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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.3%, DAX flat, CAC (0.1%), IBEX +0.2%, MIB (0.1%)

Oct 05 ,2026

  • Synopsis

    • European equity markets are set for a mixed start to the session, following last week's losses when the STOXX Europe 600 closed down ~(1.1%) for the week. A global bond selloff, not just a European one, defined the week. US 10-year yields topped 5.3% and 30-year yields reached the highest since 2002, as strong growth, energy-driven inflation and US fiscal worries outweighed softer August PCE, which cut October Fed hike odds to ~30% from 70%. Friday's payrolls added to that case: September jobs undershot consensus, unemployment ticked up and wage growth slowed. Brent held above $100, briefly touching $108, while Trump's diesel export-ban threat eased after a G7 agreement to release up to 100M barrels. In Europe, France's spread over Bunds hit post-euro-crisis highs, contagion reached Italy, Greek spreads have also shot up and UK gilts touched 6%. Eurozone inflation hit 3.8%, yet ECB hike bets faded. The S&P 500 sits about 2% off its high on tech strength, but the Stoxx 600 hit a three-month low. As the new week gets under way, euro under pressure, down to lowest against dollar since May-2025.

    • State of public sector finances and resistance to fiscal reforms among common denominators in region's bond market selloff. Concerns about political stability have weighed on French assets and there is emerging talk of an early election in Spain (Bloomberg). Discussions have also featured potential policy response if crisis intensifies, including ECB tempering rate hike expectations, pausing QT or implementing Transmission Protection Instrument.

    • In corporate news highlights, the biggest M&A story is Schneider Electric's [SU.FP] confirmed ~$20B acquisition of PTC Inc. [PTC] at $205/share in cash, representing one of the largest tech deals of the year. Akzo Nobel [AKZA.NA] is selling its South East Asia Decorative Paints business to Nippon Paint for $1.35B, while Rio Tinto [RIO.AU] sees GIC and Ares circling its infrastructure assets. Suncor Energy [SU.CN] agreed to sell Canadian oil assets to Ithaca Energy [ITH.LN] for up to C$1.55B. With first offer turned down, BT [BT.A.LN] reportedly considers improving bid for TalkTalk. Axis Capital confirms possible offer for Permanent TSB Group [PTSB.ID] at €3.20 per share. Elsewhere, Grieg Seafood [GSF.NO] cut full-year guidance following abnormal September mortality events. On the broker side, notable calls include Hermes [RMS.FP] downgraded to Sell at UBS, Continental [CON.GR] upgraded to Overweight at Morgan Stanley, and Givaudan [GIVN.SW] lifted to Overweight at Barclays. Key events today include Deutsche Telekom's [DTE.GR] AI Investor Day and an Air Liquide [AI.FP] CMD.

    • European macro data releases out today include Italy, Spain, Sweden Sep services PMI as well as final reads for Eurozone, France, Germany and UK, Eurozone Aug PPI, Oct investor confidence - Sentix. Germany and UK Sep new car registrations are due to be released.

    • In central banks, Bundesbank's Nagel speech at 9:45CET, Bank of Italy's Altimari fireside chat at Global Precious Metals conf (Sat through Tue). ECB Conf on Monetary Policy 2026: bridging science and practice (through Tue) sees Lane speech at 10:00CET the same time as Denmark central bank's Nødgaard speech at Nykredit Capital Markets Day. ECB's Schnabel participates at 11:00CET in meeting of the Assn. of German Banks. The Financial Stability Conf joint hosts include Austria central bank, Bundesbank's Theurer panellist at 11:15CET, ECB's Donnery panellist at 13:45 and Buch at 16:15. Bank of Spain's Escrivá panellist at 12:40CET during the main event of the Día de la Educación Financiera (livestream). BOE's Sales speech at 16:00BST at the Assn of Financial Mutuals Annual Conf (through Tue). ECONDAT 2026 Fall Meeting joint hosts include Bank of Italy, Riksbank, Fed (through Tue). Bank of Finland Institute for Emerging Economies releases its update to Russia forecast for 2026-28 in Teams webinar at 15.00CET. Ireland central bank's Makhlouf latest blog: Annual letter to students. Also, 2026 Annual Conf of the OECD Global Forum on Productivity.

    • Political events include EU-Republic of Moldova Assn Council - co-chaired by EU's Kallas and Moldova PM Tofan, and Chancellor Merz hosts Lithuanian PM Sinkevičius, the meeting will focus on security policy issues and Lithuania's upcoming EU Council Presidency, a joint press conf. will follow. Elsewhere, Economist hosts Sustainability Week Europe (through Wed) and ASPO Germany, Wuppertal Institute, and Assn of German Scientists conf. on energy sovereignty takes place.

  • Politics/Macro/World News

    • UK

      • Tories pledge to scrap environment agencies and expand Heathrow (Times)

      • Badenoch casts aside 'red wall' focus and returns Tories to their roots (FT)

      • Badenoch pledges to restore free childcare for high earners (Telegraph)

    • Portugal

      • Portugal credit rating upgraded to A+ from A, outlook stable from positive - Scope

    • Spain

      • Sánchez's new electoral crossroads after his housing failure: the possible scenarios -- RTVE

    • Russia

      • Russia hospitalizes almost 200 people after researcher's death from plague: reports -- CNBC

    • Latvia

      • Latvia's PM Kulbergs' centre-right United List party wins parliamentary election -- euronews

    • Bosnia and Herzegovina

      • Pro-Russia Dodik claims victory in Bosnia and Herzegovina elections -- eualive

  • Top company news

    • Earnings/updates

      • GSF.NO (Grieg Seafood) -- ASA revises its FY guidance amidst abnormal mortality in September

      • Also reporting today

        • Trading Update:

          • DACHs: GEA Group (G1A.GR)

          • Southern Europe: Repsol (REP.SM)

        • Sales: Avanza Bank Holding (AZA.SS), flatexDEGIRO (FTK.GR), Nordnet (SAVE.SS)

        • CMD/Events: Air Liquide (AI.FP) at 15:00CET, Andritz (ANDR.AV) at 8:30CET, Deutsche Telekom (DTE.GR) AI Investor Day at 12noon CET, Rainbow Rare Earths (RBW.LN) business update call, Ferrovial (FER.SM) business update call

    • M&A

      • PTC (PTC Inc.) -- Schneider Electric agrees to acquire PTC Inc. for $205/share in cash

      • ITH.LN ( Ithaca Energy), SU.CN (Suncor Energy) -- Suncor Energy to sell interests in Terra Nova, White Rose, and West White Rose to Ithaca Energy for C$1.2B cash plus additional contingent payment of up to C$350M

      • AKZA.NA (Akzo Nobel) -- to sell Decorative Paints South East Asia business to Nippon Paint for EV of $1.35B (€1.2B)

      • PTSB.ID (Permanent TSB Group Holdings) -- Axis Capital confirms possible offer for Permanent TSB Group at €3.20 per share

      • RIO.AU (Rio Tinto) -- GIC, Ares preparing offers for Rio Tinto's infrastructure assets - Australian Financial Review

      • ENI.IM (Eni) -- and Repsol considering sale of partial stake in Perla gas field off Venezuela's coast - Bloomberg

      • TSCO.LN (Tesco plc) -- Tesco among parties bidding for Majestic Wine - Sky News

      • BT.A.LN (BT Group) -- With first offer turned down, BT considers improving bid for TalkTalk - FT

      • EMEIS.FP (emeis) -- completes disposal of all its operations in Latin America

      • CWY.AU (Cleanaway Waste Management) -- EQT again provides Cleanaway with written re-confirmation; continues to progress confirmatory due diligence

      • ELMRA.NO (Elmera Group) -- announces results for recommended voluntary cash tender offer from Fortum following offer period expiration

      • MUX.GR (Mutares SE & Co KGaA) -- receives irrevocable offer for acquisition of controlling stake in Lapeyre Group from investment vehicle backed by Italian entrepreneurs

      • TFIN.IM (Trevi) -- Webuild raises offer price for Trevi-Finanziaria Industriale to €5.165/share in cash

      • +MONZO.LN (Monzo Bank) -- TPG interested in acquisition of minority stake in Monzo -- Sky News

      • Awayday announces strategic investment from Warburg Pincus, with Ares and LightBay to remain controlling shareholders; financial terms not reported

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- provides update on the denecimig Biologics License Application (BLA) in the US; FDA informs review still ongoing, extension due to ongoing facility remediation

      • BAYN.GR (Bayer AG) -- to invest $2.2B in new manufacturing site in New Albany, Ohio

      • PCVX (Vaxcyte) -- to present topline data from the OPUS-1 adult pivotal Phase 3 trial in conference call tomorrow (5-Oct) at 08:00ET

      • GMAB.DC (Genmab) -- holder Darwin Global (Abhishek Trehan) discloses 5.11% stake

      • GMAB.DC (Genmab) -- announces Rinatabart Sesutecan (rina-s) phase 2 RAINFOL-01 results demonstrated durable and clinically meaningful responses in patients with platinum-resistant ovarian cancer

      • ATORX.SS (Alligator Bioscience) -- Søren Bregenholt to step down as Alligator Bioscience CEO 31-Dec

    • Other

      • California Attorney General Bonta files lawsuit challenging Trump administration's rollback of fuel economy standards

      • Estimated weekend box office revenues in US, Canada $97.4M, +18.9% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • BC.IM (Brunello Cucinelli) -- to outperform from sector perform at RBC Capital Markets

      • CON.GR (Continental) -- to overweight from equal-weight at Morgan Stanley

      • GIVN.SW (Givaudan) -- to overweight from equal weight at Barclays

      • EVK.GR (Evonik Industries) -- to hold from sell at Berenberg

      • WRT1V.FH (Wartsila) -- to buy from hold at Nordea

    • Downgrades

      • RMS.FP (Hermes) -- to sell from neutral at UBS

      • AFX.GR (Carl Zeiss Meditec) -- to sell from neutral at Goldman Sachs

      • SKA.B.SS (Skanska) -- to hold from buy at Jefferies

      • SINCH.SS (Sinch) -- to hold from buy at Handelsbanken

      • TYRES.FH (Nokian Renkaat) -- to hold from buy at DNB Carnegie

      • COLR.BB (Colruyt Group) -- to sell from neutral at UBS

      • PDX.SS (Paradox Interactive) -- to hold from buy at ABG Sundal Collier

    • Other Actions

      • SAN.SM (Banco Santander) -- reinstated neutral at JPMorgan; prior rating was neutral

      • HEX.NO (Hexagon Composites) -- initiated buy at Arctic Securities

      • Goldman Sachs initiates on luxury goods stocks

      • Kepler Cheuvreux initiates HNR1.GR, SREN.SW

      • HAVAS.NA (Havas) -- initiated neutral at Goldman Sachs

  • Data

    • Nikkei +2.16% to 69784.56

    • Hang Seng (0.05%) to 23959.49

    • Shanghai Composite +0.00% to 3842.19

    • S&P futures (11.0) vs prior close of 7777.3

    • €-$ (0.0070) or (0.62%) to 1.1192

    • $-¥ +0.10 or +0.07% to 157.83

    • €-¥ (0.95) or (0.53%) to 176.64

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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