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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.2%), DAX +0.1%, CAC +0.1%, IBEX (0.1%), MIB (0.1%)

Oct 30 ,2025

  • Synopsis

    • European equity markets set to open mixed in a busy session for earnings/updates with the likes of ABI.BB, GLE.FP, STAN.LN, BBVA.SM, SHEL.LN, SU.FP and RCO.FP among those reporting.

    • Market processing hawkish initial takeaways from Fed meeting, which included a widely expected 25 bp rate cut and commentary from Chair Powell that a December rate cut is not a foregone conclusion, "far from it." Added that FOMC committee had strongly differing views about how to proceed in December. Focus on Powell's remarks saw Treasury yield curve bear flatten as market-implied odds of a December rate cut fell to 57% from 91% a day ago.

    • Meanwhile in Europe, an uneventful ECB policy meeting is anticipated with the Governing Council widely expected to leave the key deposit rate unchanged at 2% for the third meeting in a row today No updates to macroeconomic forecasts are due until December and for the most part ECB officials have said policy is in a good place and it is prepared to look through minor deviations from its inflation target.

    • Asia equities turning negative Thursday on the conclusion of the Trump-Xi meeting. Declines in mainland China markets while the Hang Seng has also largely reversed a morning gain. Presidential meeting between Trump and Xi ended with the US agreeing to lower China tariffs to 47% in exchange for a resumption of soybean purchases, pausing on rare earth curbs for a year, and cracking down on fentanyl precursors. Separately, US and South Korea finalized trade deal that will see Seoul invest$350B in US in return for tariff relief.

    • In the Netherlands, the centrist D66 party made huge gains in Dutch elections, likely giving it the lead in government formation as the party of far-right leader Geert Wilders lost support, notes Reuters. The Netherlands is set to elect its youngest ever prime minister with Rob Jetten, the 28-year-old leader of the centrist D66 party.

    • European macro data releases include Germany Q3 preliminary GDP, Oct unemployment change, preliminary CPI, France Q3 preliminary GDP, Sep household consumption, Italy Q3 preliminary GDP, Sep unemployment rate, Spain Oct preliminary CPI, Eurozone Q3 preliminary GDP, Oct economic sentiment, Switzerland Oct leading indicators - KOF, Sweden Sep retail sales, Finland Q3 preliminary GDP, Denmark Sep unemployment rate, Austria Q3 preliminary GDP, Sep PPI, Portugal Q3 preliminary GDP, Sep retail sales, Greece Sep unemployment rate, PPI, Belgium Oct CPI, Ireland Oct preliminary HICP

    • Also on today's agenda, Croatia central bank's Švaljek presentation at 10:00CET at roundtable organized by the Croatian Chamber of Economy. Turkish President Erdoğan hosts Chancellor Merz. A joint press conf. is planned after the meeting. EU's Šefčovič participates in a parliamentary hearing in the Italian Senate. EU's Serafin in Greece (through Fri) as part of the 'Tour d'Europe' to consult on the European long-term budget. Meets with Greece's PM Mitsotakis. others, and tomorrow finance minister Pierrakakis. Amongst events are Handelsblatt Corporate Climate Adaptation Conf. (through Fri), 7th Frankfurt Regulatory Conf, IFRS Sustainability Symposium and 43rd UNESCO General Conf, the latter decides on the organization's policies, program, and budget. Japan Mobility Show gets underway.

  • Politics/Macro/World News

    • Trade

      • Trump lowers tariffs on China and announces end to 'rare earths roadblock' after Xi meeting (BBC )

    • Netherlands

      • Dutch centrist D66 party wins big in election as far right loses support (Reuters)

      • Geert Wilders' far-right party suffers blow as centrists lead in exit poll (Guardian)

    • France

      • French economy grows 0.5% in third quarter, faster than expected (Reuters)

  • Top company news

    • Earnings/updates

      • Benelux

        • ABI.BB (Anheuser-Busch InBev) -- reports Q3 underlying EPS $0.99 vs consensus $0.96; approves 6 billion USD share buyback program, an interim dividend of 0.15 EUR per share for the fiscal year 2025

        • INGA.NA (ING Groep) -- reports Q3 net income €1.79B vs consensus €1.61B; raises FY25 total income outlook and announces €1.6B buyback

        • DSFIR.NA (DSM-Firmenich) -- reports Q3 adj. EBITDA €540M vs FactSet €541.5M [5 est, €525-557M]; lowers FY adj. EBITDA guidance

      • France

        • RCO.FP (Remy Cointreau) -- reports Q2 Sales €268.8M vs consensus €273.3M; lowers FY guidance to organic decline in current operating profit of between low double digits and mid-teens vs prior guidance a mid-single digit decline

        • AIR.FP (Airbus SE) -- reports Q3 adj EBIT €1.94B vs consensus €1.76B; FY25 guidance maintained, now including impact of currently applicable tariffs

        • GLE.FP (Societe Generale) -- reports Q3 group net income €1.52B vs consensus €1.30B

        • ACA.FP (Credit Agricole) -- reports Q3 EPS €0.53 vs FactSet €0.53 [7 est, €0.50-0.56]

        • SU.FP (Schneider Electric) -- reports Q3 revenue €9.72B vs consensus €9.78B

        • LSS.FP (Lectra) -- reports Q3 net income €7.2M vs FactSet €7.6M [2 est, €6.4-8.7M]

      • UK

        • PRU.LN (Prudential) -- Q3 update: APE sales +10% y/y to $1.72B

        • STAN.LN (Standard Chartered) -- reports Q3 underlying EPS $0.52 vs consensus $0.43

        • WG.LN (John Wood Group) -- Wood Group (John) PLC updates on FY24 & HY25 Results and Meetings

      • DACH

        • 1COV.GR (Covestro) -- reports Q3 net income (€47M) vs FactSet (€69.1M) [2 est, (€92)-(46.3M)]; now expects FY EBITDA between €700-800M vs prior guidance €700M - €1.1B and FactSet €800.16M

        • SDZ.SW (Sandoz Group) -- reports Q3 revenue $2.83B vs FactSet $3.09B [3 est, $2.85-3.57B]

        • AVOL.SW (Avolta) -- reports Q3 CORE revenue CHF3.79B vs StreetAccount CHF3.89B; reaffirms medium-term targets

        • CLN.SW (Clariant) -- reports Q3 adjusted EBITDA CHF162M vs consensus CHF150M; confirms FY outlook

        • WCH.GR (Wacker Chemie) -- reports Q3 EPS (€1.73) vs consensus (€0.84); now guides FY Negative net result significantly below that of the previous year

        • LHA.GR (Deutsche Lufthansa) -- reports Q3 net income €1.0B vs StreetAccount €966.7M; confirms FY outlook

        • SIGN.SW (SIG) -- guides FY26 adj EBIT margin to be above level of 2025; to re-instate dividends -- CMD (

        • KGX.GR (Kion Group) -- reports Q3 EPS €0.87 vs consensus €0.72; narrows FY revenue, adj. EBIT & ROCE guidance, increases for free cash flow

        • KBX.GR (Knorr-Bremse) -- reports Q3 EPS €0.89 vs FactSet €0.98 [6 est, €0.92-1.02]; Operating EBIT €251M vs FactSet €249.4M [9 est, €223.2-267M]; confirms EBIT and cash flow guidance for the 2025 fiscal year.

        • HFG.GR (HelloFresh) -- reports Q3 adjusted EBITDA €40.3M vs consensus €39.5M; reconfirms FY guidance

        • KTN.GR (Kontron) -- reports preliminary 9M EBITDA €194M including item

        • IDIA.SW (Idorsia) -- reports Q3 Non-GAAP EPS (CHF0.19) ex-items vs FactSet (CHF0.22) [2 est, (CHF0.25)-(0.19)]; reaffirms FY guidance

      • Southern Europe

        • CPR.IM (Davide Campari-Milano) -- reports Q3 adj EBIT €165.6M vs consensus €148.2M; comments on FY25 outlook

        • AMP.IM (Amplifon) -- reports Q3 net income €19.2M vs FactSet €14.5M [7 est, €8-22M]; lowers consolidated revenues growth at c.c. to between 2%-2.5% from prior ~3%

        • BBVA.SM (BBVA) -- reports Q3 net income €2.53B vs consensus €2.55B; to accelerate remuneration plans for shareholders

        • JMT.PL (Jeronimo Martins) -- reports Q3 net income €214M, +14% vs year-ago €187M

        • BCP.PL (Banco Comercial Portugues) -- reports 9M net income €775.9M vs year-ago €714.1M

      • Nordics

        • ELUX.B.SS (Electrolux) -- reports Q3 EPS SEK0.71 vs consensus SEK1.25; EBIT SEK890M vs consensus SEK875.0M

        • INTRUM.SS (Intrum) -- reports Q3 EPS SEK15.95 vs consensus SEK5.95

      • Also reporting today

        • Earnings:

          • Austria: Raiffeisen Bank International (RBI.AV), Andritz (ANDR.AV), AMAG Austria Metall (AMAG.AV)

          • Benelux:Ontex Group (ONTEX.BB),Universal Music Group (UMG.NA), Eurocommercial Properties (ECMPA.NA)

          • Denmark: Netcompany Group (NETC.DC), Tivoli (TIV.DC)

          • Finland: Kesko (KESKOB.FH), Yit (YIT.FH), Kojamo (KOJAMO.FH), Sanoma (SANOMA.FH), Qt Group (QTCOM.FH), Revenio Group (REG1V.FH), Finnair (FIA1S.FH), Oriola (ORIOLA.FH), Glaston (GLA1V.FH)

          • France: TotalEnergies (TTE.FP), AXA (CS.FP), Ayvens (AYV.FP), Technip Energies (TE.FP), Pluxee (PLX.FP), Imerys (NK.FP), TF1 (TFI.FP), X-FAB Silicon Foundries (XFAB.FP), Viridien (VIRI.FP)

          • Germany: Volkswagen (VOW3.GR), Scout24 (G24.GR), DMG MORI (GIL.GR), Puma (PUM.GR), Vossloh (VOS.GR), AlzChem Group (ACT.GR), Aixtron (AIXA.GR), Befesa (BFSA.GR), PSI Software (PSAN.GR), Baader Bank (BWB.GR), OVB Holding (O4B.GR), LPKF Laser & Electronics (LPK.GR)

          • Greece: Eurobank Ergasias Services & Holdings (EUROB.GA)

          • Italy: Prysmian (PRY.IM), BasicNet (BAN.IM), Elica (ELC.IM)

          • Norway: Kongsberg Gruppen (KOG.NO), Höegh Autoliners (HAUTO.NO), Scatec (SCATC.NO), Europris (EPR.NO), Pareto Bank (PARB.NO), Solstad Offshore (SOFF.NO), Akastor (AKAST.NO), Archer (ARCH.NO), Vistin Pharma (VISTN.NO), Aker Horizons (AKH.NO)

          • Spain: Repsol (REP.SM), Indra Sistemas (IDR.SM), Grupo Catalana Occidente (GCO.SM), Fluidra (FDR.SM), Melia Hotels International (MEL.SM), Pharma Mar (PHM.SM)

          • Sweden: Resurs Holding (RESURS.SS), ITAB Shop Concept (ITAB.SS), Acast (ACAST.SS), Hansa Biopharma (HNSA.SS), XANO Industri (XANO.B.SS), Eltel (ELTEL.SS), SynAct Pharma (SYNACT.SS), CTEK (CTEK.SS), Rottneros (RROS.SS), Minesto (MINEST.SS)

          • UK: Shell (SHEL.LN), Spectris (SXS.LN)

          • Other: Enerjisa Enerji (ENJSA.E.TI), Íslandsbanki (ISB.IR)

        • Trading Update:

          • Benelux: ARCADIS (ARCAD.NA), Recticel (RECT.BB)

          • DACHs: Vontobel Holding (VONN.SW), Molecular Partners (MOLN.SW), Grammer (GMM.GR)

          • France: Compagnie de Saint-Gobain (SGO.FP), Elis (ELIS.FP), Eramet (ERA.FP), Wavestone (WAVE.FP), Tarkett (TKTT.FP), 74Software (74SW.FP), Groupe Samse (SAMS.FP), Casino Guichard-Perrachon (CO.FP), Guillemot Corp. (GUI.FP), ATEME (ATEME.FP), Vantiva (VANTI.FP)

          • Nordics: Carlsberg (CARL.B.DC), Detection Technology (DETEC.FH)

          • Southern Europe: Stellantis (STLAM.IM), Puig Brands (PUIG.SM), Distribuidora Internacional De Alimentacion (DIA.SM)

          • UK: Haleon (HLN.LN), WPP Group (WPP.LN), Computacenter (CCC.LN), PPHE Hotel Group (PPH.LN), Zotefoams (ZTF.LN), Gem Diamonds (GEMD.LN)

        • CMD/events: Novartis (NOVN.SW) business update call

    • M&A

      • AAL.LN (Anglo American) -- Anglo American's sale of nickel business to MMG faces EU antitrust investigation - Reuters

      • VONN.SW (Vontobel Holding) -- agrees to sell cosmofunding to Zürcher Kantonalbank; terms undisclosed

      • WG.LN (John Wood Group) -- Wood Group (John) PLC updates on FY24 & HY25 Results and Meetings

      • DHG.ID (Dalata Hotel Group) -- Pandox announces cash acquisition of Dalata sanctioned by the High Court of Ireland

      • Virgin Media O2 in talks to acquire broadband network operator Netomnia for £2B - FT

    • Healthcare

      • DBV.FP (DBV Technologies) -- issues $30M of ADSs under ATM program

      • EVT.GR (Evotec) -- SEC filing: SCHEDULE 13D/A (Filed by Excalibur LuxCo SARL)

      • AVCT.LN (Avacta Group) -- Transcript Intelligence: Avacta Group at AACR-NCI-EORTC International Molecular Targets Congress - Abstract No #C123

    • Other

      • LOGN.SW (Logitech International) -- SEC filing: 10-Q

      • AVOL.SW (Avolta) -- awarded 11-year duty-free contract at John F. Kennedy International Airport's Terminal 8

      • Intraday themes include EV slowdown prompts GM layoffs; Microsoft investigation Azure outage (29-Oct)

      • POSCO in talks to form 50/50 cathode materials institutional sector JV with BASF - Chosun

  • Key rating changes

    • Upgrades

      • CPR.IM (Davide Campari-Milano) -- to neutral from underweight at JPMorgan

      • RENE.PL (Redes Energeticas Nacionais SGPS) -- to outperform from market perform at Bernstein

      • SWEC.B.SS (Sweco) -- to buy from hold at ABG Sundal Collier

      • SWEC.B.SS (Sweco) -- to buy from hold at Jefferies

      • NDA.SE.SS (Nordea Bank) -- to outperform from neutral at Autonomous Research

    • Downgrades

      • KNIN.SW (Kuehne & Nagel) -- to underweight from equal weight at Barclays

      • EUROB.GA (Eurobank Ergasias Services & Holdings) -- to hold from buy at HSBC

      • MOWI.NO (Mowi) -- to hold from buy at Nordea

      • SALM.NO (Salmar) -- to sell from hold at Nordea

      • NESTE.FH (Neste) -- to neutral from outperform at BNP Paribas Exane

      • DNB.NO (DNB Bank) -- to neutral from outperform at Autonomous Research

    • Initiations

      • BANB.SW (Bachem Holding) -- neutral at Oddo

      • RAT.LN (Rathbones Group) -- underperform at Jefferies

      • SMG.SW (SMG Swiss Marketplace Group) -- buy at UBS

      • SMG.SW (SMG Swiss Marketplace Group) -- neutral at Goldman Sachs

      • SMG.SW (SMG Swiss Marketplace Group) -- overweight at JPMorgan

      • SMG.SW (SMG Swiss Marketplace Group) -- equal-weight at Morgan Stanley

      • SMG.SW (SMG Swiss Marketplace Group) -- neutral at BNP Paribas Exane

  • Data

    • Nikkei +0.04% to 51325.61

    • Hang Seng (0.57%) to 26196.44

    • Shanghai Composite (0.61%) to 3991.68

    • S&P futures +1.0 vs prior close of 6922.8

    • €-$ +0.0019 or +0.16% to 1.1621

    • $-¥ +0.66 or +0.43% to 153.40

    • €-¥ +1.05 or +0.59% to 178.23

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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