Newsquawk Daily European Equity Opening News - 5th February 2026

ASIA

APAC stocks were mostly lower following the continued tech selling stateside and flip-flopping regarding US-Iran talks, while commodities were pressured overnight with silver prices dropping by a double-digit percentage. ASX 200 was dragged lower by weakness in mining and resources stocks after underlying commodities prices took a hit, but with the losses in the index stemmed by resilience in financials and consumer stocks. Nikkei 225 saw early indecision but eventually slipped below the 54,000 level alongside the downbeat mood in the region. Hang Seng and Shanghai Comp declined with notable weakness in miners, property names and insurers, while an increased liquidity effort by the PBoC and reports of an 'excellent' call between Trump and Xi failed to spur risk appetite.

Baidu (BIDU) - Baidu said it will pay its first-ever dividend this year, and authorised a USD 5bln share buyback as part of its capital-return strategy.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.39% at 5,972, Dax 40 -0.52% at 24,653, FTSE 100 +0.85% at 10,402, CAC 40 +1.01% at 8,262, FTSE MIB +0.47% at 46,636, IBEX 35 -0.09% at 18,103, PSI +0.61% at 8,882, SMI +1.08% at 13,518, AEX -0.37% at 990

SECTORS: Telecoms 3.05%, Consumer Stpl 2.46%, Energy 1.91%, Consumer Disc 1.75%, Utilities 0.98%, Materials 0.19%, Healthcare -0.39%, Financials -0.40%, Industrials -1.18%, IT -2.39%

FTSE 100

Glencore (GLEN LN / Rio Tinto (RIO LN) - Co. is seeking a big premium in deal talks with Rio Tinto, whilst Rio Tinto is pushing to keep its Chairman and CEO after the merger, according to reports from the Financial Times. (FT)

OTHER UK COMPANIES

BROKER MOVES

Beazley (BEZ LN) downgraded to Equal Weight from Overweight at Morgan Stanley

Beazley (BEZ LN) downgraded to Hold from Buy at Jefferies

DAX

Hannover Re (HNR1 GY) - FY (EUR): Net Income 2.6bln (prev. 2.33bln Y/Y), EBIT 3.5bln (prev. 3.3bln Y/Y). Confirms guidance. (Hannover Re)

Siemens Healthineers (SHL GY) - Q1 (EUR): Revenue 5.40bl (exp. 5.45bln), Adj. EBIT 809mln (exp. 797.4mln), reaffirms FY adj. EPS between 2.20-2.40. (Siemens Healthineers)

Volkswagen (VOW3 GY) - Volkswagen employees in Tennessee secured a 20% across-the-board pay rise under a tentative agreement with the UAW union, Bloomberg reports. The deal covers about 3,000 workers at the Chattanooga plant and includes improvements to healthcare, safety and job security, subject to member ratification. (Bloomberg)

OTHER GERMAN COMPANIES

Aurubis (NDA GY) - Q1 (EUR): EBIT 105mln (prev. 68mln Q/Q). FY Outlook: Pretax Profit 375-475mln (prev. guided 300-400mln). This adjustment was based on higher metal prices and very good overall demand for the company’s copper products. (Aurubis)

Heidelberg Materials (HEI GY) – Co. announces a AUD 1bln transaction in Australia, which includes 40 quarries with combined reserves of more than 350Mt concrete plants, two asphalt operations, and a recycling site. (Heidelberg Materials)

Rational (RAA GY) - Q4 (EUR): Revenue 341mln (exp. 331.6mln), EBIT 333mln, +6% Y/Y. Notes of strong growth in Europe and Americas. Says they are well positioned for the year ahead. (Rational)

Qiagen (QIA GY) - Q4 (EUR): Net Sales 540mln (prev. 521mln Y/Y), Diluted EPS 0.49 (prev. 0.39 Y/Y). 2026 Outlook: Net sales growth of at least 5% CER with growth pillars expected to contribute about USD 1.64bln CER (~+9% CER) and Adj. diluted EPS of at least USD 2.50 CER. (Qiagen)

BROKER MOVES

CAC

BNP Paribas (BNP FP) - Q4 (EUR): Net income 2.97bln (exp. 2.86bln), Revenue 13.1bln (exp. 12.9bln), reaffirms its 2024-26 targets and upgrades FY28 targets. CEO: “The Group turned in a record 4th quarter featuring excellent operating performances. Building on our 2025 results and a structurally favourable interest-rate environment, we confirm our 2026 objectives and are raising our 2028 objectives." (BNP Paribas) 

OTHER FRENCH COMPANIES

Rubis (RUI FP) - Co. develops a strategic European bitumen distribution platform. (Rubis)

BROKER MOVES

Engie (ENGI FP) downgraded to Neutral from Overweight at JPMorgan

PAN EUROPE

ArcelorMittal (MT NA) – Q4 2025 (USD): Revenue 14.97bln (prev. 15.66bln Y/Y), Net Income 177mln (prev. 377mln Y/Y), EPS 0.23 (prev. 0.50 Y/Y). The company expects demand to increase in 2026. The Co. expects world ex-China apparent steel demand to grow by +2% in FY 2026 as well as the company forecasts for steel production and shipment to increase across all regions in 2026 versus 2025. (ArcelorMittal)

BBVA (BBVA SM) - Q4 (EUR): Net income 2.53bln (exp 2.54bln), NII 7.03bln (exp. 6.82bln), expects 2026 profitability to increase to around 20%. FY (EUR): NII 26.28bln (prev. 25.27bln Y/Y), net income 10.51bln (prev. 10.05bln Y/Y). (BBVA)

Fagron (FAGR BB) - Co. obtains regulatory clearance for the acquisition of Vepakum in Brazil and completes the acquisition of Magilab in Hungary. (Fagron)

BROKER MOVES

SMI

Clariant (CLN SW) - Co. acknowledges the agreement between Stahl Group’s majority and controlling owner Wendel SE and Henkel as disclosed today. The existing shareholder agreement includes a contractual obligation for Clariant as minority shareholder to participate in the transaction following the notification from Wendel SE (Drag-Along-Right). Clariant holds a minority stake of 14.6 % in Stahl Group with a book value of CHF 180mln. (Clariant)

OTHER SWISS COMPANIES

Swiss Prime Site (SPSN SW) - FY (CHF): Group managed real estate assets 28.2bln, +6.8% Y/Y. Asset Management 83.mln, +18.1% Y/Y. Proposal of increased dividend of CHF 3.50/shr (prev. CHF 3.45/shr). (Swiss Prime Site)

BROKER MOVES

OMV (OMV AV) downgraded to Reduce from Hold at HSBC

SCANDINAVIA

DNO (DNO NO) - FY (USD): EBIT 513mln (exp. 550.5mln), Revenue 1.47bln (exp. 1.56bln). Chairman: “Given geopolitical convulsions, the oil market will swing between nervous and frisky in 2026. DNO does not do nervous, but it does do frisky”. The Company projects 2026 net production to climb 10 percent. (DNO)

Danske Bank (DANSKE DC) - FY (DKK): Total Income 56.8bln (exp. 56.3bln), Net Income 23bln (exp. 22.5bln). FY Outlook: 22-24bln (exp. 22.8bln). Co. to buy back shares for DKK 4.5bln. (Danske Bank)

Evolution (EVOL SS) - Q4 (EUR): EPS 1.54 (exp. 1.28), Revenue 514.2mln (exp. 517mln). In Q4, Asia has turned back to growth compared to the third quarter. To sum up the above, Asia, North America, Latin America and Africa all did well in the quarter; however, development in Europe was not good, burdened by unfavorable regulatory movements. (Evolution)

Saab AB (SAABB SS) - Q4 2025 (SEK): Revenue 27,7bln (exp. 26.3bln), Operating profit 3.26bln (exp. 2.70bln), Net income 2.57bln (exp. 2.12bln); Guides initial FY26 Organic Revenue at +22%. (Saab)

GN Store Nord (GN DC) - Q4 (DKK): Revenue 4.68bln (exp. 4.9bln), Gross Profit 9.15bln (prev. 9.56bln Y/Y). (GN Store Nord)

Nordex (NDX1 GY) - Co. receives 56 MW order for community wind farm in Schleswig-Holstein. (Nordex)

Jyske Bank (JYSK DC) - FY (DKK): EPS 85.5 (prev. 80 Y/Y), Core Income 13.65bln (prev. 13.69bln Y/Y). CET 1 Ratio 21.5% (prev. 23.1% Y/Y). FY26 Outlook: Net Income 4.3-5.1bln (exp. 4.61bln), EPS 71-85 (exp. 80.32). Co. to buy back shares for DKK 3bln. (Jyske Bank)

Kesko (KESKOB FH) – Q4 2025 (EUR): Revenue 3.23bln (prev. 3.04bln Y/Y), EPS 0.25 (prev. 0.19), Operating profit 174.6mln (prev. 170.8mln). Kesko Group’s profit guidance is given for the year 2026, in comparison with the year 2025. Kesko’s operating environment is estimated to improve in 2026, but will still remain somewhat challenging. Kesko’s comparable operating profit is estimated to improve in 2026. Kesko estimates that its 2026 comparable operating profit will amount to €650–750 million. Key uncertainties impacting Kesko’s outlook are developments in consumer confidence and investment appetites, as well as geopolitical crises and tensions. (Kesko)

Nordic Semiconductor (NOD NO) - Q4 (USD): Revenue 170mln (exp. 168mln).Co. to buy back shares for NOK 180mln. (Nordic Semiconductor)

Pandora (PNDORA DC) - Q4 (DKK) EPS 36.90 (exp. 37.50), Sales 11.9bln (exp. 12.3bln). FY Outlook: EBIT Margin 21-22%. Organic Growth -1 to +2%. Proposed dividend of DKK 22 per share, up 10% from DKK 20 in 2024. CEO: Given the surging silver prices, Pandora will resume its historical, significant share buyback programmes once the plans to transition to platinum-plated jewellery is further progressed. (Pandora)

Sampo (SAMPO FH) - Q3 (EUR): EPS 0.20 (exp. 0.17), GWP 2.27bln (prev. 2.21bln Y/Y). Outlook: Underwriting Profit 1.48-1.6bln. (Sampo)

Volvo Cars (VOLCARB SS) - Q4 (SEK): Revenue 94.9bln (exp. 100.6bln), Adj. EBIT 1.8bln (exp. 4.59bln), EBIT Margin 2% (prev. 3.4% Y/Y). Outlook: Says 2026 will be challenging for the industry with continued pricing pressure from a competitive market, tariff effects, regulatory uncertainty and softer consumer sentiment. The overall premium market is expected to shrink. In the first half of 2026, Volvo Cars will also have negative cash effects from a temporary inventory build-up of XC90 and XC60 cars in the Torslanda plant. For 2026, Volvo Cars aims to come back to volume growth on a year-on-year basis for the full year and increase cash generation, with full-year free cash flows clearly better than what it achieved in 2025. (Volvo)

Vestas Wind Systems (VWS DC) - FY 2025 (EUR): Revenue 18.8bln (exp. 19.0bln), adj EBIT 580mln (exp. 597mln); initiates share buyback of EUR 150mln and guides initial FY26 revenue at EUR 20-22bln (exp. 20.9bln). (Vesta Wind Systems)

BROKER MOVES

Aker Solutions (AKSO NO) downgraded to Sell from Hold by Danske Bank

Equinor (EQNR NO) upgraded to Buy from Hold at Pareto Securities

Peab (PEABB SS) upgraded to Buy from Hold at SEB

Subsea 7 (SUBC SS) downgraded to Sell from Hold by Danske Bank

US

CLOSES: SPX -0.51% at 6,883, NDX -1.77% at 24,891, DJI +0.53% at 49,501, RUT -0.90% at 2,625

SECTORS: Technology -1.90%, Communication Services -1.67%, Consumer Discretionary -1.16%, Utilities -0.44%, Industrials +0.24%, Financials +0.80%, Consumer Staples +1.05%, Health +1.22%, Real Estate +1.53%, Materials +1.80%, Energy +2.25%.

Alphabet (GOOG) - Alphabet shares fell 2.2% in extended trading after it forecast sharply higher 2026 capital spending than expected, reviving investor concerns about the scale and payback of its AI investment plans. It reported Q4 EPS of 2.82 (exp. 2.64), and Q4 revenue of USD 113.83bln (exp. 111.48bln). Google Services Revenue USD 95.9bln (exp. 95.0bln), Google Cloud Revenue USD 17.66bln (exp. 16.2bln); advertising revenue USD 82.28bln (vs USD 72.46bln Y/Y), with Search & other sales of USD 63.07bln (vs 54.03bln Y/Y), and YouTube ads USD 11.38bln (vs 10.47bln Y/Y); Google Cloud revenue was USD 17.66bln (vs 11.96bln Y/Y), exiting 2025 at an annual run-rate above USD 70bln. Annual revenues exceeded USD 400bln for the first time, YouTube annual revenues surpassed USD 60bln across ads and subscriptions, and paid subscriptions across consumer services topped 325mln. Its Gemini app reached over 750mln monthly active users, with more than 8mln paid Gemini Enterprise seats sold, while engagement per user increased notably following the December launch of Gemini 3. Waymo surpassed 20mln fully autonomous trips and now provides over 400,000 rides weekly, with a USD 2.1bln stock-based compensation charge recognised in Q4 tied to Waymo’s valuation. Declared a quarterly dividend of 0.21/shr. Alphabet said its 2026 capital expenditures are expected to total USD 175-185bln (exp. 119.5bln), citing AI investments and infrastructure driving revenue and growth, with spending aimed at meeting customer demand and capturing growth opportunities.

Arm Holdings (ARM) - Arm shares fell over 8% in extended trading as licensing revenue missed expectations, guidance only slightly beat forecasts, and a weak outlook from key customer Qualcomm heightened concerns around smartphone exposure amid memory shortages. Q3 adj. EPS 0.43 (exp. 0.41), Q3 revenue USD 1.24bln (exp. 1.23bln). Royalty revenue +27% Y/Y to USD 737mln, driven by higher royalty rates per chip (including Armv9 and CSS), and greater data-centre adoption; licence and other revenue +25% Y/Y to USD 505mln (exp. 520mln), reflecting timing of high-value licences and backlog contributions. Annualised contract value +28% Y/Y to USD 1.62bln, while remaining performance obligations -8% Y/Y to USD 2.15bln, with around 31% expected to be recognised over the next 12 months. Management said continued adoption of advanced architectures is lifting royalty intensity. The company also noted that majority shareholder SoftBank (SFTBY) is not interested in selling any Arm shares. For Q4, sees adj. EPS between 0.54-0.62 (exp. 0.56), and revenue between USD 1.42-1.52bln (exp. 1.44bln).

e.l.f. Beauty (ELF) - Q3 EPS 1.24 (exp. 0.72), Q3 revenue USD 489.5mln (exp. 461.8mln); cited 130bps of market share gains for the e.l.f. Cosmetics brand, and a record-breaking rhode launch at Sephora in the UK. CEO said results extend category-leading growth and reflect the strength of its value proposition, innovation and marketing engine, adding confidence in continued share gains. FY26 guidance was raised: sees EPS between 3.05-3.10 (prev. saw 2.80-2.85), and sees FY revenue between USD 1.60-1.612bln (exp. 1.57bln; prev. saw 1.55-1.57bln).

Qualcomm (QCOM) - Shares fell over 10% in extended US trading after management warned that a global memory shortage would weigh on near-term guidance, despite stronger-than-expected quarterly earnings. Reported Q1 adj. EPS of 3.50 (exp. 3.40), and Q1 revenue of USD 12.25bln (exp. 12.16bln), a record, with total company revenues and momentum across personal, industrial and physical AI, though near-term handsets were impacted by industry-wide memory supply constraints, though demand for premium and high-tier smartphones remains encouraging. CEO said the group delivered strong quarterly results with growing traction from recent CES product announcements and remains on track to achieve its FY29 revenue goals; Sees Q2 adj. EPS between 2.45-2.65 (exp. 2.87), and Q2 revenue between USD 10.2-11.0bln (exp. 11.02bln).

05 Feb 2026 - 07:01- Geopolitical- Source: Newsquawk