Newsquawk Daily European Equity Opening News - 23rd February 2026

ASIA

APAC stocks were mixed amid trade uncertainty as the region digested the latest tariff developments after the US Supreme Court ruled against IEEPA tariffs on Friday, prompting President Trump to impose a global 10% flat-rate tariff, which he later raised to 15% over the weekend, while there were a couple of key market closures in the region with mainland China and Japan observing holidays. ASX 200 was dragged lower with underperformance seen in tech, healthcare and real estate, while participants also reflected on a deluge of earnings releases and the recent Trump 15% global tariff rate announcement, which would increase the levies on Australia from the previously agreed 10%. KOSPI initially benefitted from the tech strength amid gains in the likes of industry heavyweights Samsung Electronics and SK Hynix, while South Korea's Industry Minister also noted that chips were not subject to Trump's new tariffs. However, the index then gradually gave back all its gains. Hang Seng rallied with tech stocks dominating the list of best performers in Hong Kong and with the local benchmark underpinned as a proxy to China, which is seen as the likely biggest winner from the US Supreme Court tariff ruling.

Asia tariff updates - Goldman Sachs analysts indicate that most Asian economies will experience slightly lower US tariffs after the Supreme Court ruling on IEEPA tariffs, with China expected to see the largest decline.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.21% at 6,133, Dax 40 +0.96% at 25,259, FTSE 100 +0.59% at 10,690, CAC 40 +1.39% at 8,515, FTSE MIB +1.47% at 46,470, IBEX 35 +0.90% at 18,180, PSI -0.05% at 9,091, SMI +0.45% at 13,862, AEX +0.99% at 1,018

SECTORS: Consumer Disc 1.71%, Materials 1.47%, Financials 1.34%, IT 1.24%, Industrials 0.93%, Utilities 0.84%, Consumer Stpl 0.67%, Telecoms 0.25%, Healthcare -0.15%, Energy -0.92%

FTSE 100

HSBC (HSBA LN) - The Telegraph reports that HSBC is looking to avoid losses of “tens of millions” of pounds, in relation to Brewdog, and its potential plans of a break-up. (The Telegraph)

Mining names - The Telegraph writes that the UK is reportedly holding talks with several major mining companies, as it aims to secure the supply of critical minerals; one plan could involve companies agreeing to reserve a share of their output of “key metals” for the UK. The names include, Glencore (GLEN LN), Rio Tinto (RIO LN) and Anglo American (AAL LN). (The Telegraph).

Pearson (PSON LN) - Cevian and Artisan are said to be building ‘large’ stakes in the Co. (The Times)

Rolls-Royce (RR/ LN) - Rolls-Royce is expected to announce a new GBP 1.0-1.5bln share buyback alongside its annual results this week, in addition to a final dividend, highlighting strong free cash flow and record profits as the company continues its turnaround under CEO Tufan Erginbilgic after facing significant financial pressure during the Covid pandemic, Sky News reports. In other news, the FT reports that the Co. is urging the UK government to subsidise engine project. (Sky News / FT) 

UK Oil Refineries - The UK govt is preparing a strategy to shield remaining oil refineries from rising carbon costs after two closures. The Department for Energy Security and Net Zero will issue a call for evidence on Monday to inform its Future of Fuels strategy, which is due to be published later this year, Bloomberg reports.

OTHER UK COMPANIES

Carnival (CCL LN) - Carnival Corporation and Carnival plc entered into a unification agreement to combine their dual listed company structure under a single entity, Carnival Corporation, with Carnival plc becoming a wholly owned UK subsidiary. The agreement also provides for Carnival Corporation to migrate its domicile from Panama to Bermuda under the name Carnival Corporation Ltd. (Carnival)

Honeywell (HON), Johnson Matthey (JMAT LN) - Honeywell agreed to reduce the price of its acquisition of Johnson Matthey’s Catalyst Technologies business to about GBP 1.325bln, according to Bloomberg. The industrial group had considered walking away, but reached a last-minute agreement to salvage the transaction. (Bloomberg)

BROKER MOVES

Rio Tinto (RIO LN) PT raised to USD 97 (prev. USD 76) at Freedom Capital. Analysts cite strong copper prices.

Vistry Group (VTY LN) upgraded to Equal Weight from Underweight at Barclays

DAX

Infineon (IFX GY) - Co. announces a share buyback of up to 4mln shares. (Infineon)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

BROKER MOVES

Icade (ICAD FP) downgraded to Equal Weight from Overweight at Morgan Stanley

Renault (RNO FP) downgraded to Sell from Hold at Deutsche Bank

PAN EUROPE

European Common Debt - German Finance Minister Klingbeil said Germany sees no need to change its opposition to common European debt, backing Chancellor Merz against calls for increased joint borrowing. In an interview with FAZ, Klingbeil said sufficient funds are currently available, and that the government’s focus should be on greater efficiency and speed rather than revising its position.

PostNL (PNL NA) - FY 2025 (EUR): Revenue 973mln (prev. 937mln Y/Y), Normalised EBIT 79mln (prev. 62mln Y/Y). (PostNL)

European tariff updates - US President Trump said on Saturday that he will increase the global tariff that was announced on Friday from 10% to 15% with immediate effect. Trump also stated that the 15% level is the maximum allowed by law and is still temporary, as Section 122 tariffs, and they will use the 150 days that the temporary tariff allows to work on issuing other legally permissible tariffs. Regional breakdown: The EU, Switzerland, Sweden, Norway and Denmark were all subject to 15% tariffs (under the IEEPA-linked tariffs) – that remains the same under the new Section 122 tariffs. The UK was previously subject to a 10% tariff rate, but is now subject to a higher 15% rate. European Parliament’s trade chief is to propose freezing the ratification of the EU’s trade agreement with the US until they receive details from the Trump administration regarding its trade policy.

Goldman Sachs on the European tariff situation - US President Trump’s new 15% flat-rate tariff is seen to most greatly benefit countries he has singled out for heavy criticism such as China and Brazil, while allies such as the UK, EU and Japan will suffer the largest hit from the new levy, according to data analysis cited by FT. (FT)

BROKER MOVES

Santander (SAN SM) raised to Outperform from Sector Perform at RBC

SMI

Novartis (NOVN SW) - Co. presents Rhapsido (remibrutnib) data at AAAAI, showing potential beyond chronic spontaneous urticaria (CSU); Phase III program scheduled for H2 2026. (Novartis)

OTHER SWISS COMPANIES

Belimo (BEAN SW) - FY 2025 (CHF): Revenue 1.12bln (exp. 1.11bln), EBIT 233mln, +28.6% Y/Y. Proposed dividend of CHF 10/shr, +5.3% Y/Y. (Belimo)

BROKER MOVES

SCANDINAVIA

BROKER MOVES

Norsk Hydro (NHY NO) upgraded to Buy from Neutral at Citigroup

US

CLOSES: SPX +0.71% at 6,911, NDX +0.87% at 25,013, DJI +0.44% at 49,613, RUT -0.01% at 2,665.

SECTORS: Communication Services +2.63%, Consumer Discretionary +1.25%, Real Estate +0.77%, Financials +0.62%, Technology +0.51%, Utilities +0.41%, Industrials +0.40%, Materials +0.24%, Consumer Staples +0.07%, Health -0.33%, Energy -0.75%.

OpenAI - OpenAI told investors it plans USD 600bln in compute spending by 2030, down from USD 1.4tln previously cited. It targets over USD 280bln revenue in 2030 after USD 13.1bln in 2025 and USD 8bln cash burn, CNBC reports. Its new 5yr outlook implies 27% higher sales, with USD 112bln additional cash burn through 2030. Adj. gross margin was 33% in 2025. The update comes as OpenAI finalises a funding round exceeding USD 100bln, with Nvidia (NVDA), SoftBank (SFTBY) and Amazon (AMZN) all involved.