Oct 01 ,2025
Synopsis
European equity markets are set for a mixed open amidst mixed Asian equities Wednesday. Japan weakening while semis driving gains in Taiwan and South Korea. BHP.AU-US weighing on ASX amid China tensions. Greater China markets closed for Golden Week holiday. S&P 500 futures extending losses ahead of US government shutdown.
EU leaders will meet for an informal European Council in Copenhagen, EU's von der Leyen among the participants.
Deadline for companies on the Norwegian continental shelf (NCS) to nominate blocks for the 26th licensing round on the NCS. Nordic energy ministers meet in Helsinki, the central topics at the meeting are energy security in the Nordic countries and cross-border cooperation.
In central banks, ECB's Elderson speech at 9:30CET at the ECB Industry Dialogue on Climate and nature risk management: Taking stock and looking ahead. ECB's de Guindos one-one interview and panelist at 9:55CET at POLITICO Competitive Europe Summit. Bundesbank's Mauderer speech at 11:00CET at bank's regional office in Hamburg, Mecklenburg-West Pomerania and Schleswig-Holstein. BOE's Mann in conversation at 10:55BST at the Bloomberg Women, Money & Power conf whilst SNB quarterly bulletin published at 15:00CET. ECMI, NBS, CEPS, and SUERF host event (through Thu) title Financial deepening - how can we finance productivity growth and transition in small and medium sized economies?.
France, Italy and Spain Sep new car registrations are due to be released.
Macro data due include Italy, Norway, Spain, Sweden, Switzerland Sep manufacturing PMI with final reads for Eurozone, France, Germany, UK, Switzerland Aug retail sales, Eurozone Sep preliminary CPI, Netherlands Sep preliminary CPI, Aug retail sales, Finland Sep preliminary HICP, UK Sep house price index - Nationwide, Austria Sep preliminary CPI, unemployment rate, Ireland Sep unemployment rate, Portugal Aug unemployment rate.
In earnings, Aperam (APAM.NA) confirmed Q3 outlook ahead of its Q3 earrings release on 7-Nov. In the Nordics, Ambu (AMBU.B.DC) announced updated long-term financial targets through FY 2029/30 ahead of Capital Markets Day whilst Modern Times Group MTG (MTG.B.SS) released plans for new divisional structure, operational leadership changes and agenda for CMD on 9-Oct. Banco de Sabadell (SAB.SM) raised FY25 shareholder remuneration target to ~€1.45B vs prior €1.3B; cites positive evolution of the business.
Also due to release updates today are Danske Bank (DANSKE.DC), UK: Greggs (GRG.LN) and Topps Tiles (TPT.LN).
Politics/Macro/World News
BoE deputy governor Breeden says recent inflation hump unlikely to lead to additional inflationary pressure
Russia's hybrid war is 'only the beginning', warns Danish PM - FT
Netherlands Sep Preliminary CPI +3.3% y/y vs consensus +2.8% and prior +2.8%
Netherlands Aug Retail Sales +3.6% y/y vs consensus +4.5% and revised +4.3% from +5.0%
Top company news
Earnings/updates
Benelux:
APAM.NA (Aperam) -- confirms Q3 outlook ahead of its Q3 earrings release on 7-Nov
OXUR.BB (Oxurion) -- reports H1 net income (€1.2M) vs year-ago (€3.0M)
DACHs:
B8FK.GR (Biofrontera AG) -- issues correction notice; clarifies FY EBITDA guidance €1.5-3.5M vs incorrectly stated €0.5-1.5M
France:
NANO.FP (Nanobiotix) -- reports H1 net income (€5.4M) vs year-ago (€21.9M)
AB.FP (AB Science) -- announces delay in publication of 1H25 report
ALICA.FP (ICAPE Holding) -- reports H1 net income €0.8M vs year-ago €1.0M; reaffirms 2026 guidance
Nordics:
AMBU.B.DC (Ambu) -- announces updated long-term financial targets through FY 2029/30 ahead of Capital Markets Day
MTG.B.SS (Modern Times Group MTG) -- announces plans for new divisional structure, operational leadership changes and agenda for CMD on 9-Oct
SKIS.B.SS (SkiStar) -- reports Q4 EPS (SEK3.35) vs FactSet (SEK3.58) [4 est, (SEK3.65)-(3.48)]
NETEL.SS (Netel Holding) -- H1 Update: Netel is impacted by impairments in three subsidiaries acquired in 2021-2022
ANDF.NO (Andfjord Salmon Group) -- smolt release update; 350K smolt at average weight of ~180gms released into pool at Kvalnes
Southern Europe:
SAB.SM (Banco de Sabadell) -- raises FY25 shareholder remuneration target to ~€1.45B vs prior €1.3B; cites positive evolution of the business
TLGO.SM (Talgo) -- reports H1 net income (€65.7M) vs year-ago €14.6M
GEKTERNA.GA (GEK Terna) -- reports final H1 earning in line with preliminary release: net income €68.3M
M&A
TTE.FP (TotalEnergies) -- Vår Energi acquires TotalEnergies' ownership interest in the Ekofisk PPF development project; financial details weren't disclosed
MUX.GR (Mutares) -- signs agreement to acquire Achleitner Fahrzeugbau GmbH
NOTE.SS (NOTE) -- agrees to acquire Kasdon Group for an initial £28.2M on a cash/debt-free basis
ACKB.BB (Ackermans & Van Haaren) -- announces Delen Private Bank finalises acquisitions of Petram and Servatus
TTE.FP (TotalEnergies) -- divests 50% of a 270 MW portfolio in France to Eiffel Investment Group
ROO.LN (Deliveroo) -- announces Court sanctions Scheme in relation to the offer from DoorDash; Scheme expected to become effective on 2-Oct
SAB.SM (Banco de Sabadell) -- rejects BBVA's revised hostile tender offer
GF.SW (Georg Fischer) -- completes the acquisition of VAG Group
AED.BB (Aedifica) -- provides update on the progress of Belgian Competition Authority's review of / Cofinimmo deal
ANTIN.FP (Antin Infrastructure Partners) -- is acquiring a majority stake in Swiftair Group. Terms were not disclosed
FEN.LN (Frenkel Topping Group) -- Frenkel Topping Group announces recommended offer from Irwell Bidco
NRDF.DC (Nordfyns Bank) -- and Middelfart Sparekasse enter into an agreement to merge
GIVN.SW (Givaudan) -- to acquire Belle Aire Creations; term not disclosed
SIKA.SW (Sika Group) -- Sika acquires Danish mortar company Marlon Tørmørtel A/S; price not disclosed
BAMI.IM (Banco BPM) -- Credit Agricole has discussed with Italian government conditions for possible merger between its Italian unit and Banco BPM - Reuters (30-Sep, 17:11 CET)
COFB.BB (Cofinimmo) -- completes Edegem office divestment for €7M
OBEL.BB (Orange Belgium) -- announces signing of pledge agreement and Letter of Consent and release with Enodia in connection with the demerger of VOO
ACE.IM (ACEA) -- completes sale of high-voltage electricity grid to TERNA Limited
THEP.FP (Thermador Groupe) -- announces acquisition of Quilinox company
CS.SS (Coinshares International) -- to acquire Bastion Asset Management Limited; terms undisclosed
VAHN.SW (Vaudoise Assurances Holding) -- Vaudoise acquires Ecofin Investment Consulting AG
NRG.FP (NRJ Group) -- completes sale of Chérie 25 channel to the CMA Media Group
HCO.FP (HighCo) -- announces acquisition of Sogec and BudgetBox promotion activities finalized
Sembcorp in talks to acquire Alinta Energy- The Australian
Healthcare
NOVN.SW (Novartis) -- Novartis' Rhapsido (remibrutinib) receives FDA approval as reported on FDA website
NOVN.SW (Novartis) -- issues press release regarding FDA approval for Rhapsido (remibrutinib)
SAN.FP (Sanofi) -- the target of raid by EU antitrust regulators over suspected "anticompetitive disparagement" - Bloomberg (30-Sep, intraday)
PHARM.NA (Pharming Group) -- announces FDA acceptance and Priority Review of supplemental New Drug Application for leniolisib in children with APDS aged 4 to 11 years
CANTA.SS (Cantargia) -- presents two posters on the potential of nadunolimab in PDAC at AACR conference
OSE.FP (OSE Immunotherapeutics) -- board elects Markus Cappel as chairman
Other
ALCAR.FP (CARMAT) -- Provides an Update on the Ongoing Receivership Procedure
AG1.AV (Auto1 Group) -- announces CFD Markus Boser will be stepping down; appoints Christian Wallentin as new CFO effective 1-Jan-26
VK.FP (Vallourec) -- secures new order with Petrobras for SUBMAGNTICO free flow
MB.IM (Mediobanca) -- Monte Paschi rumoured to appoint former Italian econ-min Vittorio Grilli as new Mediobanca president -- Reuters
MULTI.NO (Multiconsult) -- announces changes to the executive management team effective from 1-Oct; search for new CEO continues
LDO.IM (Leonardo) -- awarded FREIA contract to provide advanced cybersecurity services to the European Commission
DEC.LN (Diversified Energy Co.) -- announces proposed move of primary listing to the NYSE
HTWS.LN (Helios Towers) -- launches $300M convertible bond tender
IPCO.SS (International Petroleum Corp) -- completes annual normal course issuer bid
DTE.GR (Deutsche Telekom) -- to begin fourth tranche of up-to-€2B 2025 buyback program today
VWS.DC (Vestas Wind Systems) -- announces five orders for a total of 346 MW
HO.FP (Thales) -- proposes interim ordinary cash dividend of €0.95 per share for the current 2025 financial year
ACA.FP (Credit Agricole) -- Crédit Agricole launches share repurchase program for up to 22.9M ordinary shares
SWED.A.SS (Swedbank) -- has been informed of SREP 2025 decision by Swedish Financial Supervisory Authority
SEB.A.SS (Skandinaviska Enskilda Banken) -- SEB receives result of the Swedish FSA's annual Supervisory Review and Evaluation Process
ARCAD.NA (ARCADIS) -- announces €175M share buyback program
GL9.ID (Glanbia) -- Glanbia's main holder Tirlán Co-Operative to sell up to 17.0M ordinary shares in the company, ~7% of its share capital through private placement; to buy back up to 45% of the Equity Placement shares offered and capped at €100M in value
Gladstone Power Station JV confirms that CS Energy has formally notified AEMO of potential retirement of GPS in March 2029
Lifeway and Danone sign cooperation agreement
MPA Delivery Partners awarded a $665M, 4.5-year contract extension
Key rating changes
Upgrades:
IHG.LN (InterContinental Hotels Group) -- equal-weight from underweight at Morgan Stanley
PHNX.LN (Phoenix Group Holdings) -- outperform from underperform at Mediobanca
Data
Nikkei (0.86%) to 44544.13
Hang Seng +0.00% to 26855.56
Shanghai Composite +0.00% to 3882.78
S&P futures (32.8) vs prior close of 6738.8
€-$ +0.0021 or +0.18% to 1.1755
$-¥ (0.36) or (0.24%) to 147.57
€-¥ (0.11) or (0.06%) to 173.46
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