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

Oct 08 ,2026

  • Synopsis

    • European equity markets set to open broadly mixed after Wednesday's lower close. Asian equities weakening Thursday. Samsung Electronics (005930.KS) lower after Q3 preliminary revenue and operating profit missed estimates. Mainland China markets resume trade following Golden Week period. Holiday metrics getting usual attention with early figures indicating soft travel and spending data. AI stocks among notable decliners with MiniMax (100.HK) trading down to its lowest since late July. Semis under pressure. China autos and battery producers mixed after Beijing rebuffed EU request for ‌voluntary curbs on hybrid car exports.

    • Indeed, lots of press coverage on high-stakes EU-China trade talks as Chinese commerce minister Wang Wentao receives EU trade commissioner Maros Sefcovic in Beijing as Brussels set October deadline to reset trade ties (SCMP). FT sources said Beijing has rejected EU's proposal to voluntarily limit exports of hybrid vehicles to the bloc to about 15%, compared with more than a third today or face retaliatory measures. European Commission now discussing temporary safeguard trade defense measures that could be applied without evidence of dumping, aiming to agree a number Beijing can accept privately without retaliating. SCMP added Brussels hopes China will agree to moderate its exports in a single sector, in so-called "proof of concept" arrangement that could be extended to more sectors, by end of Sefcovic's visit on Friday. Beijing is also seen as no longer rejecting outright that there are problems in its trade relations with Europe as it hopes to retain broader access to European market amid growing economic reliance on exports. Came after France and Germany jointly called for new measures to tackle market-distorting practices aimed at China (Bloomberg), while China responded that it also has tools ready if trade tensions escalate (Bloomberg).

    • Oil strengthening following latest Middle East headlines. Recovering crude flows have been a press focus though kinetic activity picking up with Iran stepping up attacks on tankers and Saudi-Houthi intensifying. Report Trump is seeking to develop strike plans against Iran before midterms has also grabbed attention. Oil strength corresponding with rebound in long-end Treasury yields following overnight stabilization attributed to strong 10Y auction.

    • The UK housing market weakened in Sep-26 as rising interest rate expectations dampened buyer confidence, with new buyer enquiries falling to -22% and agreed sales slipping to -18%, according to the latest RICS Residential Market Survey (link ). House prices faced increased downward pressure, with the headline price balance dropping to -32%, though 12-month expectations suggest a broadly flat outlook. Regional disparities persisted, with London performing worse than the national average while Northern Ireland and Scotland saw modest price growth. In contrast, the lettings market remained tight, with tenant demand rising for a third consecutive month while landlord supply stayed constrained, keeping rental growth expectations elevated at +37% for the next three months. RICS noted that while the market faces a period of subdued activity, the results do not signal a significant change in direction.

    • European macro data releases out today include Germany Aug trade balance and Ireland Sep CPI. Finland Aug Industrial Production comes in at +0.8% y/y vs consensus +3.8% and prior revised +4.6% from +4.5%

    • In central banks, Türkiye central bank's İstanbul Economic Forum (through Fri) sees Bank of France's Moulin and Netherlands central bank's Sleijpen on panel at 8:30CET, Greece central bank's Stournaras and Hungary central bank's Varga on a panel at 12:30 and BOE's Bailey speech at 14:15. Croatia central bank's Žigman speech at 10:40CET at conf co-hosted by Zagreb Stock Exchange, others. ECB's Lane fireside chat and Q&A at 12noon CET at Societe Generale Annual Global Markets Conf. BOE's Greene speech at 10:15BST at STANLIB Asset Management Offshore Summit (livesteam) and BOE's Lombardelli delivers a speech at 14:00BST at West Midlands Growth Summit at which Mayor of the West Midlands to set out region's next chapter of growth whilst BOE also releases latest credit conditions survey. Riksbank's Thedéen speech at 15:35CET about the economic situation and current monetary policy at Ruter Damdagen. Norges Bank's Bache annual autumn lecture at BI Norwegian Business School. BOE's Pill speech at the GZERO Summit in London. Belgium central bank's Biennial International Research Conf (through Fri) sees speeches by host's Wunsch. ECB releases minutes of last MPC meeting. Slovak central bank Financial Market and Innovation conf. Bank of Italy co-hosts Applied Macroeconomics conf. Denmark central bank publishes its latest lending survey at 8:00CET.

    • In politics, Chancellor Merz host UK PM Burnham. Eurogroup meeting (ECB's Lagarde and Cipollone, EU's Albuquerque among the attendees) and informal meeting of EU ministers for development (through Fri). In the UK, it's the Holborn & St Pancras by-election. NERI post Irish 2027 Budget analysis event at 15:30BST.

    • On the corporate front, Tesco (TSCO.LN) is the standout large-cap reporting today, with markets watching closely for any update on consumer spending trends and M&A in the sector (recent reports suggested Tesco among parties bidding for Majestic Wine, and there were also recent reports Sainsbury held merger talks with smaller rival Morrisons). Novartis (NOVN.SW) received FDA approval for Rhapsido (remibrutinib) as the first treatment for symptomatic dermographism. Bavarian Nordic (BAVA.DC) raised full-year guidance on strong travel health performance, and Zealand Pharma (ZEAL.DC) reported positive Phase 2 topline results meeting its primary endpoint. In M&A, BAM (BAMNB.NA) announced the acquisition of Dutch firm A.Hak at an EV of €504M. Unipol (UNI.IM) finalised a €2.5B rights issue, while Vodafone (VOD.LN) holds a business update call today. Rivian secured a committed loan facility from Volkswagen Group, a notable development for the EV sector. Notable broker moves: Goldman Sachs upgraded Sonova (SOON.SW) to Buy, Bernstein upgraded Continental (CON.GR) to Outperform.

  • Politics/Macro/World News

    • Higher interest rate expectations weigh on UK housing market as buyer demand softens - RICS

    • EU Is Taking Harder Line On China's Trade Gap As Talks Kick Off - BBG

    • Big investors 'bottom fish' in Eurozone bond markets after France sell-off - FT

    • Iran War Blows Near-£12Bln Hole In Britain's Public Finances - FT

  • Top company news

    • Earnings/updates

      • AI.FP (Air Liquide) -- issues pre-Q3 sales note

      • ENX.FP (Euronext) -- Sep trading activity

      • ALK.B.DC (ALK-Abello) -- upgrades full-year outlook on strong tablet sales

      • SZU.GR (Suedzucker) -- reports H1 operating Group EBITDA €303M, +60% vs year-ago €189M; Q2 prelims and adjusted FY guidance were already reported 28-Sep (€12.40) Talk To Us Send To A Friend Add SZU.GR to portfolio

      • BCP.PL (Banco Comercial Portugues) -- provides Q3 estimated provisions against legal risk related to FX mortgage loans portfolio booked by Bank Millennium

      • OPM.FP (OPmobility) -- provides updated guidance

      • FAGR.BB (Fagron) -- reports Q3 revenue €281.3M, +23% vs year-ago €228.2M

      • SIGHT.FP (GenSight Biologics) -- reports cash position as of 30-Sep €0.7M vs prior quarter €1.7M

      • ANIM.IM (Anima Holding SpA) -- Anima Holding reports Sep net inflows (excl. Class I insurance) (€254M)

      • KID.NO (Kid ASA) -- reports prelim Q3 revenue NOK1.01B vs FactSet NOK973.8M [6 est, NOK954-985M]

      • BAVA.DC (Bavarian Nordic) -- raises FY guidance; cites strong travel health performance

      • Also reporting today

        • Earnings:

          • DACHs: Agrana Beteiligungs (AGR.AV)

          • France: Wallix Group (ALLIX.FP)

          • Nordics: Admicom (ADMCM.FH)

          • UK: Tesco (TSCO.LN), Volution Group (FAN.LN), Next 15 Group (NFG.LN)

        • Trading Update:

          • Nordics: TGS-NOPEC Geophysical Co. (TGS.NO)

          • UK: UNITE Group (UTG.LN)

        • CMD/Events: Schouw & Co (SCHO.DC), Verbio (VBK.GR), doValue (DOV.IM), Faron Pharmaceuticals (FARN.LN) R&D Day, Vodafone Group (VOD.LN) business update call, IG Group Holdings (IGG.LN) business update call

    • M&A

      • BAMNB.NA (BAM) -- announces acquisition of Dutch company A.Hak; transaction values A.Hak at an EV of €504M

    • Healthcare

      • NOVN.SW (Novartis) -- announces FDA approves Rhapsido (remibrutinib) as first treatment for symptomatic dermographism (SD)

      • ZEAL.DC (Zealand Pharma) -- announces topline results from the Phase 2 ZUPREME-2 trial; meets primary endpoint

      • VLA.FP (Valneva) -- provides update on IXCHIQ in UK

      • ADXN.SW (Addex Therapeutics) -- Neurosterix completes Phase 1 clinical studies of NTX-253 for schizophrenia

      • NWRN.SW (Newron Pharmaceuticals) -- receives the anticipated FDA written communication on clinical hold at U.S. study centers in its Phase 3 ENIGMA-TRS 2 study with evenamide

    • Other

      • AIR.FP (Airbus SE) -- announces 10 aircraft order from Biman Bangladesh Airlines

      • GALP.PL (Galp Energia SGPS) -- Galp awarded Rodocrosita block in Santos Basin

      • SDLF.LN (Standard Life) -- holder Aberdeen Group announces offering of 52M shares

      • UNI.IM (Unipol Gruppo) -- finalises 10-for-59 rights issue to raise €2.5B at €20.56/sh

      • OCI.NA (OCI NV) -- notes Enterprise Chamber of the Amsterdam Court of Appeal makes decision to dismiss VEB petition, declines to order Inquiry

      • TRMD.A.DC (TORM Plc) -- SEC filing: SCHEDULE 13D/A (Filed by Oaktree Capital Holdings, LLC)

      • TRMD.A.DC (TORM Plc) -- TORM holder OCM Njord (Oaktree Capital) sells 6.3M shares

      • Rivian announced funding of committed loan facility from Volkswagen Group - 8-K

      • Santa Fe Bio and TotalEnergies enter agreement for renewable fuel production and exports

      • Woodward selected to provide an actuation system in support of Airbus' Folding Wing research activity

  • Key rating changes

    • Upgrades

      • CON.GR (Continental) -- to outperform from market perform at Bernstein

      • SOON.SW (Sonova Holding) -- to buy from neutral at Goldman Sachs

      • YAR.NO (Yara International) -- to hold from sell at SEB

    • Downgrades

      • HIAB.FH (Hiab) -- to hold from buy at DNB Carnegie

      • ATT.SS (Attendo) -- to hold from buy at SEB

    • Initiations

      • BAB.LN (Babcock International Group) -- neutral at Goldman Sachs

  • Data

    • Nikkei (0.77%) to 69498.18

    • Hang Seng (0.88%) to 23917.92

    • Shanghai Composite (0.77%) to 3812.78

    • S&P futures (9.0) vs prior close of 7852.8

    • €-$ (0.0003) or (0.03%) to 1.1194

    • $-¥ +0.11 or +0.07% to 158.19

    • €-¥ +0.06 or +0.03% to 177.07

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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