Newsquawk Daily European Equity Opening News - 4th February 2026

ASIA

APAC stocks were ultimately mixed as the region partially shrugged off the downbeat handover from Wall Street, where sentiment was mired by renewed tech-selling, while participants in the region also reflected on the latest Chinese PMI data and the end of the partial US government shutdown. ASX 200 climbed higher with the upside led by outperformance in miners as metal prices continued their recovery, but with gains in the index capped by heavy losses in the tech sector. Nikkei 225 slumped at the open but is off worst levels, while risk appetite was pressured following recent earnings, including disappointing results from Nintendo, which saw its shares suffer a double-digit percentage drop. Hang Seng and Shanghai Comp saw two-way price action as participants digested stronger-than-expected Chinese RatingDog Services PMI data, and after the PBoC drained liquidity, while it was also reported that NVIDIA AI chip sales to China are stalled by a US security review and that Chinese customers are meanwhile not placing H200 chip orders with the company.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.24% at 6,030, Dax 40 +0.02% at 25,411, FTSE 100 -0.03% at 10,137, CAC 40 -0.14% at 8,347, FTSE MIB -0.45% at 45,525, IBEX 35 +0.08% at 17,687, PSI +0.77% at 8,559, SMI -0.44% at 13,368, AEX +0.37% at 997

SECTORS: Materials 2.13%, Consumer Stpl 1.17%, Utilities 1.02%, Energy 0.92%, Telecoms 0.77%, Industrials 0.47%, Financials 0.17%, Healthcare -0.22%, Consumer Disc -1.53%, IT -2.99%

FTSE 100

UK GDP - NIESR raised its forecast for UK GDP growth this year to 1.4% from 1.2%.

OTHER UK COMPANIES

BROKER MOVES

Berkeley Group Holding (BKG LN) upgraded to Overweight from Neutral at JPMorgan

DAX

Infineon (IFX GY) - Q1 (EUR) Revenue 3.66bln (exp. 3.62bln), EPS 0.19 (exp. 0.23); Q2 Revenue Outlook 3.8bln (exp. 3.81bln). Other Q1 metrics: Adj. Gross Margin 43% (prev. 40.7% Y/Y). FY26 Outlook: "revenue is still expected to rise moderately compared with the prior year". The adjusted gross margin should be in the low-forties percentage range and Segment Result Margin in the high-teens percentage range. Investments are now planned at around EUR 2.7bln (prev. EUR 2.2bln) to further accelerate the expansion of manufacturing capacity for power supplies for AI data centers. FY27 Outlook: Revenue of around 2.5bln is expected in this area after around 1.5bln in the current fiscal year. Adjusted free cash flow should now amount to around EUR 1.4bln (prev. EUR 1.6bln), and free cash flow is now expected to reach around EUR 1.0bln (prev. EUR 1.1bln) CEO: "Infineon has made a successful start to fiscal year 2026". “The very dynamic demand for AI, against an otherwise subdued market backdrop, is providing strong tailwinds to Infineon. At present, the focus is on power supply solutions for AI data centers; in the coming years, the expansion of grid infrastructure will be added. To serve our customers in the best possible way, we are aligning our manufacturing capacity to meet further rising demand and are bringing forward our investments in this area. (Infineon) Shares +2.9% in pre-market trade

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Credit Agricole (ACA FP) - Q4 (EUR): Revenue 9.97bln (exp. 6.77bln, prev. 9.81bln Y/Y), CIB Revenue 2.15bln (exp. 2.14bln), Gross Op. Income 4.05bln (prev. 3.95bln Y/Y), CET 1 Ratio 17.4% (prev. 17.6% Y/Y). (Credit Agricole)

Michelin (ML FP) - Michelin to acquire Flexitallic, accelerating growth in Polymer Composite Solutions. (Michelin)

OTHER FRENCH COMPANIES

Amundi (AMUN FP) - Co. launches a EUR 500mln share buyback programme. Elsewhere, the CEO said that the Co. will cut exposure to the US market over coming year; Focus will be on the European market, via the FT. (Amundi / FT)

Scor (SCR FP) - CFO Francois de Varenne to step down; effective from the 7th of March. (Newswires)

BROKER MOVES

PAN EUROPE

Santander (SAN SM) - Q4 2025 (EUR): Net income 3.76bln (exp. 3.48bln), EPS 0.24 (exp. 0.22). FY: Total Income 58.7bln (exp. 61.9bln), CET 1 Ratio 13.5% (prev. 13.5% Y/Y). Elsewhere, Santander is to acquire Webster Financial (WBS) for USD 12.2bln. (Santander)

UCB (UCB BB) - UCB showcases three-year hidradenitis suppurativa data at EHSF: BIMZELX (bimekizumab) achieved inflammatory lesion resolution and substantial disease severity improvements. The primary endpoint of BE HEARD I and BE HEARD II was HiSCR50 at Week 16. (UCB)

BROKER MOVES

SMI

Novartis (NOVN SW) - Q4 (USD): Core EPS 2.03 (exp. 1.99), Revenue 13.3bln (exp. 13.7bln), Adj. Op. Income 4.93bln (exp. 4.79bln). Noted that Net sales -1% (cc, +1% USD), impacted by US generic erosion and revenue deduction adjustments. Dividend: Dividend of CHF 3.70 per share, +5.7% Y/Y. 2026: Net sales expected to grow low single-digit and core operating income expected to decline low single-digit. CEO: "In 2026, we expect to grow through the largest patent expiry in Novartis history, underscoring the strength of our business, and remain well on track to deliver our mid-term guidance”. On the agreement with the US, says, the implications of that agreement are reflected in our 2026 guidance and in our 5-6% five-year sales CAGR guidance for 2025-2030. (Novartis) Shares -0.5% in pre-market trade

UBS (UBSG SW) - Q4 (USD) Net Income 1.2bln (exp. 967mln), Pre-tax Profit 1.7bln (exp. 1.46bln), Investment Bank Pretax 640mln (exp. 468.7mln), Co. is to buyback USD 3bln of its own shares this year and aims to do more. Other Q4 Metrics: Asset Management Pretax 212mln (exp. 221mln). Wealth Management Pretax Income 1.29bln (exp. 1.34bln). FY: EPS 2.36 (exp. 2.35). Commentary: Cost Savings: "We are now focused on migrating the remaining client, fund, and custody accounts in 1Q26 and business clearance activities, enabling material decommissioning of the remaining applications and Credit Suisse legacy IT infrastructure by year-end. This will accelerate our gross cost saves and contribute to achieving a further USD 2.8bn of saves in 2026, including an additional USD 0.5bn that we have identified across the Group". Targets: Q1: Expect a low single-digit percentage decline in Global Wealth Management’s net interest income (NII), while in Personal & Corporate Banking NII is expected to remain broadly stable. "Further growth toward ~18% RoCET1 and cost/income ratio of ~67% in 2028". "We expect to deliver further sustainable, long-term growth and efficiency gains, as we complete the integration, leverage the benefits of our global scale, interconnected franchises and regional expertise, and take advantage of the structural trends that are shaping our industry". Dividend: "Beyond 2026, we intend to continue to pursue a progressive dividend complemented by share repurchases that will be calibrated based on our financial results, our capital ratio and the final outcome and timing of the implementation of the new regulatory regime in Switzerland". (UBS) Shares +2.3% in pre-market trade

OTHER SWISS COMPANIES

AMS Osram (AMS SW) - Sells Non-Optical Analog/Mixed-Signal Sensor business to Infineon (IFX GY) for EUR 570mln in cash. (AMS Osram)

BROKER MOVES

SCANDINAVIA

Ambu (AMBUB DC) - Q1 (DKK): Revenue 1.56bln (exp. 1.55bln), EPS 0.44 (exp. 0.48), Adj. EBIT 164mln (exp. 170mln). Confirms guidance. Growth and EBIT margin are still expected to be higher in H2 compared to H1. (Ambu)

DNB (DNB NO) - Q4 2025 (NOK): NII 16.17bln (prev. 15.99bln Y/Y), EPS 7.65 (prev. 8.21 Y/Y), Total Income 23.55bln (prev. 22.6bln Y/Y). (DNB)

Equinor (EQNR NO) - Q4 (USD): Adj. Op. Income 6.2bln (exp. 5.95bln), Adj. EPS 0.81 (prev. 0.63 Y/Y). Co. to buy back shares for USD 1.5bln. “In 2026, we expect around 3 percent production growth, up from record levels in 2025. We are taking firm actions to strengthen free cash flow, remain robust towards lower prices and maintain competitive capital distribution”. (Equinor)

Handelsbanken (SHBA SS) - Q4 (SEK): Total Income 14.3bln (exp. 14bln), EPS 3.01 (exp. 2.73), RoE 13% (prev. 14.6% Y/Y), CET 1 Ratio 17.6% (prev. 18.8% Y/Y). Proposed dividend of SEK 17/shr (prev. 15/shr). (Handelsbanken)

Novo Nordisk (NOVOB DC) - FY25 (DKK): Sales 309.1bln (exp. 307.3bln). EPS 23.03 (exp. 22.99). Wegovy sales 79.1bln (exp. 78.2bln). Net income 102.4bln (prev. 100.4bln Y/Y). Op. profit 127.7bln (prev. 128.3bln Y/Y). Co. proposes DKK 7.95 final dividend for 2025, initiates DKK 15bln buyback. 2026 sales and operating profit outlook Sees 2026 sales at constant FX -5% to -13% (exp. -1.39%). Sales and operating profit for 2026 will be positively impacted by a reversal of sales rebate provisions of USD 4.2bln related to the 340B Drug Pricing Program in the US. 2026 sales outlook reflects expectations for sales growth within International Operations and expectations for a sales decline within US Operations. In 2026, the global GLP-1 market expansion is assumed to continue, enabling Novo Nordisk to increase patient reach and expand volumes. This is countered by lower realised prices, including the MFN ("Most Favoured Nations") agreement in the US and the loss of exclusivity for the semaglutide molecule in certain markets in International Operations. Lastly, positive impacts related to US gross-to-net sales adjustments during 2025 are not anticipated to reoccur. Elsewhere, says Ludovic Helfgott EVP and President of Product and Portfolio Strategy and Dave Moore EVP of US operations to step down. (Novo Nordisk) Shares -1.9% in pre-market trade

Stora Enso (STERV FH) - Q4 2025 (EUR): 2.254bln (prev. 2.322bln Y/Y), Adjusted EBITDA 255mln (prev. 285mln Y/Y), EPS 0.46 (prev. -0.43 Y/Y); sees Q1 remain challenging, with low consumer confidence. (Stora Enso)

BROKER MOVES

Alfa Laval (ALFA SS) upgraded to Buy from Hold by Nordea

Outokumpu (OUT1V FH) upgraded to Buy from Hold by SEB

US

Advanced Micro Devices (AMD) - AMD shares fell 7.4% in extended trading, as investors focused on Q1 guidance that, while above consensus, did not meet some analysts’ lofty expectations for a stronger outlook amid accelerating AI-related spending. It reported Q4 adj. EPS of 1.53 (exp. 1.32), Q4 revenue USD 10.27bln (exp. 9.67bln). Exec said results were driven by strong execution and broad-based demand across high-performance and AI platforms, with accelerating adoption of EPYC and Ryzen CPUs, and rapid scaling of the data-centre AI business. Results benefited from about USD 360mln release of previously reserved AMD instinct mi308 inventory and related charges. It noted record non-GAAP operating income and free cash flow in Q4 and FY, alongside increased strategic investment. CFO said the quarter demonstrated its ability to deliver profitable growth at scale. CEO said the group is entering 2026 with strong momentum. Sees Q1 revenue USD 9.8bln +/- 0.3bln (exp. 9.37bln), a gross margin of around 55%, including around USD 0.1bln of Instinct MI308 sales to China.

Mondelez (MDLZ) - Shares fell 3.5% in extended trading, amid cautious FY guidance and ongoing cocoa cost headwinds. Q4 adj. EPS 0.72 (exp. 0.70), Q4 revenue USD 10.496bln (exp. 10.29bln). Exec said it delivered solid top-line performance and strong cash flow despite significant cocoa cost headwinds. Highlighted focus on controllables, including volumes, brand investment, structural cost savings and disciplined capital allocation, alongside expectations for stabilising cocoa costs. For FY26, sees organic net revenue growth of flat to +2%, and adj. EPS growth of flat to +5%, with FCF of around USD 3bln.

NVIDIA (NVDA) - AI chip sales to China were reportedly stalled by US security review, according to FT. Chinese customers are meanwhile not placing H200 chip orders with NVIDIA. (FT)

Texas Instruments (TXN), Silicon Laboratories (SLAB) - Texas Instruments is in advanced talks to buy Silicon Laboratories for about USD 7bln, valuing it above its USD 4.4bn market cap, FT reports. It would mark the chipmaker’s biggest deal since its USD 6.5bn National Semiconductor takeover in 2011, and comes amid industry consolidation. Silicon Laboratories' shares jumped more than 35% after the initial reports.

Take-Two Interactive (TTWO) - Shares rose over 5% in extended trading after it reported a beat on quarterly bookings expectations, and issued stronger than expected guidance. Q3 EPS -0.50 (vs -0.71 Y/Y), Q3 bookings USD 1.76bln (exp. 1.58bln). Reiterated the November 19th release date for 'Grand Theft Auto VI'. Exec said the quarter reflected broad outperformance and ongoing momentum, adding that the upcoming GTA VI launch underpins expectations for record Net Bookings in FY27 and improved profitability and balance-sheet flexibility. For Q4, sees bookings between USD 1.51-1.56bln (exp. 1.52bln), EPS between -0.70 and -0.54; For FY26, raised outlook: sees EPS between -2.00 and -1.84 (prev. saw -2.25 to -1.90), and bookings between USD 6.65-6.70bln (exp. 6.48bln; prev. saw 6.4–6.5bln).

04 Feb 2026 - 07:01- Research Sheet- Source: Newsquawk