EUROPEAN OPEN: AMZN slides amid miss and capex concerns; GLE FP launches buyback after profit beat; ORSTED DC miss, weak guide, impairments; STLAM IM to take charge, suspends dividend; US launches TrumpRx medicine platform

• STOCK SPECIFICS: In consumer sectors, Amazon’s (AMZN) shares fell 10% in extended trading after it missed earnings expectations and alarmed investors by forecasting a sharply higher capital spending driven by aggressive investment in AI infrastructure. Coty (COTY) shares fell 12.7% in extended trading after it withdrew its FY26 guidance, and warned of a weaker-than-expected Q3, citing a leadership transition and a challenging beauty market backdrop. In healthcare, the White House launched TrumpRx, a direct-to-consumer platform offering discounted medicines, including some from Novo Nordisk (NOVOB DC), Eli Lilly (LLY), AstraZeneca (AZN LN), Pfizer (PFE), with more than 40 drugs listed; companies have warned that pricing deals have hurt sales. Bayer (BAYN GY) said Asundexian cut the risk of stroke by 26% in patients after non-cardioembolic ischaemic stroke or high-risk transient ischaemic attack, with no increase in ISTH major bleeding versus placebo. GSK’s (GSK LN) Nucala (mepolizumab) was approved by the European Commission for the treatment of COPD. In tech, UK defence secretary Healey said Peter Mandelson had no role in awarding a GBP 240.6mln data analytics contract to Palantir (PLTR); the MoD deal, awarded without competition in December, drew scrutiny after questions over Mandelson’s links to a lobbying firm that lists Palantir as a client. Microchip (MCHP) shares slipped in extended trading despite the company beating quarterly estimates and issuing guidance above expectations. In financials, Societe Generale (GLE FP) launched a EUR 1.46bln share buyback after Q4 net income rose +36% to EUR 1.42bln (exp. 1.22bln); equity and fixed-income trading units missed forecasts; CEO reiterated a focus on investor payouts. Banco Sabadell (SAB SM) reported EUR 1.775bln net profit for 2025 (vs 1.83bln Y/Y) and announced a share buyback of up to EUR 800mln after fending off a hostile BBVA (BBVA SM) bid. In materials, Rio Tinto (RIO LN) shares hit a record in APAC trade after the miner ended merger talks with Glencore (GLEN LN), stating that the companies could not agree a value-creating deal; the proposed merger had faced shareholder opposition. In energy, United Steelworkers urged workers at BP’s (BP/ LN) 440k BPD Whiting refinery in Indiana to prepare for a strike or lockout after talks stalled; around 98% of the 800 unionised workers backed strike authorisation, after the previous three-year labour agreement expired in January. In utilities, Orsted (ORSTED DC) reported profit below analyst estimates as impairments and costly setbacks in the US weighed on its turnaround; projects were halted in 2025 before resuming after court rulings, adding to pressures from rising costs, supply-chain bottlenecks and multibillion-dollar write downs in recent years; it reported Q4 EPS of DKK -5.70 (exp. -0.32), on sales of DKK 23.1bln (exp. 20.5bln); sees FY adj. EBITDA at DKK 28bln (exp. 28.7bln). In autos, Stellantis (STLAM IM) will take a EUR 22.2bln charge as part of a business reset, including plans to issue up to EUR 5bln of perpetual hybrid bonds, and it suspended its 2026 dividend; sees H2 net income at EUR -21bln to -19bln, and revenue of EUR 78-80bln; further details will be unveiled on 21st May. Toyota (TM) appointed CFO Kenta Kon to replace Koji Sato as CEO, with Sato moving to vice chair and a new chief industry officer role; the automaker said the leadership changes aimed to speed decision-making amid global trade disruption and rising competition from Chinese EV makers. Nio (NIO) shares jumped in APAC trading after the Chinese EV maker signalled its first quarterly profit; Q4 preliminary adj. operating profit is seen between CNY 0.70-1.2bln, marking a turning point after years of heavy losses. In industrials, KONE’s (KNEBV FH) board approved new long-term incentive plans, launching a performance-based share plan for 2026-2028 and a Restricted Share Plan 2026; rewards are linked to adj. EBIT margins, sales growth, and sustainability metrics, and payouts scheduled for spring 2029. Q4 sales of EUR 1.49bln (exp. 1.54bln), and EPS of -12.57 (exp. 1.56); recorded a EUR 399mln goodwill impairment linked to the Cybercom acquisition. Vinci (DG FP) FY revenue EUR 74.6bln (exp. 74bln), benefiting from higher activity across its businesses; for FY26, said further revenue and earnings growth is expected. In notable broker updates, Ferrovial (FER SM) was upgraded at RBC; UMG (UMG NA) was upgraded at Kepler; Air France (AF FP) was upgraded at Oddo; Equinor (EQNR NO) was upgraded at Danske; Maersk (MAERSKB DC) was upgraded at Kepler; Neste (NESTE FH) downgraded at Danske; UBS (UBSG SW) downgraded at Goldman Sachs; Wizz Air (WIZZ LN) downgraded at Oddo.

TODAY’S AGENDA:

• DAY AHEAD: NOTE: US nonfarm payrolls data that was originally scheduled for today will not be released due to the partial US government shutdown; the data is now due for release on 11th February. In Europe, the ECB will publish its Survey of Professional Forecasters, and pre-release parts of its economic bulletin. In the UK, the BBA will release its mortgage statistics. Canadian jobs metrics for January are expected to show 7k jobs added (vs 8.2k in December), with the unemployment rate seen unchanged at 6.8%. US University of Michigan prelim February sentiment data is expected to show the headline easing to 55.0 from 56.4, expectations at 56.7 from 57.0, and current conditions at 54.9 from 55.4; for reference the short-term inflation gauge was previously at 4%, while the longer-term measure was at 3.3%. In later trade, US consumer credit data for December will be released. In geopolitics, Iran said talks with the US in Oman today are likely to mark the start of a longer diplomatic process, rather than a quick resolution to rising tensions; the talks will focus on broad topics, and aim to outline a road map for further negotiations, according to Iranian state media. In energy, Baker Hughes will release its weekly rig count data. Today’s speakers include: ECB’s Cipollone, BoE chief economist Pill, Fed Vice Chair Jefferson (voter, dove). Notable US corporates reporting today include: BIIB, CNC, PM, CBOE, UAA.