-
European equities held on to modest gains, but market tone remained selective and highly differentiated. Quarterly earnings are generally solid, yet investors are reacting critically even to small deviations from guidance, highlighting a still demanding market environment compared with US equities.
-
At the time of writing, the Stoxx 600 is up 0.25%, remaining near record-high levels. Germany’s DAX gains 0.23%, Italy’s ITA40 rises 0.98%, Spain’s SPA 35 adds 0.35%, while the UK’s UK100 declines 0.60%.
-
Companies in the Stoxx 600 are on track for roughly 8% EPS growth in 4Q; 61% have beaten EPS expectations and 58% have exceeded revenue forecasts. Despite this, upside potential for the index remains limited, as market reactions are often negative and 2026 guidance has failed to meet elevated expectations.
-
Tariff-sensitive companies delivered the strongest earnings beats in a year, while China-exposed names and purely EU-focused companies underperformed. Value, growth, and quality stocks beat expectations more consistently than momentum and small caps.
-
AI-risk niches under pressure: software, data services, publishers, financial information providers, alternative asset managers, and gaming stocks declined as markets priced in medium-term margin risks from AI-related disruption.
Key single-stock moves (Europe)
-
Novo Nordisk rebounds +7% after last week’s nearly 25% correction, following Hims & Hers’ announcement that it will stop selling Wegovy copies after the FDA tightened enforcement.
-
UniCredit rises +4% after presenting strong outlooks through 2030 and plans to return around €50bn to shareholders by 2030.
-
InPost surges +13% on takeover interest valuing the company at €7.8bn.
Global macro
-
Japan’s ruling LDP secured a supermajority, keeping the Takaichi trade in focus and reinforcing expectations of fiscal expansion.
-
The proposed two-year suspension of the food sales tax is seen as highly likely and is estimated to create a ~¥5trn annual fiscal gap, with key implications for bonds and FX.
-
The yen strengthened following verbal intervention by Japanese authorities. USDJPY is down 0.50%, and the yen is among the stronger G10 currencies despite Takaichi’s decisive victory.
-
Precious metals remain strong: gold is testing the $5,000 level, up 1.0% on the day, while silver gains 2.40% to $97.
Morning Wrap: Dollar in a trap, all eyes on NFP 🏛️(February 11, 2026)
Daily summary: Weak US data drags markets down, precious metals under pressure again!
US Open: Wall Street rises despite weak retail sales
BREAKING: US RETAIL SALES BELOW EXPECTATIONS
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
