Newsquawk Daily European Equity Opening News - 2nd February 2026

ASIA

APAC stocks were pressured amid several recent bearish themes, including the partial US government shutdown and surprise contraction in Chinese official PMIs over the weekend, while sentiment was also not helped by the recent historic collapse in precious metals and with tech-related weakness after reports that NVIDIA's plan to invest USD 100bln OpenAI stalled. ASX 200 retreated with underperformance in the mining sector after a tumble in metal prices, including last Friday's biggest intraday drop for gold in four decades, while sentiment was not helped by wide consensus for a looming RBA rate hike. Nikkei 225 initially bucked the trend with early support from a weaker currency and with the Takaichi trade in play after a poll showed that the ruling LDP is likely on course for a landslide victory at the snap election this upcoming Sunday. However, the index gradually wiped out its gains and more alongside the broad risk-off mood across the region. Hang Seng and Shanghai Comp suffered after disappointing PMI data over the weekend, which showed official manufacturing and non-manufacturing PMI unexpectedly slipped into contraction territory, while the private sector RatingDog manufacturing PMI data matched estimates and continued to show an expansion, but failed to inspire risk sentiment. Furthermore, Chinese telecom names were among the worst performers after Beijing notified about raising telecom services VAT to 9% from 6%.

China Autos - Li Auto (LI) said it delivered 27,668 vehicles in January 2026, bringing cumulative deliveries to 1,567,883 as of 31st January; it released OTA update version 8.2 and operated 547 retail stores, 547 service centres, and 3,966 super charging stations in China. NIO (NIO) delivered 27,182 vehicles in January 2026, +96.1% Y/Y, including 20,894 NIO, 3,481 ONVO and 2,807 FIREFLY vehicles; cumulative deliveries reached 1,024,774 as of 31st January. XPeng (XPEV) delivered 20,011 vehicles in January 2026; the XPENG P7+ launched across 36 countries and debuted in Europe at the 2026 Brussels Motor Show.

Chinese Data - Chinese Manufacturing PMI (Jan) 49.3 vs Exp. 50.1 (Prev. 50.1); Non-Manufacturing PMI (Jan) 49.4 vs Exp. 50.3 (Prev. 50.2); Composite PMI (Jan) 49.8 (Prev. 50.7); RatingDog Manufacturing PMI (Jan) 50.3 vs. Exp. 50.3 (Prev. 50.1)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.98% at 5,950, Dax 40 +0.85% at 24,516, FTSE 100 +0.51% at 10,224, CAC 40 +0.68% at 8,127, FTSE MIB +1.00% at 45,527, IBEX 35 +1.66% at 17,881, PSI +0.20% at 8,662, SMI +0.20% at 13,202, AEX +0.47% at 1,002

SECTORS: IT 2.06%, Telecoms 1.13%, Financials 1.08%, Healthcare 0.71%, Consumer Stpl 0.66%, Consumer Disc 0.54%, Utilities 0.35%, Industrials 0.28%, Energy 0.13%, Materials -0.86%

FTSE 100

Glencore (GLEN LN) - Glencore Canada confirmed that it has maintained ongoing discussions with the Government of Quebec. At this time, certain key elements remain unresolved. It is critical to break the current impasse without delay to secure the continuation of operations and the investments required to support the future of the Horne Smelter and CCR. (Glencore)

GSK (GSK LN) - The Times writes that GSK is mulling future cost savings in Europe, aiming to unlock funds to launch potential new blockbuster drugs; the piece, citing City analysts, suggest the Co. could undertake a GBP 1bln efficiency programme. (The Times)

UK Labour Market - EY Item Club writes that UK unemployment could rise to 5.2% in H1’26, citing tax rises and ongoing global uncertainty. (The Times)

UK Defence - UK PM Starmer said the UK should consider re-entering talks for a defence pact with the EU, while he added that Europe needs to step up and do more to defend itself in certain times, according to The Guardian. (The Guardian)

OTHER UK COMPANIES

BROKER MOVES

Anglo American (AAL LN) upgraded to Buy from Neutral at CitiGroup

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Airbus (AIR FP) - Co. reportedly still in discussions with RTX (RTX) about engine deliveries; Airbus still finalising its aircraft delivery goal to tight engine supply. (Bloomberg)

Capgemini (CAP FP) - Capgemini to launch the divestiture of its subsidiary Capgemini Government Solutions - to be initiated immediately. Divestiture comes amidst ongoing pressure by French lawmakers over the Co’s contract with ICE, and its methods used by agents in Minnesota. (Capgemini)

Sanofi (SAN FP) - Sanofi’s venglustat met all primary endpoints in a phase 3 study of type 3 Gaucher disease. In the PERIDOT phase 3 study in Fabry disease, venglustat did not show superiority on the patient-reported primary endpoint and an additional phase 3 CARAT study is ongoing. In the LEAP2MONO study, GD3 patients receiving venglustat demonstrated statistically significant improvements in neurological symptoms measured by a global test score for two assessments. (Sanofi)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

EU Dairy / Danone (BN FP) / Nestle (NESN SW) - EU industry association said on Friday that China proposed final anti-subsidy duties on EU dairy products at lower levels than in provisional duties with the final Chinese anti-subsidy tariffs on EU dairy products to go up to 11.7% vs. a maximum 42.7% in provisional duties. (Newswires)

EU-China Trade - EU Industry Associations says China has proposed final anti-subsidy duties on EU dairy products at lower levels than in provisional duties; Final Chinese anti-subsidy tariffs on EU dairy products go up to 11.7% vs. maximum 42.7% in provisional duties. (Newswires)

Heineken (HEIA NA) - Co. completed its acquisition of FIFCO’s beverage and retail businesses. The closing of the landmark transaction reinforces Heineken’s strategic position in Central America and unlocks significant new growth opportunities. (Heineken)

Intesa Sanpaolo (ISP IM) - Q4 2025 (EUR): Net income 1.73bln (exp. 1.59bln), Operating Income 6.84bln (exp. 6.77bln), NII 3.68bln (exp. 3.71bln). Announced EUR 2.3bln share buyback. Guides initial FY26 Net Income 10bln; aims to return 95% of profit to shareholders. (Intesa Sanpaolo)

Italy - S&P affirmed Italy at 'BBB+' rating; Outlook Revised to Positive from Stable, while it affirmed the European Stability Mechanism at AAA; Outlook Stable. (S&P)

Mining stocks - Precious and base metals prices have slumped, in a continuation of Friday's losses, and further exacerbated by downbeat Chinese PMIs.

BROKER MOVES

SMI

OTHER SWISS COMPANIES

Galderma (GALD SW) – Co. announces US FDA acceptance of RelabotulinumtoxinA Biologics License Application Resubmission for its anti-wrinkle treatment (Galderma)

Julius Baer (BAER SW) - FY (CHF): EPS 3.72 (exp. 3.26), AuM 521bln, +5% Y/Y, Net Profit 764mln (prev. 1.02bln Y/Y), CET1 Ratio 17.4% (prev. 14.2% Y/Y). Notes that Co. is “firmly” on track to deliver on medium-term targets. Will propose an unchanged ordinary dividend of CHF 2.60 per share for the financial year 2025. (Julius Baer)

BROKER MOVES

SCANDINAVIA

Metso (METSO FH) - Co. expands bulk material handling capabilities by acquiring MRA Automation in Australia. (Metso)

SKF (SKFB SS) - Co. has completed the divestment of its precision elastomeric device operation in Elgin, Illinois, USA; plan was previously announced. (SKF)

Volvo (VOLVB SS) - Volvo Construction Equipment has completed the acquisition of Swecon. The transaction is valued at an enterprise value of SEK 7bln. The total estimated effect in Q1 is SEK 300mln. For the full year of 2024 Swecon's revenues amounted to SEK 10bln. (Volvo)

BROKER MOVES

Elisa (ELISA FH) upgraded to Buy from Hold at SEB

Elisa (ELISA FH) upgraded to Hold from Sell at Nordea

US

CLOSES: SPX -0.43% at 6,939, NDX -1.28% at 25,552, DJI -0.36% at 48,892, RUT -1.55% at 2,614

SECTORS: Materials -1.85%, Technology -1.33%, Industrials -0.28%, Financials -0.28%, Communication Services -0.23%, Utilities -0.20%, Consumer Discretionary -0.07%, Real Estate +0.09%, Health +0.57%, Energy +0.98%, Consumer Staples +1.35%.

Alphabet (GOOG) - Google persuaded a judge to reject consumer demands for USD 2.36bln in penalties over privacy settings, leaving a September jury award at USD 425mln vs the USD 31bln sought, Reuters reports.

Disney (DIS) - Disney's board is close to promoting parks chief Josh D’Amaro as CEO, and plans a vote next week, Bloomberg reports. The WSJ reports that current CEO Bob Iger has told associates he plans to step down and reduce day-to-day management before the 31st December end of his contract. (Bloomberg)

Ford (F), Xiaomi (XIACF), BYD (BYDDF) - Ford held preliminary talks with China’s Xiaomi about a US electric vehicle partnership, including a possible joint venture, and also spoke with BYD, FT reports. Ford and Xiaomi denied the reports. FT says the idea is controversial amid US tariffs, security concerns, Trump comments on Chinese investment, and Chinese EV expansion.

New Fed Chair - President Trump joked at a Saturday night speech that he would sue Kevin Warsh, his nominee to Chair the Fed, if he did not lower interest rates, WSJ reports. Speaking at the Alfalfa Club dinner, Trump later said he had not extracted concessions from Warsh.

Nvidia (NVDA), OpenAI - Nvidia’s plans to invest up to USD 100bln in OpenAI to support training and operation of AI models has stalled after internal doubts, WSJ reports citing sources. The companies unveiled the agreement last September, including a memorandum for Nvidia to build at least 10 gigawatts of computing power, with OpenAI leasing the chips. (WSJ)

Tesla (TSLA) - The Senate Commerce, Science and Transportation Committee will hold a hearing on the future of self-driving cars, on Wednesday at 10:00ET/15:00GMT; the hearing will feature Lars Moravy, Vice-President at Tesla, and Jeff Farrah, chief executive of the Autonomous Vehicle Industry Association.

02 Feb 2026 - 07:00- MetalsResearch Sheet- Source: Newsquawk