European Movers: Danone (BN FP) +2.0%, Capgemini (CAP FP) +1.5%, Sanofi (SAN FP) +0.6%, Balfour Beatty (BBY LN) -0.5%, Intesa Sanpaolo (ISP IM) -1.4%, Julius Baer (BAER SW) -1.9%, Glencore (GLEN LN) -4.1%

Balfour Beatty (BBY LN) downgraded to Neutral from Overweight at JPMorgan.

Capgemini (CAP FP) - Capgemini to launch the divestiture of its subsidiary Capgemini Government Solutions - to be initiated immediately.

Danone (BN FP) - 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.

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.

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.

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

Sanofi (SAN FP) - Sanofiʼs venglustat met all primary endpoints in a phase 3 study of type 3 Gaucher disease. 

Today's news highlights significant moves in the European markets, particularly concerning individual stocks and sector performance. Notably, Danone is benefiting from reduced Chinese tariffs on EU dairy products, which could boost its competitive edge, while Capgemini's strategic divestiture may streamline operations. Conversely, mining stocks like Glencore are under pressure due to falling metals prices, suggesting broader market worries, especially related to China's economic outlook as indicated by recent PMI data.