Newsquawk Daily European Equity Opening News - 21st January 2026

Asia-Pac stocks traded mixed, with initial downside paring back as the session continued. ASX 200 held onto earlier losses, with downside in IT and Financials counteracting the gains seen in miners following the rise in metals. Nikkei 225 continued its recent weakness for a fifth straight session, weighed on by banks and exporters, as worries over Japan’s fiscal sustainability hit Japanese markets. KOSPI chopped throughout the session, as the South Korean market traded on either side of the unchanged mark. Hang Seng and Shanghai Comp. traded with slight gains, albeit very modestly, but limited with a lack of catalysts.

CLOSES: Euro Stoxx 50 -0.52% at 5,895, Dax 40 -1.08% at 24,690, FTSE 100 -0.67% at 10,127, CAC 40 -0.61% at 8,063, FTSE MIB -1.07% at 44,713, IBEX 35 -1.34% at 17,429, PSI -1.14% at 8,464, SMI -0.68% at 13,174, AEX -0.16% at 991

SECTORS: IT 0.56%, Energy -0.03%, Healthcare -0.48%, Industrials -0.59%, Consumer Stpl -0.71%, Materials -0.86%, Financials -0.90%, Utilities -1.28%, Consumer Disc -1.30%, Telecoms -1.36%

Rio Tinto (RIO LN) - Rio reported Q4 Pilbara iron ore production of 89.7Mt (+4% Y/Y). Said FY25 Pilbara output is expected at the lower end of its 323–338Mt guidance range. Raised 2025 output guidance for bauxite, aluminium and copper, citing operational improvements and project milestones. (Rio Tinto) Shares rose +2.57% in Australian trade

UK Energy - BBC writes that UK homes will now be eligible for thousands of pounds worth of solar panels/green tech, with aims to lower energy bills. (BBC)

OTHER UK COMPANIES

BROKER MOVES

Admiral (ADM LN) downgraded to Sell from Buy at Goldman Sachs

Smiths (SMIN LN) upgraded to Buy from Hold at Berenberg

OTHER GERMAN COMPANIES

BROKER MOVES

Aixtron (AIXA GY) upgraded to Overweight from Neutral at JPMorgan; analysts expect order activity for the Co. to improve through 2026.

Kering (KER FP) - Co. announced a leadership change at Bottega Veneta, with CEO Bartolomeo Rongone leaving the Group. The selection process for the next CEO is underway. (Kering)

L’Oreal (OR FP) - Reuters reports that L’Oreal is to invest USD 383mln in an Indian beauty tech hub. (Reuters)

Vinci (DG FP) - 2025 Airport Traffic 334mln passengers, +5% Y/Y. (Vinci)

OTHER FRENCH COMPANIES

Alstom (ALO FP) - Q3 (EUR): Sales 4.79bln, +2.6% Y/Y. FY 2025/26 outlook and mid-term ambitions confirmed. (Alstom)

Rubis (RUI FP) - Co. to repurchase a maximum of 400k shares for EUR 20mln. (Rubis)

BROKER MOVES

Engie (ENGI FP) downgraded to Hold from Buy at Berenberg

Nexans (NEX FP) downgraded to Equal Weight from Underweight at Barclays

Scor (SCR FP) downgraded to Neutral from Buy at Goldman Sachs

InPost (INPST NA) - Q4 (EUR): 417.6mln parcels handled, +30% Y/Y. The Special Committee continues to assess the indicative offer for all shares, as announced on January 6, 2026. (InPost)

Pirelli (PIRC IM) - Il Messaggero reported that Camfin is prepared not to renew its shareholders agreement with Sinochem, after it expires at the end of May. The sources suggest that the decision will be formalised by the end of January. (Il Messaggero)

BROKER MOVES

Wienerberger (WIE AV) - FY25 Prelim (EUR): EBITDA 753mln (prev. 760mln Y/Y), Revenue 4.6bln (prev. 4.5bln Y/Y). (Wienerberger)

Partners (PGHN SW) - Partners Group formally launched a special opportunities strategy. The firm is building a dedicated team to support special opportunities as a standalone investment strategy. (Partners)

UBS (UBSG SW) - Co. is also considering external CEO candidates, Bloomberg reports. (Bloomberg)

OTHER SWISS COMPANIES

Barry Callebaut (BARN SW) - 3M (CHF): Sales Volume -6.8% Y/Y. Anticipated soft start to the year, with lower cocoa bean prices an encouraging sign for market stabilisation. Confirms 2025/26 guidance. Elsewhere, Hein Schumacher appointed a new CEO of Barry Callebaut, effective January 26, 2026. (Barry Callebaut)

BROKER MOVES

Swiss Re (SREN SW) downgraded to Sell from Neutral at Goldman Sachs

Mowi (MOWI NO) - Q4 (EUR): Op. EBIT 213mln (exp. 232.4mln). (Mowi)

BROKER MOVES

Genmab (GMAB DC) upgraded to Buy from Hold at DNB Markets

CLOSES: SPX -2.06% at 6,797, NDX -2.12% at 24,988, DJI -1.76% at 48,489, RUT -1.21% at 2,645.

SECTORS: Technology -2.94%, Consumer Discretionary -2.82%, Financials -2.23%, Communication Services -2.05%, Industrials -1.99%, Real Estate -1.95%, Utilities -1.03%, Materials -0.78%, Health -0.20%, Energy -0.16%, Consumer Staples +0.12%.

Apple (AAPL) - UBS reiterated a Neutral rating and USD 280 price target on Apple, expecting solid iPhone 17 demand. It forecast December quarter iPhone unit sell-in of about 84.5–85.0mln (+12–13%), citing slight pull-in ahead of rising memory costs that boosted late-quarter production and sell-through.

Interactive Brokers (IBKR) - Q4 adj. EPS 0.65 (exp. 0.59), Q1 revenue USD 1.64bln (exp. 1.64bln), adj. net revenue USD 1.67bln. Commission revenue +22% Y/Y to USD 582mln on higher trading activity, with customer options, futures and stock volumes up +27%, +22% and +16%; net interest income +20% to USD 966mln, supported by stronger margin loans and customer credit balances. Customer accounts +32% to 4.40mln, customer equity +37% to USD 779.9bln, total DARTs +30% to 4.04mln, customer margin loans +40% to USD 90.2bln, customer credits +34% to USD 160.1bln. Other income -55% to USD 10mln, partly reflecting investing activity and currency diversification effects. Declared a quarterly dividend of USD 0.08/shr.

Netflix (NFLX) - Netflix shares fell 5.7% in extended trading, despite a modest earnings beat, as investor focus shifted to the costly and uncertain bidding war for Warner Bros. Discovery (WBD), which overshadowed the quarterly results. Q4 EPS 0.56 (exp. 0.55), Q4 revenue USD 12.05bln (exp. 11.97bln). Paid memberships surpassed 325mln; FY25 revenue +16% to USD 45bln, with operating margin improving to 29.5% from 26.7%, while advertising revenue more than doubled to over USD 1.5bln and H2 engagement +2% Y/Y to 96bln hours watched. NFLX sees healthy organic growth, expects more typical seasonality in FY26 and highlighted expansion into newer initiatives, such as live sports and video podcasts. Will pause share buybacks to accumulate cash to fund the pending all-cash acquisition of Warner Bros., noting capital allocation priorities are otherwise unchanged. Sees Q1 EPS at 0.76 (exp. 0.81), Q1 revenue of USD 12.16bln (exp. 12.17bln). For FY26, sees revenue between USD 50.7–51.7bln (exp. 50.98bln), implying 12–14% Y/Y growth; FY26 operating margin seen at 31.5%, including around USD 275mln of acquisition-related costs; content amortisation is expected to rise around 10% Y/Y.

United Airlines (UAL) - United Airlines shares rose 4.3% in extended trading after it beat profit expectations, highlighted strong momentum from its loyalty-focused strategy, and issued an outlook that topped forecasts. Q4 adj. EPS 3.10 (exp. 2.94), Q4 revenue USD 15.4bln (exp. 15.34bln); Q4 capacity +6.5% Y/Y, total RASM -1.6% Y/Y, CASM -0.3% Y/Y and CASM-ex +0.4% Y/Y. Management noted premium demand was outperforming main cabin. CEO said results reflect “winning more and more brand-loyal customers”, adding it was the highest-revenue quarter in United’s history, and revenue momentum is continuing into 2026; he also flagged “cause for optimism” on strong demand but said 2026 guidance is more conservative than normal. Sees Q1 adj. EPS between 1.00–1.50 (exp. 1.11); for FY26, adj. EPS seen between 12.00–14.00 (exp. 13.07), and FY26 adj. capex is seen above USD 8bln, alongside plans to take delivery of 100+ narrowbody aircraft and around 20 Boeing (BA) 787s in 2026 to support profitable network expansion and customer-experience upgrades.