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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.02%), DAX (0.24%), CAC40 (0.07%)

Oct 29 ,2025

  • Synopsis

    • European equity markets are set for a negative open amidst mostly higher Asia equities on Wednesday to send MSCI Asia Pac-ex Japan index to a fresh record high. More gains for South Korea and Taiwan with technology names also giving the Nikkei 225 an advantage over the Topix. Mainland China markets reversing yesterday's losses, India also slightly higher. Southeast Asia mixed. Australia dragged lower on higher-than-expected inflation. Hong Kong closed for a holiday. US futures mixed with S&P 500 higher but Nasdaq slightly lower.

    • General election held in the Netherlands (Reuters). In the UK, PMQs at 12noon GMT follows MPs question on Wales, whilst committee topics include COP30 at 10:00GMT, UK's future relationship with the US at 10:30, Budget 2025 at 14:15 and UK refineries and the role of oil and gas at 15:00. In Germany, Chancellor Merz deliver the opening speech in the kick-off event for the "High-Tech Agenda Germany".

    • Elsewhere, Annual conf of BaFin' Insurance Supervision Authority, OMFIF event at 10:00GMT 'The FCA's stablecoin and crypto custody roadmap', FT hosts Energy Transition Summit (through Thu) and DIW publishes its latest economic barometer.

    • A busy morning for earnings kicked off with reports from the DACHs region, UBS Group (UBSG.SW), Logitech (LOGN.SW), Temenos (TEMN.SW), Mercedes-Benz Group (MBG.GR), Adidas (ADS.GR), Deutsche Bank (DBK.GR) and BASF (BAS.GR). In France, DBV Technologies (DBV.FP) and Bic (BB.FP) are out with Q3 whilst in the Nordics, Equinor (EQNR.NO), Telenor (TEL.NO), Alm. Brand (ALMB.DC) and SKF (SKF.B.SS) released reports. In Southern Europe, Banco Santander (SAN.SM), Moncler (MONC.IM) and Ferrovial (FER.SM) are amongst companies updating on Q3.

    • Also due to release earnings/updates today are GSK (GSK.LN), Aston Martin Lagonda Global Holdings (AML.LN), Glencore (GLEN.LN), Next (NXT.LN),

  • Politics/Macro/World News

    • Reeves vows to 'defy' gloomy economic forecasts - BBC

    • Dutch vote in elections in test of European populism's reach - Reuters

  • Top company news

    • Earnings/updates

      • Benelux:

        • ASM.NA (ASM International) -- reports Q3 adjusted net income €206.2M vs FactSet €179.2M [7 est, €160.6-189.6M]

        • AED.BB (Aedifica) -- reports 9M EPRA EPS €3.91 vs year-ago €3.75

        • MELE.BB (Melexis) -- reports Q3 EPS €0.68 vs FactSet €0.70 [3 est, €0.65-0.74]

        • CRBN.NA (Corbion) -- reports Q3 EBIT €27.9M vs year-ago €28.5M; narrows FY organic volume/mix guidance

        • ALLFG.NA (Allfunds Group) -- reports Q3 revenue €156.1M vs FactSet €154.0M [8 est, €149.2-164.9M]

      • DACHs:

        • UBSG.SW (UBS Group) -- reports Q3 EPS $0.76 vs consensus $0.39

        • LOGN.SW (Logitech International) -- reports Q2 EPS $1.45 ex-items vs StreetAccount $1.20

        • MBG.GR (Mercedes-Benz Group) -- reports Q3 EPS €1.22 vs FactSet €1.32 [2 est, €1.20-1.43]

        • DBK.GR (Deutsche Bank) -- reports Q3 net income attributable €1.56B vs consensus €1.34B; on track to deliver 2025 financial targets

        • BAS.GR (BASF) -- reports Q3 adj EPS €0.52 vs consensus €0.34; cuts FY25 adj EBITDA outlook to reflect contribution of discontinued coatings businesses after the transaction with Carlyle

        • ADS.GR (Adidas) -- reports final Q3 results: EPS €2.57 vs FactSet €2.66 [13 est, €1.86-3.10]

        • TEMN.SW (Temenos) -- reports Q3 EPS $0.93 non IFRS vs consensus $0.77; raises FY25 guidance; reconfirms FY28 targets

        • STMN.SW (Straumann Holding) -- reports Q3 revenue CHF602.2M vs consensus CHF599.0M; confirms its FY25 outlook

        • OMV.AV (OMV) -- reports Q3 Clean CCS Net Income attributable €594M vs consensus €471M

        • RDC.GR (Redcare Pharmacy) -- reports final Q3 earnings: adj. EBITDA €17.1M vs FactSet €16.0M [3 est, €14.5-18M]; reaffirms FY guidance

        • AAD.GR (Amadeus FiRe) -- reports 9M EPS (€0.09) vs year-ago €4.79

        • DWS.GR (DWS Group) -- reports Q3 net income €219M vs consensus €210M; FY25 outlook unchanged

        • DRW3.GR (Drägerwerk AG & Co.) -- confirms prelim Q3 earnings and FY25 outlook as per 15-Oct update

      • France:

        • DBV.FP (DBV Technologies) -- reports Q3 GAAP EPS ($0.24) vs year-ago ($0.32)

        • BB.FP (Bic) -- reports preliminary Q3 revenue €519M vs FactSet €515M [1 est]

        • EMEIS.FP (Emeis SA) -- reports 9M revenue €4.39B, +5% vs year-ago €4.17B; confirms FY25 outlook and medium-term targets

        • SOP.FP (Sopra Steria Group) -- reports Q3 revenue €1.32B vs FactSet €1.34B [1 est]

        • VETO.FP (Vetoquinol) -- reports Q3 revenue €126.5M vs FactSet €133.5M [3 est, €132-135.8M]

        • MMT.FP (M6-Metropole) -- reports Q3 EBITA €37.5M vs FactSet €36.3M

        • PIG.FP (Haulotte Group) -- reports Q3 revenue €121M, (17%) vs year-ago €145M

        • SCHP.FP (Seche Environnement) -- reports Q3 revenue €277.3M vs FactSet €289.0M [2 est, €286-292M]

      • Nordics:

        • EQNR.NO (Equinor) -- reports Q3 EPS $0.37 ex-items vs consensus $0.58

        • TEL.NO (Telenor) -- reports Q3 net income NOK3.03B vs consensus NOK3.44B

        • ALMB.DC (Alm. Brand) -- reports Q3 EPS DKK0.20 vs FactSet DKK0.28 [4 est, DKK0.25-0.30]

        • BNOR.NO (BlueNord) -- reports Q3 net income $12.9M vs year-ago $11.0M

        • IRLAB.A.SS (IRLAB Therapeutics) -- reports Q3 EPS (SEK0.26) vs year-ago (SEK0.61)

        • NOD.NO (Nordic Semiconductor) -- reports Q3 Adjusted EBITDA $18.3M vs FactSet $23.3M [12 est, $20-26M]

        • MING.NO (SpareBank 1 SMN) -- reports Q3 net income NOK1.17B vs FactSet NOK991.6M [7 est, NOK925-1.05B]

        • ACR.NO (Axactor) -- reports Q3 EPS €0.03 vs FactSet €0.03 [2 est, €0.03-0.03]

        • NEL.NO (NEL ASA) -- reports Q3 net income (NOK85M) vs FactSet (NOK124.3M) [4 est, (NOK148)-(104M)]

        • PHO.NO PhotoCure) -- reports Q3 net income NOK4.0M vs FactSet (NOK2M) [2 est, (NOK2)-(2M)]

        • SWEC.B.SS (Sweco) -- reports Q3 EPS SEK1.17 vs FactSet SEK1.21 [5 est, SEK1.14-1.40]

        • EPRO.B.SS (Electrolux Professional) -- reports Q3 EPS SEK0.14 vs FactSet SEK0.41 [2 est, SEK0.06-0.75]

        • SKF.B.SS (SKF) -- reports Q3 EPS SEK3.96 ex-items vs FactSet SEK3.10 [11 est, SEK1.56-4.10]

        • SVED.B.SS (Svedbergs Group) -- reports Q3 EPS SEK0.92 vs FactSet SEK0.84 [3 est, SEK0.80-0.88]

        • POSTI.FH (Posti Group) -- reports Q3 EPS €0.13 vs year-ago €0.30

        • JYSK.DC (Jyske Bank) -- reports final Q3: EPS DKK23.20 vs FactSet DKK22.24 [6 est, DKK19.61-23.15

        • SHOT.SS (Scandic Hotels Group) -- reports Q3 EPS SEK3.00 vs FactSet SEK3.08 [3 est, SEK2.89-3.20]

      • Southern Europe:

        • SAN.SM (Banco Santander) -- reports Q3 underlying net income attributable €3.50B vs FactSet €3.36B [11 est, €3.14-3.51B]; confident will achieve 2025 targets

        • MONC.IM (Moncler) -- reports Q3 revenue €615.6M vs consensus €603.8M

        • FER.SM (Ferrovial) -- reports 9M revenue €6.91B, +4% vs year-ago €6.64B

        • PRS.SM (Promotora de Informaciones) -- reports Q3 net income (€20M) vs year-ago (€13M)

        • ENC.SM (ENCE Energia y Celulosa) -- reports Q3 net income (€16.2M) vs FactSet (€15M) [3 est, (€19.6)-(6.1M)]

        • VID.SM (Vidrala) -- reports 9M EPS €4.93 vs year-ago €5.05; reaffirms FY guidance

    • M&A

      • ENG.SM (Enagas) -- completes acquisition of 51% of the share capital of Axent Infraestructuras de Telecomunicaciones, S.A

      • PSG.GR (PharmaSGP Holding) -- increases adequate cash compensation from €29.33 to €30.64 per share under squeeze-out

    • Healthcare

      • RLF.SW (RELIEF THERAPEUTICS Holding) -- announces positive results from pivotal bioequivalence study of RLF-OD032

      • NOVN.SW (Novartis) -- CORRECTION: Novartis expects rapid Rhapsido US uptake beginning early 2026

      • ROG.SW (Roche Holding) -- receives CE mark for novel automated high-throughput Elecsys Dengue Ag test to diagnose dengue

      • UCB.BB (UCB) -- to unveil new data for RYSTIGGO and ZILBRYSQ for gMG at the 2025 AANEM Annual Meeting and MGFA Scientific Session

      • STMN.SW (Straumann Holding) -- Straumann Group transforms its orthodontics business through new strategic partnerships with Smartee; financial details remain confidential

      • DBV.FP (DBV Technologies) -- SEC filing: 10-Q

      • XBRANE.SS (Xbrane Biopharma) -- responds to questions following delay in FDA approval for Lucamzi

    • Other

      • MBG.GR (Mercedes-Benz Group) -- to commence share repurchase program; shares worth up to €2B are to be repurchased over period of up to 12 months

      • SOP.FP (Sopra Steria Group) -- notes search for a new CEO has been launched by the board and its Nomination, Governance, Ethics & Corporate Responsibility Committee

      • STLAM.IM (Stellantis) -- announces robotaxi collaboration with NVIDIA, Uber and Foxconn

      • LDO.IM (Leonardo) -- launches accelerated bookbuilding process addressed to institutional investors of c. 2.6M shares in Avio SpA

      • NOKIA.FH (Nokia) -- Transcript Intelligence: Nokia Business Update Call

      • BAS.GR (BASF SE) -- board resolves on share buyback program of up to €1.5B to begin in Nov-25 and conclude in Jun-26

      • LLOY.LN (Lloyds Banking Group) -- files offering of $1B fixed rate reset additional Tier 1 perpetual subordinated contingent convertible securities - 424B2

      • P911.GR (Porsche) -- Street Takeaways - Porsche Quarterly Statement January-September 2025

      • AMUN.FP (Amundi) -- UniCredit wants to reduce level of client money it invests through Amundi to almost zero in less than two years - Bloomberg (28-Oct, 14:35 CET)

      • PHNX.LN (Phoenix Group Holdings) -- Phoenix Group in talks to raise over £1B from private capital firms for expanding pension-risk transfer business - FT

      • Nokia soars on Nvidia investment while quantum computing names lower on NVQLink reveal in intraday themes (28-Oct)

  • Key rating changes

    • Downgrades

      • FER.SM (Ferrovial) -- neutral from outperform at Oddo

  • Data

    • Nikkei +2.17% to 51307.65

    • Hang Seng +0.00% to 26346.14

    • Shanghai Composite +0.59% to 4011.78

    • S&P futures +17.0 vs prior close of 6925.8

    • €-$ (0.0022) or (0.19%) to 1.1629

    • $-¥ +0.03 or +0.02% to 152.14

    • €-¥ (0.32) or (0.18%) to 176.92

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