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StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.04%, DAX (0.13%), CAC40 +0.10%

Oct 28 ,2025

  • Synopsis

    • European equity markets are set to open mixed. Asia equities lower Tuesday. Investors waiting for next set of catalysts with APEC summit, corporate earnings and central bank meetings later this week. Pullbacks in Australia, South Korea, Japan and Greater China. India lower in early trades. Taiwan a few points lower. Singapore higher to reapproach record high. US futures a few points lower now.

    • US-China trade de-escalation the driver of early week risk-on move with Presidents Trump and Xi expected to sign off on framework agreement negotiated on weekend. Some cautious-leaning press takeaways noting deal only returns two sides back to their fragile trade truce and falls short of more comprehensive agreement addressing the core disputes. Still many questions unanswered, including whether US offers reprieve from 20% fentanyl tariffs and shipping fees, and extent to which Beijing dials back rare earths export curbs. EU and China to hold talks this week on rare earths curbs and Nexperia.

    • On today's agenda, In the Netherlands, election debate at 19:00CET for an hour and then from 20:35CET on NPO 1. Germany's minister for economic affairs and energy Reiche speech on opportunities for German foreign trade in the geopolitical context. Chancellor Merz will continue his inaugural visits to the German states with visit to Saxony. Will visit the semiconductor manufacturer GlobalFoundries in Dresden, deliver speech. In UK, House of Commons sees Opposition Day Debate (subject tba), whilst committee topics include affordability of home ownership at 10:00GMT, budget 2025, how gambling should be taxed ay 10:00 and UK-India free trade agreement at 16:00. EU's von der Leyen participate in a joint meeting with the Nordic PMs, post meeting press conf seen ~10:45 CET. In the afternoon, von der Leyen delivers speech to the Swedish Parliament at 14:00. EU's Kubilius participates in the fireside chat at the conf. "Space For European Resilience. Rising To The Collective Challenge". EU's Hansen delivers a keynote speech at the OECD Global Forum on Agriculture, meets with France's PM Lecornu. OMFIF event 'The outlook for Portugal's economy and monetary policy'. FT hosts Made in Italy Summit (through Wed). Politico Pro Roundtable - Energy & Climate. European Automobile Manufacturers' Association (ACEA) Sep new passenger car registrations for EU + EFTA + UK.

    • In central banks, Riksbank's Bunge presentation at 7:45CET on economic situation and current monetary policy at event hosted by the Board Academy, the bank also publishing its latest business survey at 9:30. Latest ECB bank lending survey as well as consumer expectations survey released at 10:00CET. Slovak central bank's Dvořáček opening remarks at Capital Market 2025.

    • European macro data releases include Germany Nov consumer confidence - GfK, Italy Oct business/consumer confidence, Sweden Sep trade balance, Ireland Q3 preliminary GDP.

    • In earnings news, DACHs names kicked off the session with Novartis (NOVN.SW), SIG Combibloc Group (SIGN.SW), Symrise (SY1.GR) and Siltronic (WAF.GR) reported Q3 earnings, whilst yesterday after the market closed Deutsche Börse (DB1.GR) reported Q3 earnings and Nordex (NDX1.GR) released preliminary Q3 numbers. In France, BNP Paribas (BNP.FP), Amundi (AMUN.FP), Danone (BN.FP), Air Liquide (AI.FP) and Capgemini (CAP.FP) updated investors with their latest numbers with the later raising FY Constant currency revenue growth guidance to +2.0-2.5% vs prior (1.0%) to +1.0%. In the UK, HSBC Holdings (HSBA.LN) issued Q3 numbers and approved interim dividend of $0.10/share. other notable companies due to update investors today include, ASM International (ASM.NA), Bic (BB.FP), Iberdrola (IBE.SM), Ferrovial (FER.SM), Anglo American (AAL.LN) and Moncler (MONC.IM).

    • In M&A, Reuters reported that SAP (SAP.GR) is considering whether to pursue BlackLine again, although it hasn't sent another formal offer.

  • Politics/Macro/World News

    • Productivity downgrade may add £20bn to Budget hole - BBC

    • UK to stop disclosing identity of stock market short sellers - FT

    • UK shop prices fall for first time since March, retailers say - Reuters

    • EU officials rush to resolve dispute with China over rare earths and chips - FT

    • Europe Car Sales Jump as Buyers Get More Options on Cheaper EVs - Bloomberg

    • Angela Merkel calls for "moderation and moderation" - Handelsblatt

    • Catalan separatists break with Spanish Socialists, hobbling PM Sánchez -- Politico

    • UK signs £8bn Typhoon fighter jet deal with Turkey -- BBC

    • German Export Expectations Fall -- ifo

  • Top company news

    • Earnings/updates

      • DACHs

        • NOVN.SW (Novartis) -- reports Q3 core EPS $2.25 vs consensus $2.31; reaffirms FY25 guidance

        • DB1.GR (Deutsche Börse) -- reports Q3 EPS €2.59 vs year-ago €2.42

        • NDX1.GR (Nordex) -- reports preliminary Q3 EBITDA €136M vs FactSet €131.8M [4 est, €125-140M]

        • WAF.GR (Siltronic) -- reports Q3 EPS (€1.29) vs FactSet (€1.38) [5 est, (€1.73)-(1.08)]; reaffirms FY guidance, Q3 impacted by delivery shifts into Q4, as expected

        • SIGN.SW (SIG Combibloc Group) -- reports Q3 adj. net income €16.9M vs FactSet €37.8M [2 est, €27.4-48.2M]; confirms revised 2025 full year guidance as published on 18-Sep-25

        • BUCN.SW (Bucher Industries) -- reports 9M revenue CHF2.16B, (11%) vs year-ago CHF2.42B

        • HHFA.GR (Hamburger Hafen und Logistik) -- adjusts outlook and expects less strong volume and earnings growth for 2025

        • HYQ.GR (Hypoport) -- announces doubling of EBIT in first 9 months of 2025; adjustment of revenue and gross profit forecast

        • SMHN.GR (SÜSS MicroTec) -- reports preliminary Q3 results; FY25 guidance for gross profit margin and EBIT margin reduced

        • CEC.GR (CECONOMY) -- reports preliminary FY EBIT €380M vs FactSet €373.2M [5 est, €366-378M]

        • SY1.GR (Symrise) -- reports Q3 sales €1.22B vs consensus €1.22B; now expects FY organic growth of 2.3-3.3% vs prior outlook 3.0-5.0%

        • TTK.GR (Takkt) -- reports Q3 EPS €0.02 vs year-ago €0.12; Specifies FY guidance

      • France

        • CAP.FP (Capgemini) -- reports Q3 revenue €5.39B vs StreetAccount €5.31B; raises FY Constant currency revenue growth guidance to +2.0-2.5% vs prior (1.0%) to +1.0%

        • CLARI.FP (Clariane) -- reports Q3 revenue €1.32B vs FactSet €1.38B [1 est]

        • AMUN.FP (Amundi) -- reports Q3 adjusted net income €340M vs consensus €323M

        • BNP.FP (BNP Paribas) -- reports Q3 net income €3.04B vs consensus €3.09B; confirms group's 2026 trajectory

        • AI.FP (Air Liquide) -- reports Q3 revenue €6.60B vs consensus €6.59B; confident to further increase its FY25 operating margin and recurring net profit growth

        • BN.FP (Danone) -- reports Q3 revenue €6.88B vs consensus €6.87B; reaffirms FY guidance

      • Nordics

        • VENDA.NO (Vend Marketplaces) -- reports Q3 EBITDA NOK640M vs FactSet NOK589.0M [6 est, NOK554-629.8M]

        • ALFA.SS (Alfa Laval) -- reports Q3 EPS SEK5.53 vs consensus SEK5.28; expects demand in Q4 to be on about the same level as Q3

        • TAALA.FH (Taaleri) -- reports Q3 EPS €0.43 vs year-ago €0.39

        • KCC.NO (Klaveness Combination Carriers) -- reports Q3 EPS $0.20 vs FactSet $0.19 [4 est, $0.18-0.21]

        • BWE.NO (BW Energy) -- reports Q3 net income $20.1M vs FactSet $26.3M [5 est, $15-38.3M]

        • SATS.NO (SATS ASA) -- reports Q3 EPS NOK0.48 vs FactSet NOK0.58 [5 est, NOK0.54-0.60]

        • ELO.NO (Elopak) -- reports Q3 EPS €0.07 vs FactSet €0.07 [6 est, €0.06-0.08]

        • HANZA.SS (HANZA AB) -- reports Q3 EPS SEK1.69 vs FactSet SEK1.18 [2 est, SEK1.11-1.24]

        • TRUE.B.SS (Truecaller) -- reports Q3 EPS SEK0.32 vs FactSet SEK0.35 [3 est, SEK0.32-0.38]

        • WRT1V.FH (Wartsila) -- reports Q3 Comparable Operating result €195M vs consensus €194.1M

      • Benelux

        • VLK.NA (Van Lanschot Kempen) -- Q3 Trading Update: strong Q3 net profit, higher than the first two quarters; AuM grew to €154B

        • KPN.NA (Royal KPN) -- reports Q3 net income €237M vs FactSet €241.4M [3 est, €237.0-250.1M]; on track to reach FY25 outlook; strategy update planned on 5-Nov

      • UK

        • HSBA.LN (HSBC Holdings) -- reports Q3 EPS $0.28 vs consensus $0.31

      • Southern Europe

        • NOS.PL (NOS SGPS) -- reports Q3 net income €65.1M ex-items vs FactSet €61.6M [4 est, €60.5-63.2M]

      • Also due to report today:

        • Earnings:

          • Benelux: ASM International (ASM.NA), Aedifica (AED.BB)

          • Finland: Orion (ORNBV.FH), Nokian Renkaat (TYRES.FH), F-Secure (FSECURE.FH), ecnotree (TEM1V.FH)

          • France: Bic (BB.FP), M6-Metropole (MMT.FP)

          • Germany: Amadeus FiRe (AAD.GR)

          • Norway: BW Energy (BWE.NO), Public Property Invest (PUBLI.NO)

          • Southern Europe: Iberdrola (IBE.SM), Ferrovial (FER.SM), ENCE Energia y Celulosa (ENC.SM), Italgas (IG.IM), Biesse (BSS.IM)

          • Sweden: Fastighets Balder (BALD.B.SS), Nolato (NOLA.B.SS), engcon (ENGCON.B.SS), VBG Group (VBG.B.SS), Storytel (STORY.B.SS), Traction (TRAC.B.SS), VNV Global (VNV.SS), Micro Systemation (MSAB.B.SS), Fingerprint Cards (FING.B.SS)

          • Switzerland: Logitech International (LOGN.SW), Temenos (TEMN.SW), Landis+Gyr Group (LAND.SW)

          • UK: Airtel Africa (AAF.LN), Ultimate Products (ULTP.LN)

        • Trading Update:

          • Benelux: Adyen (ADYEN.NA),

          • France: Interparfums (ITP.FP), Emeis (EMEIS.FP), Compagnie des Alpes (CDA.FP), Vetoquinol (VETO.FP), Seche Environnement (SCHP.FP), Haulotte Group (PIG.FP)

          • Southern Europe: Moncler (MONC.IM)

          • UK: Anglo American (AAL.LN), IG Design Group (IGR.LN)

    • M&A

      • BL (BlackLine) -- SAP reportedly approached BlackLine earlier this year about potential takeover, but was rejected -- Bloomberg

      • BL (BlackLine) -- SAP weighing whether to reopen negotiations with BlackLine - Reuters

      • CVC.NA (CVC Capital Partners) -- Banijay (BNJ.NA) acquires majority stake in CVC's Tipico Group; to combine Betclic and Tipico and become majority shareholder of the combined entity

      • LKOH.RU (Lukoil) -- intends to sell its international assets

      • AED.BB (Aedifica) -- provides update on the progress of Belgian Competition Authority's review of / Cofinimmo deal

      • AUB.AU (AUB Group) -- confirms receipt of nonbinding takeover proposal from EQT affiliate at A$45.00/sh

      • OPAP.GA (Greek Organisation of Football Prognostics) -- OPAP announces the implementation agreement in connection with combination with Allwyn becomes definitively valid (post EU close 27-Oct)

      • GFC.FP (Gecina) -- announces new office acquisition in Paris

      • CICN.SW (Cicor Technologies) -- Cicor signs agreement to acquire two production sites from Valtronic, marking its entry into the US market

      • ALBFR.FP (Sidetrade) -- completes acquisition of ezyCollect

    • Healthcare

      • ROG.SW (Roche Holding) -- Roche's Genentech announces Phase III INShore study of Gazyva (obinutuzumab) met its primary endpoint

    • Other

      • DTE.GR (Deutsche Telekom) -- Deutsche Telekom, Nvidia preparing to announce plans for €1B data center in Germany - Bloomberg (27-Oct, 15:27 ET/20:27 CET)

      • ENGI.FP (ENGIE) -- ENGIE, Meta expand PPA with new 600 MW solar project

      • VENDA.NO (Vend Marketplaces) -- announces launch of new share buyback program of up to NOK 2B in Q4 2025

      • BFIT.NA (Basic-Fit) -- Transcript Intelligence: Basic-Fit Basic-Fit and Clever Fit Transaction conference call

      • TPEIR.GA (Piraeus Financial Holdings) -- enters into an agreement for the transfer of €0.25B gross book value (Project Imola) of NPEs by way of securitization (post EU close 27-Oct)

      • UBSG.SW (UBS Group) -- UBS files application for US banking license - Bloomberg (27-Oct, 17:06 CET)

      • AIR.FP (Airbus SE) -- Airbus pushes back assembly of some A220 jets this year and next - Reuters

      • BNP.FP (BNP Paribas) -- further updates on Sudan litigation

      • BT.A.LN (BT Group) -- considering launch of low cost mobile brand; could create new venture or acquire virtual network operator - FT

      • SYDB.DC (Sydbank) -- terminates share buyback program; cites previously announced merger agreement

      • Entech to build battery energy storage plant in the north of France in partnership with Eiffage Énergie Systèmes

      • European Automobile Manufacturers' Association (ACEA) Oct new passenger car registrations for EU + EFTA + UK +10.7% y/y

      • Japan Fair Trade Commission determines that Mitsubishi Fuso Truck has violated Japan Subcontract Act, to recommend prevention of recurrence - Nikkei

  • Key rating changes

    • Upgrades

      • METSO.FH (Metso Corp.) -- to buy from hold at Kepler Cheuvreux

      • NOKIA.FH (Nokia) -- to buy from hold at Jefferies

    • Downgrades

      • ENI.IM (Eni) -- to hold from buy at HSBC

      • SIKA.SW (Sika Group) -- to equal-weight from overweight at Morgan Stanley

      • SIKA.SW (Sika Group) -- to underweight from neutral at JPMorgan

      • BYG.LN (Big Yellow Group) -- to hold from buy at Jefferies

      • SAGA.B.SS (Sagax) -- to hold from buy at Pareto

      • GALP.PL (Galp Energia) -- to neutral from outperform at Mediobanca, to neutral from outperform at Santander

    • Initiations

      • VIRP.FP (Virbac) -- market perform at Bernstein

      • AYV.FP (Ayvens) -- hold at Jefferies

    • Other Actions

      • BBOX.LN (Tritax Big Box REIT) -- reinstated overweight at Barclays; prior rating was overweight

  • Data

    • Nikkei (0.58%) to 50219.18

    • Hang Seng (0.50%) to 26301.54

    • Shanghai Composite (0.22%) to 3987.97

    • S&P futures (2.3) vs prior close of 6908.3

    • €-$ +0.0013 or +0.11% to 1.1658

    • $-¥ (0.88) or (0.58%) to 151.99

    • €-¥ (0.83) or (0.47%) to 177.18

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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