London, Jan 12, 2026, 08:55 GMT — Regular session
Unilever PLC (ULVR.L) shares climbed 0.8% to 4,783.5 pence by 0840 GMT, settling near the day’s high after closing Friday at 4,744 pence. The stock’s 52-week range stands between 4,123 pence and 4,930 pence, data showed. 1
European stocks opened cautiously, dragged lower by a drop in bank shares. By 0807 GMT, the STOXX 600 was down 0.2%, with banks tumbling 1.1%. The sell-off followed U.S. President Donald Trump’s announcement of a one-year cap on credit card interest rates at 10%, effective Jan. 20. Barclays (BARC.L) led losses, sliding 4.5%, while HSBC (HSBA.L) dipped about 1%. 2
Traders continued to weigh new strains on the U.S. Federal Reserve, boosting appetite for safer bets and more stable earnings. “Trump is pulling at the loose threads of central bank independence,” noted Andrew Lilley, chief rates strategist at Barrenjoey. S&P 500 futures dropped 0.5%, while gold climbed above $4,600 an ounce, according to the Reuters report. 3
Unilever’s focus now shifts to upcoming numbers following its ice cream spin-off, which changed the landscape. In a Jan. 8 pre-close aide-mémoire, the company reaffirmed its 2025 outlook for underlying sales growth—organic growth excluding currency effects and acquisitions—at 3% to 5%. It also expects second-half underlying operating margin to hit at least 19.5%. Fourth-quarter underlying volume growth should match or exceed the 1.7% seen in Q3, the memo added. Ice Cream will be classified as a discontinued operation in the Q4 and full-year 2025 results, after the demerger finalized on Dec. 6. Unilever’s shares were consolidated at an 8-for-9 ratio on Dec. 9. The company holds roughly a 19.9% stake in The Magnum Ice Cream Company for up to five years. 4
This is key for the stock as investors scramble to define what “normal” volume and margin levels will be for the remaining businesses after ice cream earnings fall away. A clear separation aids comparisons, but it also cuts loose a familiar benchmark from previous quarters.
The main takeaway for February will probably be the tug-of-war between volume and price. Volume tracks how much product actually sold. Price reflects what the company charged — and markets have quickly penalized staples firms when pricing stayed firm but consumers opted for cheaper options.
That defensive demand could evaporate quickly if risk appetite returns and investors shift back to cyclicals. Unilever’s upcoming results might also spook the market if they suggest volume-driven growth is losing steam amid normalizing prices. Currency fluctuations remain a wildcard for this global company, which operates across numerous markets and reports using a blend of local costs and revenues.
Unilever plans to release its Q4 and full-year 2025 earnings on Feb. 12. 5
