When America sneezes, Europe may not catch a cold like it used to.
The Stoxx 600 is near an all-time high, marking its seventh positive week in the past eight weeks, despite the tech-driven misery around it.
On the other side of the pond, it was a different story. In a recent note, Deutsche Bank began drawing comparisons to the dot-com bubble of 2000, saying the recent selloff in AI and software stocks shows no signs of slowing. This week’s decline has sent the S&P 500 index down about 30% from its October 2025 high.
Meanwhile, European stocks as a whole appear to be becoming more resilient.
Europe’s Stoxx 600 vs Nasdaq
The spike in volatility comes at a sensitive time for the corporate world, with earnings season in full swing. While announcements from big tech companies last week did little to calm tensions in the United States, some of Europe’s largest companies are preparing announcements this week.
Traders work on the Nasdaq in New York on February 4, 2026.
Adam Jeffrey | CNBC
Utilize M&A
CNBC’s Carolyn Ross will be in Milan on Monday to analyze UniCredit’s performance and speak with the Italian bank’s CEO, Andrea Orcel. The bank said it remains a major M&A player in Europe, with minority stakes in Commerzbank and Greece’s Alfa Bank delivering a return on investment of around 20%.
Frankfurt will on Wednesday hear from Bettina Orlop, chief executive of rival Commerzbank, who told Squawkbox during the World Economic Forum in Davos in January that a deal with UniCredit was “unwise” given Deutsche Bank’s high reputation.
Financial stocks across Europe had a rollercoaster week, ending the week in the red.
shock therapy
Next week will also see new figures released by Europe’s biggest medical players, namely pharmaceutical giants AstraZeneca and Philips. The Dutch medical technology company hopes to continue its strong performance with the launch of new AI tools, while AstraZeneca is eyeing China in hopes of accessing this weight loss drug market. But some alarm bells will be ringing after Novo Nordisk shares plunged after the Danish pharmaceutical rival disappointed investors with its sales forecast. Executives from Philips and AstraZeneca are scheduled to attend Squawk Box Europe on Tuesday.
Read more about why AstraZeneca is pumping billions into China ahead of its stock trading debut in New York.
Because it’s worth it?
As French beauty giant L’Oréal reports its numbers, CNBC’s Charlotte Reid will travel to Paris on Thursday to speak with L’Oreal CEO Nicolas Hieronymus. Stocks fell by a narrow margin last quarter as recoveries in the U.S. and China, its biggest markets, failed to support stocks. L’Oréal also raised 3 billion euros in M&A funds late last year and may embark on acquisitions. The company recently doubled its stake in Swiss dermatology group Galderma, a deal expected to close this quarter.
This week’s main gains:
Monday: UniCredit
Tuesday: Philips, AstraZeneca, Barclays, Ferrari
Wednesday: Total Energy, Heineken, Commerzbank
Thursday: Mercedes, Siemens, L’Oreal
Friday: NatWest
