Market Wrap Summary - February 9, 2026

European equities maintained modest gains, with the Stoxx 600 index up 0.25%, remaining near record-high levels. The market tone was selective and differentiated, as investors reacted critically to quarterly earnings reports, even with solid overall results. Notably, 61% of companies in the Stoxx 600 exceeded earnings per share (EPS) expectations, and 58% surpassed revenue forecasts. However, the upside potential for the index appeared limited due to negative market reactions and unmet guidance for 2026.

Key Index Movements

• Germany’s DAX: +0.23%
• Italy’s ITA40: +0.98%
• Spain’s SPA 35: +0.35%
• UK’s UK100: -0.60%

Sector Performance

Companies sensitive to tariffs reported the strongest earnings beats, while those exposed to China and purely EU-focused firms underperformed. Value, growth, and quality stocks consistently outperformed momentum and small-cap stocks. However, sectors at risk from AI disruption, including software, data services, and gaming, faced declines as the market adjusted to medium-term margin risks.

Notable Stock Movements

• Novo Nordisk: Shares rebounded by over 7% after a nearly 25% correction, following Hims & Hers' announcement to cease selling Wegovy copies due to tightened FDA enforcement.
• UniCredit: Stock rose by 4% after presenting a strong outlook through 2030 and plans to return approximately €50 billion to shareholders by that year.
• InPost: Shares surged by 13% amid takeover interest valuing the company at €7.8 billion.

Global Macro Insights

In Japan, the ruling Liberal Democratic Party (LDP) secured a supermajority, which is expected to lead to fiscal expansion. A proposed two-year suspension of the food sales tax is likely, creating an estimated ¥5 trillion annual fiscal gap with significant implications for bonds and foreign exchange markets. Following verbal intervention by Japanese authorities, the yen strengthened, with USDJPY down 0.50%.

Commodity Performance

Precious metals remained strong, with gold testing the $5,000 level, up 1.0% on the day, and silver gaining 2.40% to $97.

Market Updates

On February 10, 2026, US retail sales data came in below expectations, while the US2000 index approached record levels. Bitcoin experienced a drop to $69,000, raising questions about a potential 1:1 correction scenario. The US100 index continued its rebound as the earnings season progressed.