Coffee, Croissants & Credit/Alphabet, Telefonica, Gecina, WP Carey

Alphabet goes with CHF and GBP – but Reverse Yankee supply is still set to rise / Telefonica has agreed to sell Telefonica Chile / Gecina FY25: solid results, notes momentum continues to build in Paris prime offices / WP Carey 4Q25: beats consensus and increases 2026 guidance

Millicom (Buy, TP: $70, +7%) Millicom acquires Telefonica Chile: A po...

Millicom has announced today that it has acquired a 49% stake in Telefonica Chile, with the option to buy the remaining 51% in year 5 and 6 post closing. We see this deal as a potentially valuable option, though market may have concerns Millicom is stretching management too thinly.

IBERIAN DAILY 11 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ENDESA, INDRA, INSURANCE SECTOR, SANTANDER, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’25 results to be released over the coming days in Spain. Ibex remains at 18,100 points Stock markets fell in a transition session, waiting the employment data to be released today in the US. In the STOXX 600, the best-performing sectors were Chemicals and Aut...

INFORME DIARIO 11 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENDESA, INDRA, SANTANDER, SECTOR SEGUROS, TELEFÓNICA. EUROPA: AHOLD DELHAIZE, BAYER. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. El Ibex mantiene los 18.100 puntos Ligeras caídas en los mercados en una jornada de transición a la espera de l...

Millicom (Buy, TP: $70, +7%) acquires Telefonica Chile: A potentially ...

Millicom has announced today that it has acquired a 49% stake in Telefonica Chile, with the option to buy the remaining 51% in year 5 and 6 post closing.

European banks/Larger banks lead in the non-bank sector

The substantial growth in non-bank assets has outpaced that of bank assets globally. Larger European banks are very much involved in this sector. In addition to the growth potential, this involvement comes with potential risks should the sector see a more substantial weakening.

Bank Brunch/Rabobank and Barclays earnings, EBA consults on credit ris...

Rabobank hit by higher credit costs. Barclays: higher earnings and lower supply ahead in 2026. EBA opens consultation on credit risk framework simplification. Santander UK returns in EUR covered with a 3.25yr and 7yr

Bank Brunch/Rabobank and Barclays earnings, EBA consults on credit ris...

Rabobank hit by higher credit costs. Barclays: higher earnings and lower supply ahead in 2026. EBA opens consultation on credit risk framework simplification. Santander UK returns in EUR covered with a 3.25yr and 7yr

Credit Morning 02/06/2026

Jaguar Land Rover (Q3 2025/26): last quarter affected by cyberattack, before other headwinds|Coty: major profits warning under new CEO|End of discussions on the proposed merger between Glencore and Rio Tinto|

Morning Crédit 06/02/2026

Jaguar Land Rover (T3 2025/26) : un dernier trimestre plombé par la cyberattaque, avant d’autres vents contraires|Coty : profit warning important sous l’égide du nouveau CEO|Fin des discussions sur le projet de fusion entre Glencore et Rio Tinto|

INFORME DIARIO 06 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T'25. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENCE, INDRA, RDOS. ESPAÑA, TELEFONICA. EUROPA: RDOS. EUROPA, SOCIETE GENERAL, VINCI. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. Las dudas no desaparecen Jornada de números rojos en las bolsas europeas, arrastradas por las caídas en Estados...

IBERIAN DAILY 06 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS (ANÁLISIS BANCO ...

NEWS SUMMARY: ENCE, INDRA, RESULTS HIGHLIGHTS, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’25 results to be released over the coming days in Spain. Doubts remain present It was a session of drops for European stock markets, dragged down by corrections in the US and Asia and where the sell-off in software and data services companies continues. In the STOXX 600...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/05/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/02/2026

Santander : Solid Q4/FY 2025 results & acquisition in the US... a good...

INFORME DIARIO 05 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELORMITTAL, IAG, INDRA, SANTANDER, SECTOR AUTOPISTAS. EUROPA: ASML, BNP. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. Estabilización de los mercados El Ibex no tiene techo Jornada positiva en las bolsas europeas de la mano de los resultad...

Santander : T4/FY 25 solide & acquisition aux USA… un bon point de dép...

Credit Morning 02/04/2026

Sappi: Very weak Q1 2025/26 and disappointing outlook, but liquidity remains satisfactory|ams OSRAM to sell its non-optical sensors for €570m|Santander announced strong 2025 results and the acquisition of a US bank for USD 12.2 bn.|

Morning Crédit 04/02/2026

Sappi : T1 2025/26 très faible et perspectives décevantes, mais la liquidité tient|ams OSRAM va céder ses capteurs non optiques à Infineon pour 570 m EUR|Santander a annoncé de solides résultats 2025 et l’acquisition d’une banque US à 12.2 mds USD|

SANTANDER: RDOS. 4T’25 MEJORES Y ADQUISICIÓN DE WEBSTER (ANÁLISIS BANC...

Rdos. 4T'25 vs 4T'24: M. Intereses: 11.538 M euros (-3,7% vs -5,9% BS(e) y -5,5% consenso); M. Bruto: 16.113 M euros (+0,5% vs -1,7% BS(e) y -2,2% consenso); M. Neto: 9.521 M euros (+2,9% vs -0,4% BS(e) y -1% consenso); BDI: 3.764 M euros (+15,3% vs +9% BS(e) y +4,4% consenso). Rdos. 4T'25 vs 3T'25: M. Intereses: 11.538 M euros (+3,9% vs +1,6% BS(e) y +2% consenso); M. Bruto: 16.113 M euros (+5,5% vs +3,2% BS(e) y +2,7% consenso); M. Neto: 9.521 M euros (+5,8% vs +2,5% BS(e) y +1,8% consenso); B...