Nov 04 ,2025
Synopsis
European equity markets are set to open flat to lower amidst Asia equities lower Tuesday.
UK Chancellor Reeves will hold a rare pre-Budget press conference in early Europe to lay the ground for tax increases (Telegraph, BBC). She will set out three priorities - cutting the NHS waiting list, reducing national debt and improving the cost of living (London Times). She will acknowledge recent speculation on tax increases and insist she will take the necessary steps to right public finances for years to come. Comes after PM Starmer's official spokesman refused on Monday to stand by Labour's pledge not to increase income tax, National Insurance or VAT. Starmer put Labour MPs on alert at a private meeting on Monday that the backdrop to the budget was worse than expected. However, he said it would reject deep cuts to public services and the NHS would be protected, as Downing Street coordinates with the Treasury (FT).
Also on today's agenda, Chancellor Merz continues his inaugural visits to the German states, this time to Mecklenburg-Western Pomerania. In UK, business in the House of Commons kicks off at 11:30GMT with Chancellor Reeves facing MPs questions on Treasury and there's a debate on a motion in the name of the Official Opposition (subject tba). Committee topics include AI in financial services 14:15 and the UK's fiscal framework 15:00. EU's Jørgensen speech at the Strategic Energy Technology Plan (SET-Plan) Conf. NATO North Atlantic Council meeting, sees EU's Kubilius among the attendees. EU's Dombrovskis, ESM's Gramegna participate in Bulgaria central bank's conf 'Bulgaria on the Doorstep of the Eurozone', ECB's Lagarde speech at 8:40CET, press conf 10:45 (event webcast (English) or Bulgarian). EU's Tzitzikostas presents the High Speed Rail Master Plan and the Sustainable Transport Investment Plan (STIP). Norway's Sandvik among the defence ministers from the ten JEF countries attending meeting (through Wed) to strengthen cooperation and security in Northern Europe, whilst minister of fisheries and the oceans Næss participates in Agenda Nord-Norge and minister of finance Stoltenberg participates in debate at the Storting about the Government Pension Fund Global's investments in Israeli companies. PM Støre speaks at 13:00CET at Yara's autumn seminar and minister of energy Aasland participates in the National Tariff Conf for the Energy Sector, organized by the Electricity and IT Assn. Amongst events on Tue, Handelsblatt Health (through Wed) and Handelsblatt Industry (through Wed), as well as Dagens industri's AI Customer Experience Summit and Small Business Evening.
In central banks, Cyprus central bank's Patsalides speech at 8:55CET at The Economist's 21st Annual Cyprus Summit. Bank of Spain's Escrivá speech at 10:00CET at conf. organised by Santander, with BOE's Breeden in fireside chat at 12:40CET. Bundesbank's Balz speech at 13:00CET at conf. on Digital Euro organised by the bank whilst Bundesbank's Nagel speech at 18:00CET title 'Together we are stronger - how Europe is becoming fit for its new global role' at event organised by the bank.
European macro data releases include Spain Oct unemployment change.
Market taking somewhat cautious view of latest round of high-profile AI updates. No traction from AMZN's $38B deal with OpenAI giving ChatGPT maker access to Amazon's data centers. GOOGL plans to raise around $22B through debt markets put more scrutiny on ramp in AI-linked issuance and related credit market risks. PLTR -4% afterhours and weighing on Nasdaq futures. Group guided Q4 revenue above expectations citing accelerating demand for AI and data analytics products, though high valuation and lack of clarity on 2026 guidance among early talking points.
A busy morning for earnings, the DACHs region kicked off the session with Fresenius Medical Care (FME.GR), Nemetschek (NEM.GR), Evonik Industries (EVK.GR), Nordex (NDX1.GR) and Hugo Boss (BOSS.GR) reporting Q3 earnings. In the Netherlands, Philips (PHIA.NA) issued Q3 earnings numbers and reiterated FY25 outlook with EBITA margin now expected at the upper end of the range. In France, bioMerieux (BIM.FP) released its Q3 revenue and lowered its FY sales outlook, whilst Edenred provided new 2025-28 Outlook with its Amplify25-28 plan in connection with its CMD today. In Nordics, Coloplast (COLO.B.DC) reported Q4 earnings and SSAB (SSAB.A.SS) issued a presentation in connection with its CMD. In Spain, Telefonica (TEF.S) reported Q3 earnings and reaffirmed FY revenue, EBITDA, capex guidance and dividend commitment for 2025. Also outlined longer term targets ahead of its CMD.
In M&A, Apollo (APO) announced that Apollo-managed funds have agreed to invest $6.5B in a 50% stake in Ørsted's (ORSTED.DC) Hornsea 3.
Politics/Macro/World News
Top company news
Earnings/updates
DACHs
FME.GR (Fresenius Medical Care) -- reports Q3 EPS €0.94 vs consensus €0.86; outlook 2025 confirmed
NEM.GR (Nemetschek) -- reports Q3 EPS €0.48 vs FactSet €0.46 [7 est, €0.41-0.53]
NDX1.GR (Nordex) -- reports final Q3 earnings in line with prelim. release: net income €51.7M vs FactSet €49.1M [3 est, €47-52M]
OERL.SW (OC Oerlikon Corp.) -- reports Q3 revenue CHF380M vs FactSet CHF376.0M [3 est, CHF368-383M]
ADV.GR (Adtran Networks) -- guides FY pro forma EBIT low negative to low positive single-digit percentage of revenue
ADV.GR (Adtran Networks) -- reports Q3 pro forma EBIT €3.8M vs year-ago (€4.1M)
BCHN.SW (Burckhardt Compression Holding) -- reports H1 EPS CHF14.40 vs FactSet CHF11.44 [1 est]
SFQ.GR (SAF-HOLLAND) -- reports preliminary 9M EBIT €121.1M vs €146.1M year-ago
GEBN.SW (Geberit) -- reports Q3 net income CHF155.8M vs StreetAccount CHF154.2M; now expects FY Net sales growth in local currencies of around +4.5% vs prior guidance +4%
EVK.GR (Evonik Industries) -- reports Q3 adjusted EPS €0.27 vs consensus €0.26
ATS.AV (AT & S Austria Technologie & Systemtechnik) -- reports Q2 net income (€7.6M) vs FactSet (€13M) [1 est]; comments on FY25/26 and FY26/27 outlook
GF.SW (Georg Fischer) -- provides a deep dive into its new Strategy 2030; targets EBITDA margin 16-18% - CMD
NOEJ.GR (Norma Group) -- reports Q3 adj. EPS from continuing operations €0.05 vs FactSet (€1.03) [2 est, (€2.12)-0.06]
RSL2.GR (R. Stahl) -- reports Q3 EPS €0.39 vs year-ago €0.28; confirms FY outlook
BOSS.GR (Hugo Boss) -- reports Q3 EPS €0.85 vs consensus €0.82; now expects FY25 Group sales and EBIT to align with lower ends of guidance ranges
ELG.GR (Elmos Semiconductor) -- reports Q3 EPS €1.37 vs FactSet €1.34 [1 est]; guides FY25
Benelux
PHIA.NA (Koninklijke Philips) -- reports Q3 EPS €0.36 ex-items vs consensus €0.32; reiterates FY25 outlook with EBITA margin now expected at the upper end of the range
THEON.NA (Theon International) -- reports 9M EPS €0.70 vs year-ago €0.56
WHA.NA (Wereldhave) -- reports 9M DRPS €1.36 vs year-ago €1.30
France
BIM.FP (bioMerieux) -- reports Q3 revenue €948.1M vs FactSet €975.8M [5 est, €951-997M]. Lowers FY sales outlook
VCT.FP (Vicat) -- reports Q3 revenue €992M vs year-ago €979M
COFA.FP (Coface) -- reports 9M net income €176.3M, (15%) vs year-ago €207.7M
BEN.FP (Beneteau) -- reports Q3 revenue €170.6M vs FactSet €185.0M [1 est]; expects H2 income from ordinary operations to be positive
EDEN.FP (Edenred) -- provides new 2025-28 Outlook with its Amplify25-28 plan
Nordics
ORSTED.DC (Ørsted) -- Follow-up: Ørsted issues press release on agreement to divest 50% stake in Hornsea 3 to Apollo
BAKKA.NO (Bakkafrost) -- reports Q3 operational EBIT DKK22M vs FactSet DKK82.1M [12 est, DKK22-105.3M]
BOOZT.SS (Boozt Fashion) -- reports Q3 EPS SEK0.69 vs FactSet SEK0.66 [3 est, SEK0.59-0.70]; updates FY outlook
NRC.NO (NRC Group) -- reports Q3 EPS NOK0.17 vs FactSet NOK0.22 [3 est, NOK0.19-0.26]
MULTI.NO (Multiconsult) -- reports Q3 EPS NOK1.41 vs FactSet NOK1.63 [4 est, NOK1.00-2.14]
AKER.NO (Aker ASA) -- reports Q3 NAVPS NOK909, +19% vs year-ago NOK767
BICO.SS (BICO Group) -- reports Q3 EPS cont ops (SEK15.68) vs year-ago (SEK3.68)
SMCRT.NO (SmartCraft) --reports Q3 net income NOK23.4M vs FactSet NOK26.6M [6 est, NOK25.3-28.3M]
CLOUD.NO (Cloudberry Clean Energy) -- reports Q3 EPS NOK0.27 vs year-ago (NOK0.06)
IPCO.SS (International Petroleum Corp) -- reports Q3 net income $3.8M vs FactSet $6.6M [7 est, ($1)-17M]
COLO.B.DC (Coloplast) -- reports Q4 net income DKK875M vs consensus DKK968M; guides FY26/26
SSAB.A.SS (SSAB) -- reiterates its financial targets; targets increase in premium offering as percent of the Group's total shipments - CMD
ARCH.NO (Archer) -- reports Q3 adjusted EBITDA $40.2M, +11% y/y; reiterates FY25 financial guidance
HACK.SS (Hacksaw) -- reports Q3 EPS €0.13 vs year-ago €0.11
NORB.B.SS (Nordisk Bergteknik) -- reports Q3 EPS SEK0.18 vs FactSet SEK0.01 [2 est, SEK0.00-0.02]
Southern Europe
LTMC.IM (Lottomatica Group) -- reports 9M adjusted net income €257.4M ex-items, +60% vs year-ago €161M
TEF.SM (Telefonica) -- reports Q3 adj. EBITDA €3.07B vs consensus €3.04B; reaffirms FY revenue, EBITDA, capex guidance and dividend commitment for 2025
Also due to report today includes:
Earnings:
Austria Mayr-Melnhof Karton (MMK.AV)
Denmark North Media (NORTHM.DC)
Finland NoHo Partners (NOHO.FH)
France Transgene (TNG.FP)
Germany , Schaeffler (SHA0.GR), Aura Minerals (A531.GR), NEXUS (NXU.GR), AdvancedAdvT (06P0.GR), Mediclin (MED.GR), CENIT (CSH.GR)
Norway Cloudberry Okea (OKEA.NO)
Southern Europe: Grifols (GRF.SM), Gestamp Automoción (GEST.SM), FinecoBank (FBK.IM), Banca Popolare di Sondrio (BPSO.IM), Industrie De Nora (DNR.IM), Public Power Corp. (PPC.GA)
Sweden Latour Investment (LATO.B.SS), Cibus Nordic Real Estate (CIBUS.SS), Nobia (NOBI.SS), Studsvik (SVIK.SS), SaltX Technology Holding (SALT.B.SS), Embellence Group (EMBELL.SS), 4C Group (4C.SS), Catena Media (CTM.SS)
Switzerland Burckhardt Compression Holding (BCHN.SW),
UK: BP (BP.LN), Associated British Foods (ABF.LN), dotDigital Group (DOTD.LN), Smiths News (SNWS.LN), Focusrite (TUNE.LN)
Trading Update:
Benelux: Alfen (ALFEN.NA)
France: Rubis (RUI.FP), Oeneo (SBT.FP)
Nordics: Archer (ARCH.NO), Demant (DEMANT.DC),NNIT (NNIT.DC)
Southern Europe: Safilo Group (SFL.IM)
UK: International Workplace Group (IWG.LN), Domino's Pizza Group (DOM.LN)
Other: AIB Group (A5G.ID)
Sales: Volvo Car (VOLV.B.SS)
CMD/events: Telefonica (TEF.SM), AFRY (AFRY.SS), Indutrade (INDT.SS), HEXPOL (HPOL.B.SS), Kardex Holding (KARN.SW), Enento Group (ENENTO.FH), Aspocomp Group (ACG1V.FH),
M&A
ORSTED.DC (Ørsted) -- Apollo funds commit $6.5B to Ørsted's Hornsea 3
NB2.GR (Northern Data) -- Group announces agreement for divestiture of Peak Mining for up to USD$200M
GCO.SM (Grupo Catalana Occidente) -- Grupo Catalana Occidente's board of directors publishes favorable opinion on Inoc's offer with the unanimous vote of the monitoring committee (earlier)
FSG.LN (Foresight Group Holdings) -- TPG confirms acquisition of 70% equity interest in Kinetic Group; terms undisclosed
NRG (NRG Energy) -- in talks with a buyer for the Gladstone power station -- Australian Financial Review
AENA.SM (Aena S.M.E.) -- Aena S.M.E.notes Grupo Aeroportuario del Pacífico proposes the business combination of the Cross Border Xpress and the technical assistance services
WG.LN (John Wood Group) -- provides update on sale of joint venture interest in RWG to Siemens Energy Global
ONTEX.BB (Ontex Group) -- completes divestment of Turkish business
OERL.SW (OC Oerlikon Corp.) -- reports Q3 revenue CHF380M vs FactSet CHF376.0M [3 est, CHF368-383M]
ACKB.BB (Ackermans & Van Haaren) -- notes DEME announcement regarding ownership realignment among shareholders in the ScotWind project
KIN.BB (Kinepolis Group) -- Kinepolis to buy Emagine Entertainment at transaction value of $105M (€91.2M) plus up to $15M growth-based earn-out
SEI.CN (Sintana Energy) -- Challenger Energy Group and Sintana Energy provide update surrounding previously announced acquisition of Challenger by Sintana
FSG.LN (Foresight Group Holdings) -- TPG to acquire 70% of Kinetic Group at more than A$4B (£1.99B/$2.62B) valuation - Australian Financial Review
DEME.BB (DEME Group) -- provides update on ScotWind project
IF.IM (Banca Ifis) -- announces illimity Bank accepts Banca Sella Holding's offer to acquire a 50% stake in Hype
BELL.SW (Bell Food Group) -- agrees to acquire the production facility of Hermann Wein GmbH & Co. KG in Freudenstadt as part of an asset deal
Healthcare
UCB.BB (UCB) -- FDA approves Kygevvi as treatment for TK2d in adults and pediatric patients
UCB.BB (UCB) -- FDA issues press release highlighting first drug approval for rare disease TK2d
UCB.BB (UCB) -- Follow-up: U.S. FDA approves KYGEVVI as treatment for TK2d in adults and pediatric patients; availability and RPDPRV voucher status
ABVX.FP (Abivax) -- announces patient-reported Ph3 data of Obefazimod in moderate-to-severely active ulcerative colitis
VLA.FP (Valneva) -- reports positive results for Phase 1 Trial of Second-Generation Zika vaccine candidate
SANN.SW (Santhera Pharmaceuticals Holding) -- Santhera Pharmaceuticals announces five-year data of AGAMREE (vamorolone) in patients with DMD show improved safety profile with comparable effectiveness to standard of care corticosteroids
OXUR.BB (Oxurion) -- terminates discussions regarding planned acquisition of company specialized in preclinical microbiology services
Other
NOKIA.FH (Nokia) -- announces intention to seek a delisting from Paris Stock Exchange
AIR.FP (Airbus SE) -- Airbus reportedly delivered 78 planes in October -- Bloomberg
BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- has agreed to carry out an issue of €1.0B preferred securities contingently convertible into newly issued ordinary shares of BBVA
EDP.PL (EDP-Energias de Portugal) -- signs deal with Heineken and Rondo Energy to decarbonize brewery emissions
FBK.IM (FinecoBank) -- publishes 2026 SREP requirements; capital ratios well above the capital requirements assigned by the ECB
Italy Oct new passenger car registrations 126,543; (0.6%) y/y; guides 2025 and 2026 -- UNRAE
Spain Oct new passenger car registrations 96,785 units, +15.9% y/y - ANFAC (earlier)
Key rating changes
Upgrades
MONC.IM (Moncler) -- to overweight from equal weight at Barclays
FORTUM.FH (Fortum) -- to neutral from underperform at BNP Paribas Exane
PAH3.GR (Porsche Automobil Holding SE) -- to neutral from sell at UBS
RYA.ID (Ryanair Holdings) -- to buy from hold at Peel Hunt
SOBI.SS (Swedish Orphan Biovitrum) -- to buy from hold at Deutsche Bank
STMN.SW (Straumann Holding) -- to neutral from sell at UBS
Downgrades
PBB.GR (Deutsche Pfandbriefbank) -- to reduce from hold at Kepler Cheuvreux
RMS.FP (Hermes) -- to equal weight from overweight at BNP Paribas Exane
Initiations
AMRZ.SW (Amrize) -- neutral at Oddo
Data
Nikkei (1.74%) to 51497.20
Hang Seng (0.78%) to 25955.43
Shanghai Composite (0.74%) to 3947.17
S&P futures (62.0) vs prior close of 6882.8
€-$ +0.0004 or +0.03% to 1.1523
$-¥ (0.56) or (0.36%) to 153.65
€-¥ (0.60) or (0.34%) to 177.04
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