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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Future FTSE (0.13%), DAX (0.36%), CAC40 (0.32%)

Nov 05 ,2025

  • Synopsis

    • European equity markets are set for a negative open amidst lower Asia equities Wednesday although most main indexes off troughs. Worst of the selloff in South Korea as tech comes under fresh pressure; Nikkei 225 and Taiex also steeply lower. More modest losses in Australia, Hong Kong and Singapore. Mainland China benchmarks seeing some gains, Indonesia higher, New Zealand at a fresh record high. S&P futures higher, Nasdaq lower.

    • In central banks, Riksbank interest rate decision at 9:30CET, press conf. 11:00. Benchmark interest rate expected to be left unchanged at 1.75%. In Eastern Europe, Poland central bank interest rate decision. No change expected in the 4.5% benchmark interest rate. Hungary central bank minutes from last MPC meeting. Latvia central bank's Kušners participates in the Latvian Circular Economy Forum. BOE's Khan speech at 9:05GMT at MarketforceLive Insurance Innovators summit. Bundesbank's Nagel and Bank of France's Villeroy fireside chat at 11:00CET at conf. on monetary policy jointly organised by the banks (through Thu). Croatia central bank's Ćorić speech at 13:10CET at Symposium of the Croatian Society of Economists. Austria central bank's Kocher introduces at 16:00CET the speaker for Global Economy Lecture, Silvana Tenreyro (registration). Bank of Finland and Finnish FSA seminar on The Impact of AI on Economy, Finance and Supervision (through Thu). BOE's Breeden in conversation at 16:15GMT at SALT London blockchain event.

    • In Austria, press conf at 10:00CET with the President of the Fiscal Council, Badelt, on the topic of "Updated Budget Outlook 2025/26," in which the Office of the Fiscal Council presents its latest preliminary budget estimate. In UK, there's weekly PMQs at 12noon BST, whilst the Employment Rights Bill continues its passage through parliament. Committee topics include Budget 2025 at 9:45 (former Chancellor George Osborne and former Sec. of State for Business and Trade Vince Cable), medicines security 11:00 and UK's future relationship with the US 15:30. Chancellor Merz at German Construction Industry Day, will deliver speech. UK Oct new car registrations are due.

    • On the macro front, Italy, Spain, Sweden Oct services PMI as well as final reads for Eurozone, France, Germany and UK, Germany Sep factory orders, France Sep industrial production, Italy Sep retail sales, Eurozone Sep PPI, Portugal Q3 unemployment rate, Ireland Oct unemployment rate.

    • A busy morning for earnings kicked off with DACHs region companies reporting earnings including Bayerische Motoren Werke (BMW.GR), Fresenius (FRE.GR), Siemens Healthineers (SHL.GR) and Barry Callebaut (BARN.SW). In the Nordics, Novo Nordisk (NOVO.B.DC) is out with Q3 results and narrows FY guidance to reflect lowered growth expectations for GLP-1 whilst Vestas Wind Systems (VWS.DC), Pandora (PNDORA.DC) and Sampo (SAMPO.FH) also reported Q3 results. Elsehwere, Bouygues (EN.FP), Ahold Delhaize (AD.NA) and Grifols (GRF.SM) updated on earnings.

    • Also due to release reports/updates today, CRH (CRH.LN), Marks & Spencer Group (MKS.LN), Barratt Redrow (BTRW.LN), EDP-Energias de Portugal (EDP.PL), EDP Renovaveis (EDPR.PL), Wolters Kluwer (WKL.NA), Telecom Italia (TIT.IM), Leonardo (LDO.IM) and Ørsted (ORSTED.DC).

    • CMD/events: Royal KPN (KPN.NA) Strategy Update Call, Nordea Bank (NDA.SE.SS), Melexis (MELE.BB), Anora Group (ANORA.FH), Alleima (ALLEI.SS), Troax Group (TROAX.SS).

  • Top company news

    • Earnings/updates

      • Benelux:

        • AD.NA (Koninklijke Ahold Delhaize) -- reports Q3 underlying EPS €0.67 vs consensus €0.62; reiterates FY25 guidance; €1B share buyback announced

        • KPN.NA (Royal KPN) -- reaffirms FY guidance and mid-term 3-3-7 CAGR strategy ambitions; growing share of shareholder remuneration through dividends - Strategy Update

        • ALFEN.NA (Alfen) -- reports Q3 adjusted EBITDA €6.9M vs FactSet €5.9M [1 est]

        • BPOST.BB (bpost) -- reports Q3 net income (€34.6M) vs year-ago (€25.1M)

        • VPK.NA (Royal Vopak) -- reports Q3 EPS €0.78 ex-items vs year-ago €0.83

      • DACHs:

        • BMW.GR (Bayerische Motoren Werke) -- reports Q3 EBIT €2.26B vs consensus €2.26B; confirms adjusted financial full-year targets as announced in October

        • FRE.GR (Fresenius) -- reports Q3 EPS €0.62 ex-items; raises FY guidance

        • AG1.GR (Auto1 Group) -- reports Q3 adjusted EBITDA €51.9M, +51% vs year-ago €34.3M

        • EVT.GR (Evotec) -- reports 9M adj EBITDA (€16.9M) vs year-ago (€6.0M); FY25 guidance confirmed and guides FY28

        • VNA.GR (Vonovia) -- reports 9M EPRA NTA €44.72 vs year-ago €45.23; confirms FY guidance

        • A531.GR (Aura Minerals) -- reports Q3 adjusted net income $68.7M vs year-ago $21.7M

        • SHL.GR (Siemens Healthineers) -- reports Q4 EPS €0.68 ex-items vs consensus €0.68

        • BARN.SW (Barry Callebaut) -- reports FY recurring net income CHF249.6M vs consensus CHF214M

        • WSU.GR (Washtec) -- reports Q3 EPS €0.73 vs year-ago €0.50

        • TIMA.GR (ZEAL Network) -- reports Q3 adjusted EBITDA €18.7M vs FactSet €15.6M [2 est, €12.9-18.3M]

        • KTN.GR (Kontron) -- reports 9M EPS €1.80 vs year-ago €1.01; revenue and EBITDA in line with prelim announcement; earnings forecast for 2025 confirmed

        • KCO.GR (Kloeckner & Co.) -- reports Q3 EPS (€0.13) vs FactSet (€0.02) [1 est]; reaffirms FY guidance

      • France:

        • EN.FP (Bouygues) -- reports 9M net income €675M vs StreetAccount €542M

        • CRI.FP (Compagnie Chargeurs Invest) -- reports Q3 revenue €164.2M vs year-ago €165.3M

        • RUI.FP (Rubis) -- reports Q3 revenue €1.58B vs FactSet €1.65B [2 est, €1.60-1.70B]; well on track to achieve 2025 EBITDA guidance

        • TNG.FP (Transgene) -- reports Q3 revenue €6.1M vs year-ago €5.0M

      • Nordics:

        • NOVO.B.DC (Novo Nordisk) -- reports Q3 EPS DKK4.50 vs consensus DKK4.53; narrows FY guidance to reflect lowered growth expectations for GLP-1

        • VWS.DC (Vestas Wind Systems) -- reports Q3 net income €304M vs consensus €207M; remains on track to reach the expected FY earnings and narrows its outlook

        • PNDORA.DC (Pandora) -- reports Q3 EPS DKK6.30 vs consensus DKK6.60; maintains FY25 guidance of 7-8% organic growth

        • SAMPO.FH (Sampo) -- reports Q3 EPS €0.14 vs consensus €0.13; raises operating EPS target

        • SINCH.SS (Sinch) -- reports Q3 EPS (SEK0.01) vs FactSet SEK0.59 [1 est]

        • ISS.DC (ISS) -- reports Q3 revenue DKK20.70B vs consensus DKK20.57B; narrows FY organic growth, reaffirms operating margin guidance

        • HKFOODS.FH (HKFoods) -- reports Q3 comparable EPS from cont. ops €0.06 vs FactSet €0.05 [2 est, €0.04-0.07]; confirms FY outlook

        • KAMBI.SS (Kambi Group) -- reports Q3 EPS €0.04 vs FactSet €0.08 [2 est, €0.03-0.12]. Lowers FY EBITA outlook

        • CLA.B.SS (Cloetta) -- reports Q3 EPS SEK0.66 vs FactSet SEK0.54 [1 est]

        • NORCO.NO (Norconsult) -- reiterates its financial targets - CMD

        • DOFG.NO (DOF Group) -- reports Q3 net income $107M vs FactSet $92.7M [7 est, $84-106M]

        • WAWI.NO (Wallenius Wilhelmsen) -- reports Q3 EPS $0.60 vs FactSet $0.55 [8 est, $0.49-0.62]

        • MCOV.B.SS (Medicover) -- reports Q3 EPS €0.13 vs FactSet €0.12 [2 est, €0.11-0.12]

        • TLT1V.FH (Teleste) -- reports Q3 EPS €0.07 vs FactSet €0.08 [1 est]

        • MOWI.NO (Mowi) -- reports final Q3 earnings: EPS €0.13 ex-items vs FactSet €0.14 [11 est, €0.09-0.23]; raises FY harvest volume guidance

        • DVYSR.SS (Devyser Diagnostics) -- reports Q3 EPS (SEK0.17) vs FactSet SEK0.15 [3 est, SEK0.10-0.20]

        • AMBEA.SS (Ambea AB) -- reports Q3 EPS SEK3.82 vs FactSet SEK3.84 [3 est, SEK3.64-4.13]

        • AMBU.B.DC (Ambu) -- reports Q4 EPS DKK0.43 vs FactSet DKK0.52 [3 est, DKK0.46-0.60]

        • STOR.B.SS (Storskogen Group) -- reports Q3 EPS SEK0.18 vs FactSet SEK0.18 [2 est, SEK0.17-0.18]

        • NORCO.NO (Norconsult) -- reports Q3 EPS NOK0.43 vs FactSet NOK0.45 [4 est, NOK0.43-0.47]

        • ORRON.SS (Orrön Energy) -- reports Q3 net income (€8.5M) vs FactSet (€7.1M) [1 est]

        • ZAP.NO (Zaptec) -- reports Q3 net income NOK2.9M vs FactSet NOK21.5M [2 est, NOK17.0-26M]

        • SRV1V.FH (SRV Group) -- announces updated long-term financial objectives; strategy remains unchanged

        • HAYPP.SS (Haypp Group) -- reports Q3 EPS SEK0.15 and unclear if comparable to FactSet SEK0.80 [1 est]

      • Southern Europe:

        • RLIA.SM (Realia Business) -- reports 9M net income attributable €61.5M, +17% vs year-ago €52.4M

        • GRF.SM (Grifols) -- reports Q3 net income €127M vs StreetAccount €125.3M

        • GEST.SM (Gestamp Automoción) -- reports Q3 net income attributable €29.9M vs FactSet €27.7M [3 est, €18-40M]

        • RJF.SM (Laboratorio Reig Jofre) -- reports 9M net income €1.9M vs year-ago €8.0M

    • M&A

      • NORCO.NO (Norconsult) -- will acquire Metier at Enterprise Value of NOK480M

      • DNO.NO (DNO) -- Reports Multi-Asset Swap with Aker BP

      • EVT.GR (Evotec) -- Sandoz Group enters strategic agreement with Evotec to acquire equity interests of Just-Evotec Biologics EU for $350M in cash

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- LVMH Moet Hennessy Louis Vuitton's discussions with Authentic Brands on potential Marc Jacobs deal reportedly falls through - WWD

      • ULVR.LN (Unilever) -- provides an update on the timetable for the demerger of The Magnum Ice Cream Company

      • AAL.LN (Anglo American) -- MMG Ltd notes European Commission to move to Phase II merger investigation of its acquisition of Anglo American nickel business

      • BW (Babcock & Wilcox Enterprises) -- announces sale of its Allen-Sherman-Hoff business

      • LINK.NO (LINK Mobility Group Holding) -- reports Q3 EPS cont ops NOK0.06 vs FactSet NOK0.20 [8 est, NOK0.10-0.44]

    • Healthcare

      • KAMBI.SS (Kambi Group) -- announces the acquisition of the source code for a player account management (PAM) platform from OMEGA Systems for an undisclosed price

      • SANN.SW (Santhera Pharmaceuticals Holding) -- announces closing of $13M royalty monetization agreement

      • BIM.FP (bioMérieux) -- Oxford Nanopore and bioMérieux launch AmPORE-TB, a Research Use Only sequencing-based solution to rapidly characterize drug resistant-tuberculosis

      • NYKD.NO (Nykode Therapeutics) -- to present new analyses from two clinical trials on NeoSELECT platform at SITC 2025 Annual Meeting

      • DBV.FP (DBV Technologies) -- SEC filing: SCHEDULE 13D/A (Filed by Bpifrance Participations SA)

      • GALD.SW (Galderma Group) -- announces US FDA approves Restylane Lyft with Lidocainefor augmentation of the chin region to improve the chin profile in patients over the age of 21 with mild-to-moderate chin retrusion

      • 13.HK (Hutchmed) -- completes patient enrollment for SAFFRON global phase III trial of ORPATHYS and TAGRISSO combination

      • TNG.FP (Transgene) -- and NEC Corporation will jointly present additional immunological data profiling the immune response after treatment with the individualized neoantigen therapeutic vaccine TG4050 at the SITC

      • AMBEA.SS (Ambea AB) -- announces up to 2M share buyback program

    • Other

      • VWS.DC (Vestas Wind Systems) -- to initiate share buy-back programme of up to DKK 1,120M (approx. €150M)

      • DBK.GR (Deutsche Bank) -- exploring how to hedge exposure to data centres; options include shorting basket of AI stocks or transferring risk with derivatives - FT

      • REP.SM (Repsol) -- Transcript Intelligence: Repsol at Deutsche Bank Depositary Receipts Virtual Investor Conference

      • LHA.GR (Deutsche Lufthansa) -- Transcript Intelligence: Deutsche Lufthansa at Deutsche Bank Depositary Receipts Virtual Investor Conference

      • FER.SM (Ferrovial) -- scrip dividend payment date changed to 25-Nov from 3-Dec

      • EDEN.FP (Edenred) -- Transcript Intelligence: Edenred Capital Markets Day

      • STAN.LN (Standard Chartered) -- intends to issue $1.00B fixed rate resetting perpetual subordinated contingent convertible securities

      • EPI.A.SS (Epiroc) -- Transcript Intelligence: Epiroc at Deutsche Bank Depositary Receipts Virtual Investor Conference

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- TGS, Chevron sign three-year capacity agreement for marine streamer and OBN acquisition services

      • Anthropic projects $70B in revenue by 2028, Amazon seeks to shut down Perplexity AI shopping agents in intraday themes (4-Nov)

      • Q3 earnings led headlines; AI bubble fears persist among AI press highlights (4-Nov)

  • Key rating changes

    • Upgrades

      • OERL.SW (OC Oerlikon Corp.) -- outperform from sector perform at RBC Capital Markets

      • GEBN.SW (Geberit) -- neutral from underweight at JPMorgan

      • ABF.LN (Associated British Foods) -- buy from hold at Kepler Cheuvreux

      • AIXA.GR (Aixtron) -- to overweight from equal weight at Barclays

      • BAKKA.NO (Bakkafrost) -- to buy from hold at Pareto

    • Downgrades

      • RED.SM (Redeia Corporacion) -- sector perform from outperform at RBC Capital Markets

    • Initiations

      • Berenberg initiates BOOT.LN, HMSO.LN, HWG.LN, others; downgrades VIP.LN; others

  • Data

    • Nikkei (2.50%) to 50212.27

    • Hang Seng (0.03%) to 25945.52

    • Shanghai Composite +0.36% to 3974.25

    • S&P futures (3.0) vs prior close of 6801.8

    • €-$ +0.0007 or +0.06% to 1.1490

    • $-¥ +0.03 or +0.02% to 153.69

    • €-¥ +0.10 or +0.06% to 176.54

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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