11:49 AM EST, 02/04/2026 (MT Newswires) -- The European stock markets were tracking mostly higher in Wednesday trading as The Stoxx Europe gained 0.2%, the FTSE 100 rose 1.1%, France's CAC increased 1.2%, and the Swiss Market Index was up 1.2%, while Germany's DAX was off 0.5%.

Euro area annual inflation is expected to be 1.7% in January, down from 2.0% in December, according to a flash estimate from Eurostat, the statistical office of the European Union. The reading met analysts forecasts, according to Bloomberg.

Services is expected to have the highest annual rate in January, followed by food, alcohol, and tobacco, non-energy industrial goods and energy.

The eurozone's private sector economy continues to expand as the seasonally adjusted HCOB Eurozone Composite PMI Output Index registered a 13th straight monthly increase in private sector output at 51.3 in January. However, the growth rate slowed a bit from 51.5 the previous month.

And in corporate news, Novo Nordisk shares continue to decline, tumbling 17% in Copenhagen after it reported Tuesday that it expects sales to drop in 2026, wiping the shine off its Q4 beat.

The Danish drug company reported Q4 adjusted earnings of 6.44 Danish kroner ($1.02), down from 6.85 kroner a year earlier.

Analysts polled by FactSet expected 5.84 kroner.

Sales for the quarter ended Dec. 31 were 79.14 billion kroner, compared with 85.68 billion kroner a year earlier. Analysts surveyed by FactSet expected 76.70 billion kroner.

Novo Nordisk said that it expects 2026 adjusted sales to decline by 5% to 13%.

UBS Group reported Q4 earnings Wednesday of $0.37 per diluted share, up from $0.23 a year earlier. Analysts surveyed by FactSet expected $0.54.

Underlying revenue for the quarter ended Dec. 31 was $12.20 billion, compared with $11.06 billion a year earlier. Analysts polled by FactSet expected $11.71 billion.

The lender also said it intends to repurchase $3 billion of shares in 2026.

Shares of the Swiss bank dropped 6.4% in Zurich.

TotalEnergies and Tikehau Capital said Wednesday that they have created a joint investment platform to accelerate the rollout of electric vehicle charging infrastructure in urban public spaces across Belgium and the Netherlands.

The platform, equally owned by both companies, will focus on developing existing public charging concessions already under construction or in operation, as well as pursuing new municipal tenders in both countries, the companies said.

Shares of the French oil and gas company gained 2.2% in Paris.

Ryanair said Wednesday that its passenger traffic in January rose by 2% year on year to 12.7 million guests.

The company also said it operated about 73,000 flights in the month.

Shares of the Irish airline were off 0.3% in Dublin.

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