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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.05%), DAX (0.07%), CAC (0.16%)

Oct 23 ,2025

  • Synopsis

    • European equity markets are set to open in negative territory amidst Asian equities trading lower Thursday. Japan underperforming with tech stocks tracking overnight decline in US peers. Chip stocks under pressure in China with spotlight on stretched valuations. Semis also weighing on Taiwan. Kospi off worst levels. India gaining early. Energy stocks supporting ASX. US contracts up slightly afterhours. Treasury and JGB yields down 1-2 bp along the curve. Dollar firming on the major crosses. Crude extending rally on latest geopolitical developments. Gold and silver recovering. Bitcoin fluctuating.

    • On today's agenda, EU leaders gather for summit (through Fri). In Germany, there's the release of a new tax revenue forecast, an important milestone as the 2026 budget discussions continue, ahead of it's finalisation by mid-Nov, the Bundestag scheduled to pass the budget law on 28-Nov. Norway's minister for foreign affairs Eide has a meeting at 8:30CET with parliament's European Affairs Committee and Norway's minister of energy Aasland attends meeting at 8:00CET with top leaders in the energy industries and the Energy2050 Forum.

    • In central banks updates, Norges Bank releases latest bank lending survey at 10:00CET before Norges Bank's Longva participates at 17:00CET in "Kåkånomics" in Stavanger. BOE's Hall speech at 14:00BST at event organised by CBI. Turkey central bank interest rate decision. A cut of as much as (150bps) in the benchmark interest rate to 39% is expected. SNB publishes the minutes of last MPC decision at 9:30CET. ECB's pre-rate decision quiet period begins and ECB's Lane is set to receive at 15:30CET the 2025 Pádraig Ó hUiginn Award for outstanding contribution to financial services.

    • Macroeconomic updates include: France Oct business survey, Spain Aug trade balance, Eurozone Oct flash consumer confidence, UK Oct industrial trend orders - CBI, Norway Sep unemployment rate

    • In corporate news, in France, yesterday after the close Kering (KER.FP), Carrefour (CA.FP), Cie Generale des Etablissements Michelin SA (ML.FP) and Klepierre (LI.FP) reported Q3/9M earnings. This morning, Thales (HO.FP) and Orange (ORA.FR) updated the market with their most recent earrings. In the DACH region, SAP (SAP.GR) posted Q3 earnings yesterday after the close. This morning, Roche Holding (ROG.SW) released Q3 earnings and raised FY outlook. Kuehne & Nagel (KNIN.SW) and Inficon Holding (IFCN.SW) also reported Q3 earnings. From the Benelux, BE Semiconductor Industries (BESI.NA) is out with Q3 numbers, Heineken (HEIA.NA) targets mid-single digit revenue growth in EverGreen 2030 and Barco (BAR.BB) reaffirms FY guidance and sets targets for 2028 ahead of its Capital Markets Day. Out of the Nordics, Nokia (NOKIA.FH), Kone (KNEBV.FH), Skandinaviska Enskilda Banken (SEB.A.SS), Essity (ESSITY.B.SS), Evolution (EVO.SS), Telia Co. (TELIA.SS) posted their most recent earnings.

  • Politics/Macro/World News

    • Belgium demands more 'commitments' from EU on €140bn loan to Kyiv - FT

    • 11 things to watch at the EU leaders' summit - Politico

    • US sanctions Russia's Lukoil and Rosneft in push for Ukraine talks - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • SAP.GR (SAP) -- reports Q3 EPS €1.59 ex-items vs FactSet €1.49 [19 est, €1.35-1.74]

        • LONN.SW (Lonza Group) -- Q3 qualitative update: FY outlook confirmed for CDMO, CHI businesses

        • KNIN.SW (Kuehne & Nagel) -- reports Q3 net income CHF206M vs consensus CHF202M; lowers FY guidance to reflect adverse market conditions; announces cost cutting program

        • SGSN.SW (SGS) -- reports Q3 revenue CHF1.73B vs StreetAccount CHF1.70B; reaffirms FY guidance

        • GALD.SW (Galderma Group) -- reports Q3 revenue $1.29B vs FactSet $1.26B; raises FY guidance

        • GALE.SW (Galenica) -- reports 9M revenue CHF3.00B, +5% vs year-ago CHF2.86B

        • 4FZ.GR (Orbia Advance Corp SAB de CV) -- Orbia Advance Corp SAB de CV reports Q3 net majority loss ($120M) vs year-ago $86M

        • ROG.SW (Roche Holding) -- reports Q3 revenue CHF14.92B vs consensus CHF15.26B; FY25 core EPS outlook raised

      • France

        • KER.FP (Kering) -- reports Q3 revenue €3.42B vs StreetAccount €3.31B

        • DSY.FP (Dassault Systemes) -- reports Q3 EPS €0.29 ex-items vs StreetAccount €0.29. Lowering FY revenue outlook

        • ML.FP (Cie Generale des Etablissements Michelin SA) -- reports 9M revenue €19.28B, (4%) vs year-ago €20.17B; adjusts 2026 SOI ambition lower

        • RNO.FP (Renault) -- reports Q3 revenue €11.43B vs StreetAccount €11.33B

        • SW.FP (Sodexo) -- reports FY Underlying net income €785M vs FactSet €685.2M [15 est, €619.9-801.6M]

        • CA.FP (Carrefour) -- reports Q3 Sales inc. VAT (pre-IAS 29) €22.61B vs StreetAccount €23.17B; confirms 2025 targets

        • NEX.FP (Nexans) -- reports Q3 sales €1.57B vs consensus €1.55B

        • LI.FP (Klepierre) -- reports 9M revenue €1.21B; raises FY EBITDA growth guidance to +5.5% vs prior +5%

        • VU.FP (VusionGroup) -- reports Q3 IFRS sales €347.8M, +68% vs year-ago €207.1M

        • VRLA.FP (Verallia) -- reports Q3 adjusted EBITDA €180.6M vs FactSet €192.8M [1 est]

        • COV.FP (Covivio) -- reports 9M revenue, group share, €533.0M, +5% vs year-ago €508.8M

        • ICAD.FP (Icade) -- reports 9M revenue €923.0M, (9%) vs year-ago €1.01B

        • TKTT.FP (Tarkett) -- reports Q3 revenue €996M vs year-ago €1.00B; revises FY25 outlook

        • LOCAL.FP (Solocal Group) -- reports Q3 revenue €81.5M, (3%) vs year-ago €83.8M

        • FNAC.FP (Fnac Darty) -- reports Q3 revenue €2.49B vs year-ago €2.47B; confirms FY guidance

        • EXA.FP (Exail Technologies) -- reports Q3 revenue €105M vs FactSet €98.2M [2 est, €97.9-98.5M]; guides FY Revenue growth between +20-25%

        • IDL.FP (ID Logistics Group) -- reports Q3 revenue €937.8M, +13% vs year-ago €827.3M

        • VLTSA.FP (Voltalia) -- reports Q3 revenue €164.7M, +31% vs year-ago €126.1M

        • ORA.FP (Orange) -- reports Q3 EBITDAaL (Ex Spain) €3.44B vs consensus €3.43B

        • HO.FP (Thales) reports 9M revenue €15.26B vs consensus €15.13B; confirms FY25 financial targets

      • Southern Europe

        • SPM.IM (Saipem) -- reports Q3 adjusted net income €81M, (8%) vs year-ago €88M; confirms FY25 guidance

      • Nordics

        • ESSITY.B.SS (Essity) -- reports Q3 EPS SEK5.01 ex-items vs FactSet SEK4.74 [11 est, SEK4.40-5.21]

        • SEB.A.SS (Skandinaviska Enskilda Banken) -- reports Q3 EPS SEK3.83 vs consensus SEK3.90

        • ATEA.NO (Atea) -- reports Q3 EPS NOK2.00 vs FactSet NOK2.03 [4 est, NOK1.90-2.20]; Confirms FY guidance

        • ELK.NO (Elkem) -- reports Q3 EPS NOK0.05 vs FactSet NOK0.01 [6 est, (NOK0.38)-0.32]

        • KONE.FH (Kone) -- reports Q3 EPS €0.43 vs consensus €0.50

        • PNDX.B.SS (Pandox) -- reports Q3 cash EPS SEK3.17 vs FactSet SEK3.32 [2 est, SEK3.24-3.40]

        • SF.SS (Stillfront Group) -- reports Q3 EPS SEK0.11 vs FactSet SEK0.18 [3 est, SEK0.05-0.26]

        • VOLCAR.B.SS (Volvo Car)-- reports Q3 EPS SEK1.75 vs year-ago SEK1.41

        • BILL.SS (Billerud) -- reports Q3 EPS (SEK0.25) vs FactSet SEK0.16 [4 est, (SEK0.23)-0.51]

        • TELIA.SS (Telia Co.) -- reports Q3 EPS SEK0.60 vs consensus SEK0.57; raises FY free cash flow outlook

      • Benelux

        • HEIA.NA (Heineken) -- targets mid-single digit revenue growth in EverGreen 2030

        • BAR.BB (Barco) -- reaffirms FY guidance; sets targets for 2028 - Capital Markets Day

    • M&A

      • PGHN.SW (Partners Group Holding) -- Partners Group to sell its 24.9% stake in Apex Logistics to Kuehne & Nagel

      • NEX.FP (Nexans) -- to acquire Electro Cables; terms undisclosed

      • SHUR.BB (Shurgard Self Storage) -- Shurgard acquired one property in Manchester from Storage World, and entered an agreement to acquire a second property currently under construction

      • KENDR.NA (Kendrion) -- completes sale of its China-based business in Suzhou

    • Healthcare

      • BANB.SW (Bachem Holding) -- announces progress in its plans to expand capacity

      • ATORX.SS (Alligator Bioscience) -- announces rights issue of units of approximately SEK 120M and raises bridge loans

    • Other

      • ESSITY.B.SS (Essity) -- announces cost savings program that is expected to generate annual savings of ~SEK1B with full effect by the end of 2026

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- completes SEK 2.5B share buyback program; to initiate new SEK 2.5B buyback programme of Class A shares

      • WIZZ.LN (Wizz Air Holdings) -- Wizz Air warns that potential of EU's aviation industry to drive economic growth is being ignored by policymakers - FT, citing CEO

  • Key rating changes

    • Upgrades

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

      • DNB.NO (DNB Bank) -- to hold from sell at Handelsbanken

    • Downgrades

      • BOL.SS (Boliden) -- to hold from buy at DNB Carnegie

    • Initiations

      • MGAM.LN (Morgan Advanced Materials) -- buy at Berenberg

  • Data

    • Nikkei (1.45%) to 48591.90

    • Hang Seng (0.32%) to 25699.55

    • Shanghai Composite (0.82%) to 3881.83

    • S&P futures +4.3 vs prior close of 6737.0

    • €-$ (0.0008) or (0.07%) to 1.1602

    • $-¥ +0.37 or +0.24% to 152.33

    • €-¥ +0.32 or +0.18% to 176.74

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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