Oct 23 ,2025
Synopsis:
European equity markets ended generally higher with pan-European indices just off session highs. Finland +3.1%, Norway +1.5%, Netherlands +0.8% led the overperformers while Switzerland (0.5%) and Belgium (0.1%) lagged behind.
US-China trade situation remains fluid following reports White House readying announcement on software-related exports to China covering an array of products items as laptops and airlines. Some skepticism whether US will implement such an action given likely economic consequence. Trump also talking up prospects of a deal with Xi at their planned APEC meeting this month.
Geopolitics driving commodity price action with oil rallying after US Treasury Department announced sanctions on Russia's two largest oil producers, Rosneft and Lukoil, citing Moscow's lack of serious commitment to Ukraine peace process. Emerging fallout extending to India with Bloomberg sources noting flows to Indian refiners expected to grind to a halt. Europe set to move ahead with own sanctions package Thursday, which includes ban on Russian LNG imports. Developments follow on from earlier reports US lifted restrictions on Ukraine's use of European long-range missiles against Russia, but not US Tomahawk missile.
From a macroeconomic calendar perspective, French business sentiment improved in October. UK CBI industrials trends survey highlighted entrenched weakness in manufacturing sector. Eurozone flash consumer confidence due for publication in the afternoon session. Overseas, BOK on hold as expected while retaining dovish stance. Elsewhere, Bloomberg reports BoE to move its financial regulator, slimming down its presence in City of London, to save money. Meanwhile, recent fall in UK bond yields tipped to save Reeves ~£4.5B if fiscal watchdog uses current market pricing.
In corporate news, Thales (HO.FP) and Orange (ORA.FR) updated the market with their most recent earrings. In the DACH region, Roche Holding (ROG.SW) released Q3 earnings and raised FY outlook. Kuehne & Nagel (KNIN.SW), Lonza Group (LONNSW) and Inficon Holding (IFCN.SW) also reported Q3 earnings/trading updates. From the Benelux, BE Semiconductor Industries (BESI.NA) posted Q3 numbers, Heineken (HEIA.NA) targets mid-single digit revenue growth in EverGreen 2030 and Barco (BAR.BB) reaffirmed FY guidance and sets targets for 2028. Out of the Nordics, Nokia (NOKIA.FH) posted solid results and announced dividend of of €0.03 per share. Essity (ESSITY.B.SS) beat Q3 EPS expectations. Kone (KNEBV.FH), Skandinaviska Enskilda Banken (SEB.A.SS), Evolution (EVO.SS), Telia Co. (TELIA.SS) posted their most recent earnings.
In the UK, Unilever (ULVR.LN) posted Q3 underlying sales growth slightly ahead of expectations and reconfirmed FY outlook. Legal & General Group (LGEN.LN) on track to deliver FY25 group core operating EPS growth at higher end of 6-9% range. InterContinental Hotels Group (IHG.LN), Lloyds Banking Group (LLOY.LN), London Stock Exchange Group (LSEG.LN), Antofagasta (ANTO.LN) and Bloomsbury Publishing (BMY.LN) also updated investors with their latest earnings.
Digest:
Sectors - STOXX Europe 600:
Outperformers
Oil & Gas +2.84%, Basic Resources +1.80%, Financial Svcs +0.95%, Ind Goods & Svcs +0.87%, Persnl & HHold Goods +0.79%, Autos & Parts +0.75%, Media +0.46%
Underperformers
Travel & Leisure (2.29%), Food & Beverage (0.79%), Health Care (0.43%), Real Estate(0.15%), Telecom +0.07%, Insurance +0.17%, Chemicals +0.20%, Banks +0.21%, Utilities +0.24%, Technology +0.26%, Construct & Mtls +0.29%, Retail +0.33%
Macro/Peripheral markets:
Geopolitics
Central Banks
EU
UK
France backing away from pledge to intercept migrant boats, sources tell BBC - BBC
UK budget fears clouding L&G shares, says CEO - Reuters
Keir Starmer prepares to miss key green target in effort to keep energy bills down - The Guardian
Sewage pollution and water outages soar in England despite bill increases - FT
France
Greece
Mitsotakis calls for EU borrowing mechanism to fund defense projects - ekathimerini
Company news:
Notable Gainers
+146.0% ALPRO.FP (Prodware €27.60, +16.50) -- Phast Invest announces its intention to file a public buy-out offer, followed by a squeeze-out for Prodware shares at €28 per share
+38.1% VOLCAR.B.SS (Volvo Car SEK30.14, +8.66) -- Q3 earnings
+18.8% IMM.LN (ImmuPharma £0.12, +0.02) -- cash runway has recently been extended into H2 of 2026
+16.7% GEMD.LN (Gem Diamonds £0.03, -0.00)
+16.1% PCELL.SS (PowerCell Sweden SEK35.46, +5.14) -- Q3 earnings
+14.6% METSO.FH (Metso Corp. €13.13, +1.75) -- Q3 earnings
+14.6% GROW.LN (Molten Ventures £4.37, +0.60) -- tradig update
+13.9% KIT.NO (Kitron NOK65.65, +8.55) -- Q3 earnings
+13.7% NELLY.SS (Nelly Group SEK106.00, +12.20) -- Q3 earnings
+12.6% AOF.GR (ATOSS Software €115.00, +13.40) -- Q3 earnings
+11.4% BILI.A.SS (Bilia SEK123.80, +13.10) -- Q3 earnings
+10.8% NOKIA.FH (Nokia €5.25, +0.51) -- Q3 earnings
+10.4% TIETO.FH (Tietoevry €17.60, +1.71) -- Q3 earnings
+9.7% RTO.LN (Rentokil Initial £4.43, +0.40) -- Q3 revenue
+9.5% SF.SS (Stillfront Group SEK6.40, +0.55) -- Q3 earnings
+9.2% GRNG.SS (Gränges SEK131.10, +11.20) -- Q3 earnings
+9.0% TGS.NO (TGS-NOPEC Geophysical Co. NOK90.05, +7.45) -- Q3 earnings
+8.9% MVIR.SS (Medivir SEK0.57, +0.05) -- enters exclusive licensing agreement with Biossil, Inc. for remetinostat
+8.3% KER.FP (Kering €344.15, +26.40) -- Q3 revenue
+8.2% ALIF.B.SS (AddLife SEK204.00, +15.30) -- Q3 earnings
+8.2% GMET.LN (Guardian Metal Resources £1.08, +0.08) -- updates on Tempiute tungsten project
+8.1% RVRC.SS (RVRC Holding SEK60.50, +4.55) -- Q3 earnings
+7.5% BANB1.SW (Bachem Holding CHF58.25, +4.00) -- progress in its plans to expand capacity
+7.2% HPHA.GR (Heidelberg Pharma €3.15, +0.21) -- ADC candidate HDP-101 granted fast track designation by FDA for the treatment of multiple myeloma
+7.2% TELIA.SS (Telia Co. SEK36.69, +2.51) -- Q3 earnings
+6.9% BILL.SS (Billerud SEK90.75, +5.90) -- Q3 earnings
+6.8% DSV.DC (DSV A/S DKK1,397.00, +90.50) -- Q3 earnings
+6.6% LSEG.LN (London Stock Exchange Group £91.86, +5.76) -- trading update; 11 banks agree to invest in its Post Trade Solutions business, taking a 20% stake
+5.4% SCST.SS (Scandi Standard SEK97.10, +4.90) -- Q3 earnings
+5.3% BMY.LN (Bloomsbury Publishing £5.32, +0.26) -- H1 earnings
+4.6% EGTX.SS (Egetis Therapeutics SEK5.74, +0.25) -- granted rolling NDA review by FDA for Emcitate (tiratricol) based on currently available clinical data
+4.2% FNAC.FP (Fnac Darty €30.15, +1.20) -- Q3 revenue
Notable Decliners
-47.4% ATORX.SS (Alligator Bioscience SEK1.38, -1.28) -- Q3 earnings; rights issue of units of SEK 120M and raises bridge loans
-20.1% ORX.SS (Orexo SEK35.00, -7.55) -- Q3 earnings
-14.0% FRACTL.SS (Fractal Gaming Group SEK32.80, -5.45)
-13.7% STMPA.FP (STMicroelectronics €24.82, -3.49) -- Q3 earnings
-13.7% ALTHX.FP (THX Pharma €2.18, -0.35) -- share capital increase with preferential subscription rights of nearly €8M
-12.8% DSY.FP (Dassault Systemes €25.66, -3.85) -- Q3 earnings
-10.9% ENEA.SS (Enea AB SEK69.90, -8.50) -- Q3 earnings
-9.1% TTALO.FH (Terveystalo €9.29, -0.92) -- Q3 earnings
-8.8% ELISA.FH (Elisa Oyj €41.26, -3.88) -- Q3 earnings; transformation programme to achieve €40M annual cost savings
-8.0% EWRK.SS (Ework Group SEK97.00, -8.50) -- Q3 earnings
-7.9% DOM.SS (Dometic Group SEK50.00, -4.35) -- Q3 earnings
-7.7% PROT.NO (Protector Forsikring NOK469.00, -38.50)
-7.4% RCN.LN (Redcentric £1.27, -0.10) -- to dispose Redcentric Data Centre to Stellanor Datacenters Group for up to £127M in cash
-7.3% B3.SS (B3 Consulting Group SEK44.00, -3.50) -- Q3 earnings
-7.1% PRFO.SS (Profoto Holding SEK11.40, -0.85) -- Q3 earnings
-7.1% AXFO.SS (Axfood SEK273.10, -20.40) -- Q3 earnings
-7.1% EVO.SS (Evolution SEK659.00, -51.80) -- Q3 earnings
-6.9% SW.FP (Sodexo €50.70, -3.90) -- FY earnings
-6.7% BONEX.SS (BONESUPPORT HOLDING SEK242.00, -17.20) -- Q3 earnings
-6.6% COOR.SS (Coor Service Management Holding SEK47.76, -3.33) -- Q3 earnings
-6.4% IPS.FP (Ipsos €35.20, -2.32) -- Q3 revenue
-5.5% BACTI.B.SS (Bactiguard Holding SEK14.95, -0.90) -- Q3 earnings
-4.8% BKT.SM (Bankinter €12.71, -0.64) -- Q3 earnings
-4.8% SOF.B.SS (Softronic SEK22.40, -1.15) -- Q3 earnings
-3.8% CA.FP (Carrefour €12.88, -0.51) -- Q3 sales
-3.2% ROG.SW (Roche Holding CHF272.10, -8.90) -- Q3 sales
-2.8% SAVE.LN (Savannah Energy £0.07, -0.00) -- H1 earnings; operational and financial update, proposed fundraising, warrant purchase and cancellation and conditional share buyback arrangement
-2.6% RSW.LN (Renishaw £35.50, -0.95) -- Q1 revenue
-2.6% WIHL.SS (Wihlborgs Fastigheter SEK94.60, -2.60) -- Q3 earnings
EU companies reporting tomorrow:
Benelux: Signify (LIGHT.NA), Cofinimmo (COFB.BB)
DACHs: Porsche (P911.GR), Schindler Holding (SCHP.SW), BB Biotech (BION.SW), HBM Healthcare Investments (HBMN.SW)
Finland: Kemira (KEMIRA.FH), Hiab (HIAB.FH), Scanfil (SCANFL.FH), Lindex Group (LINDEX.FH), Alandsbanken (ALBBV.FH), Apetit (APETIT.FH), Consti (CONSTI.FH), Modulight (MODU.FH)
France: Sanofi (SAN.FP)
Norway: Gjensidige Forsikring (GJF.NO), Norsk Hydro (NHY.NO), Bonheur (BONHR.NO), MediStim (MEDI.NO), Komplett (KOMPL.NO), Zalaris (ZAL.NO), Norske Skog (NSKOG.NO), Magnora (MGN.NO),
Sweden: Hexagon (HEXA.B.SS), Saab (SAAB.B.SS), Lifco (LIFCO.B.SS), Svenska Cellulosa (SCA.B.SS), Trelleborg (TREL.B.SS), Beijer Ref (BEIJ.B.SS), Sagax (SAGA.B.SS), Lagercrantz Group (LAGR.B.SS), Catena (CATE.SS), HEXPOL (HPOL.B.SS), Munters Group (MTRS.SS), Peab (PEAB.B.SS), Bravida Holding (BRAV.SS), Betsson (BETSB.SS), Bufab (BUFAB.SS), AFRY (AFRY.SS), Lindab International (LIAB.SS), Addnode Group (ANOD.B.SS), Beijer Alma (BEIA.B.SS), Attendo (ATT.SS), NCAB Group (NCAB.SS), Hoist Finance (HOFI.SS), MedCap (MCAP.SS), Volati (VOLO.SS), Momentum Group (MMGR.B.SS), Instalco (INSTAL.SS), Sdiptech (SDIP.B.SS), Alligo (ALLIGO.B.SS), Lightshop (BHG.SS), Duni (DUNI.SS), Hexatronic Group (HTRO.SS), Humble Group (HUMBLE.SS), Byggmax Group (BMAX.SS), Bonava (BONAV.B.SS), Knowit (KNOW.SS), Idun Industrier (IDUN.B.SS), CTT Systems (CTT.SS), Proact IT Group (PACT.SS), Humana (HUM.SS), Cint Group (CINT.SS), FormPipe Software (FPIP.SS), Sedana Medical (SEDANA.SS), Prevas (PREV.B.SS), Tobii (TOBII.SS), Xbrane Biopharma (XBRANE.SS), Nilörngruppen (NIL.B.SS), Sleep Cycle (SLEEP.SS), Alcadon Group (ALCA.SS), Netel Holding (NETEL.SS), Boule Diagnostics (BOUL.SS), Bambuser (BUSER.SS)
Southern Europe: Eni (ENI.IM)
UK: NatWest Group (NWG.LN)
Data:
Economics:
Norway Sep Unemployment Rate 4.8% vs consensus 4.7% and prior 4.9%
France Oct Business Survey 101 vs consensus 96 and prior revised 97 from 96
Markets:
WTI Crude (Dec 25): +$2.79 or +4.77% to $61.29
€-$ (0.0001) or (0.01%) to 1.1609
£-$ (0.0040) or (0.30%) to 1.3316
€-£ +0.0026 to 0.8718
S&P 500 +0.29%
Performance year-to-date
FTSE 100: +17.25%
DAX: +21.57%
CAC: +11.54%
MIB: +23.97%
Stoxx 600: +13.19%
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