EMEA Morning Briefing : Stock Futures Trade Mixed; Tech Jitters Ebb

MARKET WRAPS

Watch For:

France unemployment; trading updates from BP, Barclays, Kering, AstraZeneca, Philips, Ferrari, TUI

Opening Call:

European stock futures traded mixed early Tuesday. Asian indexes roses; the dollar was little changed; Treasury yields edged lower; while oil and gold futures fell.

Equities:

Stock futures point to a mixed open in European markets Tuesday, after gains overnight. Asian benchmarks tracked Wall Street higher on a rebound in tech stocks.

Meanwhile, several global indexes have pulled ahead of major U.S. benchmarks so far in 2026, including the Stoxx Europe 600, Korea's Kospi and the MSCI Emerging Markets Index.

After years making outsize bets on the largest U.S. companies, investors are moving more money into international markets, wagering that America's wide lead on the rest of the world will shrink.

"Right now, we're in a global bull market," said Keith Lerner, chief investment officer at Truist Advisory Services. "It's no longer just a U.S. story."

Forex:

Federal Reserve governor Stephen Miran said the dollar would need to register a steeper fall than it already has for it to become a first-order issue that would affect consumer inflation. "The result is that it doesn't matter that much for consumer inflation."

When discussing dollar weakness, Miran said he does not view it as having material consequences on monetary policy so far.

Bonds:

The U.S. debt market shrugged off a report overnight that China urged its banks to cut their exposure to U.S. Treasurys.

"Prospects for foreign diversification away from Treasuries have been on the market's radar for some time, and as a result, it was unsurprising to see that the news was worth no more than 3-4 basis points higher in 10- and 30-year rates," said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets.

Energy:

Oil fell early Monday amid possible position adjustments, but could be supported by U.S.-Iran tensions.

The U.S. Department of Transportation said in a maritime advisory that U.S.-flagged ships should stay as far away as possible from Iranian waters. The advisory noted that Iranian forces have attempted to force commercial vessels into Iranian waters as recently as earlier this month.

Metals:

Gold fell in Asia after front-month gold futures on Monday posted the fifth-highest close ever seen. The precious metal is in a consolidation pattern, with $5,000/oz as a major level, Pepperstone's Dilin Wu said.

"Geopolitical risks, central bank buying, and a softer dollar provide support, while this week's U.S. nonfarm payrolls, CPI, and U.S.-Iran talks could break the sideways trend," Wu said. Should $5,000/oz fail to hold, gold is likely to continue range-bound trading, with support at $4,800/oz and $4,630/oz being key, she added.

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Chile's copper industry is facing supply issues: falling grades and increasingly difficult operating conditions are making it hard to maintain output at current levels, let alone increase production to meet rising demand, ANZ said.

Meanwhile, fears that Trump will impose tariffs on refined copper have seen U.S. copper stockpiles surge, making large amounts of metal unavailable to the market, ANZ added.

TODAY'S TOP HEADLINES

Wall Street's Hunt for Cheaper Stocks Goes Global

Last spring, it was "Sell America." Now Wall Street's hot trade is buy everywhere else.

After years making outsize bets on the largest U.S. companies, investors are moving more money into international markets, wagering that America's wide lead on the rest of the world will shrink. For years, money managers say, the U.S. stock market was viewed as the only game in town. Now that perception is starting to shift.

Fed's Miran Says Dollar Needs 'Really Big Move' to Affect Inflation

Federal Reserve governor Stephen Miran said the dollar would need to register steeper fall than it already has for it to become a first-order issue that would affect consumer inflation.

"You need a really big move for it to sort of really be a first order issue that would really affect consumer inflation in the United States," Miran said Monday in a discussion at Boston University's Questrom School of Business. "The result is that it doesn't matter that much for consumer inflation."

U.K.'s Starmer Is in Danger of Becoming First Leader to Fall in Epstein Scandal

LONDON-Keir Starmer entered Downing Street in 2024 with a large majority and a mandate to bring calm to British politics after years of crises and wild policy shifts.

Just 19 months later, Starmer is one of Britain's least popular leaders in modern times and is hanging to power by a thread. Most analysts say it is a question of when, not if, he departs. That would put Britain on course for its fifth new leader in seven years, an unsettling prospect for businesses and investors.

Novo Nordisk Escalates Fight Against Hims & Hers

A lawsuit that drugmaker Novo Nordisk filed on Monday against telehealth firm Hims & Hers shows how fierce the maneuvering over the booming obesity-drug market has become.

In the lawsuit filed in a federal court in Delaware, Novo Nordisk accused Hims & Hers of violating the patents covering its Ozempic and Wegovy drugs used for weight loss by trying to sell custom-made versions of those medicines.

Elon Musk's Go-To Banker Is Back in Action for the SpaceX IPO

Michael Grimes, the longtime Morgan Stanley rainmaker, spent years laying the groundwork for his bank to land a role leading the initial public offering of Elon Musk's rocket maker SpaceX.

But by the time Musk finally decided to take SpaceX public, Grimes was working in the Commerce Department, having followed the billionaire to Washington, D.C. Grimes found himself watching from afar as former colleagues pitched for roles on what could be the biggest IPO of all time.

Mubadala to Buy Clear Channel Outdoor Holdings

Out-of-home advertising company Clear Channel Outdoor Holdings agreed to be sold to Mubadala Capital, in partnership with TWG Global, in a deal with a $6.2 billion enterprise value.

The transaction is worth $2.43 a share. Clear Channel shares closed at $2.19 on Monday and rose 5% after hours. The company said the deal provides a 71% premium to the unaffected share price of Oct. 16, the last trading day before media reports about a potential deal.

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Expected Major Events for Tuesday

00:01/UK: Jan BRC-KPMG Retail Sales Monitor

05:30/NED: Dec Manufacturing output

06:00/FIN: Dec Industrial Production

06:30/FRA: 4Q ILO Unemployment and Labour Market-related indicators

07:00/SWE: Dec New orders & deliveries in industry

07:00/SWE: Dec Industrial Production Index

07:00/NOR: Jan CPI

07:00/TUR: Dec Industrial Production Index

07:00/DEN: Jan CPI

08:00/SVK: Dec Industrial production

08:00/AUT: Dec Production Index

08:00/CZE: Dec Import & export price indices

09:00/BUL: Dec Industrial Production

09:00/BUL: Nov Trade with EU Member States - preliminary data

09:00/BUL: Dec Trade with third countries - preliminary data

10:00/LUX: Dec Industrial Production

10:00/GRE: Dec Industrial Production Index

12:00/UKR: Jan CPI

All times in GMT. Powered by Onclusive and Dow Jones.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

02-10-26 0016ET