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Czechoslovak Group’s stock soared over 31% during its debut in Amsterdam, achieving a market value of nearly €33 billion. The IPO raised €3.3 billion, primarily from existing shares, and could increase by 15% through a greenshoe option. This IPO surpasses MiniMax’s earlier $711.5 million IPO, evidencing high demand due to Europe’s defense spending. In Europe, markets closed slightly lower, with the Stoxx Europe 600 index falling 0.1%. In the U.S., the S&P 500 remained stable while Nasdaq rose 0.3%. Intel shares fell significantly due to unexpected losses linked to chip demand. Asian markets also saw declines, with notable drops in Japan and Hong Kong. U.S. Treasury yields decreased as demand for bonds rose.
Fra Swissquote:
Czechoslovak Group’s stock surged on its trading debut in Amsterdam, after the defence company completed the world’s largest initial public offering so far this year. Shares of CSG, as it is known, rose more than 31% from their IPO price as of early afternoon in Amsterdam on Friday. The surge gives the Prague-based arms maker a market value of close to €33 billion, equivalent to almost $39 billion.
The stock sale raised €3.3 billion. Most of that was from existing shares sold by the company’s billionaire owner, plus a smaller proportion of new shares. A so-called greenshoe option could lift the final deal size by another 15%. The deal eclipses a $711.5 million IPO by MiniMax, a Chinese AI startup, as the largest so far in 2026, according to LSEG data. CSG launched the IPO last week, aiming to cash in on the huge demand for its bullets and shells sparked by the war in Ukraine. The company set a fixed IPO target price of €25 a share, eschewing the typical practice of setting a price range to help entice investors, according to one who participated in the offering. The well-received IPO underscores investor expectations that Europe’s efforts to bolster defence spending will continue to drive demand for military hardware and supplies.
On Friday, the SMI shed 0.6 percent to 13,147 points. The losses were felt across all sectors. Holcim and Kühne + Nagel, having performed well on Thursday, dropped by 2.4 and 2 percent respectively. In the case of Holcim, Goldman Sachs’ downgrade of the stock to neutral weighed on the share price. Nestlé gave up 1 percent. The food manufacturer’s shares have been burdened by a recall campaign for more than two weeks. This concerns baby food that may be contaminated with the toxin cereulide. Novartis (+0.5%) and Roche (+0.1%) outperformed the market. Among small caps, BB Biotech gained 0.3 percent. The investment company had presented preliminary figures for the fourth quarter and the year 2025. However, the full figures will not be published until February 20. Mikron, on the other hand, slumped 12.9 percent after announcing preliminary sales figures. While the Automation business segment showed solid growth according to the company, the Machining Solutions segment recorded declines in an “economically challenging environment.”
Europe
European stock markets closed slightly lower on Friday. The Stoxx Europe 600 index fell 0.1% to 608.3 points. In Paris, the CAC 40 and SBF 120 also slipped 0.1% each. In Frankfurt, the DAX 40 gained 0.2%, while the FTSE 100 dipped 0.1% in London. Over the week as a whole, the Stoxx Europe 600 index declined by 1% (PLUXEE -6.7% to €10.90 and EDEREND -4.7% to €17.38): UBS downgraded Pluxee from “neutral” to “sell” and Edenred from ‘buy’ to “neutral,” due in particular to regulatory uncertainty in Brazil for meal voucher specialists and unfavorable macroeconomic conditions. The financial intermediary also lowered its target price for Pluxee from €19 to €10 and for Edenred from €42 to €19. UBISOFT (+1.8%): The video game publisher regained some ground on Friday having slumped around 40% on Thursday in the wake of a severe warning about its 2025-2026 financial results. GROUPE ADP (-1.4% to €109.40): JPMorgan lowered its target price for the airport operator’s stock from €132 to €118 on Friday, while reiterating its “neutral” recommendation. ARGAN (+0.6%): The real estate company specializing in logistics platforms forecasts 4% growth in rental income for 2026 compared to 2025, to €220 million, as well as recurring net income of around €6 per share.
United States
On Friday, the S&P 500 was little changed, while the Nasdaq rose 0.3%. The Dow fell by 0.6%, or 285 points. Major indexes finished the week showing few signs that they had narrowly avoided a potential trade shock. The Dow Jones Industrial Average ticked 0.5% lower, while the S&P 500 inched downward by 0.4%. The Nasdaq composite slipped 0.1%. While all three benchmarks have been relatively flat over the past month, they remain richly valued, helping flush investors continue to spend and help the economy keep humming. Gross-domestic product grew at a 4.4% annualised rate between July and September, the Commerce Department said Thursday. The U.S. dollar, which has been relatively flat after an early 2025 selloff, posted its steepest weekly decline in value against a basket of foreign currencies since May. Front-month gold futures continued their parabolic move toward $5,000 a troy ounce, closing Friday at $4,976.20. Front-month silver surpassed $100 a troy ounce for the first time. Intel shares tumbled 17% after the chip maker reported a larger-than-expected quarterly loss and said it hadn’t anticipated a surge in chip demand from data centers serving artificial-intelligence models. Alcoa (-1.5%): The aluminum producer reported higher-than-expected earnings in the last quarter, as rising metal prices offset higher tariffs on imports from Canada. Its adjusted earnings came in at $1.26 per share, while analysts had forecast 93 cents per share, according to FactSet. Benchmark U.S. oil futures rose 2.9% past week, to $61.07 a barrel.
Asia
Stocks in Asia mostly fell on Monday. In Japan, the Nikkei 225 slipped 1.8 percent. The Hang Seng Index in Hong Kong dipped 0.2 percent. A potential IPO of Alibaba’s T-Head could unlock significant value for the technology group’s chip business, according to Nomura analysts following media reports regarding plans for a stock market listing. In Hong Kong, Alibaba declined 1.9 percent. Baidu dropped 4.2 percent. The Kospi in Seoul shed 0.7%, while the Shanghai Composite remained unchanged.
Bonds
U.S. government debt yields slipped on Friday. The 10-year Treasury note yield shed 4 basis points to 4.235 percent. Demand for US government bonds has risen, pushing down yields. The probability that the Fed will keep interest rates unchanged on Wednesday is priced in at 97 percent on the CME’s FedWatch tool on Friday.
Analysis
Swiss Re target price: Bank of America downgrades to CHF 145 (160) – Neutral
Schindler target price: Research Partners upgrades to CHF 290 (279.50) – Hold
Barry Callebaut target price: Berenberg upgrades to CHF 1500 (1418) – Hold
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