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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.30%), DAX (0.21%), CAC40 (0.01%)

Oct 31 ,2025

  • Synopsis

    • European indices are set to open lower as Asia equities trading mixed Friday. Nikkei and Topix indexes higher and at fresh records with the Nikkei again outperforming.

    • US equities were lower in Thursday trading as stocks ended near worst levels. Equal-weight S&P 500 (RSP) outperformed cap-weighted index by ~55 bp after lagging notably the prior five sessions. S&P 500 and Nasdaq still on pace for weekly gains.

    • The United States reportedly cancelled the planned Budapest summit between President Donald Trump and Russian President Vladimir Putin following Russia's firm stance on hardline demands regarding Ukraine, according to the Financial Times.

    • Takeaways from US-China trade truce fairly uniform with deal mostly tamping down recent escalation of tensions instead of resolving underlying differences.

    • In central banks: Swiss National Bank publishes Q3 earnings. Publication of the ECB survey of professional forecasters at 10:00CET, as well as Economic Bulletin pre-release: Main findings from the ECB's recent contacts with non-financial companies.

    • Economic data due: Germany Sep retail sales, France Oct preliminary CPI, Sep PPI, Italy Oct preliminary CPI, Eurozone Oct preliminary CPI, Netherlands Oct preliminary CPI, Finland Oct preliminary CPI, UK Oct house price index - Nationwide, Switzerland Sep retail sales, Austria Oct preliminary CPI, Portugal Oct preliminary CPI, Greece Aug retail sales

    • Early morning earnings: (DANSKE.DC) Danske Bank reports Q3 EPS DKK6.70 vs consensus DKK6.60. (PIHLIS.FH) Pihlajalinna reports Q3 EPS €0.51 and unclear if comparable to FactSet €0.40. (UNI.SM) Unicaja Banco reports 9M net income attributable €503M, +12% vs year-ago €451M. (HEIJM.NA) Heijmans Q3 trading update. (SCR.FP) SCOR SE reports Q3 net income €217M vs consensus €203M. (FUR.NA) Fugro reports Q3 EBIT €64.9M ex-items vs FactSet €47.0M. (AKSO.NO) Aker Solutions reports Q3 EPS NOK1.79 vs FactSet NOK1.50. (FPE3.GR) FUCHS SE reports 9M EPS (ord shares) €1.73 vs year-ago €1.78. (TRIFOR.DC) Trifork Holding reports Q3 net income €1.6M vs FactSet €2.7M.

  • Politics/Macro/World News:

    • Donald Trump-Vladimir Putin Budapest summit axed following Moscow memo (FT )

    • Trump and Xi Ease Tension With Truce on Tariffs, Rare Earths (BBG )

  • Top company news

    • Earnings/updates

      • UMG.NA (Universal Music Group) -- reports Q3 revenue €3.02B vs StreetAccount €2.93B

      • SGO.FP (Compagnie de Saint-Gobain) -- reports Q3 revenue €11.42B vs StreetAccount €11.42B; confirms FY25 outlook

      • CS.FP (AXA) -- reports 9M revenue €89.40B vs consensus €89.00B

      • MOLN.SW (Molecular Partners) -- reports financial results and clinical progress, with DLL3-Targeting Radio-DARPin MP0712 Phase 1 Launch Expected in 2025

      • CABK.SM (CaixaBank) -- reports 9M net profit €4.4B vs year-ago €4.25B

      • SPIE.FP (SPIE) -- reports Q3 revenue €2.54B vs FactSet €2.56B [2 est, €2.55-2.56B]; confirms FY guidance

      • ELIS.FP (Elis) -- reports Q3 revenue €1.25B, +5% vs year-ago €1.18B; confirms FY25 objectives

      • VIRI.FP (Viridien) -- reports Q3 net income $41M vs year-ago ($10M)

      • WG.LN (John Wood Group) -- provides update on sale of North America T&D to Qualus

      • WG.LN (John Wood Group) -- reports H1 net income ($72M) vs year-ago ($970M)

      • CO.FP (Casino Guichard-Perrachon) -- reports 9M adjusted EBITDA €456M, +13% vs year-ago €402M

      • FPE3.GR (FUCHS SE) -- reports 9M EPS (ord shares) €1.73 vs year-ago €1.78; confirms FY25 outlook

      • TFI.FP (TF1) -- reports Q3 net income €45M ex-exceptional tax surcharge, (8%) vs year-ago €49M

      • PHM.SM (Pharma Mar) -- reports 9M net income €15.3M vs year-ago €7.4M

      • PUIG.SM (Puig Brands) -- reports Q3 revenue €1.30B vs StreetAccount €1.26B

      • MEL.SM (Melia Hotels International) -- reports Q3 net income €75.4M vs FactSet €76.4M [5 est, €72.1-82.8M]

      • ALBPS.FP (Biophytis) -- reports H1 net income (€3.5M) vs year-ago (€5.8M)

      • VANTI.FP (Vantiva) -- reports Q3 revenue €470.0M, +8% vs year-ago €436.0M; confirms FY outlook:

      • NK.FP (Imerys) -- reports Q3 current net income €43M, +5% vs year-ago €41M

      • ECMPA.NA (Eurocommercial Properties) -- reports 9M direct investment per share €1.85 vs year-ago 1.83

      • XFAB.FP (X-FAB Silicon Foundries) -- reports Q3 net income $16.6M vs FactSet $12.7M [3 est, $7.2-21.2M]

      • NOBI.SS (Nobia) -- to record SEK1.91B impairment related to UK operations, reports Q3 revenue SEK2.31B vs FactSet SEK2.33B [2 est, SEK2.31-2.35B]

      • ISB.IR (Íslandsbanki) -- reports Q3 net profit ISK6.90B, (5%) vs year-ago ISK7.28B

    • M&A

      • COHR (Coherent) -- Bystronic agrees to acquire the "Tools for Materials Processing" business unit of Coherent Inc. for an undisclosed sum

      • SYENS.BB (Syensqo) -- to divest its Oil & Gas Business Unit to SNF Group for Enterprise Value of €135M

      • COA.LN (Coats Group) -- Transcript Intelligence: Coats Group Acquisition of OrthoLite Holdings LLC plc Call

      • TIGO (Millicom International Cellular) -- (TIGO) acquires Telefónica Ecuador for $380M

      • MTSR (Metsera) -- was previously in exclusive talks with Bristol-Myers Squibb (BMY) prior to offers from Pfizer and Novo Nordisk -- media report

      • ELIS.FP (Elis) -- acquires Larosé GmbH and Mitteldeutsche Wäscherei GmbH; terms undisclosed

      • WG.LN (John Wood Group) -- provides update on sale of North America T&D to Qualus

      • TRACT.FP (Teract) -- completes disposal of the Bio&Co banner to marcel&fils

      • (NULL) Sojitz could be a contender in contest for UGL transport division - The Australian

    • Healthcare

      • NOVN.SW (Novartis) -- Transcript Intelligence: Novartis Business Update Call

      • BAYN.GR (Bayer AG) -- Bayer notes Washington Supreme Court ruling in Erickson vs Monsanto

      • 4568.JP (Daiichi Sankyo) -- notes first patient dosed in ESTINY-Lung06 phase 3 trial of ENHERTU

      • ABVX.FP (Abivax) -- SEC filing: SCHEDULE 13D/A (Filed by Sofinnova Crossover I)

      • GNFT.FP (GENFIT) -- announces intention to voluntarily delist ADs from the Nasdaq

      • GALD.SW (Galderma Group) -- EQT completes placement of 20M shares in Galderma Group AG for aggregate gross proceeds of ~ CHF 2.6B via accelerated bookbuilding process

      • BANB.SW (Bachem Holding) -- appoints Anne-Kathrin Stoller as new CEO, effective 1-Jan-26

    • Other

      • SAN.SM (Banco Santander) -- notes a surplus of capital above the specific capital requirements set by ECB

      • INGA.NA (ING Groep) -- ING Group announces completion of 2025 SREP process

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- reports information ~2026 ECB capital prudential requirements

      • BNP.FP (BNP Paribas) -- discloses 2025 SREP notification and outcome; P2R requirements lower compared to 2024

      • UCG.IM (UniCredit) -- notes it is well above the specific capital requirements set by ECB

      • GLE.FP (Societe Generale) -- discloses ECB determination of their capital requirements in respect of Pillar 2 Requirement (P2R) for 2026

      • AVOL.SW (Avolta) -- focused on achieving cash flow stability - FuW (30-Oct, 16:28 CET)

      • VK.FP (Vallourec) -- wins major deep water integrated contract with TechnipFMC in Brazil

      • KBC.BB (KBC Group) -- KBC Group's fully loaded overall CET1 requirement (under the Danish Compromise) has been lowered from 10.88% as of 4Q24 (SREP 2024) to 10.85% as of 3Q25 (SREP 2025)

      • AKRBP.NO (Aker BP) -- completes the refinancing of its existing revolving credit facilities

      • BKT.SM (Bankinter) -- discloses 2026 ECB capital requirement determination, SREP outcome

      • LOOMIS.SS (Loomis) -- to repurchase up to SEK200M of shares during Q4

      • EQT completes placement of 20M shares in Galderma Group AG for aggregate gross proceeds of ~ CHF 2.6B via accelerated bookbuilding process

  • Key rating changes

    • Upgrades

      • INTRUM.SS (Intrum) upgraded to hold from reduce at Kepler Cheuvreux

      • KOG.NO (Kongsberg Gruppen) -- to buy from hold at Pareto

      • NETC.DC (Netcompany Group) -- to buy from hold at ABG Sundal Collier

      • NOVN.SW (Novartis) -- to overweight from equal-weight at Morgan Stanley

      • STMN.SW (Straumann Holding) -- to buy from hold at Deutsche Bank

      • VIRP.FP (Virbac) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • NOVO.B.DC (Novo Nordisk) -- to hold from buy at Handelsbanken

    • Initiations

      • DRX.LN (Drax Group) -- sell at UBS

  • Data

    • Nikkei +2.12% to 52411.34

    • Hang Seng (0.96%) to 26030.44

    • Shanghai Composite (0.60%) to 3963.10

    • S&P futures +46.5 vs prior close of 6855.5

    • €-$ +0.0003 or +0.03% to 1.1569

    • $-¥ (0.02) or (0.01%) to 154.13

    • €-¥ +0.06 or +0.03% to 178.34

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.
Please refer to "Terms Of Use".

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