European Movers: Antofagasta (ANTO LN) +4.6%, Swatch (UHR SW) +2.6%, Orsted (ORSTED DC) -1.4%, Akzo Nobel (AKZA NA) -2.5%, Publicis (PUB FP) -4.8%, BayWa (BYW6 GY) -8%

Akzo Nobel (AKZA NA) - Q4 2025 (EUR): Revenue 2.37bln (prev. 2.62bln Y/Y), Operating income 787mln (prev. 127mln Y/Y), Adjusted EBITDA 309mln (prev. 321mln Y/Y); Based on current market visibility and at prevailing trading conditions, the company expects to deliver EUR 100mln of adjusted EBITDA improvement in constant currencies.

BayWa (BYW6 GY) - Executive Board in precautionary talks with financing partners and major shareholders regarding potential adjustments of restructuring concept.

Miners - Metals have rebounded from the recent selloff, with spot gold trading over +5%.

Orsted (ORSTED DC) - The Co. has signed an agreement with Copenhagen Infrastructure Partners, to divest its entire European onshore business. The total value of the transaction is EUR 1.44bln (DKK 10.7bln) with expected closing in Q2 2026, subject to regulatory approvals.

Publicis (PUB FP) - FY (EUR): EPS 6.5 (exp. 6.57), Revenue 17.4bln (exp. 14.5bln). Q4: Net Revenue 3.87bln (prev. 3.85bln Y/Y). 

Swatch (UHR SW) upgraded to Neutral from Underperform by Bank of America.