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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.46%), DAX (0.90%), CAC40 (0.52%)

Nov 03 ,2026

  • Synopsis

    • European equity markets are set to open lower, amidst Asia equities trending downward Tuesday. Some steep declines in the tech-chain to drag the Kospi and Taiex down around 3.6% each. Mainland China boards lower, Hong Kong outperforming with a small gain. India and Australia also modestly higher. Indonesia down again, other Southeast Asia benchmarks struggling for direction. Japan closed for a holiday.

    • Focus on AI trade, latest Middle East headlines and US midterm elections. AI funding concerns in the spotlight amid reports about ORCL, META, and GOOGL tapping the market. Anthropic valuation facing fresh scrutiny with media sources noting investors pushing company to lower target to $1.5-1.6T from around $2T. Attention on APPL earnings after it flagged slowdown in services revenue growth, and margin pressures from memory costs.

    • Note, signs of diplomatic traction in Middle East, but reports also that US struck Iran's Qeshm Island, targeting Iran's ability to threaten ships in Strait of Hormuz. Trump has said he would not resume strikes on Iran after midterm elections and VP Vance voiced hope for a negotiated settlement. Iran also signaled openness to negotiations with Supreme Leader Khamenei granting some authority for officials to talk with US. Risk of conflict remains amid uncertainty whether deal can be reached.

    • Also on today's agenda, In the UK, the Chancellor answers MPs questions at 11:30GMT, whilst the debate of the budget concludes. Parliamentary committee topics include the budget at 9:45 (will gather the views of leading economists) and dunkelflaute and the risks of electricity intermittency at 10:00. Chancellor Merz delivers a speech at the Berlin Chamber of Commerce and Industry's Economic Policy breakfast and later in the day hosts Lithuanian President Nausėda the focus of the discussions will be the EU Council Presidency, which Lithuania will assume in Jan-27. EU Kallas speaks at the High Level Geopolitical Dialogue in the EP (EU's Šuica among the participants) and EU's Hansen participates in Committee 2025 Discharge hearing. EU's von der Leyen speech at the WinWin Brussels Summit. Hybrid press briefing on the UN Climate Change Conf COP31 in Antalya (9-20-Nov). Amongst events are SALT London (through Wed), Economist's 3rd annual Future of Health Europe and Politico's Competitive Germany Summit.

    • In central banks, Bulgaria central bank's Radev introductory remarks/panellist, Austria central bank's Kocher, Slovenia central bank's Dolenc speakers at OMFIF Bulgaria Forum. ECB's Machado speech/fireside chat from 9:45CET at 12th Banking Union Conf whilst Bank of France's Moulin panellist at 10:00CET at the JECO conf. Denmark central bank's Thomsen delivers a speech at 11:00 at PeR­Cent An­nu­al Con­f. ECB's Donnery panellist at 15:00CET at Santander International Banking Conf, with EU's Albuquerque delivering a speech. Bundesbank's Nagel speech at 19:00CET at Capital City Reception. Netherlands central bank's Sleijpen before parliamentary committee.

    • On the macro data front, Swiss inflation due and French budget balance. In other news, UK and EU reached a draft deal to scrap Brexit red tape over food exports. UK home secretary has also watered down migration reforms, which critics claim could cost the taxpayer up to £10B.

    • A busy morning for earnings, with DACHs names kicking off the session with Zalando (ZAL.GR), Hugo Boss (BOSS.GR), Evonik Industries (EVK.GR), Fresenius Medical Care (FME.GR), Bayer AG (BAYN.GR) and Deutsche Lufthansa (LHA.GR) reporting Q3 numbers this morning. In France, bioMerieux (BIM.FP) and Rubis (RUI.FP) released Q3 revenue figures and confirmed their outlook for 2026. In the Netherlands, Koninklijke Philips (PHIA.NA) posted Q3 update. In Spain, Grifols (GRF.SM) issued Q3 earnings and confirmed its FY guidance. In Nordics, Coloplast (COLO.B.DC), Salmar (SALM.NO), NCC (NCC.B.SS) and International Petroleum Corp (IPCO.SS) are amongst others in region to update investors with their latest numbers.

  • Politics/Macro/World News

    • US carries out 'defensive' strikes on Iran's Qeshm Island, officials say - Reuters

    • Trump faces midterm verdict with control of Congress at stake - Reuters

    • US to hold first talks with Russia and Ukraine since February - FT

    • Markets And Economists Are Divided Beyond A BOE Hike This Week - Bloomberg

    • Shabana Mahmood softens immigration plans in face of cabinet backlash - The Guardian

    • Streeting has 'total confidence' UK will hit defense spending target - Politico

    • UK and EU agree draft deal to scrap Brexit red tape over food exports - BBC

  • Top company news

    • Earnings/updates

      • Benelux

        • PHIA.NA (Koninklijke Philips) -- reports Q3 revenue €4.40B vs consensus €4.41B

        • WHA.NA (Wereldhave) -- reports 9M EPRA EPS €1.28 vs year-ago €1.28

      • Southern Europe

        • GRF.SM (Grifols) -- reports Q3 net income €162M vs FactSet €147.5M [6 est, €116-165M]; confirms FY guidance

        • LTMC.IM (Lottomatica Group) -- reports 9M adj net income €263M, +2% vs year-ago €257M; guidance for FY26 confirmed

      • DACHs

        • ZAL.GR (Zalando) -- reports Q3 net income (€18.0M) vs consensus (€3.0M); confirms FY26 guidance

        • BOSS.GR (Hugo Boss) -- updates its full year 2026 outlook and provides preliminary Q3 figures

        • GEBN.SW (Geberit) -- reports Q3 net income CHF165.8M vs StreetAccount CHF166.9M

        • EVK.GR (Evonik Industries) -- reports Q3 EPS €0.71 ex-items vs FactSet €0.59 [2 est, €0.59-0.59]; expects FY adj. EBITDA in the upper half of guidance range

        • CLN.SW (Clariant) -- reports Q3 adjusted EBITDA CHF151.5M vs consensus CHF159M

        • BCHN.SW (Burckhardt Compression Holding) -- reports H1 net income CHF43.0M vs FactSet CHF38.1M [4 est, CHF34.2-48.0M]

        • AAD.GR (Amadeus FiRe) -- reports 9M EPS (€0.26) vs year-ago (€0.09)

        • FME.GR (Fresenius Medical Care) -- reports Q3 Basic EPS €0.61 vs consensus €0.63; now expects FY operating income growth guidance to be between flat and a negative mid-single digit percent growth rate compared to prior year

        • TMV.GR (TeamViewer) -- reports Q3 adjusted EBITDA €78.9M vs FactSet €79.4M [3 est, €78.8-80.3M]; adjusts FY revenue guidance reflecting softer Q4 2026 outlook

        • NOEJ.GR (Norma Group) -- reports Q3 adj. EPS (€0.12) vs year-ago (€0.13); revenues and adj EBIT margin in line with 19-Oct announcement

        • WSU.GR (Washtec)-- reports Q3 net income €16.1M vs year-ago €21.1M; guides FY26

        • LHA.GR (Deutsche Lufthansa) -- reports Q3 Net Income Attributable €1.26B vs consensus €1.06B

        • BMAG.SW (Bajaj Mobility) -- reports FY EBIT €11.3M vs year-ago (€71M)

        • BAYN.GR (Bayer AG) -- reports Q3 Core EPS cont ops €0.31 vs consensus €0.36; now guides FY Group EBITDA before special items to come in at between €9.8-10.3B on a currency-adjusted basis vs prior guidance €9.6-10.1B

        • RBI.AV (Raiffeisen Bank International) -- reports Q3 net income €481M vs FactSet €533.5M [5 est, €376-764M]

        • SHA0.GR (Schaeffler) -- reports final Q3 numbers: EBIT €245M vs year-ago €264M

      • Nordics

        • COLO.B.DC (Coloplast) -- reports Q4 net income DKK1.19B vs consensus DKK1.39B

        • SALM.NO (Salmar) -- reports Q3 EPS NOK10.20 vs FactSet NOK6.69 [12 est, NOK5.08-7.76]

        • ODL.NO (Odfjell Drilling)-- reports Q3 net income $51M vs FactSet $56.6M [5 est, $53-61.8M]

        • NORCO.NO (Norconsult) -- reports Q3 adjusted net income NOK118M vs FactSet NOK144.8M

        • ITAB.SS (ITAB Group) -- reports Q3 EPS (SEK0.29) vs year-ago SEK0.36

        • NOHO.FH (NoHo Partners) -- reports Q3 EPS €0.14 vs FactSet €0.18 [4 est, €0.17-0.19]

        • NCC.B.SS (NCC) -- EPS SEK6.13 ex-items vs year-ago SEK5.47

        • IPCO.SS (International Petroleum Corp) -- reports Q3 net income $59.9M vs FactSet $28.9M [6 est, $12-70.5M]

        • TRUE.B.SS (Truecaller) -- reports Q3 EPS (SEK0.07) vs FactSet SEK0.26 [1 est]

        • HACK.SS (Hacksaw) -- reports Q3 EPS €0.16 vs FactSet €0.15 [1 est]; says its long-term financial targets remain unchanged

        • DVYSR.SS (Devyser Diagnostics) -- reports Q3 EPS SEK0.43 vs FactSet SEK0.07 [2 est, SEK0.06-0.08]

        • NOBA.SS (NOBA Bank Group) -- reports Q3 EPS SEK2.37 vs FactSet SEK2.27 [8 est, SEK2.10-2.53]

        • RAY.B.SS (RaySearch Laboratories) -- reports Q3 EPS SEK1.90 vs FactSet SEK2.40 [2 est, SEK2.29-2.51]

        • SYNACT.SS (SynAct Pharma) -- reports Q3 EPS (SEK0.57) vs year-ago (SEK0.67)

        • ISLAX.NO (Icelandic Salmon) -- reports Q3 EBIT €1.4M vs FactSet (€1.2M) [3 est, (€4.4)-3.3M]; guides FY26 and FY27

        • 4C.SS (4C Group) -- reports Q3 net income (SEK4.3M) vs FactSet (SEK4M) [1 est]

      • France

        • COFA.FP (Coface) -- reports 9M net income €155.5M, (12%) vs year-ago €176.3M

        • BIM.FP (bioMerieux) -- reports Q3 revenue €1.04B vs FactSet €1.02B [2 est, €1.01-1.02B]

        • RUI.FP (Rubis) -- reports Q3 revenue €2.28B, +44% vs year-ago €1.58B; FY outlook confirmed

      • Also due to report today includes:

        • Earnings:

          • Denmark: Solar (SOLAR.B.DC)

          • France: Viridien (VIRI.FP)

          • Germany: Lime (6LL.GR), Adtran Networks (ADV.GR), OVB Holding (O4B.GR)

          • Norway: Okea (OKEA.NO), Multiconsult (MULTI.NO),Nordic Mining (NOM.NO)

          • Southern Europe: Melia Hotels International (MEL.SM), NOS (NOS.PL), CTT - Correios de Portugal (CTT.PL)

          • Sweden: Verisure (VSURE.SS), Latour Investment (LATO.B.SS), Boozt Fashion (BOOZT.SS), Rejlers (REJL.B.SS), Absolent Air Care Group (ABSO.SS), Embellence Group (EMBELL.SS), Duroc (DURC.B.SS), NYORDA AB (NYOR.SS)

          • UK: Associated British Foods (ABF.LN), dotDigital Group (DOTD.LN)

        • Trading Update:

          • Benelux: Coca-Cola Europacific Partners (CCEP.NA)

          • DACHs: Greencoat Renewables (GRP.GR)

          • France: HERIGE (ALHRG.FP), Bilendi (ALBLD.FP)

          • Nordics: Demant (DEMANT.DC), Remedy Entertainment (REMEDY.FH)

          • UK: Hiscox (HSX.LN), TP ICAP Group (TCAP.LN), International Workplace Group (IWG.LN)

        • CMD/Events: Stora Enso's (STERV.FH) Swedish forest assets (Bergslagets Skogar), Wärtsilä (WRT1V.FH), Sanoma (SANOMA.FH)

    • M&A

      • MRK.GR (Merck KGaA) -- Lonza signs agreement to acquire US CDMO network from Merck KGaA for low-to-mid-triple-digit millions Swiss francs

      • TISG.IM (The Italian Sea Group) -- identifies the offer submitted by SRI Group Global, covering the entire business, as the reference offer to serve as the basis for the crisis resolution plan (post EU close on 2-Nov)

      • SHEL.LN (Shell Plc) -- to sell its 16.67% non-operated interest in the North West Shelf (NWS) project for a base consideration of $1.45B

      • PUB.FP (Publicis Groupe) -- completes LiveRamp acquisition

      • AAL.LN (Anglo American) -- MMG notes the EC has escalated its review of the acquisition of Anglo American's nickel business to Phase II

      • TEL.NO (Telenor) -- The Swedish Competition Authority approves Telenor Sverige's acquisition of a controlling stake in Bahnhof

      • CMBN.SW (Cembra Money Bank) -- completes previously announced acquisition of Santander's Swiss auto financing business

    • Healthcare

      • GALD.SW (Galderma Group) -- announces CFO Luigi La Corte to leave to pursue a significant new opportunity

      • BIOA.B.SS (BioArctic) -- announces Novartis's termination of companies' collaboration agreement involving BioArctic's BrainTransporter

      • ORX.SS (Orexo) -- finalises 9-for-1 rights issue; to raise ~SEK253M at SEK0.80/sh

    • Other

      • CDI.FP (Christian Dior) -- Christian Dior shareholders approve changing the legal form from a European company (société européenne) to a public limited liability company

      • Italy Oct new passenger car registrations 131,921 units, +4.8% y/y; raises FY forecast -- UNRAE (post EU close 2-Nov)

  • Key rating changes

    • Upgrades

      • AKSO.NO (Aker Solutions) -- to hold from sell at DNB Carnegie

      • TEL.NO (Telenor) -- to buy at New Street Research

      • TELIA.SS (Telia Co) -- to buy at New Street Research

    • Downgrades

      • ADS.GR (Adidas) -- to sell from neutral at UBS

      • ASSA.B.SS (Assa Abloy) -- to hold from buy at DNB Carnegie

      • SOON.SW (Sonova Holding) -- to neutral from buy at UBS

      • ALO.FP (Alstom) -- to neutral from outperform at Oddo

      • BINV.SS (BioInvent International) -- to hold from buy at Pareto

  • Data

    • Nikkei +0.00% to 63081.86

    • Hang Seng +0.30% to 23463.09

    • Shanghai Composite (0.88%) to 3605.86

    • S&P futures (20.3) vs prior close of 7574.5

    • €-$ +0.0004 or +0.04% to 1.1193

    • $-¥ (0.11) or (0.07%) to 157.84

    • €-¥ (0.09) or (0.05%) to 176.62

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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