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[MARKET ANALYSIS] Choppy trade in stocks; Banking sector outperform on the back of HSBC

The choppy trading observed in European equities, despite a slight positive bias, reflects broader uncertainty in the market amid mixed sector performance.

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UnitedHealth Group (UNH) Q4 2025 (USD): adj. EPS 2.11 (exp. 2.12), revenue 113.2bln (exp. 113.77bln)

Newsquawk Daily US Opening News - 27th January 2026

[MARKET ANALYSIS] Choppy trade in stocks; Banking sector outperform on the back of HSBC

UK proposes changes to Gambling commission fees

Germany sells EUR 4.633bln vs exp. EUR 6bln 2.10% 2028 Schatz: b/c 2.1x, average yield 2.14%, retention 22.8%

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  • European equities now trade with a slightly positive bias despite a choppy morning. One of the macro themes this morning is the previously telegraphed trade agreement between the EU and India, which will see both sides cut tariffs to ease trade restrictions. However, the news has failed to provide a sustained boost to equities, with trade still choppy and price action fluctuating. Ahead is earning from the luxury giant LVMH.
  • European sectors are mixed, with a slight bias to the downside. The clear outperformer so far is the Banking sector (+1.2%), supported by gains in HSBC (+2.5%) after the bank announced it will close a retail branch at Raffles Place in Singapore and replace it with a wealth centre, reinforcing its focus on affluent clients. Insurance (+0.8%) and Construction (+0.6%) are also modestly higher, although there has been little to explain the moves. At the bottom of the pile, Basic Resources (-1.2%), Chemicals (-0.9%) and Autos (-0.7%) are lagging. The Basic Resources sector has been pressured by weaker base metal prices and likely profit-taking and renewed Trump tariff rhetoric (on South Korea this time) following yesterday’s gains. Newsflow has otherwise been light across the remaining lagging sectors.
  • Movers this morning include Puma (+3.0%), with its shares rising, though off its peak of +20% after ANTA Sports is set to acquire a 29% stake in the  Co.  On the downside, Alstom (-3.2%) is lower following a broker downgrade
  • US equity futures are mostly firmer, with gains in the ES (+0.2%), NQ (+0.6%) and RTY (+0.4%), while the YM (-0.1%) is the notable underperformer. There is little in the way of stock-specific or fresh macro catalysts to explain the positive tone. Looking ahead, markets are awaiting earnings from Texas Instruments, UnitedHealth, Boeing, RTX and American Airlines.
Context

The banking sector's outperformance, particularly driven by HSBC's strategic pivot, signals confidence in strengthening positions for select financials, which may bolster expectations for similar moves in the U.S. However, with key earnings reports on the horizon and less clarity around macro catalysts, traders should be alert for potential volatility as results unfold.

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