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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.34%, DAX +0.28%, CAC40 +0.20%

Oct 06 ,2026

  • Synopsis

    • European equity markets are set to open higher, while Asian equities mixed in quiet Tuesday trade. Hong Kong outperforming. Memory weighing on South Korea. Japan pushing higher following muted start. Mainland China remains offline for National Day holiday.

    • Saudi Arabia, Pakistan, Turkey agreed to rapid military deployment following recent Houthi attacks on Saudi infrastructure. Busy last few days of headlines surrounding political developments (France, Spain) though spillover effects limited.

    • Also on today's agenda, Irish government presents budget 2027 (Parliament Budgetary Oversight Committee Pre-Budget 2027 Report, Grant Thornton Ireland expectations, Nevin Economic Research Institute (NERI) Budget 2027 - To be economically radical, we need to be fiscally conservative). Chancellor Merz meets with the presidents and managing directors of the leading business associations (IHK, ZDH, BDI and BDA). Amongst events are Open Banking & PSD3 Forum, Moody's credit read for French and European banks at 9:00CET, Digital Asset Week London (through Wed), speakers include Economic Secretary to the Treasury Rigby at 9:30BST, Handelsblatt Conf. Energy Storage 2026 (through Wed) and FT event Future of Retail - among speakers Dunelm (DNLM.LN) CEO at 9:05BST, TheWorks (WRKS.LN), B+Q (KFG.LN) CEOs panellists at 9:25, Debenhams (DEBS.LN) CEO at 12:50, JD Group (JD.LN) CEO at 15:40. Il Sole 24 Ore / FT Made in Italy Summit kicks off (through Thu).

    • In central banks, Bank of Finland's Rehn press conf at 10:00CET on the economic outlook and monetary policy for the euro area. BOE's Mann fireside chat at 9:30BST at TS Lombard Capital Markets Summit. ECB's Donnery panellist at 11:10CET, Croatia central bank's Žigman, ECB Buch panellists at 13:45CET and ECB's Elderson panellist at 15:00 at Austrian Financial Market Authority (FMA) Supervisory Conf. Denmark central bank hosts a seminar on capital flows, includes a panel with Norges Bank's Bache, Riksbank's Seim and the host bank's Krogstrup. ECB's Cipollone in livestreamed MNI Connect video conf at 15:00CET on the digital euro.

    • European macro data releases out today includeGermany Aug factory orders, Sep construction PMI, France Aug industrial production, Spain Aug industrial production, Switzerland Sep unemployment rate, Eurozone Aug retail sales, UK Sep construction PMI, Denmark Aug manufacturing production.

    • In corporate news, Sanofi (SAN.FP) issued its Q3 aide-mémoire ahead of 30-Oct results, flagging a modest ~+2% currency tailwind on sales and ~+1% on business EPS, alongside an expected low-to-mid-teens Q3 decline in vaccine sales (led by respiratory/flu) before recovering into Q4. Also in France, Alstom (ALO.FP) published a pre-release note, guiding to slightly positive FX and no scope impact on H1 sales ahead of its 17-Nov report. In Benelux, Aperam (APAM.NA) confirmed its Q3 outlook, expecting adjusted EBITDA to soften sequentially from Q2 but stay above Q1, with Brazil strength partly offsetting weak European demand and no further valuation-effect support. In Norway, Norsk Hydro (NHY.NO) updated on the Alunorte gas disruption, reiterating an estimated $75-100M Q3 hit and flagging a further $90-110M Q4 cost impact from sourcing spot-priced gas, while pursuing a long-term supply fix and legal remedies. Elsewhere, Wienerberger (WIE.AV) cut its FY guidance (adjusted EBITDA now €640-650M vs. prior €700M) and launched a strategic review under its interim CEO alongside accelerated cost-cutting, while Neinor Homes (HOME.SM) reaffirmed 2026 EBITDA/EPS guidance, raised its 2027 outlook, and lifted its proposed dividend, backed by a record €2B+ orderbook.

  • Politics/Macro/World News

    • Yemeni government forces seize strategic strait from Houthis - Reuters

    • German far right set to secure first-ever regional parliament president - FT

    • German Coalition Leaders To Consider Confidence Vote At Wednesday Meeting - BILD

    • French central bank head warns country at risk of being 'strangled by interest rates' - FT

    • France's Mélenchon doubles down on student protests despite violent clashes - Politico

    • Andy Burnham considers delaying decision on defence spending - The Times

    • Irish budget to tackle childcare and energy costs - BBC

    • Spain aims to pass new data center rules before elections - El País

  • Top company news

    • Earnings/updates

      • ALO.FP (Alstom) -- publishes aide-memoire ahead of H1 publication

      • NHY.NO (Norsk Hydro) -- provides update on Alunorte gas supply situation

      • WIE.AV (Wienerberger) -- reports prelim. Q3 adj. EBITDA €170-180M vs FactSet €200.0M [1 est]; lowers FY guidance; undertaking a strategic review

      • BAKKA.NO (Bakkafrost) -- Q3 trading update

      • HOME.SM (Neinor Homes) -- updates financial guidance; reaffirms 2026 EBITDA and EPS guidance, raises proposed dividend

      • LSG.NO (Lerøy Seafood Group) -- reports Q3 total harvest volume of salmon and trout (GWT) 54,680 vs year-ago 59,100

      • APAM.NA (Aperam) -- Update on Q3 2026 market & financial trends: confirms the Q3 2026 outlook

      • SAN.FP (Sanofi)-- issues Q3 aide-mémoire: currency impact is estimated at ~+2% on sales and ~+1% on business EPS

      • IDEX.NO (IDEX Biometrics) -- reports prelim Q3 revenue NOK6.6M vs NOK 1.6M in Q2 and indication for Q3 revenue > NOK 8.5M as per Q2 report

    • M&A

      • KNEBV.FH (Kone) -- Japanese elevator manufacturers among potential bidders for TK Elevator's European operations -- Bloomberg

      • IR5B.ID (Irish Continental Group) -- announces application by ICG for an order sanctioning the Scheme relating to offer from Bluefin Bidco to be heard by Court on 10-Nov

      • AEDAS.SM (AEDAS Homes) -- agrees to sell nine assets for residential development projects located in major Spanish cities, in the mid-range residential segment, to JV

      • OR.FP (L'Oreal) -- exploring options for its legal liabilities in US - Reuters

      • SPIE.FP (SPIE) -- announces acquisition of Clauser; terms not disclosed

      • LOOMIS.SS (Loomis) -- completes acquisition of Hermes Transportes Blindados

      • IXX.GR (init innovation in traffic systems) -- acquires a 67.74% stake in the Norwegian company Applied Autonomy; terms undisclosed

    • Healthcare

      • GMAB.DC (Genmab) -- and AbbVie announce topline results from Phase 3 EPCORE DLBCL-2 trial evaluating fixed treatment duration epcoritamab in combination with R-CHOP

      • ZEAL.DC (Zealand Pharma) -- completes share buy-back program

      • IDIA.SW (Idorsia) -- presents positive findings from two new analyses of Phase 3 PRECISION study at AHA Hypertension 2026

    • Other

      • RYA.ID (Ryanair Holdings) -- will oppose competitors' high court action to ground its flights

      • BA.LN (BAE Systems) -- awarded $99.2M US Navy contract (Friday, post-close)

      • BA.LN (BAE Systems) -- awarded $70.5M US Navy contract (Friday, post-close)

      • AI.FP (Air Liquide) -- Transcript Intelligence: Air Liquide Capital Markets Day

      • DTE.GR (Deutsche Telekom) -- Transcript Intelligence: Deutsche Telekom Investor Day

      • RNO.FP (Renault) -- appoints Carine Damois as CFO effective 14-Nov

      • CS.FP (AXA) -- announces share repurchase agreement for max of €470.8M

      • TRMD.A.DC (TORM Plc) -- announces 6.3M share offering for holder OCM Njord (Oaktree Capital)

      • FactSet Podcast - Evening Market Recap, 5-Oct

  • Key rating changes

    • Upgrades

      • STB.NO (Storebrand) -- to buy from hold at Jefferies

      • DANSKE.DC (Danske Bank) -- to buy from neutral at Sparebank 1 Markets

      • HAG.GR (HENSOLDT) -- to buy from hold at Jefferies

      • HEN3.GR (Henkel) -- to neutral from sell at Goldman Sachs

      • NDA.SE.SS (Nordea Bank) -- to buy from neutral at Sparebank 1 Markets

      • OMV.AV (OMV) -- to sector perform from underperform at RBC Capital Markets

      • RIO.LN (Rio Tinto) -- to sector perform from underperform at RBC Capital Markets

      • SEB.A.SS (Skandinaviska Enskilda Banken) -- to buy from neutral at Sparebank 1 Markets

      • WRT1V.FH (Wartsila) -- to buy from neutral at Goldman Sachs

    • Downgrades

      • SU.FP (Schneider Electric) -- to neutral from overweight at JPMorgan

      • GJF.NO (Gjensidige Forsikring) -- to hold from buy at Jefferies

      • FER.SM (Ferrovial) -- to neutral from overweight at JPMorgan

      • BEI.GR (Beiersdorf) -- to sell from neutral at Goldman Sachs

    • Initiations

      • SSE.LN (Scottish and Southern Energy) -- outperform at Oddo

      • DOM.LN (Domino's Pizza Group) -- buy at Berenberg

      • HAG.GR (HENSOLDT) -- neutral at Goldman Sachs

      • TPRO.IM (Technoprobe) -- overweight at JPMorgan

    • Other Actions

      • FEVR.LN (Fevertree Drinks) -- transferred hold at Deutsche Numis; prior rating was hold

  • Data

    • Nikkei +1.09% to 70711.54

    • Hang Seng +0.67% to 24201.39

    • Shanghai Composite +0.00% to 3842.19

    • S&P futures +8.5 vs prior close of 7826.3

    • €-$ (0.0008) or (0.07%) to 1.1215

    • $-¥ +0.16 or +0.10% to 158.07

    • €-¥ +0.06 or +0.03% to 177.27

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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