming with Q4 market shares of 41% and 28%, respectively, and highlighted progress on acquisitions and international transformation initiatives. Expects the 2026 FIFA World Cup to support customer acquisition and product innovation, though cited transitory US market challenges. Sees FY26 revenue between USD 17.75-19.05bln (exp. 19.12bln), sees FY26 adj. EBITDA between USD 2.645-3.295bln. (Flutter Entertainment)

UK Politics - UK Green Party wins parliamentary seat in Gorton and Denson, defeating UK PM Starmer's Labour in the by-election. (Newswires)

UK GfK - UK GfK Consumer Confidence (Feb) -19 vs. Exp. -15 (Prev. -16). A GfK Director said "Although the rate of inflation is easing, prices continue to rise, forcing many households to prioritise day-to-day spending over longer term needs. Views on the broader economy remain firmly in negative territory, with consumers anticipating only limited economic growth this year". (GfK)

UK Business - UK Lloyds Business Barometer (Feb) 44 (Prev. 44). (Lloyds)

UK Energy - UK reportedly holds talks with oil and gas firms on ending the windfall tax. (Bloomberg)

OTHER UK COMPANIES

BROKER MOVES

NatWest (NWG LN) upgraded to Neutral from Underperform at BNP Paribas

DAX

BASF (BAS GY) - Q4 2025 (EUR): Revenue 14.0bln (exp. 14.04bln), Net profit 560mln (exp. 285mln), EBITDA 1.02bln, sees FY26 Adj. EBITDA between 6.2-7.0bln (exp. 7.22bln), Do not expect a meaningful market upswing or a significant easing of geopolitical tension in the near term. (BASF)

OTHER GERMAN COMPANIES

Delivery Hero (DHER GY) – FY 2025 (EUR): Adj. EBITDA 900mln (exp. 917.9mln), GMV Group 49.19bln (prev. 48.75bln Y/Y). Delivery Hero will implement a new financial disclosure framework starting with FY 2026 reporting, aligning internal management and external IFRS metrics. (Delivery Hero)

BROKER MOVES

Heidelberg Materials (HEI GY) upgraded to Outperform from Market Performa at Bernstein

CAC

OTHER FRENCH COMPANIES

Teleperformance (TEP FP) – FY 2025 (EUR): Revenue 10.2bln (exp. 10.2bln), EPS 8.40 (exp. 9.63), Adj. EBITDA 2.01bln (exp. 2bln). All 2025 objectives met in a challenging environment. 2026 annual outlook: Group LFL revenue growth between +0.0% and +2.0% with an expected soft Q1, below the annual guidance. Proposal to increase the dividend from EUR 4.20-4.50/shr, subject to shareholders’ approval. (Teleperformance)

Valeo (FR FP) – FY 2025 (EUR): Sales 20.9bln (exp. 20.6bln). FY Outlook: Sales 20-21bln (exp. 20.5bln), Op. Margin 4.7-5.3%. Dividend of EUR 0.44/shr to be proposed at the Shareholders’ Meeting on May 21, 2026. (Valeo)

Vallourec (VK FP) – Q4 2025 (EUR): Revenue 1.04bln (exp. 937.8mln). Outlook: Q1 2026 Group EBITDA expected to range between EUR 165-195mln. Notes of resilient US customer demand while imports continue to decline. Early signs of activity rebound in key Middle East markets. (Vallourec)

BROKER MOVES

Arkema (AKE FP) downgraded to Hold from Buy at Kepler Cheuvreux

Euronext (ENX FP) upgraded to Buy from Hold at Kepler Cheuvreux

PAN EUROPE

Cellnex (CLNX SM) – FY 2025 (EUR): Op. Profit 476mln (prev. 197mln Y/Y), Revenue +5.8% Y/Y. 2026 guidance: Revenues between EUR 4.07-4.17bln (exp. 4.14bln), Adj. EBITDA 3.425-3.525bln (exp. 3.47bln). (Cellnex)

Fagron (FAGR BB) - Fagron completed strategic acquisition of Pharmavit Europe, strengthening its leadership in high‑growth nutraceutical ingredients across EMEA. The acquisition price of the transaction is approximately EUR 68mln. Fagron expects to realize synergies over the next 18 to 24 months. (Fagron)

Grifols (GRF SM) – FY 2025 (EUR): Revenue 7.52bln (exp. 7.52bln), Adj. EBITDA 1.83bln (exp. 1.83bln). In 2026, Grifols will prioritise margin enhanced-led EBITDA growth, continued free cash flow expansion and deleveraging progress, building on Grifols’ unique position in the industry, including self-sufficiency platforms in Egypt and Canada. (Grifols)

Geopols - Iranian Foreign Minister Araghchi said they entered serious talks about sanctions relief and the nuclear issue, while he added it was one of the most serious talks they have had with the US, and technical talks will start in Vienna from Monday. (Newswires)

Viscofan (VIS SM) – FY 2025 (EUR): Revenue 1.25bln (exp. 1.25bln), EBITDA 290mln, +1.6% Y/Y. (Viscofan)

BROKER MOVES

Iberdrola (IBE SM) downgraded to Neutral from Buy at Goldman Sachs

SMI

Kuehne+Nagel (KNIN SW) – Co. acquired road logistics activities of Lohmöller group in Germany. The completion of the transaction is subject to closing conditions and is expected in March. (Kuehne+Nagel)

Holcim (HOLN SW) – FY 2025 (CHF): Sales 15.7bln (exp. 15.8bln), EPS 0.70 (prev. 2.60 Y/Y), EPS before impairment and divestment 3.22 (prev. 3.07 Y/Y). Proposed dividend of CHF 1.70, not subject to Swiss withholding tax, reflecting a payout ratio of 53%. Co. notes EPS was impacted by the divestment of Holcim’s business in Nigeria. (Holcim)

Swiss Re (SREN SW) – FY 2025 (USD): Net Income 4.72bln (prev. 3.24bln Y/Y), Revenue 43.1bln (prev. 45.6bln Y/Y). Affirms guidance. Co. announced a share buyback for USD 500mln. Board of Directors to propose a dividend increase of 9% to USD 8.00 per share. (Swiss Re)

OTHER SWISS COMPANIES

Galderma (GALD SW) - Nemluvio(R) (nemolizumab) demonstrated long-term disease control in Prurigo Nodularis up to three years. (Galderma)

BROKER MOVES

Lindt (LISN SW) downgraded to Sell from Hold at Berenberg

Swisscom (SCMN SW) downgraded to Neutral from Buy at UBS

SCANDINAVIA

Frontline (FRO NO) – Q4 2025 (USD): Revenue 624.5mln (exp. 457.1mln), EPS 1.02 (exp. 1.15). (Frontline)

Royal Unibrew (RBREW DC) – Co. has decided to initiate a share buy-back of up to DKK 400mln. The objective of the share buy-back is to adjust the capital structure of Royal Unibrew A/S. (Royal Unibrew)

BROKER MOVES

US

CLOSES: SPX -0.54% at 6,909, NDX -1.16% at 25,034, DJI +0.03% at 49,499, RUT +0.52% at 2,677

SECTORS: Technology -1.81%, Communication Services -0.75%, Consumer Discretionary -0.40%, Utilities -0.38%, Consumer Staples -0.37%, Health -0.23%, Materials -0.09%, Energy +0.26%, Real Estate +0.47%, Industrials +0.63%, Financials +1.29%.

Anthropic - Anthropic said it will not accept US Defense Department's demands to allow “any lawful use” of its AI tools. CEO said the company would forgo Pentagon work rather than permit mass domestic surveillance or fully autonomous weapons. The DoD has threatened to remove Anthropic from its supply chain if it does not comply.

CoreWeave (CRWV) - CoreWeave shares fell 9% in extended US trading, after profit missed and it issued revenue guidance below expectations. Q4 adj. EPS -0.89 (exp. -0.68), Q4 revenue USD 1.57bln (exp. 1.53bln). Said FY25 revenue exceeded USD 5bln, with the backlog widening to USD 66.8bln. Sees FY26 revenue between USD 12-13bln (exp. 12.03bln); sees Q1 revenue between USD 1.9-2.0bln (exp. 2.24bln); FY26 adj. operating income seen between USD 0.9-1.1bln, with margins rising low double digits by Q4. FY26 capex is expected at least USD 30bln. Anticipates exiting 2026 with annualised run-rate revenue of USD 17-19bln, growing to over USD 30bln by end-2027.

Dell Technologies (DELL) - Shares surged 12% after the company delivered record Q4 results and guidance, driven by a sharp jump in AI server demand and a rapidly expanding backlog. Q4 adj. EPS 3.89 (exp. 3.51), Q4 revenue USD 33.38bln (exp. 31.68bln). AI-optimised server orders USD 64bln, with a record AI backlog of USD 43bln. Increased dividend +20%, added USD 10bln to its share repurchase authorisation. Sees Q1 adj. EPS 2.90 (exp. 2.39), sees Q1 revenue between USD 34.7-35.7bln (exp. 29.07bln). For FY27, sees adj. EPS at 12.90 (exp. 9.95), sees FY27 revenue between USD 138.0-142.0bln (exp. 124.87bln), expecting AI revenue of USD 50bln and operating income growth of 18%.

Warner Bros. Discovery (WBD), Netflix (NFLX), Paramount Skydance (PSKY) - Netflix shares rose +9% in extended trading, while WBD fell 1.5% after Netflix declined to match Paramount Skydance’s revised USD 31/shr all-cash offer for Warner Bros. Discovery, walking away from its prior USD 27.75/shr agreement for its studio and streaming assets. Paramount has already agreed to pay WBD’s USD 2.8bln breakup fee to Netflix.

Meta Platforms (META) - Meta agreed a multi-year deal worth billions of dollars to rent Google’s (GOOG) tensor processing units for AI model development, The Information reports. Separately, the publication reported Meta scrapped its most advanced internally developed AI training chip, Olympus, last week after encountering design challenges. (The Information)

27 Feb 2026 - 06:55- Geopolitical- Source: Newsquawk