The wave of optimism sweeping Europe's trading floors is such that it even briefly pushed Paris up to 8,437 points, a previously untested peak. The French benchmark is being propelled by several of its star stocks, including Michelin (+6%), Legrand (+5.9%) and EssilorLuxottica (+2.8%).

Michelin has posted results that were less negative than expected, with revenue down a limited 4.4% at constant exchange rates, to €26bn. The Clermont-Ferrand group also reassured markets by announcing a €2bn share buyback program.

Legrand, meanwhile, reported group net profit that is up 6.7% to over €1.24bn for 2025, along with an adjusted operating margin of 20.7% of sales (20.6% before acquisitions), up 0.2 point.

Lastly, EssilorLuxottica reported revenue of €28.491bn over the 12 months, up 7.5% from the previous year, or 11.2% at constant exchange rates.

In Frankfurt, the DAX is being driven in particular by Siemens (+7%), which beat expectations in the first quarter with industrial profit of €2.90bn, versus €2.64bn expected. The group raised its annual EPS target to €10.70-€11.10 and is aiming for at least 7% revenue growth.

By contrast, Mercedes-Benz is losing ground (-3.5%) after net profit was almost halved in 2025. The German carmaker's sales fell 19% in China and 12% in the United States.

In Amsterdam, Adyen is plunging, down nearly 16% after disappointing 2025 annual results and the announcement of 2026 guidance deemed too conservative by the market.

Later today in France, results are due from luxury giant L'Oréal, as well as from TF1.

On the macroeconomic front, Goldman Sachs analysts said this morning they expect global GDP growth of 2.9% in 2026, supported by the fading impact of US tariffs.

"In the euro zone, expansion of 1.3% will be driven by German fiscal policy, although Chinese competition is weighing on exports. The European Central Bank (ECB) should remain on hold, with core inflation expected at 1.9% at end-2026,” the bank said.

Data and figures

On the data front, investors digested this morning's UK GDP figures. It rose 0.1% in Q4 2025 sequentially, following another 0.1% increase in the previous quarter, according to the first estimate from the Office for National Statistics.

Also in the UK, industrial production contracted 0.9% in December 2025 month-on-month, according to the Office for National Statistics (ONS).

A day after a sharp rise in US oil inventories was announced, Brent is down 0.7% in London at $69.1 a barrel. Gold is down 0.4% at $5,065 an ounce.

Finally, the euro is flat against the dollar at $1.188.