Newsquawk Daily European Equity Opening News - 26th January 2026

ASIA

APAC stocks were mostly subdued amid Japanese intervention concerns and US President Trump's latest tariff threat against Canada, in which he threatened to impose 100% tariffs if it makes a deal with China. Risk sentiment was also not helped by the Democrats threatening a partial government shutdown in revolt against the fatal shooting of an ICE protester in Minneapolis, while market conditions were somewhat quieter owing to the holiday closures in Australia and India. Nikkei 225 underperformed with the index pressured by a firmer currency amid US-Japan joint intervention concerns after Japanese PM Takaichi said the government is ready to take action against speculative moves, and with reports last Friday that the New York Fed conducted rate checks on USD/JPY. Hang Seng and Shanghai Comp were indecisive with demand contained amid reports that China is likely to target growth of 4.5% to 5% in 2026, while stocks also failed to benefit from news late last week that China told the biggest tech firms they can prep NVIDIA H200 orders.

BYD (BYDDY) - BYD aims to boost deliveries outside China by nearly 25%, targeting sales of 1.3mln cars overseas in 2026, an executive said. The goal compares to 1.05mln overseas deliveries last year. (Newswires)

Samsung Electronics (005930 KS) - Samsung is nearing Nvidia (NVDA) certification for its HBM4 AI memory chip, entering the final qualification stage after supplying initial samples in September, according to Bloomberg. Progress would help Samsung narrow the gap with rival SK Hynix (HXSCL) as Nvidia ramps demand for high-bandwidth memory.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.05% at 5,953, Dax 40 +0.01% at 24,859, FTSE 100 -0.07% at 10,143, CAC 40 -0.07% at 8,143, FTSE MIB -0.58% at 44,832, IBEX 35 -0.67% at 17,544, PSI -0.54% at 8,558, SMI -0.72% at 13,149, AEX -0.01% at 1,000

SECTORS: Energy 1.38%, IT 1.29%, Telecoms 0.59%, Materials 0.36%, Industrials 0.32%, Utilities 0.24%, Healthcare 0.17%, Consumer Stpl -0.22%, Consumer Disc -0.79%, Financials -1.12%

FTSE 100

Vodafone (VOD LN) / Zegona (ZEG LN) - Zegona’s CEO says Vodafone's Spain cash is near EUR 800mln in FY. (Zegona)

OTHER UK COMPANIES

Hargreaves - Co. is reducing fees for around 50% of its customers, as of March. (FT)

BROKER MOVES

3i Group (III LN) downgraded to Underperform from Sector Perform at RBC

Segro (SGRO LN) downgraded to Hold from Buy at Jefferies

DAX

Rheinmetall (RHM GY)/OHB (OHB GY) - Cos are in discussions to launch a joint bid for the construction of the European-equivalent to Starlink, FT reports citing sources. (FT) Potentially of note for Tesla (TSLA)

Volkswagen (VOW3 GY) - Volkswagen will not proceed with a planned US Audi factory unless automotive tariffs are reduced, CEO Oliver Blume said. Audi had considered US production since 2023, but tariffs imposed by the Trump administration cost VW EUR 2.1bln in the first nine months of 2025, Bloomberg reports. (Bloomberg)

OTHER GERMAN COMPANIES

Stabilus (STM GY) - Q1 (EUR): Revenue 291.1mln (exp. 295mln), Adj. EBIT 29.3mln (exp. 29.5mln). FY Outlook: Revenue 1.1-1.3bln (exp. 1.29bln). CEO says, “Despite a still challenging market environment, which has further intensified in the most recent quarter particularly in China within the automotive sector, we are continuing to drive the consistent strengthening of our company with determination”. (Stabilus)

BROKER MOVES

CAC

Airbus (AIR FP) - Airbus CEO Faury warned staff the company must adapt to new geopolitical risks after significant logistical and financial damage from US protectionism and US-China trade tensions, Reuters reports. He noted that Airbus still delivered good results, with Defence and Helicopters strong, progress on commercial cost cuts, and ongoing engine supply issues. (Reuters)

Bureau Veritas (BVI FP) - Co. to acquire a leading sustainability specialist for Consumer Products in Italy, SPIN360. No terms. (Bureau Veritas)

Danone (BN FP) - Danone announces targeted recall of specific infant formula batches, in context of evolving authorities’ guidance. (Danone)

EssilorLuxottica (EL FP) / Meta (META) - Meta sued in smart glasses patent case, Bloomberg reports. The complaint was filed by Solos Technology, accusing Meta of violating patents related to “core technologies in the field of smart eyewear"; the Co. is reportedly seeking several billions of dollars in damages. (Bloomberg)

OTHER FRENCH COMPANIES

JCDecaux (DEC FP) - Shareholders of APG|SGA approve the selective opting up clause, paving the way for the sale of APG|SGA shares to NZZ. (JCDecaux)

BROKER MOVES

Hermes (RMS FP) upgraded to Buy from Hold at Jefferies

PAN EUROPE

European IPOs - FT writes that it is the best start to the year ever for the European IPO market. (FT)

Pirelli (PIRC IM) - Investor Camfin says it was not possible to find solutions with Sinochem to adapt Cos. governance to US regulatory requirements. (Newswires)

Ryanair (RYA ID) - Q3 (EUR): Revenue 3.21bln (exp. 3.16bln). Raises outlook citing strong demand and earlier than exp. Boeing (BA) deliveries. FY25/26: Raises Passenger Traffic 208mln (prev. 207mln Y/Y). Guides Pretax Profit 2.13-2.23bln. Fares will exceed 7% growth (prev. guided 1-2%). (Ryanair)

BROKER MOVES

OMV (OMV AV) downgraded to Sell from Neutral by Goldman Sachs

SMI

Roche (ROG SW) - Unit Genentech Inc received US FDA ANDA Supplemental 1, 15, 16 approval for Evrysid (Risdiplam). (Roche)

OTHER SWISS COMPANIES

Helvetia Baloise (HBAN SW) - Helvetia Baloise plans to merge its asset management entities, Helvetia Asset Management SA and Baloise Asset Management SA. This merger, in accordance with Article 3 of the Swiss Merger Act (LFus), will result in the universal transfer of assets and liabilities from Helvetia Asset Management SA to Baloise Asset Management SA, scheduled to take effect in mid-2026. (Helvetia Baloise)

BROKER MOVES

Flughafen Zurich (FHZN SW) downgraded to Neutral from Overweight at JPMorgan

Nestle (NESN SW) upgraded to Overweight from Equal Weight at Morgan Stanley

Swatch Group (UHR SW) initiated with Underperform at Jefferies

SCANDINAVIA

BROKER MOVES

Neste (NESTE FH) upgraded to Buy from Neutral at Goldman Sachs

Sandvik (SAND SS) downgraded to Hold from Buy at Jefferies; analysts note that underlying data remains weak.

US

CLOSES: SPX +0.03% at 6,916, NDX +0.34% at 25,605, DJI -0.58% at 49,099, RUT -1.82% at 2,669

SECTORS: Financials -1.38%, Industrials -0.80%, Health -0.56%, Utilities -0.40%, Communication Services +0.14%, Real Estate +0.30%, Technology +0.54%, Energy +0.61%, Consumer Staples +0.65%, Consumer Discretionary +0.73%, Materials +0.86%.

Baker Hughes (BKR) - Shares rose 3.9% in extended US trading after it reported an +11% Y/Y rise in Q4 adj. profit as strong demand for gas technology offset weakness in oilfield services. Q4 adj. EPS 0.78 (exp. 0.67), Q4 revenue USD 7.4bln (exp. 7.08bln). Industrial and energy technology revenue rose 9% to USD 3.8bln, while oilfield services fell 8% to USD 3.6bln. Adjusted net income reached USD 772mln, including a USD 215mln restructuring charge. Exec said performance was driven by strong IET execution and orders momentum, offsetting macro softness in OFSE where margins stayed resilient. Looking ahead, the company expects IET orders to remain robust on LNG momentum, a stronger year for FPSO and gas infrastructure awards and sustained power systems demand, with similar organic IET order levels projected for 2026. Sees FY26 organic adj. EBITDA growth of mid-single digits, with IET margins expanding to a 20% target, and OFSE margins remaining broadly flat.

Nvidia (NVDA) - Nvidia announced that director and Stanford University professor Persis Drell is leaving its board to pursue a new professional opportunity, according to a regulatory filing. The company did not disclose her next role.

USA Rare Earth (USAR) - The Trump administration plans to invest USD 1.6bln in USA Rare Earth for a 10% stake, alongside USD 1bln private financing, to boost US critical minerals supply, FT reports. The deal includes equity, warrants and USD 1.3bln debt under the 2022 CHIPS Act. (FT)

Warner Bros. Discovery (WBD), Netflix (NFLX), Paramount Skydance (PSKY) - FCC Chair Carr sees legitimate competition concerns in Netflix’ proposed acquisition of Warner Bros. Discovery Inc.’s studios and streaming businesses, concerns he does not share for a Paramount Skydance deal, Bloomberg reports. The FCC lacks jurisdiction over Netflix, but might review a Paramount-Warner combination due to CBS TV network licences and foreign funding plans. (Bloomberg)