Oct 24 ,2025
Synopsis
European equity futures indicate a firmer open following positive performance yesterday. STOXX Europe 600 on track for weekly gain. Asian equity markets mostly higher.
US equities were higher in Thursday trading. Stocks ended not far from off best levels,
White House confirmed President Trump to meet China's Xi at APEC summit on 30-Oct but meeting not expected to produce anything substantive beyond another truce dialing back recent tensions over rare earths and soybeans, and directives to continue negotiations on other matters.
In Central Banks today: Bundesbank's Nagel, Bank of France's Villeroy panellists at 14:45CET at Berlin Global Dialogue (Thu-Sat). ECB consumer inflation expectations will be released
On the macro data front, PMIs headline in Europe. Consensus is for modest improvement in manufacturing and services holding up. GfK UK consumer confidence edged in October ahead of UK retail sales release
Other macro data due: France Oct consumer confidence, Spain Sep PPI, Sweden Sep PPI, Finland Sep PPI
Out last night: UK Sep car manufacturing (27.1%) y/y to 51,090 units -- SMMT
Earnings reportes so far today: (SAN.FP) Sanofi reports Q3 Business EPS €2.91 vs consensus €2.70; confirms FY guidance. (NHY.NO) Norsk Hydro reports Q3 EPS NOK1.02 ex-items vs consensus NOK1.19. (LIGHT.NA) Signify reports Q3 EPS €0.60 vs consensus €0.53; now guides FY Comparable sales growth of (2.5%)-(3.0%). (HOFI.SS) Hoist Finance reports Q3 EPS SEK3.00 vs FactSet SEK2.74. (BONAV.B.SS) Bonava reports Q3 EPS (SEK0.36) vs FactSet SEK0.01. (KOMPL.NO) Komplett reports Q3 EPS (NOK0.24) vs FactSet (NOK0.16). (HOLN.SW) Holcim reports Q3 recurring EBIT CHF836M vs StreetAccount CHF815.2M. (SCHN.SW) Schindler Holding reports Q3 EPS CHF2.36 vs consensus CHF2.30
Politics/Macro/World News
Top company news
Earnings/updates
KO (Coca-Cola) -- discloses it will be required to take a $1B charge in Q4 due to significant negative net foreign currency adjustments related to operations in Africa held for sale - 10-Q
HOLN.SW (Holcim) -- reports Q3 recurring EBIT CHF836M vs StreetAccount CHF815.2M; reaffirms FY guidance
AC.FP (Accor) -- reports Q3 revenue €1.43B vs consensus €1.38B
DG.FP (VINCI SA) -- reports Q3 revenue €19.40B vs StreetAccount €19.08B
SIKA.SW (Sika Group) -- reports 9M net income CHF870.9M vs StreetAccount CHF896M
FR.FP (Valeo SE) -- reports Q3 revenue €5.00B vs consensus €4.82B; confirms FY outlook
SCHN.SW (Schindler Holding) -- reports Q3 EPS CHF2.36 vs consensus CHF2.30
SFER.IM (Salvatore Ferragamo) -- reports 9M revenue €694.6M vs StreetAccount €682.3M
URW.FP (Unibail-Rodamco-Westfield) -- 9M trading update; guides Fy25 adj. AREPS at least €9.50 vs prior upper end of €9.30 to €9.50
ADP.FP (Aeroport de Paris) -- reports 9M revenue €5.04B, +9% vs year-ago €4.61B
BOL.FP (Bolloré) -- reports Q3 revenue €630M, (22%) vs year-ago €809M
HAG.GR (HENSOLDT) -- guides FY25 revenue ~€2.5B vs prior €2.50-2.60B and FactSet €2.55B
SK.FP (SEB) -- reports preliminary Q3 revenue €1.92B vs FactSet €1.95B [1 est]
ATE.FP (Alten) -- reports Q3 revenue €3.08B vs year-ago €3.12B; confirms FY outlook
VIS.SM (Viscofan) -- reports Q3 net income €38.9M vs FactSet €37.2M [6 est, €34-40M]
FII.FP (Lisi) -- reports Q3 revenue €464.4M vs FactSet €455.4M [2 est, €450.9-459.9M]
MDM.FP (Maisons du Monde) -- reports Q3 revenue €224.7M, +5% vs year-ago €214.1M
YUBICO.SS (Yubico) -- reports preliminary Q3 revenue SEK548M vs FactSet SEK571.3M [4 est, SEK555-581M]
NXI.FP (Nexity) -- CORRECTION: Nexity reports Q3 revenue €632M, (25%) vs year-ago €848M
NXI.FP (Nexity) -- reports Q3 revenue €632M, (25%) vs year-ago €848M
TKO.FP (Tikehau Capital) -- reports Q3 AuM €51.1B as of 30-Sep-25, +9% y/y
GBT.FP (Guerbet) -- reports Q3 revenue €198.7M vs FactSet €199.3M [1 est]
ALCGM.FP (Cegedim) -- reports preliminary Q3 revenue €153.7M vs year-ago €156.8M
MRN.FP (Mersen) -- reports Q3 revenue €284.5M vs FactSet €306.6M [1 est]
LIN.FP (Linedata Services) -- reports Q3 revenue €122.0M, (9%) vs year-ago €134.6M; anticipates 5% to 10% decrease in revenue for the the full year
M&A
IBE.SM (Iberdrola) -- Fortescue emerging as leading candidate to acquire 49% stake in Spanish solar power portfolio owned by Iberdrola - Bloomberg (23-Oct, 16:30 CET/24-Oct, 1:30 AEDT)
KO (Coca-Cola) -- discloses it will be required to take a $1B charge in Q4 due to significant negative net foreign currency adjustments related to operations in Africa held for sale - 10-Q
URW.FP (Unibail-Rodamco-Westfield) -- Follow-up: Unibail-Rodamco-Westfield acquires 25% stake in St James Quarter in Edinburgh
FII.FP (Lisi) -- announces agreement with SK CAPITAL for sale of MEDICAL division
PFD.LN (Premier Foods) -- looking at acquisition opportunities in Australia - The Australian
PKTM.SW (PIERER Mobility) -- Austrian Takeover Commission confirms restructuring privilege for acquisition of control by Bajaj Auto acquisition of control of Pierer Mobility
SPEC.LN (Inspecs Group) -- issues statement regarding possible offer
SWP.FP (Sword Group) -- reports Q3 EBITDA €11.0M vs year-ago €9.8M
SWP.FP (Sword Group) -- discloses acquisition of Spanish technology consulting firm, Full On Net; terms not disclosed
AEIN.GR (Allgeier) -- sells subsidiary IT Services to Synova, terms undisclosed
Advent International and TA Associates reportedly in early stages to sell Conservice for $4.5-$5B valuation - Reuters
SS&C Technologies and Bravura Solutions register interest Grow Inc sale with bids of A$250M (~$163M) sought - Australian Financial Review
Healthcare
GSK.LN (GSK Plc) -- FDA approves GSK Plc BLENREP in combination with other treatments for patients for treating relapsed or refractory multiple myeloma - Reuters
GSK.LN (GSK Plc) -- issues press release on FDA approval of Blenrep, new REMS
GLPG.NA (Galapagos) -- to present In Vitro Data at ACR Convergence 2025 on GLPG3667 vs other TYK2 Inhibitors
HLUN.B.DC (H. Lundbeck) -- Follow-up: FDA approves efficacy supplment for Vyepti
EGTX.SS (Egetis Therapeutics) -- Transcript Intelligence: Egetis Therapeutics Business Update Call
Other
SAP.GR (SAP) -- Street Takeaways - SAP Q3 Earnings
NOKIA.FH (Nokia) -- extends long-term partnership with VNPT in Vietnam
UBSG.SW (UBS Group) -- announces management changes: appoints new Group Head Compliance and Operational Risk Control, COO and CTO effective 1-Jan
SU.FP (Schneider Electric) -- launches consulting practice to support clients in solving sustainability, energy, and technology challenges
URW.FP (Unibail-Rodamco-Westfield) -- names Vincent Rouget CEO effective 1-Jan-26
DEC.FP (JCDecaux) -- announces advertising contract with Bane NOR
Canada to limit the number of tariff-free vehicles Stellantis and GM can import from US to sell in Canada - CBC
UK Sep car manufacturing (27.1%) y/y to 51,090 units -- SMMT (00:01ET)
Key rating changes
Upgrades
IVSO.SS (INVISIO) -- to buy from hold at DNB Carnegie
IVSO.SS (INVISIO) -- to hold from sell at Pareto (earlier, timing uncertain)
KCR.FH (Konecranes) -- to buy from hold at DNB Carnegie
KGF.LN (Kingfisher) -- to outperform from sector perform at RBC Capital Markets
METSO.FH (Metso Corp.) -- to hold from sell at ABG Sundal Collier
SMWH.LN (WH Smith) -- to buy from hold at Peel Hunt
TELIA.SS (Telia Co.) -- to buy from hold at DNB Carnegie
VOLCAR.B.SS (Volvo Car) -- to buy from hold at DNB Carnegie
Downgrades
EVO.SS (Evolution) -- to hold from buy at Pareto
SW.FP (Sodexo) -- to hold from buy at Kepler Cheuvreux
BAVA.DC (Bavarian Nordic A/S) -- to hold from buy at DNB Carnegie
ELISA.FH (Elisa Oyj) -- to hold from buy at DNB Carnegie
Initiations
EDV.LN (Endeavour Mining) -- overweight at JPMorgan
DOKA.SW (dormakaba Holding) -- buy at Deutsche Bank
Data
Nikkei +1.33% to 49288.28
Hang Seng +0.44% to 26082.96
Shanghai Composite +0.49% to 3941.74
S&P futures +15.0 vs prior close of 6775.0
€-$ (0.0012) or (0.10%) to 1.1606
$-¥ +0.31 or +0.20% to 152.90 €-¥ +0.19 or +0.11% to 177.46
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