Nov 06 ,2025
Synopsis
European equity markets set to open broadly flat, amid a busy session for earnings/updates with the likes of CBK.GR, HEI.GR, MT.NA, ZURN.SW, RHM.GR, DHL.GR, TIT.IM, ADEN.SW, SOLB.BB, GN.DC, SCMN.SW, BT.A.LN, DGE.LN and AZN.LN among the many names reporting.
Also policy decisions in focus for central banks kicking off with Norges Bank at 10:00CET, followed by BOE at 12noon GMT. Both central banks are expected to leave their respective benchmark interest rates unchanged at 4.0% and 4.0%. Czech central bank interest rate decision also due. The 3.5% benchmark interest rate is expected to be left unchanged. The bank also publishes its latest economic forecast.
European macro data releases include Germany Sep industrial production, Oct construction PMI, Spain Sep industrial production, UK Oct construction PMI, Eurozone Sep retail sales, Switzerland Oct unemployment rate, Sweden Oct preliminary CPI
Asia equities rallying Thursday. Most markets continuing their rally that began midway through Wednesday's session and trading higher Thursday.
Politics/Macro/World News
Top company news
Earnings/updates
UK
CRH.LN (CRH plc) -- reports Q3 adjusted EBITDA $2.70B vs FactSet $2.68B [14 est, $2.65-2.71B]
Benelux
MT.NA (ArcelorMittal) -- reports Q3 adj EPS $0.62 vs consensus $0.57; comments on outlook
SOLB.BB (Solvay) -- reports Q3 underlying net profit (cont ops) €90M vs FactSet €45.6M [2 est, €39.1-52M]
SYENS.BB (Syensqo) -- reports Q3 underlying net profit €110M vs FactSet €91.0M [3 est, €12-140M] (€68.06)
GLPG.NA (Galapagos) -- reports 9M EPS (€7.00) vs year-ago €0.70
IMCD.NA (IMCD) -- reports 9M operating EBITA €394M, (2%) vs year-ago €403M
AMG.NA (AMG Critical Materials) -- reports Q3 EPS $0.39 vs FactSet $0.49 [2 est, $0.48-0.50]
SHUR.BB (Shurgard Self Storage) -- reports Q3 EPRA EPS €0.47 ex-items vs year-ago €0.46; On track to deliver 2025 outlook
BAMNB.NA (Koninklijke BAM Groep) -- issues Q3 trading update; reiterates FY adjusted EBITDA margin guidance of at least 5%
FFARM.NA (ForFarmers) -- reports Q3 underlying EBITDA €39.0M vs year-ago €24.1M
DACH
CBK.GR (Commerzbank) reports Q3 net income €591M vs consensus €659M; now expects FY Net interest income of around €8.2B vs prior guidance around €8.0B
HEI.GR (Heidelberg Materials) -- reports Q3 RCO €1.18B vs consensus €1.16B; narrows FY RCO guidance
LXS.GR (Lanxess) -- reports Q3 net income (€77M) vs FactSet (€33.3M) [4 est, (€76)-4M]; now expects FY EBITDA pre exceptionals around lower end of range of €520-580M vs FactSet €518.49M
HEN3.GR (Henkel) -- reports Q3 revenue €5.15B vs consensus €5.21B; FY25 outlook remains unchanged
ZAL.GR (Zalando) -- reports Q3 net income €12.5M vs FactSet €60.7M [3 est, €35.5-96.6M]; confirms FY25 guidance
DHL.GR (DHL Group) -- reports Q3 EPS €0.75 vs consensus €0.63; FY25 guidance unchanged (
SCMN.SW (Swisscom) -- reports Q3 EBITDAaL CHF1.30B vs consensus CHF1.27B; confirms FY guidance
ZURN.SW (Zurich Insurance Group) -- reports 9M P&C gross written premiums $38.92B vs StreetAccount $37.75B
ADEN.SW (Adecco Group) -- reports Q3 Adj EPS €0.67 vs consensus €0.61; on track to deliver FY EBITA margin commitment
VATN.SW (Valiant Holding) -- reports 9M net income CHF108.3M, +3% vs year-ago CHF105.0M; reaffirms FY outlook
FNTN.GR (Freenet) -- reports 9M net income €207.6M, (13%) vs year-ago €238M; reiterates FY guidance
RSGN.SW (R&S Group Holding) -- guides mid-term net sales growth at 8-12% vs prior guidance 10-13%
Southern Europe
TIT.IM (Telecom Italia) -- reports Q3 EBITDA AL €971M vs consensus €966M; confirms FY guidance
DIA.IM (Diasorin) -- reports 9M adj net income €174M vs year-ago €176M; adjusts FY guidance slightly downward
EDP.PL (EDP-Energias de Portugal) -- reports Q3 net income attributable €243M vs StreetAccount €231.6M
EDPR.PL (EDP Renovaveis) -- reports 9M recurring net income €189M vs consensus €191.4M
MB.IM (Mediobanca) -- reports Q1 EPS €0.38 ex-items vs year-ago €0.38
France
TEP.FP (Teleperformance) -- reports Q3 revenue €2.51B vs FactSet €2.49B [2 est, €2.49-2.50B]; FY25 annual objectives updated
LR.FP (Legrand) -- reports Q3 revenue €2.20B vs consensus €2.26B
VIE.FP (Veolia Environnement) -- reports 9M revenue €32.32B vs StreetAccount €32.54B (
WLN.FP (Worldline) -- sees ~€1.0B EBITDA in 2030 fueled by run-rate savings of ~€210M -- CMD
Nordics
GN.DC (GN Store Nord) -- reports Q3 EPS DKK0.50 vs FactSet DKK1.29 [7 est, DKK0.87-1.77]; financial guidance for 2025 is confirmed
AUTO.NO (AutoStore Holdings) -- reports Q3 net income $32.2M vs FactSet $27.5M [8 est, $8.7-37M]
RECSI.NO (REC Silicon) -- reports Q3 EPS cont ops ($0.04) vs year-ago ($0.04)
DFDS.DC (DFDS)
reports Q3 EBIT DKK536M vs FactSet DKK519.7M [3 est, DKK492-544M]; FY25 EBIT lowered to DKK 0.6-0.75B from DKK 0.8-1.0B
announces DKK300M Cost Reduction Programme; lowers FY25 EBIT outlook; initiates CEO succession process
SALM.NO (Salmar) -- reports Q3 EPS NOK1.3 ex-items vs FactSet NOK2.17 [12 est, NOK0.62-4.02]
EMGS.NO (Electromagnetic Geoservices) -- reports Q3 EPS ($0.05) vs year-ago ($0.04)
AZT.NO (ArcticZymes Technologies) -- reports Q3 EBITDA NOK3.5M vs FactSet NOK2.3M [2 est, NOK1.0-3.5M]
SBO.NO (Selvaag Bolig) -- reports Q3 EPS NOK0.25 vs FactSet NOK0.35 [3 est, NOK0.29-0.44]
VOLCAR.B.SS (Volvo Car) -- outlines strategy towards long-term EBIT margin of over 8%, strong positive cash flows and growth through electrification during investor event today
Also reporting today
DACH
Rheinmetall (RHM.GR), Hochtief (HOT.GR), Continental (CON.GR), Uniper (UN0.GR), GEA Group (G1A.GR), Deutz (DEZ.GR), Adtran Networks (ADV.GR), Fielmann Group (FIE.GR), Rhoen-Klinikum (RHK.GR), SÜSS MicroTec (SMHN.GR), Deutsche Beteiligungs (DBAN.GR), SGL Carbon (SGL.GR), Himalaya Shipping (J1X.GR), Westwing Group (WEW.GR), Leifheit (LEI.GR), Schloss Wachenheim (SWA.GR), Bastei Lübbe (BST.GR), DEMIRE Deutsche Mittelstand Real Estate (DMRE.GR), Lenzing (LNZ.AV),
Benelux
Banijay Group (BNJ.NA), Groupe Bruxelles Lambert (GBLB.BB), Titan (TITC.BB)
Nordics
Maersk (MAERSK.B.DC), Novonesis (NSIS.B.DC), Genmab (GMAB.DC), TORM (TRMD.A.DC), Fynske Bank (FYNBK.DC), Solar (SOLAR.B.DC), Columbus (COLUM.DC), Harvia (HARVIA.FH), Capman (CAPMAN.FH), Sitowise Group (SITOWS.FH), Sparebanken Norge (SBNOR.NO), Pexip Holding (PEXIP.NO), B2 Impact (B2I.NO), Kid (KID.NO), Cambi (CAMBI.NO), Icelandic Salmon (ISLAX.NO), Norsk Titanium (NTI.NO), The Kingfish Company (KING.NO), Skanska (SKA.B.SS), Securitas (SECU.B.SS), Asker Healthcare Group (ASKER.SS), Hufvudstaden (HUFV.A.SS), Bure Equity (BURE.SS), Apotea (APOTEA.SS), Rugvista Group (RUG.SS), Arise (ARISE.SS), Net Insight (NETI.B.SS), Greater Than (GREAT.SS), PION Group (PION.B.SS), Active Biotech (ACTI.SS), Medivir (MVIR.SS)
Trading updates: GomSpace Group (GOMX.SS), ChemoMetec (CHEMM.DC)
France:
ENGIE (ENGI.FP), Euronext (ENX.FP), Air France-KLM (AF.FP)
Trading updates: JCDecaux (DEC.FP), NRJ Group (NRG.FP), Delta Plus Group (ALDLT.FP), Bonduelle (BON.FP), Akwel (AKW.FP), LNA Santé (LNA.FP), Poxel (POXEL.FP)
Southern Europe
National Bank of Greece (ETE.GA), Banca Monte dei Paschi di Siena (BMPS.IM), BPER Banca (BPE.IM), Banco BPM (BAMI.IM), Pirelli & C. (PIRC.IM), Iveco Group (IVG.IM), Azimut Holding (AZM.IM), Unipol Gruppo (UNI.IM), Banca Mediolanum (BMED.IM), Credito Emiliano (CE.IM), Brembo (BRE.IM), Cementir Holding (CEM.IM), Banca Ifis (IF.IM), Intercos (ICOS.IM), Ascopiave (ASC.IM), Zignago Vetro (ZV.IM), D'Amico International Shipping (DIS.IM), Logista Integral (LOG.SM), Sacyr Vallehermoso (SCYR.SM)
UK:
AstraZeneca (AZN.LN), National Grid (NG.LN), BT Group (BT.A.LN), Wise (WISE.LN), J Sainsbury (SBRY.LN), Auto Trader Group (AUTO.LN), RS Group (RS1.LN), TBC Bank Group (TBCG.LN), HgCapital Trust (HGT.LN), Helios Towers (HTWS.LN)
Trading updates: Diageo (DGE.LN), Smith & Nephew (SN.LN), IMI (IMI.LN), Howden Joinery Group (HWDN.LN), Hikma Pharmaceuticals (HIK.LN), Vistry Group (VTY.LN), Derwent London (DLN.LN), OSB Group (OSB.LN), Watches of Switzerland Group (WOSG.LN), S4 Capital (SFOR.LN)
M&A
MTSR (Metsera)
Pfizer planning to sweeten Metsera bid following court ruling - Reuters, citing person familiar with the matter
Pfizer matches Novo Nordisk's offer for Metsera at $86.20/share - FT
responds to ruling in litigation filed against the company by Pfizer
BPE.IM (BPER Banca) -- and Banca Popolare di Sondrio approve the merger by absorption of Banca Popolare di Sondrio into the company (14:25ET)
1COV.GR (Covestro) -- ADNOC expected to receive EU approval for Covestro bid this month - Reuters, citing people with direct knowledge of the matter (5-Nov, 17:27 CET)
ELIS.FP (Elis) -- acquires Lavanderia Hospitalar Acqua Flash Ltda in Brazil. Terms were not disclosed
THEON.NA (Theon International) -- THEON receives first order for multi-sensor gimbals from a European Defense Prime and announces acquisition of 30% of ShockEOS with an option to reach majority sareholding
NFG.LN (Next 15 Group) -- terminates discussions related to sale of brands
Healthcare
NOVO.B.DC (Novo Nordisk) -- presents new findings from the STEP UP phase 3B trial.
IDIA.SW (Idorsia) -- to present new aprocitentan insights at ASN Kidney Week & AHA Scientific Sessions
VIJ.GR (Viemed Healthcare) -- SEC filing: 10-Q
Other
WLN.FP (Worldline) -- exploring funding options including potential equity offering - Bloomberg
NEL.NO (NEL ASA) -- announces $50M purchase order
AKSO.NO (Aker Solutions) -- secures significant brownfield services contract from ExxonMobil Canada
PRS.NO (Prosafe) -- appoints Reese McNeel as permanent CEO
ZAL.GR (Zalando) -- launches €100M share buy-back for share-based remuneration programs
AENA.SM (Aena S.M.E.) -- Aena reports on the potential effects that would occur for Aena if an amendment incorporated to the text of the Sustainable Mobility Bill were to be definitively approved
ADEN.SW (Adecco Group) -- CFO Coram Williams to step down and return to the automotive sector
VK.FP (Vallourec) -- to supply TotalEnergies with casing, tubing, and associated accessories for the drilling of 48 wells for the Associated Gas Upsteam Project 2 project
NDA.SE.SS (Nordea Bank) -- Transcript Intelligence: Nordea Bank Capital Markets Day
EDP Renovaveis secures a 30-year PPA with a large electric utility in the state of Michigan for the clean energy generated by a 120 MWac solar project (12:22ET)
EDP Renovaveis signs a 17-year Capacity Tolling Agreement with Ava Community Energy for a 70 MW (280 MWh) co-located BESS (12:05ET)
Germany Oct new passenger car registrations 250,133, +7.8% y/y - KBA/VDIK (earlier)
Rolls-Royce and Forsee Power sign strategic partnership to accelerate electrification
Key rating changes
Upgrades
PNDORA.DC (Pandora) -- to buy from hold at ABG Sundal Collier
NDA.FI.FH (Nordea Bank) -- to buy from hold at Kepler Cheuvreux
Downgrades
AMUN.FP (Amundi) -- to sector perform from outperform at RBC Capital Markets
EBS.AV (Erste Group Bank )-- downgraded to neutral from outperform at Oddo
Initiations
KAP.LN (Kazatomprom) -- outperform at Bernstein
NOBA.SS (NOBA Bank Group) -- outperform at BNP Paribas Exane, buy at DNB Carnegie, buy at ABG Sundal Collier
Other Actions
ONCO.SS (Oncopeptides) -- reinstated hold at DNB Carnegie; prior rating was hold
Data
Nikkei +1.34% to 50883.68
Hang Seng +1.77% to 26394.76
Shanghai Composite +0.87% to 4003.96
S&P futures (6.8) vs prior close of 6825.3
€-$ +0.0015 or +0.13% to 1.1509
$-¥ (0.12) or (0.08%) to 153.99
€-¥ +0.09 or +0.05% to 177.19
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