Following record highs both intraday and at the close, the Stoxx Europe 600 index is maintaining its momentum. Economic activity in the eurozone has recorded its strongest quarter since 2023. In terms of stocks, Valneva is attracting interest, buoyed by support from Stifel. In London, retailer Next shines after raising its annual forecasts.
Across Europe, Next gains 2.21% to 13,890 pence on the London Stock Exchange after raising, for the fifth time this fiscal year, its sales and earnings per share forecasts for 2025/2026 and 2026/2027. The British retail group delivered a "solid" performance during the Christmas period, according to Jefferies, which maintains its "Hold" rating on the stock. The Leicester-based company reported that its full-price sales rose by 11% over the nine weeks ending December 27 compared to the previous year, surpassing its annual forecast of 7%.
In Paris, Valneva (+2.44% to 3.86 euros) stands out within the SBF 120 after a note from Stifel, which reaffirmed its Buy rating on the stock, with a slightly increased price target from 9.50 to 10 euros, representing a potential upside of 165.39% compared to Monday's close.
Nexans (-2.71% to 129.10 euros) posts one of the biggest declines in the SBF 120 this Tuesday after announcing a delay in the completion of the Great Sea Interconnector (GSI) subsea power link project between Greece and Cyprus. In a statement released this morning, the cable manufacturer said it is working closely with its client (IPTO, the electricity transmission system operator in Greece) to review various options and develop a revised execution schedule.
Today's Macroeconomic Data
In the eurozone, the Composite Purchasing Managers' Index (PMI), which covers both manufacturing and services, came in at 51.5 in December, down from 52.8 in November. It had been expected at 51.9. The services PMI slipped from 53.6 to 52.4, versus a consensus of 52.6.
In Germany, the S&P Global Composite PMI, which includes both manufacturing and services, was 51.3 in December, down from 52.4 in November. It was expected at 51.5. The services PMI fell from 53.1 to 52.7, compared to a consensus of 52.6.
In France, after slipping to 50 in December, the HCOB composite PMI for overall activity signaled a stagnation in French private sector activity at the end of 2025, following slight growth recorded in November (50.4).
In Germany, December inflation data will be released at 2:00 p.m.
In the United States, the S&P Global Composite PMI for December will be published at 3:45 p.m.
At midday, the euro edges up by 0.01% to $1.1716.
