European and Asia/Asia-Pacific Markets, January 22, 2026​

(1) Europe’s Risk-On Surge: Financials & Cyclicals Lead, Defensives Lag. (2) Asia’s Broad Rally: From Indian Banks to Korean Semis, Where Risk Is Flowing

Executive Summary:

European Markets: Cyclicals, Financials, and Energy Transition Lead
European capital flows reflect a moderately risk-on tone, led by Germany, Italy, Spain, the Netherlands, the Nordics, and Poland. Financials, cyclicals, and select industrials show strong momentum, with names like Siemens Energy, UniCredit, ASML, and PKN Orlen printing …