European markets were buoyed by easing concerns in the tech sector, ahead of the highly anticipated release of Nvidia’s earnings tonight at 10 p.m. French time.

On Wall Street, U.S. markets followed the same trend, with the Dow Jones rising 0.39%, one day after President Donald Trump delivered his State of the Union address, as mandated by the U.S. Constitution.

His formal speech before the House of Representatives and the Senate for his second term marked a key moment in American political life. The White House occupant thus laid out his vision and future plans for the country.

This year’s speech, titled "America at 250: Strong, Prosperous and Respected," came just days after the Supreme Court ruled a portion of tariffs imposed by the American president illegal.

During his address, the U.S. president boasted of his economic policy, highlighting "an unprecedented transformation and a historic recovery" for the country, even though 47% of Americans believe their purchasing power has declined since he returned to office in January 2025 (according to a YouGov survey conducted for financial media outlet MarketWatch). .

Seb Slashes Jobs, Bic Plunges

On the equities front, numerous results were published yesterday and this morning across the Old Continent.

Seb (+4.90%) was among the top gainers on the SBF 120 after posting better-than-expected 2025 annual results. The household appliance group also unveiled a cost-saving plan involving up to 2,100 job cuts.

Bic (-7.52%) tumbled, ending as the SBF 120’s worst performer. The global manufacturer of stationery, lighters, and razors unsurprisingly reported that 2025 was a tough year, though it did note improved momentum in the second half. For the full year, group revenues declined by 0.9% at constant exchange rates to 2.090 billion EUR. The gross margin rate fell from 50.2% to 48.8%, due to rising raw material and electricity costs, as well as the negative impact of tariffs and currency fluctuations.

Interparfums (-3.03%) also retreated. The group’s net income share fell by 3% to 126.6 million EUR for 2025, weighed down by tariffs. The gross margin rate dropped by nearly one point to 64.7%, while revenue grew 2% to 899.4 million EUR, in a context "marked by numerous exogenous factors hampering its activity."

Diageo Hit by a String of Bad News

Meanwhile, Pernod Ricard and Remy Cointreau fell 7.93% and 5.94% respectively, following Diageo (-12.59%, the FTSE 100’s biggest drop). The British wine and spirits specialist reported worse-than-expected half-year results on Wednesday, once again cut its outlook for the 2025/2026 fiscal year, and announced it would halve its dividend.

Conversely, banking stocks (Crédit Agricole, Société Générale) advanced in the wake of HSBC (+7.59%). The British bank said it is targeting a ROTE (return on tangible equity) of at least 17% for the 2026 to 2028 periods, excluding significant one-off items, a revised target that "reflects the momentum in its results and the progress being made in executing its strategy."

Iberdrola (+1.3%) finished higher. The Spanish energy producer posted a record profit for 2025, up 12% to 6.285 billion EUR.

Tomorrow, another round of annual earnings releases will keep markets active. Results are expected from Axa, Bouygues, Engie, Saint-Gobain, Stellantis, Technip Energies, Teleperformance, and Veolia, among others.

Meanwhile, on the statistics front, eurozone inflation slowed to 1.7% year-on-year in January, its lowest level since September 2024, after 2% in December, according to final figures from Eurostat. This decline, in line with initial estimates, supports the scenario of the European Central Bank (ECB) maintaining its rates.

On the currency market, the euro is up 0.23% at 1.1802 USD.