When the United States sneezes, it seems that Europe no longer catches a cold in the same way as before.
The Stoxx 600 is near record highs after recording its 7th positive week in eight, despite the technological devastation surrounding it.
On the other side of the Atlantic, it’s a different story. In a recent note, Deutsche Bank began drawing comparisons to the 2000 dot-com bubble and says the recent sell-off in stocks exposed to AI and software shows no signs of abating. This week’s declines left the S&P 500 down nearly 30% from its October 2025 highs.
At the same time, European stocks look more resilient.
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European Stoxx 600 versus Nasdaq
This spike in volatility comes at a sensitive time for the business world, as earnings season is in full swing. Last week’s big tech releases did little to calm nerves in the United States, as some of Europe’s biggest names prepare to report this week.
Traders work at Nasdaq on February 4, 2026 in New York.
Adam Jeffery | CNBC
Focus on mergers and acquisitionsCNBC’s Carolin Roth will present UniCredit’s results in Milan on Monday, speaking to the Italian bank’s CEO, Andrea Orcel. The lender remains a key player in mergers and acquisitions in Europe, with its minority stakes in Commerzbank and Greek bank Alpha Bank generating a return on investment of around 20%, according to the bank.
In Frankfurt on Wednesday we will hear from rival Commerzbank CEO Bettina Orlopp, who told Squawk Box at the World Economic Forum in Davos in January that a deal with UniCredit was “not reasonable” given the German bank’s high valuation.
Financial stocks across Europe had a roller coaster week, ending the week in the red.
Shock treatmentNext week will also bring a new set of figures from some of the biggest players in the European healthcare sector, namely pharmaceutical giant AstraZeneca and Philips. The Dutch medical technology company hopes to continue its positive momentum with the launch of new AI tools, while AstraZeneca is looking to China in the hope of gaining access to this weight-loss drug market. There will, however, be some warning signs following the sharp sell-off in Novo Nordisk shares, after the Danish pharmaceutical rival disappointed investors with its sales forecast. Executives from Philips and AstraZeneca will join Squawk Box Europe on Tuesday.
To learn more about why AstraZeneca invested billions in China ahead of its stock IPO in New York, read This.
Because it’s worth it?On Thursday, CNBC’s Charlotte Reed will be in Paris to speak with L’Oreal CEO Nicolas Hieronimus as the French beauty giant reports numbers. Last quarter, the recovery in its two largest markets, the United States and China, failed to support the stock, which fell due to a tight sales miss. L’Oréal could also embark on an acquisition hunt, having raised €3 billion in M&A funding towards the end of last year. The company recently doubled its stake in Swiss dermatology group Galderma, in a transaction expected to close this quarter.
Key wins this week:Monday: UniCrédit
Tuesday: Philips, AstraZeneca, Barclays, Ferrari
Wednesday: TotalEnergies, Heineken, Commerzbank
Thursday: Mercedes, Siemens, L’Oréal
Friday: Natwest
