Aug 27 ,2026
Synopsis
European equity markets set to open mixed. Asian equities mixed Thursday. South Korea and Taiwan outperforming with memory/semis broadly higher. NVDA guided revenue growth of ~70% in fiscal 2028 against consensus 45%, underlining strong demand outlook with supply the limiting factor. Talked up upward trajectory of AI capex cycle with AMZN to buy additional 2M GPUs. Also pushed back against circular financing criticism. Separately, press sources said NVDA struck deal to acquire Hugging Face in $13B deal. Stock up 5% afterhours.
In European earnings, Prudential [PRU.LN] H1 earnings mixed. Pernod Ricard [RI.FP] beat on full-year net income but guided for broadly stable organic sales through FY27, reflecting ongoing demand headwinds. Delivery Hero [DHER.GR] topped H1 EBITDA estimates and raised full-year guidance. Ageas [AGS.BB] delivered a strong beat on H1 net operating result (€776M vs €697M consensus). Elekta [EKTA.B.SS] significantly beat Q1 EPS expectations. On the M&A front, Boliden [BOL.SS] announced a $1.31B deal to acquire Votorantim's stake in Nexa Resources, with a subsequent voluntary tender offer for remaining shares. Notable broker moves: Vestas Wind Systems [VWS.DC] and Bilfinger [GBF.GR] were upgraded to buys at Berenberg and UBS respectively, while Givaudan [GIVN.SW] was cut to Underweight at Morgan Stanley and Yara [YAR.NO] downgraded to Sell at DNB Carnegie.
European macro data releases include Germany Sep consumer confidence - GfK, France Jul PPI, Eurozone Jul M3 money supply, Sweden Jul trade balance, Norway Q2 GDP
In central banks, ECB publishes minutes of last MPC meeting at 13:30CET. Bank of Finland's Välimäki lecture on the digital euro at 10:00CET and advisor to the bank Obstbaum panellist at 13:45 at the Europe Forum. Jackson Hole Economic Policy Symposium (through Sat) organised by Federal Reserve Bank of Kansas City. Chancellor Merz hosts a meeting with several like-minded EU heads of state and government to exchange views on the next Multiannual Financial Framework (MFF). A press briefing will follow the meeting. In the evening, hosts Norway's PM Støre. La REF sees EDF Group CEO Fontana, BNP Paribas (BNP.FP) deputy CEO Laborde panellists at 9:55CET; minister of the economy, finance Lescure in conversation at 10:45; Axa (CS.FP) CEO Buberl, minister of labour Farandou panellists at 11:15; EU's von der Leyen speech at 12:30; OVH Cloud (OVH.FP) CEO Klaba panellist at 14:30; President of France's National Assembly Braun-Pivet panellist at 15:30. Norwegian government's budget conf (through Fri), with PM Støre and finance minister Stoltenberg available to the press ~8:15CET before the government's budget conf. Czech Republic PM Babiš hosts European Council President Costa. UK Jul car production data are released by SMMT.
Macro/politics
France replaces Italy as European bond investors' biggest worry (FT )
Top company news
Earnings/updates
PRU.LN (Prudential) -- reports H1 IFRS profit $995M, (27%) vs year-ago $1.36B
EKTA.B.SS (Elekta) -- reports Q1 adj EPS SEK0.69 vs consensus SEK0.48 (SEK 54.80)
DHER.GR (Delivery Hero) -- reports H1 adjusted EBITDA €426.7M vs FactSet €412.0M [2 est, €405-419M]; raises FY guidance
RI.FP (Pernod Ricard) -- reports FY Net Income from Recurring operations €1.48B vs consensus €1.44B; expects FY27 Organic Net Sales broadly stable for the full year
AGS.BB (Ageas) -- reports H1 net operating result €776.0M vs consensus €697.0M
CMBT.BB (CMB.TECH) -- reports Q2 EPS $1.26 vs FactSet $0.89 [8 est, $0.71-1.31]
FGR.FP (Eiffage) -- reports H1 net income attributable €342M vs consensus €322.8M; confirms FY guidance
ACLN.SW (Accelleron Industries) -- reports H1 EPS $1.53 vs FactSet $1.36 [1 est]; raises FY organic revenue growth guidance
IBAB.BB (Ion Beam Applications) -- reports H1 net income €9.3M vs FactSet €9M [1 est]
CAI.AV (CA Immobilien Anlagen) -- reports H1 FFO I €55.6M vs year-ago €62.9M
IDL.FP (ID Logistics Group) -- reports H1 net income €26.2M vs year-ago €22.4M
GSF.NO (Grieg Seafood) -- reports H1 cont ops EPS ex hybrid interest (NOK1.30) vs year-ago (NOK3.00)
EGL.PL (Mota-Engil SGPS) -- reports H1 net income €74.0M vs FactSet €74M [1 est]
POS.AV (PORR) -- reports H1 EPS €0.71 vs year-ago €0.53; specifies FY guidance, reaffirms 2030 EBIT margin target
GDS.FP (Ramsay Générale de Santé) -- reports FY net income (€48.3M) vs year-ago (€54.1M)
Also reporting today
Earnings:
Austria: EVN (EVN.AV)
Belgium: Tessenderlo Group (TESB.BB), Cie d'Entreprises CFE (CFEB.BB)
Denmark: Danske Andelskassers Bank (DAB.DC), MT Hojgaard Holding (MTHH.DC), NNIT (NNIT.DC), Møns Bank (MNBA.DC), RTX (RTX.DC), Luxor (LUXOR.B.DC), Ostasiatiske Kompagni (OKEAC.DC)
Finland: Keskisuomalainen (KSL.FH)
France: TotalEnergies EP Gabon (EC.FP)
Germany: Fielmann Group (FIE.GR), ASTA Energy Solutions (1AST.GR), Hygieia Biomedical (50I.GR), IVU Traffic Technologies (IVU.GR), Ringmetall (HP3A.GR), BRAIN Biotech (BNN.GR), Bertelsmann (002JGK-E)
Netherlands: HAL Trust (HAL.NA), Eurocommercial Properties (ECMPA.NA), Azerion Group (AZRN.NA)
Norway: Måsøval (MAS.NO), Andfjord Salmon Group (ANDF.NO), Agilyx (AGLX.NO), Integrated Wind Solutions (IWS.NO), Norcod (NCOD.NO), Omda (OMDA.NO), Oncoinvent (ONCIN.NO), Electromagnetic Geoservices (VOIM.NO)
Southern Europe: Allwyn (ALWN.GA), Mota-Engil SGPS (EGL.PL), Aquafil (ECNL.IM)
Sweden: L E Lundbergföretagen (LUND.B.SS), Systemair (SYSR.SS), Sivers Semiconductors (SIVE.SS), Nordrest Holding (NREST.SS), BioInvent International (BINV.SS), Eolus Aktiebolag (EOLU.B.SS), Oncopeptides (ONCO.SS), Arctic Falls (ARFA.SS), Saniona (SANION.SS), Elon (ELON.SS)
Switzerland: Feintool International Holding (FTON.SW), Bajaj Mobility (BMAG.SW)
UK: PPHE Hotel Group (PPH.LN), Partners Group Private Equity (PEY.LN), Macfarlane Group (MACF.LN), Jadestone Energy (JSE.LN)
Traffic: VINCI (DG.FP)
CMD/Events: Blue Cap (B7E.GR),Frequentis (FQT.GR)
M&A
BOL.SS (Boliden) -- to acquire all of Votorantim's shares in Nexa Resources S.A. for total implied consideration $1.31B in Boliden shares; will launch voluntary tender offer to purchase for cash any Nexa shares not acquired through the transaction
DKSH.SW (DKSH Holding) -- DKSH to acquire P.R. Chemicals in Thailand
IR5B.ID (Irish Continental Group) -- independent board considering options including adjournment of upcoming meetings in connection with offer
DECB.BB (Deceuninck) -- Gramo BV acquires additional shares on stock exchange following closing of mandatory public takeover bid on shares in Deceuninck NV
Other
VOD.LN (Vodafone Group) -- SEC filing: SCHEDULE 13D (Filed by Vega SAS)
8S30.GR (Sphere 3D) -- SEC filing: SCHEDULE 13D/A (Filed by Endeavor Blockchain, LLC)
AKER.NO (Aker ASA) -- announces major customer contract signed by its second largest portfolio holding
Key rating changes
Upgrades
CCC.LN (Computacenter) -- to buy from add at Peel Hunt
VWS.DC (Vestas Wind Systems) -- to buy from hold at Berenberg
GBF.GR (Bilfinger) -- to buy from neutral at UBS
IOS.GR (IONOS Group) -- to buy from hold at Kepler Cheuvreux
UTDI.GR (United Internet) -- to buy from hold at Kepler Cheuvreux
Downgrades
YAR.NO (Yara International) -- to sell from hold at DNB Carnegie
GIVN.SW (Givaudan) -- to underweight from equal-weight at Morgan Stanley
ADM.LN (Admiral Group) -- to hold from buy at Berenberg
DTE.GR (Deutsche Telekom) -- to hold from buy at Kepler Cheuvreux
Data
Nikkei (0.32%) to 66047.76
Hang Seng (0.23%) to 25594.66
Shanghai Composite +0.84% to 3945.26
S&P futures +22.5 vs prior close of 7690.0
€-$ +0.0000 or +0.00% to 1.1655
$-¥ +0.06 or +0.04% to 159.37
€-¥ +0.06 or +0.03% to 185.70
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