When the U.S. sneezes, it seems Europe may not catch its cold in the same way it used to.
The Stoxx 600 is sitting close to record highs after recording its 7th positive week in eight, despite the tech-led devastation around it.
It’s been a different story across the pond. In a recent note, Deutsche Bank has started drawing comparisons to the dot-com bubble of 2000, and says the recent sell-off in AI and software-exposed stocks is showing no signs of easing. This week’s declines leave the S&P 500 down almost 30 percent from their October 2025 peaks.
Broader European stocks meanwhile, are looking more resilient.
Europe’s Stoxx 600 versus the Nasdaq
The spike in volatility comes at a sensitive time for the corporate world, with earnings season in full swing. The big-tech releases from last week did little to calm nerves stateside, while some of Europe’s biggest names are preparing to report this week.
Traders works at the Nasdaq on Feb. 4th, 2026 in New York.
Adam Jeffery | CNBC
Banking on M&A
CNBC’s Carolin Roth will breakdown UniCredit’s results in Milan on Monday, speaking with the Italian bank’s CEO Andrea Orcel. The lender remains a key M&A player in Europe, with its minority stakes in Commerzbank and Greece’s Alpha Bank returning around 20 percent returns on investment, according to the bank.
In Frankfurt, we will hear from rival Commerzbank’s CEO Bettina Orlopp on Wednesday, who told Squawk Box during the World Economic Forum in Davos in January that a deal with UniCredit is “not sensible” given the German bank’s high valuation.
Shares in financial stocks across Europe had a rollercoaster week, ending the week in the red.
Shock Treatment
Next week will also bring a fresh set of numbers from some of the biggest players in the European healthcare space, namely pharma giant AstraZeneca and Philips. The Dutch medical tech company will hope to continue a positive performance streak from the launch of new AI tools, while AstraZeneca is turning towards China in the hope that it can access this market for weight-loss drugs. However, there will be some warning bells following the sharp sell-off in Novo Nordisk’s shares, after the Danish pharmaceutical rival disappointed investors with its sales projections. Executives from both Philips and AstraZeneca will join Squawk Box Europe on Tuesday.
For more on why AstraZeneca poured billions into China ahead of the trading debut of its shares in New York, read this.
Because it’s worth it?
On Thursday, CNBC’s Charlotte Reed will be in Paris to speak with the CEO of L’Oreal, Nicolas Hieronimus, as the French beauty giant reports numbers. Last quarter, a recovery in both of its biggest markets, the U.S. and China failed to support the stock, which fell on a narrow sales miss. L’Oreal could also be on the acquisition hunt, after raising 3 billion euros for M&A financing towards the end of last year. The comapny recently doubled its stake in Swiss dermatology group Galderma, in a deal that is expected to close this quarter.
Key earnings this week:
Monday: UniCredit
Tuesday: Philips, AstraZeneca, Barclays, Ferrari
Wednesday: TotalEnergies, Heineken, Commerzbank
Thursday: Mercedes, Siemens, L’Oreal
Friday: Natwest
