🇪🇺 European Markets Report – January 22, 2026

Key Takeaway:
European markets closed with a cautiously optimistic tone as gold soared to a record $5,274/oz, Bitcoin consolidated at $89,100, and EUR/USD surged to 1.2005. Sector rotation favored technology, energy, and materials, while defensive and financial stocks lagged. The session was shaped by strong earnings, resilient macro data, and easing geopolitical tensions.

📊 Market Snapshot: Closing Prices & Ranges

Index / AssetClosing PriceDaily Change (%)Session Range
DAX (Germany)24,894.44-0.15%24,848.53 – 25,020.22
FTSE 100 (UK)10,207.80+0.58%10,147.48 – 10,228.16
IBEX 35 (Spain)17,804.10+0.70%17,671.70 – 17,830.30
S&P 500 Futures5,011.25+0.60%4,998.50 – 5,027.75
Dow Jones Futures39,112+0.40%39,045 – 39,210
Nasdaq 100 Futures17,622.50+0.90%17,590.00 – 17,755.25
EUR/USD1.2005+0.45%1.1980 – 1.2042
Gold (XAU/USD)$5,274.00+3.2%$5,210.00 – $5,280.00
Bitcoin (BTC/USD)$89,100-0.7%$88,700 – $90,200

📰 Major Market Drivers & News

Central Bank Policy & Economic Data

  • ECB: President Lagarde and VP de Guindos emphasized inflation risks and financial stability, confirming rates will remain on hold for an extended period. Markets have priced out further cuts in 2026, with the next move likely a hike in 2027 or later.
  • Fed: The US Federal Reserve is expected to keep rates unchanged, with traders watching for signals on future cuts. The dollar weakened ahead of the decision, supporting both the euro and gold.
  • Eurozone Data:
  • Inflation: Euro area CPI steady at 2.0% YoY, core inflation slightly elevated.
  • PMI: Composite PMI at 51.5, indicating modest expansion and a 20-month high in business optimism.
  • Labor Market: Unemployment at 6.3%, near historic lows.
  • US Data:
  • PCE Inflation: In-line with expectations, reinforcing a patient Fed.
  • Consumer Confidence: University of Michigan index improved to 56.4.
  • Jobless Claims: Remain low, indicating a tight labor market.

Earnings Highlights

  • Europe:
  • Tech: SAP and ASML reported strong results, boosting the sector.
  • Luxury: LVMH and Burberry beat expectations, with strong demand in Asia and North America.
  • Financials: Deutsche Bank and BNP Paribas posted solid results, but Mapfre issued a profit warning due to higher claims.
  • US:
  • Tech Giants: Strong results from US mega-caps lifted global sentiment, reflected in higher US futures.

Geopolitical Developments

  • US-EU Trade: President Trump’s decision to pause new tariffs after a Greenland framework agreement eased immediate trade concerns, sparking a late-session rally in risk assets and the euro.
  • Russia-Ukraine & Middle East: No major escalations, but ongoing tensions keep risk premium elevated.
  • Energy Markets: Gold’s record high is partly attributed to central bank buying and persistent geopolitical uncertainty.

💱 Cross-Asset Technicals & Sentiment

AssetClosing Price% ChangeSession RangeKey Technicals
EUR/USD1.2005+0.45%1.1980 – 1.2042Support: 1.2000, Resistance: 1.2050
Gold$5,274.00+3.2%$5,210 – $5,280Support: $5,200, Resistance: $5,300
Bitcoin$89,100-0.7%$88,700 – $90,200Support: $88,000, Resistance: $90,500
  • EUR/USD: Broke above 1.20 for the first time since 2021, driven by a weaker dollar and improved eurozone outlook.
  • Gold: All-time high, fueled by safe-haven demand, central bank buying, and inflation fears.
  • Bitcoin: Consolidating after recent volatility; institutional flows and ETF demand remain supportive.

🔄 Sector & Volume Highlights

  • Leaders: Technology, energy, and materials outperformed on strong earnings and commodity price rebounds.
  • Laggards: Defensive sectors and financials lagged, with insurers under pressure from profit warnings.
  • Volumes: Robust across all major indices, especially in the final hour as US futures rallied. Gold and Bitcoin saw record spot and futures activity.

🌍 Market Themes & Outlook

  • Safe-Haven Demand: Gold and Bitcoin underscore persistent risk aversion and a search for stores of value.
  • Sector Rotation: Flows favor technology, energy, and materials; defensives and financials lag.
  • Currency Markets: Euro strength reflects improved European data and a weaker US dollar.
  • Central Bank Policy: ECB, Fed, and BoE remain in a holding pattern, with markets seeking clarity on future moves.
  • Geopolitics: Easing US-EU trade tensions and stable energy markets support risk assets, but underlying risks remain.

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