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Back to Daily DR Market Summary

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

Nov 03 ,2025

  • Synopsis

    • European equity markets set to open marginally higher, ahead of a busy week in Europe, which sees BOE, Norges Bank and Riksbank interest rate decisions, Oct manufacturing/services PMIs from across the region as well as earnings/updates from the likes of Ahold Delhaize (AD.NA), AstraZeneca (AZN.LN), BP (BP.LN), Diageo (DGE.LN), ENGIE (ENGI.FP), Maersk (MAERSK.B.DC), Rheinmetall (RHM.GR), Telecom Italia (TIT.IM), Telefonica (TEF.SM) and Zurich Insurance Group (ZURN.SW).

    • European equities retreated last week, with the Stoxx Europe 600 closing down ~(0.7%) and over 1% off Wednesday's all-time peak, despite easing US-China trade tensions and a solid Q3 earnings season. The Federal Reserve's hawkish 25bps cut proved more influential, with Chair Powell casting doubt on December easing and sending rate cut odds tumbling from 90% to 60%. AI bubble concerns resurfaced as META plunged 11.5% on ballooning 2026 expense guidance despite strong Mag 7 results. In Europe, the ECB left rates unchanged at 2% as inflation declined to 2.1% in October, while Q3 GDP surprised higher at 0.2% q/q, masking France's 0.5% surge and Germany's stagnation.

    • Asian equities turning positive Monday. South Korea's Kospi again leading and at fresh record high as SK Hynix surges again, gains for Hang Seng and Shanghai. US dollar a smidge lower. Precious metals higher, base metals off recent highs on poor China PMIs. Cryptocurrencies notably weaker.

    • White House factsheet fleshed out details of Trump-Xi trade truce, which confirmed one-year suspension of US tariffs and specified soybean purchase amounts. China to also wind back prior rare earths export curbs, halt probes into US semiconductor firms, end retaliatory action against US probe into its maritime industry, and work to ensure resumption of Nexperia chips. Underlying frictions remain after Bessent said China has been an unreliable partner while takeaways viewed truce a time buying measure.

    • Focus on telecoms M&A in Spain as Orange (ORA.FP) announces non-binding agreement with Lorca to acquire full ownership of MasOrange through acquisition of remaining 50% stake in its Spanish JV for a price of €4.25B in cash. This transaction will further strengthen Orange's position in Spain, the group's second-largest market in Europe.

    • In earnings this morning, Ryanair Holdings (RYA.ID) reports better than expected headline Q2 results and raises FY passenger guidance. Says Too early to provide meaningful net income guidance. PostNL (PNL.NA) reports Q3 normalised EBIT (€21M) vs consensus (€17.0M) on revenue €762M vs consensus €770M; re-iterates FY25 outlook and emphasises intention to pay a divi.

    • Crude oil higher. On Sunday, eight OPEC+ members agreed to raise December output by 137Kbpd as expected, maintaining pace of prior two months (Reuters, Bloomberg). Group will also pause further production increase in Q1 2026, reaffirming cautious approach ahead of seasonally softer demand.

    • On today's agenda, European macro data releases include Italy, Norway, Spain, Sweden, Switzerland Oct manufacturing PMI as well as final reads for Eurozone, France, Germany and UK, Switzerland Oct CPI, Netherlands Sep retail sales, Austria Oct unemployment rate. France, Italy and Spain Oct new car registrations are due.

    • In central banks, Bundesbank's Lienenkämper speech at 13:00CET at Conf. on the Regulation of Securities Institutions. ECB's Lane lecture at 12:00GMT at Technological Univ. Dublin. Bank of Spain's Escrivá introduces, at 13:30CET, the main speaker Klaas Knot, former Governor of the Netherlands central bank, at the Convención anual 2025 de la Asociación de Mercados Financieros. ECB survey of monetary analysts: aggregated results published at 10:00CET. Chancellor Merz continues his inaugural visits to the German states, this time to Schleswig-Holstein. In UK, there are MPs questions on defence, whilst parliamentary committee topics include the work of the UK Statistics Authority at 15:00GMT. EU's Jørgensen delivers a speech at an event organised by business network Samuelsen as well as at Renovate Europe Day. Economist hosts The Geopolitical Business Forum (speakers include British Airways CEO (IAG.LN), Centrica CEO (CNA.LN)). Also, OECD Annual report on migration "International Migration Outlook". There's German Energy Agency (dena) Congress on the Energy Transition.

  • Politics/Macro/World News

    • UK

      • Reeves Targets UK Rich With Exit and Mansion Taxes Among Options (Bloomberg)

      • UK employment: City bosses warn on pay as UK minimum wage closes in on graduate salaries (FT )

    • Central banks

      • BoE expects closely fought meeting over rate cut (FT )

      • ECB's Nagel Says Outlook Holding But Options Open in December (Bloomberg )

    • Ireland

      • Irish manufacturing growth slows to 10-month low in October, PMI shows (Reuters)

    • Netherlands

      • Netherlands Sep Retail Sales +3.8% y/y vs consensus +3.1% and revised +3.9% from +3.6%

    • France

      • France's Lecornu Takes New Approach to Survive Budget Showdown (Bloomberg)

  • Top company news

    • Earnings/updates

      • RYA.ID (Ryanair Holdings) -- reports Q2 EPS €1.61 vs FactSet €1.52 [4 est, €1.44-1.60]; raises FY passenger guidance

      • GTT.FP (Gaztransport & Technigaz) -- reports 9M revenue €599.6M, +29% vs year-ago €464.7M

      • PNL.NA (PostNL) -- reports Q3 normalised EBIT (€21M) vs consensus (€17.0M); re-iterates FY25 outlook and emphasises intention to pay a divi

      • SMCRT.NO (SmartCraft) -- Follow-up: SmartCraft releases Q3 highlights: organic ARR +6.0% y/y

      • Also reporting today

        • Earnings:

          • France: Coface (COFA.FP)

          • Nordics: AcadeMedia (ACAD.SS), Oma Savings Bank (OMASP.FH), Aspo (ASPO.FH), Ilkka (ILKKA2.FH)

          • Southern Europe: Poste Italiane (PST.IM), Lottomatica Group (LTMC.IM), Elecnor (ENO.SM), Corticeira Amorim (COR.PL), Sonaecom (SNC.PL)

          • UK: Diversified Energy Co. (DEC.LN)

        • Trading Update:

          • Benelux: Theon International (THEON.NA)

          • France: Vicat (VCT.FP)

        • CMD/events: Alstom (ALO.FP) Global Supplier Day

    • M&A

      • ORA.FP (Orange) -- announces non-binding agreement with Lorca to acquire full ownership of MasOrange through acquisition of remaining 50% stake in its Spanish JV for a price of €4.25B in cash

      • PFE (Pfizer) -- receives early clearance from FTC for Metsera acquisition

        • Pfizer files lawsuit against Metsera and its directors and Novo Nordisk for breach of merger agreement

      • KNIN.SW (Kuehne & Nagel) -- agrees to acquire Eastway Global Forwarding Ltd for an undisclosed sum

      • RNO.FP(Renault) -- Geely Holding Group and Geely Automobile Holdings acquire a 26.4% stake in Renault do Brasil

      • YPSN.SW (Ypsomed Holding) -- completes sale of its subsidiary Ypsotec to Callista; terms undisclosed

      • RF.FP (Eurazeo) -- completes sale of CPK Group to Ferrero Group

      • IBAB.BB (Ion Beam Applications) -- agrees to acquire PhantomX GmbH for an undisclosed sum

      • SAA.LN (M&C Saatchi) -- Brave Bison submits £50M cash-and-stock proposal to acquire M&C Performance from M&C Saatchi - Sky News, citing city sources

      • 298050.KS (HS HYOSUNG ADVANCED MATERIALS) -- acquires 80% interest in Umicore subsidiary Extra Mile

      • M Resources considers acquisition of Whyalla Steelworks -- The Australian

    • Healthcare

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

      • UCB.BB (UCB) -- announces BIMZELX (bimekizumab-bkzx) data in hidradenitis suppurativa showed improvements in pain and resolution of draining tunnels sustained to three years

      • BAVA.DC (Bavarian Nordic A/S) -- Bavarian Nordic clarifies that HERA order announced yesterday does not affect FY guidance

      • MOLN.SW (Molecular Partners) -- to present updated data from Phase 1/2a trial of MP0533 in AML at ASH Annual Meeting

      • COPN.SW (Cosmo Pharmaceuticals) -- receives CE certification for ColonPRO EU

    • Other

      • CPR.IM (Davide Campari-Milano) -- Italian authorities seize shares valued at ~€1.29B from holding company that controls Campari over tax allegations -- Reuters

      • ARB.LN (Argo Blockchain) -- updates on restructuring plan process

      • BFF.IM (BFF Bank SpA) -- notes bans imposed on 29-Apr-24 including distribution of profits have been lifted

      • MBG.GR (Mercedes-Benz Group) -- up-to-€2B share buyback program to commence 3-Nov

      • CBK.GR (Commerzbank) -- could exit its Frankfurt HQ as part of cost cutting push to fend off UniCredit - FT

      • ACA.FP (Credit Agricole) -- discloses ECB determination of capital requirements in respect of Pillar 2 Requirement (P2R) for 2026

      • Estimated weekend box office revenues in US, Canada $53.6M, (25.1%) y/y - Box Office Mojo

      • France Oct new passenger car registration +2.9% y/y to 139,513 vehicles -- PFA (1-Nov)

      • Saab, Bombardier discussing production JV - Globe and Mail, citing senior Canadian government source

      • White House releases fact sheet on China trade deal; China to ensure resumption of legacy chip exports from Nexperia China

  • Key rating changes

    • Upgrades

      • GLE.FP (Societe Generale) -- to buy from hold at Kepler Cheuvreux

      • BP.LN (BP) -- to outperform from neutral at Santander

      • NESN.SW (Nestle) -- to buy from hold at Berenberg

      • CFR.SW (Richemont) -- to buy from hold at HSBC

      • DNLM.LN (Dunelm Group) -- to outperform from sector perform at RBC Capital Markets

      • A2A.IM (A2A) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • VOD.LN (Vodafone Group) -- to sell from neutral at UBS

      • RED.SM (Redeia Corporacion) -- to neutral from outperform at Mediobanca

      • FRAS.LN (Frasers Group) -- to sector perform from outperform at RBC Capital Markets

      • FLS.DC (FLSmidth & Co) -- to hold from buy at Nordea

      • IG.IM (Italgas) -- to neutral from outperform at Santander

      • SLR.SM(Solaria Energia) -- to underweight from equal-weight at Morgan Stanley

  • Data

    • Nikkei +0.00% to 52411.34

    • Hang Seng +1.05% to 26178.42

    • Shanghai Composite +0.42% to 3971.38

    • S&P futures +4.0 vs prior close of 6874.0

    • €-$ +0.0006 or +0.05% to 1.1538

    • $-¥ +0.15 or +0.09% to 154.19

    • €-¥ +0.25 or +0.14% to 177.89

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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