Earnings season. Tryg, J D Wetherspoon, Investment AB are among companies reporting their earnings today.

Bye bye Huawei. Orange Belgium and Proximus will replace Huawei equipment with Nokia in Belgium and Luxembourg. "Nokia was selected after an in-depth comparative process, based on technological, operational and financial criteria", it said.

Euronext buys the Milan Stock Exchange. The London Stock Exchange has signed an agreement to sell Borsa Italiana to Euronext for €4.325 billion. The transaction is carried out on the basis of an Ebitda multiple of 16.7 times. It is expected to be completed during the first half of 2021. The LSE will in turn be able to finalize the acquisition of Refinitiv. Euronext thus recovers an important asset, which includes not only the Milan Stock Exchange but also several key European platforms beyond equities.

Techno-merger? The Wall Street Journal has learned that Advanced Micro Devices is in advanced negotiations to acquire Xilinx, a deal worth more than $30 billion. This transaction would confirm that companies in the sector don't find their valuation multiples delusional. Xilinx is currently worth $26 billion on the stock market.

IBM will sell its less dynamic assets. International Business Machines is booming on the stock market after declaring that it is ready to sell its "Managed Infrastructure Services" division, in order to focus on artificial intelligence and the cloud. This operation is well received because the MIS division is the one that generates the least margins.

This bodes well for the future. Novo Nordisk, Zalando and Pandora are raising their 2020 outlook. These European companies are therefore sending out a positive signal at the opening of the quarterly season.

In other news. WarnerMedia (AT&T Group), is preparing a restructuring plan that will result in thousands of job cuts. Raiffeisen Informatik has sold 4.4 million SoftwareOne shares, or 2.78% of the capital, in a private placement. Takeda and other laboratories are testing human plasma to cure coronavirus. DKSH finalized the integration of Axieo in Australia and New Zealand. Liberty Global owns 82% of Sunrise following its takeover bid for the Swiss telecommunications operator.