Newsquawk Daily European Equity Opening News - 29th January 2026

ASIA

APAC stocks were mostly subdued with sentiment in the region clouded following a lack of fireworks at the FOMC, where the Fed kept rates unchanged at 3.50%-3.75%, as expected, while top- and bottom-line earnings beats from the likes of Meta, Microsoft and Tesla also failed to spur the broader risk appetite. ASX 200 marginally declined amid underperformance in telecoms and miners, while a surge in exports and import prices added to the inflationary risks and the case for an RBA rate hike next week. Nikkei 225 swung between gains and losses amid currency-related headwinds and earnings results. KOSPI saw two-way price action amid fluctuations in tech heavyweights Samsung Electronics and SK Hynix despite both companies posting stellar earnings results. Hang Seng and Shanghai Comp were mixed with price action relatively flat amid a lack of fresh pertinent macro catalysts for China, although property names were supported after reports that several developers are no longer required to submit the monthly “three red lines” indicators, which are debt metrics introduced in 2021 to curb builders' financial leverage.

Hyundai Motor (005380 KS) - Q1 (KRW) net 1.0tln (exp. 2.3tln), oper. profit 1.70tln (prev. 2.82tln Y/Y), rev. 46.8tln (prev. 46.6tln Y/Y), Co. plans KRW 17.8tln investment in 2026 and for revenue growth of between 1-2% Y/Y. (Hyundai)

Prada (1913 HK) - Co. cuts ties with more than 200 suppliers after labour abuse audit, according to FT. (FT)

Samsung Electronics (005930 KS) - Samsung reported record Q4 results, as AI-driven memory demand lifted earnings, with operating profit exceeding KRW 20tln and revenue reaching about KRW 93.8tln. The memory business drove growth despite rising costs, while smartphone profits fell. Q4 net profit +153.3% Y/Y to KRW 19.64tln (exp. 18.6tln), Q4 revenue +23.8% Y/Y to KRW 93.8tln; operating profit KRW 20.1tln (vs 6.49tln Y/Y), with Device Solutions sales +33% Q/Q as Memory delivered record quarterly revenue and operating profit on stronger HBM and high-value-added product demand, while Device eXperience revenue −8% Q/Q amid softer smartphone launches and competition. R&D spend KRW 10.9tln in Q4, and a record KRW 37.7tln for the FY. Announced a KRW 3.57tln share buyback and plans to dispose of KRW 1.1tln worth of treasury shares. Management said the AI boom is expected to continue into Q1, supporting structural growth in servers and memory, with HBM4 deliveries starting this quarter. Smartphones face soft demand but profitability is targeted via flagship launches and cost optimisation. For Q1 exec commentary points to semiconductor earnings recovery on new products, continued AI-driven memory strength, cautious smartphone demand, and growth focus in displays and consumer electronics. (Samsung)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -1.03% at 5,933, Dax 40 -0.20% at 24,844, FTSE 100 -0.52% at 10,154, CAC 40 -1.06% at 8,067, FTSE MIB -0.66% at 45,139, IBEX 35 -1.10% at 17,608, PSI +0.11% at 8,663, SMI -1.53% at 13,012, AEX -0.45% at 997

SECTORS: Energy 1.27%, Telecoms 0.67%, Utilities 0.48%, Materials 0.13%, Consumer Stpl 0.06%, Industrials -0.70%, Financials -0.82%, IT -1.11%, Consumer Disc -1.96%, Healthcare -2.49%                         

FTSE 100

OTHER UK COMPANIES

BROKER MOVES

DAX

Deutsche Bank (DBK GY) - Q4 (EUR): Net income 1.3bln (prev. 1.6bln Y/Y), Revenue 7.73bln (exp. 7.64bln), FY25 Revenue 32.1bln (exp. 31.9bln), NII 13.7bln, +2% Y/Y; announces EUR 1bln share buyback. (Deutsche Bank) Shares +0.7% pre-market

Continental (CON GY) - Co. say tariffs expected to result in a low double-digit million EUR net burden in Q4 and gross tariff impact for H2 seen in the high-double-digit million EUR range. (Continental)

SAP (SAP GY) - Q4 2025 (EUR): Adj. oper. profit 2.83bln (exp. 2.75bln), Revenue 9.68bln (exp. 9.74bln), Cloud Revenue 5.61bln (exp. 5.64bln), Cloud/Software Revenue 8.62bln (exp. 8.68bln); announced up to EUR 10bln buyback, to start Feb 2026. Other metrics: Net Profit: 1.89bln. Cloud Backlog +25% Y//Y (exp. 24.8%) For 2026: EUR 25.8 – 26.2bln cloud revenue at constant currencies (prev. 21.02 bln Y/Y) 36.3 – 36.8bln cloud and software revenue at constant currencies (prev. 32.54bln Y/Y) 11.9 – 12.3bln non-IFRS operating profit at constant currencies (prev. 10.42bln). CEO: "SAP Business AI has become a main driver for growth as it was included in two thirds of our Q4 cloud order entry, combined with strong AI adoption across the ERP Suite." (SAP) Shares -4.8% in pre-market trade

OTHER GERMAN COMPANIES

DWS (DWS GY) - FY (EUR): Revenue 3.16bln (exp. 3.05bln), EPS 4.64 (prev. target 4.50). Q4: Active Asset Management had net inflows of 1.1bln (prev. -0.3bln Y/Y). (DWS)

Nemetschek (NEM GY) - FY (EUR): Revenue 1.19bln (exp. 1.18bln). EBITDA 371.1mln, +28.9% Y/Y. (Nemetschek)

BROKER MOVES

CAC

Airbus (AIR FP) - Co. exec says some of the services in aerospace will now benefit from the reduction of the tariffs after the EU-India trade agreement. (Newswires)

Eurofins Scientific (ERF FP) - FY25 (EUR): Revenue 7.30bln (exp. 7.33bln), EBITDA 1.64bln (exp. 1.65bln); guides initial FY26 rev mid-single digits organic growth. (Eurofins Scientific)

Sanofi (SAN FP) - Q4 (EUR): Revenue 11.3bln (exp. 11.6bln), EPS -0.66 (exp. 0.90), Business EPS 1.53 (prev. 1.31 Y/Y). In 2026, sales are expected to grow by a high single-digit percentage at CER. Business EPS at CER is expected to grow slightly faster than sales (before share buyback), delivering profitable growth. Sanofi intends to execute a share buyback program in 2026 of EUR 1bln. Proposed dividend of €4.12; up by 5.1%. Drugs: Pharma launches increased sales by 49.4%, reaching EUR 1.1bln, primarily driven by Ayvakit and ALTUVIIIO. Dupixent sales increased by 32.2% to EUR 4.2bln, a strong end to the year. (Sanofi) Shares +2.9% in pre-market trade

STMicroelectronics (STM FP) - Q4 2025 (EUR): Revenue 3.33bln (exp. 3.28bln), Gross margin 35.2% (exp. 35.1%); Guides Q1 2026 Revenue 3.04bln (exp. 2.94bln), Guides Q1 2026 gross margin at 33.7% (exp. 33.3%). CEO Comments: “Q4 net revenues came above the mid-point of our business outlook range, driven by higher revenues in Personal Electronics and, to a lesser extent, in CECP and Industrial, while Automotive was below expectations. Gross margin was above the mid-point of our business outlook range mainly due to better product mix. Q4 revenues marked the return to year-over-year growth.” “For 2026, we plan to invest between USD 2.0-2.2bln in Net Capex" “Our first quarter business outlook, at the mid-point, is for net revenues of USD 3.04bln, decreasing sequentially by 8.7%, better than average past seasonality, and accelerating the year-over-year growth dynamic that started in Q4." Shares +1.9% in pre-market trade

TotalEnergies (TTE FP) - Co. is to supply 800 GWH of renewable electricity to paper manufacturer SWM over 10 years. (Newswires)

OTHER FRENCH COMPANIES

Remy Cointreau (RCO FP) - 9M (EUR): Revenue 735.4mln (prev. 787.8mln Y/Y). Solid sales growth in the Americas region for the fourth consecutive quarter. Slight decline in the APAC region. In a complex market environment, China reported a decline in sales, impacted by an unfavorable calendar effect related to Chinese New Year. When restated for this effect, underlying performance was almost stable. Confirms guidance. (Remy Cointreau)

BROKER MOVES

PAN EUROPE

De Longhi (DLG IM) - Prelim FY revenue EUR 3.80bln (exp. 3.80bln). (Newswires)

Defence - CNN sources say US President Trump is considering a new large-scale strike on Iran as no progress has been made in nuclear talks, although he has not yet made a final decision on a new major military strike against Iran. Iran's representative to the UN says Iran informs the Council it faces a clear US threat to use force against it, while the Iranian envoy said Washington will bear responsibility for any uncontrolled consequences resulting from any acts of aggression. (CNN)

ING (INGA NA) - Q4 (EUR): Pretax profit 2.1bln (prev. 2.56bln Y/Y), Revenue 5.80bln (prev. 5.41bln Y/Y), NII 3.82bln (prev. 3.68bln Y/Y), sees FY26 total income around EUR 24bln. (ING)

BROKER MOVES

ASML (ASML NA) reiterated with Buy; PT raised toEUR 1,450/shr (prev. 1,270/shr) at Goldman Sachs.

SMI

ABB (ABBN SW) - Q4 (USD) basic EPS 0.70 (exp. 0.66), rev. 9.1bln (exp. 8.8bln). Dividend proposal of CHF 0.94 per share. CEO says: "Q4 was a strong finish to a record year for ABB. We lead in markets with strong secular trends and we will further build on our ABB Way operating model, which gives me confidence in our updated financial targets and that 2026 will be yet another all-time-high result." (ABB)

Givaudan (GIVN SW) - FY25 (CHF): Revenue 7.47bln (exp. 7.50bln), EBITDA 1.75bln (exp. 1.82bln), FY25 LFL Sales + 5.1% (exp. 5.2%). (Givaudan)

Roche (ROG SW) - FY25 (CHF) Revenue 61.5bln (exp. 61.5bln), Core EPS 19.46 (exp. 19.66), Core Op. Profit 21.8bln (exp. 21.8bln); Sees 2026 sales growth in mid single digit range, expects to further increase dividend in CHF Board proposes a dividend increase to CHF 9.80 per share and non-voting equity security. If approved by shareholders, this would be the 39th consecutive dividend increase. Division: Pharmaceuticals Division sales increased by 9% (3% in CHF), with Phesgo (breast cancer), Xolair (food allergies), Ocrevus (multiple sclerosis), Hemlibra (haemophilia A) and Vabysmo (severe eye diseases) being the top growth drivers. Diagnostics Division sales grew 2% (-3% in CHF) as demand for pathology and molecular solutions continued to more than offset the impact of healthcare pricing reforms in China. Region: In the United States, sales rose by 8% due to continued growth of Xolair and continuing uptake of Ocrevus, Phesgo, Hemlibra and Polivy (blood cancer). This growth more than compensated for the decline in sales of medicines with expired patents. Sales in Europe grew 5% as strong demand for Ocrevus and Vabysmo and the continuing uptake of Polivy, Hemlibra and Phesgo more than compensated for the lower sales of Perjeta (breast cancer) due to the ongoing conversion of patients to Phesgo, and the impact of biosimilar competition on Actemra/RoActemra sales. Sales in Asia-Pacific decreased by 12% due to healthcare pricing reforms in China. (Roche)

OTHER SWISS COMPANIES

Bucher Industries (BUCN SW) - FY25 (CHF): Revenue 2.91bln (exp. 2.89bln); Guides 2026 operating margin at approximately 18%, flat Y/Y with stable sales on cc basis. (Bucher Industries)

Emmi (EMMN SW) - FY25 (CHF): Revenue 4.75bln (exp. 4.69bln); affirms FY25 (CHF) EBIT 300-350mln.

BROKER MOVES

SCANDINAVIA

Intrum (INTRUM SS) - Q4 (SEK): Adj EBIT 1.63bln (exp. 1.89bln), Adj. EBITDA 2.41bln (exp. 2.88bln). (Intrum)

Nokia (NOKIA FH) - Q4 (EUR): EPS 0.16 (exp. 0.17), Revenue 6.13bln (prev. 6.12bln), Adj. Operating Profit 1.06bln (exp. 1.06bln); sees strong demand in network infrastructure. (Nokia) Shares +0.8% in pre-market trade

Nordea (NDA FH) - Q4 (EUR): EPS 0.34 (exp. 0.34), NII 1.77bln (exp. 1.75bln). Outlook for 2026: a return on equity of greater than 15% and a cost-to-income ratio excluding regulatory fees of around 45%. (Nordea)

SEB (SEBA SS) - Q4 (SEK): EPS 3.67 (exp. 3.87), Total Op. Income 18.89bln (prev. 18.66bln Y/Y). The Board of Directors has proposed an ordinary dividend of SEK 8.50 per share and a special dividend of SEK 2.50 per share. (SEB)

Swedbank (SWEDA SS) - Q4’25 (SEK): Total Income 17.3bln (exp. 16.8bln), EPS 7.22 (exp. 6.40); to buy back shares for SEK 1.18bln. (Swedbank)

Telia (TELIA SS) - Q4 (SEK): Revenue 21.3bln (exp. 21.3bln), EPS -0.33 (exp. 0.36). For 2025, proposes a dividend of SEK 2.05/shr (prev. SEK 2.00/shr). Outlook 2026: Service revenue growth, like for like, around 2%, adjusted EBITDA growth, like for like, around 3%, CAPEX excluding spectrum and leases below 13bln and free cash flow around SEK 9bln. (Telia)

Trelleborg (TRELB SS) - Q4 (SEK): Sales 8.33bln (exp. 8.6bln), EPS 3.71 (exp. 3.66). (Trelleborg)

BROKER MOVES

Equinor (EQNR NO) upgraded to Hold from Sell at Danske Bank

Wihlborgs (WIHL SS) upgraded to Buy from Hold by Kepler Cheuvreux

US

CLOSES: SPX -0.01% at 6,978, NDX +0.32% at 26,023, DJI +0.02% at 49,016, RUT -0.49% at 2,654

SECTORS: Real Estate -0.92%, Consumer Staples -0.78%, Health -0.77%, Consumer Discretionary -0.67%, Industrials -0.53%, Utilities -0.23%, Financials -0.03%, Communication Services +0.08%, Materials +0.17%, Technology +0.62%, Energy +0.74%.

IBM (IBM) - IBM shares rose over 8% in afterhours trading following a Q4 beat and it issued a slightly a better-than-expected outlook, supported by strong software and infrastructure performance and a newly approved dividend. Q4 adj. EPS 4.52 (exp. 4.29), Q4 revenue USD 19.7bln (exp. 19.21bln); Software delivered double-digit growth, Infrastructure also posted double-digit growth driven by adoption of the next-generation mainframe, while the generative AI book of business exceeded USD 12.5bln. CEO said IBM enters 2026 with momentum and confidence; Q1 guidance includes constant currency revenue growth similar to FY26, and an operating tax rate in the mid-teens; FY26 revenue growth seen at more than 5% (revenue exp. 70.15bln), with software revenue growth accelerating to 10%, FCF up about USD 1bln Y/Y, around USD 1bln of incremental productivity savings; Confluent is expected to be accretive to EBITDA in its first full year post-close, and to FCF in year two.

Lam Research (LRCX) - Q4 adj. EPS 1.27 (exp. 1.17), Q4 revenue USD 5.34bln (exp. 5.24bln); highlighted strength across its product and services portfolio supporting transitions to more complex 3D devices and advanced packaging, with AI-driven demand accelerating customer investment. CEO said it delivered a strong quarter to cap a record year and is increasing execution velocity to support customers’ growth and target multi-year outperformance. Sees Q1 adj. EPS between 1.25-1.45 (exp. 1.20), and Q1 revenue between USD 5.4-6.0bln (exp. 5.33bln).

Microsoft (MSFT) - Shares finished extended trading with losses of over 5% following Q2 results, where traders focused on slowing cloud growth and lighter than expected operating margin guidance despite earnings and revenue beating forecasts. It reported Q2 EPS of 4.14 (exp. 3.85), boosted by a USD 7.6bln net gain from OpenAI investments (equivalent to +1.02/shr); revenue USD 81.3bln (exp. 80.28bln). Q2 cloud revenue +26% Y/Y to USD 51.5bln, Q2 Intelligent Cloud +29% to USD 32.9bln, Q2 Azure and other cloud services growth +39% Y/Y (down from 40% in Q1); Productivity and Business Processes +16% at USD 34.1bln; More Personal Computing -3% at USD 14.3bln. Q2 commercial RPO +110% Y/Y to USD 625bln. Exec said customer demand continues to exceed supply, it is in the “early innings” of AI diffusion, and paid Microsoft 365 Copilot seats reached 15mln, with daily Copilot users tripling Y/Y. For Q3, sees revenue between USD 80.65–81.75bln (exp. 81.25bln), Intelligent Cloud sales between USD 34.1–34.4bln, Productivity and Business Processes sales between USD 34.25–34.55bln, More Personal Computing USD 12.3–12.8bln, sees Q3 Azure growth between 37–38% (exp. 37.1%), and sees Q3 operating margin at 45.1% (exp. 45.5%). CapEx is seen down sequentially, and currency effects will support sales growth by around 3%; FY26 operating margins seen up slightly.

Meta Platforms (META) - Shares rose 7.4% in extended trading after it beat expectations, and issued stronger-than-expected sales guidance, citing robust advertising demand continuing into the new year. Q4 adj. EPS 8.88 (exp. 8.22), Q4 revenue USD 59.89bln (exp. 58.46bln). Q4 family daily active people averaged 3.58bln in December (+7% Y/Y), with over 3.5bln using at least one app daily, including over 2bln DAUs each on Facebook and WhatsApp; Q2 ad pricing was +18% Y/Y overall, with Reels watch time +30% Y/Y; Reality Labs losses expected to be similar in 2026 to 2025, viewed as the peak, while AR glasses sales more than tripled last year. CEO said 2026 should be the year AI “dramatically changes the way people work” and highlighted progress toward personal superintelligence. Q1 2026 revenue seen between USD 53.5-56.5bln (exp. 51.4bln), assuming an FX tailwind of around 4%; FY26 revenue growth expected to be below Q1 levels, as FX benefits fade, tougher comps emerge and less-personalised ads roll out in the EU. FY26 expenses guided at USD 162-169bln, capex USD 115-135bln, tax rate 13-16%, with operating income still expected to exceed 2025.

Nvidia (NVDA), Microsoft (MSFT), Amazon (AMZN), SoftBank (SFTBY) - Nvidia, Microsoft and Amazon are in talks to invest up to USD 60bln in OpenAI, The Information reports. FT said OpenAI is in talks to raise about USD 40bln from Nvidia, Amazon and Microsoft as part of a USD 100bln funding round valuing the group at USD 750bln. Nvidia may invest USD 20bln, Amazon USD 10bln+, Microsoft several billions, with SoftBank discussing an additional USD 30bln.

Tesla (TSLA) - Shares finished extended trading with gains of over 2% after it beat Q4 EPS estimates, and announced its planned Optimus robot production before end-2026; investors looked through revenues falling for the first time amid boycotts linked to Elon Musk’s political ties, tougher competition from Chinese rivals and the removal of electric vehicle subsidies, which together weighed on sales and profits. Q4 adj. EPS 0.50 (exp. 0.45), Q4 revenue USD 24.9bln (exp. 24.76bln). Active FSD subscriptions +38% Y/Y to 1.1mln, global vehicle inventory rose to 15 days (+25%), while the company said Cybercab, Tesla Semi and Megapack 3 remain on schedule for 2026 volume production; Optimus Gen 3 is due to be unveiled in Q1 with mass-production design and initial production before end-2026. Management said it is focused on an “autonomous future”, expects FSD in dozens of major cities by year-end, and has begun paid driverless rides without safety monitors in Austin; Model S and X are to be wound down next quarter. Tesla announced a USD 2bln investment in xAI Series E preferred shares, expected to close in Q1. Sees FY26 capex exceeding USD 20bln (vs USD 8.5bln in FY25), with 2026 described as a very large investment year focused on batteries, energy, AI chips and capacity expansion; no layoffs are planned and headcount will rise at Fremont.

29 Jan 2026 - 07:00- Research Sheet- Source: Newsquawk