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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open:Futures: FTSE +0.20%, DAX (0.13%), CAC40 (0.44%)

Oct 13 ,2026

  • Synopsis

    • European equity markets are set to open mostly lower. Follows higher performance on Monday. Asian equities also lower. South Korea selloff intensifying and triggering downside sidecar. Japan, Greater China and Taiwan also under pressure amid broader tech weakness.

    • AI trade in focus after reports China's CXMT making rapid progress in memory chips revived fears Chinese rivals closing the technology gap. Investors are now questioning heavy AI investment which is no longer funded only by debt but coincides with sharp rise rates. Broadcom's CEO flagged speculative excess. Geopolitics also weighing on sentiment. Russia kept striking Ukrainian energy infrastructure despite Trump's "energy ceasefire," Saudi Arabia reported fresh attacks, and tanker attacks near Hormuz constrain Gulf flows. IMF held 2027 growth forecast steady but warned on debt and energy risks. US data includes small business survey, ADP employment and home sales, ahead of CPI.

    • Brent near $105 keeping inflation worries alive and yields near multi-decade highs. US bank earnings later will show whether yield surge affecting dealmaking, lending and funding costs, with read-across for European financials. Chancellor Merz said Germany will cut electricity tax to EU minimum. French business uncertainty jumped in September on concerns about fuel prices and a deterioration of the economy. IMF cautioned UK to continue fiscal consolidation and avoid unleashing cost-of-living support measures.

    • Also on today's agenda, In France, National Assembly debate budget 2027 (state and social security budget bills) scheduled to begin, whilst French unions have called for further strike action. Parliament has 70 days to complete the procedure for the state budget and 50 days for the social security budget. Chancellor Merz speech / Q+A at the BDA Employers' Day. Other federal ministers will also attend the event. In the UK, there are MP questions on energy security and net zero, whilst committee topics include defence at 10:00BST as well as 15:00 (defence minister Streeting), Online Safety Act: implementation and impact at 14:30 (tbc). EU General Affairs Council meets. Norway's ministry of trade and fisheries Myrseth in London (through Thu) to strengthen Norwegian-British cooperation in energy, technology and green transition. Decarbonising the Future conf sees EU's Micallef among the speakers, whilst EU's Roswall gives a keynote.

    • In central banks, BOE's Green speech at 4:00BST at Atlantic Council at IMF, the same time as ECB's Donnery panellist at event at Bangkok Economic Festival. Former Riksbank governor Ingves speech at 5:00BST at Atlantic Council at IMF. ECB's Elderson panellist at 9:15CET at Friends of Europe Energy and Climate Summit whilst ECB's Lane gives a speech at 19:30BST at pre-Summit dinner ahead of International AI Summit. IMF's latest World Economic Outlook and Global Financial Stability Report and OPEC releases monthly oil market report. address at Water Innovation Europe 2026.

    • European macro data releases include Germany Sep final CPI, UK Sep retail sales monitor - BRC, Netherlands Sep final CPI, Portugal Sep final CPI

    • In earnings news, LVMH Moët Hennessy Louis Vuitton (MC.FP) reported Q3 revenue in line with expectations and modest Q3 organic growth amid softness in China, while Christian Dior (CDI.FP) posted a slight y/y decline in 9M sales but remained confident in its outlook. Also in France, Publicis Groupe (PUB.FP) reported Q3 revenue slightly ahead of consensus and confirmed its FY outlook. In DACHs, Givaudan (GIVN.SW) delivered strong Q3 revenue, beating expectations on like-for-like growth, and Sulzer (SUN.SW) reported a solid rise in 9M order intake, reaffirming its FY guidance. Among airports, Zurich Airport (FHZN.SW), Flughafen Wien (FLU.AV) and Fraport (FRA.GR) all issued September traffic numbers.

  • Politics/Macro/World News

    • Andy Burnham promises 'serious dialogue' over UK's relationship with EU - The Guardian

    • UK growth upgraded but energy prices and rates to bite in 2027 - BBC

    • IMF's Tenreyro Tells UK to 'Stay the Course' on Fiscal Plans - Bloomberg

    • Digital Minister wants to tax AI sales in Germany - Handelsblatt

    • Kyiv says Russia hits energy targets despite Trump ceasefire announcement - Reuters

  • Top company news

    • Earnings/updates

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- reports Q3 revenue €18.50B vs consensus €18.45B

      • GIVN.SW (Givaudan) -- reports Q3 revenue CHF2.09B vs consensus CHF1.99B

      • GALP.PL (Galp Energia SGPS) -- provides Q3 trading update

      • FRA.GR (Fraport) -- reports Sep Frankfurt Airport traffic statistics: passengers 6.06M, +1.6 y/y

      • CDI.FP (Christian Dior) -- Christian Dior reports 9M revenue €57.15B, (2%) vs year-ago €58.09B

      • SUN.SW (Sulzer) -- reports 9M order intake +1.8% to CHF 2.75B vs consensus CHF2.67B

      • FHZN.SW (Flughafen Zuerich) -- reports Sep traffic statistics

      • PUB.FP (Publicis Groupe) -- reports Q3 revenue €3.81B vs consensus €3.76B; confirms FY26 guidance

      • FLU.AV (Flughafen Wien) -- reports Sep Group total passenger traffic (2.0%) to 4.1M

      • Also due to report today includes

        • Earnings:

          • Nordics: ABG Sundal Collier Holding (ABG.NO)

          • UK: Bellway (BWY.LN), Bytes Technology Group (BYIT.LN), YouGov (YOU.LN)

        • Trading Update:

          • France: Ekinops (EKI.FP)

          • UK: BP (BP.LN), Greencore Group (GNC.LN), Rio Tinto (RIO.LN), Oxford Instruments (OXIG.LN), Ninety One (N91.LN), Integrafin Holdings (IHP.LN)

        • Sales: DFDS (DFDS.DC)

        • CMD/Events: Lonza (LONN.SW), Bayerische Motoren Werke (BMW.GR) pre-close call, Ahold (AD.NA) EGM

    • M&A

      • NOKIA.FH (Nokia) -- to sell Enterprise Campus Edge business to AURELIUS; price not disclosed

      • J36.SP (Jardine Matheson Holdings) -- upgrades FY underlying EPS to $5.50-5.65 vs prior guidance $5.33; to acquire the 50% stake in Gammon Construction for £250M (~$330M) cash

      • MDA.CN (MDA Space) -- CSG enters the space sector through the acquisition of shares resulting in a 9.5% equity position in MDA Space

      • ACA.FP (Credit Agricole) -- signs agreement for acquisition of IKB Deutsche Industriebank

    • Healthcare

      • AZN.LN (AstraZeneca) -- Transcript Intelligence: AstraZeneca at American Society for Bone and Mineral Research Meeting

      • CYTK (Cytokinetics) -- announces additional data from ACACIA-HCM presented at the HFSA Annual Scientific Meeting 2026

      • FYB.GR (Formycon) -- and Zydus Lifesciences note FYB206 accepted for review by FDA

    • Other

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- to commence Pelotas Sul Phase 2 Multi-client Survey Offshore Brazil

      • CEZ.CP (CEZ) -- releases statement on Luxembourg court order in proceedings brought by Diag Human SE against the Czech Republic

  • Key rating changes

    • Upgrades

      • TE.FP (Technip Energies) -- to buy from neutral at Goldman Sachs

      • NWG.LN (NatWest Group) -- to overweight from equal weight at Barclays

      • GLE.FP (Societe Generale) -- to market perform from underperform at Keefe, Bruyette & Woods

      • SILEX.SS (Silex Microsystems) -- to hold from sell at SEB

      • SEBA.SS (Skandinaviska Enskilda Banken) -- to market perform from underperform at Keefe, Bruyette & Woods

    • Downgrades

      • MAERSK.B.DC (Maersk) -- to sell from hold at SEB

      • ENTRA.NO (Entra ASA) -- to neutral from buy at Sparebank 1 Markets

      • ORSTED.DC (Ørsted) -- to neutral from buy at Goldman Sachs

      • GRG.LN (Greggs) -- to neutral from buy at UBS

    • Initiations

      • YPSN.SW (Ypsomed Holding) -- buy at Berenberg

      • JUN3.GR (Jungheinrich) -- neutral at UBS

      • SPIE.FP (SPIE) -- sector perform at RBC Capital Markets

      • EVD.GR (CTS Eventim) -- neutral at Goldman Sachs

    • Others

      • ZURN.SW (Zurich Insurance Group) -- reinstated neutral at Goldman Sachs

      • PST.IM (Poste Italiane) -- resumed overweight at Morgan Stanley; prior rating was equal-weight

  • Data

    • Nikkei (2.00%) to 67650.35

    • Hang Seng (0.01%) to 24268.72

    • Shanghai Composite +0.26% to 3807.05

    • S&P futures (10.5) vs prior close of 7858.0

    • €-$ +0.0025 or +0.22% to 1.1181

    • $-¥ (0.37) or (0.23%) to 158.26

    • €-¥ (0.04) or (0.02%) to 176.93

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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