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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.14%, DAX +0.31%, CAC40 +0.06%

Oct 14 ,2026

  • Synopsis

    • European equity market futures point to a positive open amidst mostly higher Asia equities Wednesday. South Korea up sharply, albeit recovering only a portion of yesterday's selloff. Hong Kong moderately firmer. Japan flat to higher, mainland China mixed and Australia lagging. Better complexion in regional tech following yesterday's widespread weakness, though China names mostly lower. Japan semis and Hang Seng Tech outperforming. South Korea names also tracking sharp gains. Follows somewhat softer overnight tech performance with SOX index down 0.23% (fifth straight decline) and US big tech mixed (Mag 7 mostly better). US contracts gaining after benchmarks were mostly lower in the cash session with Nasdaq lagging.

    • UK Business Secretary Jonathan Reynolds said the government will not put tariffs on Chinese vehicles in response to European demands for British tariffs on Chinese imports. IEA releases monthly oil market report. Chancellor Merz will deliver a government statement on the upcoming European Council meeting in the German Bundestag. Regular weekly UK PMQs at 12noon BST followed shortly after by opposition day debate (topic (s) tbc), whilst committee topics include Dunkelflaute (the simultaneous occurrence of darkness and a lull in wind activity) and the risks of electricity intermittency at 10:00 (tbc) and energy security and net zero at 15:00 (gov minister Fahnbulleh). EU's von der Leyen participates in the Tripartite Social Summit.

    • In central banks, ECB's Lagarde in on-stage conversation at 3:10BST at CNN Global Perspectives event. BOE's Breeden and Croatia central bank's Zigman panellist at 4:30BST at Bangkok Economic Festival. Bank of France's Moulin fireside chat at 4:45BST at IMF, same event as BOE's Bailey is a panellist at 6:30 BST and BOE's Pill fireside chat / Q+A at 7:00BST at Citi Roundtable. ECB's Lagarde in a conversation at 9:00BST at Atlantic Council at IMF, the same time as ECB's Elderson gives a speech at ECB-BoE Conf on Supervising Climate Risk in a Non-Linear World.

    • Macro data will include final Sep CPIs from Spain, Sweden and Finland.

    • Earnings include ASML (ASML.NA) reporting Q3 earnings and guiding Q4 and FY26 , while Lonza (LONN.SW) upgraded its organic growth model and mid-term financial ambitions ahead of CMD. Elsewhere in DACHs, Evotec (EVT.GR) reported preliminary nine-month results above expectations and PNE (PNE3.GR) cut its FY26 EBITDA guidance. In the Nordics, Aker BP (AKRBP.NO) reported Q3 production, while in the UK, Rio Tinto (RIO.LN) reported Q3 Pilbara iron ore shipments broadly in line with expectations.

    • Events include FT's Metals & Mining Summit (through Fri) including the Precious Metals Symposium on the first day if the conf. Fitch Rating event at 8:30CET on Western European Sovereigns. S&P Global Ratings Auto Industry Virtual Conf at 14:00BST.

  • Politics/Macro/World News

    • Bank of England's Bailey says companies are focusing on costs - Reuters

    • UK will not put tariffs on Chinese vehicles, says Jonathan Reynolds - Guardian

  • Top company news

    • Earnings/updates

      • Benelux:

        • ASML.NA (ASML Holding) -- reports Q3 net income €4.96B vs consensus €4.13B; guides Q4 and FY26

      • DACHs:

        • LONN.SW (Lonza Group) -- Lonza upgrades organic growth model and mid-term financial ambitions -- CMD

        • EVT.GR (Evotec) -- reports prelim nine-months 2026 results above market expectations; reaffirms FY 2026 guidance

        • SCMN.SW (Swisscom) -- Federal Administrative Court upheld Swisscom's appeal in fibre-optic court case and overturned COMCO decision including the CHF18M fine, FY26 financial outlook unchanged

        • BOSN.SW (Bossard Holding) -- reports Q3 revenue CHF296.1M vs FactSet CHF283M [1 est ]

        • PNE3.GR (PNE) -- guides FY26 normalized EBITDA €65-80M vs prior guidance €110-140M and FactSet €103.5M [4 est, €95.7-107.1M]

      • Nordics:

        • AKRBP.NO (Aker BP) -- reports Q3 net production 374.3 mboepd vs quarter-ago 383.6 mboepd

        • ONCO.SS (Oncopeptides) -- completes SEK100M share issue comprising 50M shares priced at SEK2.00/sh

        • KESKOB.FH (Kesko) -- reports September sales from continuing operations €1.19B, +4.3% in comparable terms

        • AVARDA.SS (Avarda Bank) -- reports Q3 adjusted EPS SEK3.51 vs year-ago SEK2.70

      • UK:

        • RIO.LN (Rio Tinto) -- reports Q3 production; Pilbara iron ore shipments (100% basis) 85.7Mt vs StreetAccount 85.5Mt

    • M&A

      • BYG.LN (Big Yellow Group) -- Activist fund Ancora reportedly pressing Big Yellow Group to explore potential sale -- Bloomberg

      • GALD.SW (Galderma Group) -- to acquire ZO Skin Health for an enterprise value of $1.5B

      • FNTN.GR (Freenet) -- acquires full ownership of waipu.tv for ~€76M, based on a company valuation of ~€300M

      • CE.IM (Credito Emiliano) -- CREDEM enters into exclusive talks with MCC for the acquisition of the controlling stake in BdM Banca

      • FGA.FP (Figeac Aero) -- acquires bodycote sud-Ouest; price undisclosed

      • C2PU.SP (Parkway Life REIT) -- to acquire three nursing home properties in France from DomusVi for €38.8M (~SG$56.5M)

      • Decagon evaluating acquisition interest, has held early talks with ServiceNow, others -- Business Insider

      • ServiceNow has no interest or intention of purchasing Decagon - tweet from @azvery (President, CPO, and COO Amit Zavery)

    • Healthcare

      • ABBV (AbbVie) -- presents new Ph3 AFFIRM data on SKYRIZI in patients with moderately to severely active Crohn's Disease

      • LONN.SW (Lonza Group) -- Trading halted in Lonza Group on SGX pending news release

      • ZEAL.DC (Zealand Pharma) -- and Generate Biomedicines team up to develop AI-driven obesity treatments in deal worth up to ~$1.2B

      • ONCO.SS (Oncopeptides) -- intends to carry out directed share issue of ~SEK100M

      • MEDCL.FP (MedinCell) -- announces additional €13.8M in non-dilutive financing

    • Other

      • FUR.NA (Fugro) -- enters into €150M unsecured financing facility with European Investment Bank to support ongoing development and deployment of uncrewed surface vessel technology

      • GLEN.LN (Glencore) -- Chess Depository Interests open at A$11.44 on the ASX

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- launches a second tranche of its share buyback programme for up to €1B

      • SHA0.GR (Schaeffler) -- Transcript Intelligence: Schaeffler Business Update Call

      • NEL.NO (NEL ASA) -- announces $12M purchase order

      • AVIO.IM (Avio) -- Lockheed Martin and Avio announce cooperation agreement for solid rocket motor production

      • APAC morning themes include Semis/Memory rebound ahead of ASML's Q3 earnings; Uranium lower on Paladin Q1 miss; Lithium firmer on Core Lithium BP33 update (14-Oct)

      • Guyana may curb LNG plans as Exxon needs more offshore gas for its wells than previously expected - Reuters, citing sources

      • Petrobras discloses update on AIP for Berbigão and Sururu Shared Reservoirs - 6-K

      • Quick Take: Rio Tinto trading (0.5%) as quarterly production broadly in line; lithium the main miss

  • Key rating changes

    • Upgrades

      • JPMorgan upgrades AAL.LN, AGL.SJ, GLEN.LN, others

      • BCP.PL (Banco Comercial Portugues) -- to buy from neutral at Goldman Sachs

      • PNN.LN (Pennon Group) -- to buy from hold at Jefferies

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

    • Downgrades

      • SREN.SW (Swiss Re) -- to underperform from hold at Jefferies

      • GET.FP (Getlink) -- to hold from buy at Kepler Cheuvreux

    • Initiations

      • WIE.AV (Wienerberger) -- hold at Jefferies

  • Data

    • Nikkei +0.48% to 68105.06

    • Hang Seng +0.70% to 24515.54

    • Shanghai Composite (0.26%) to 3791.17

    • S&P futures +11.5 vs prior close of 7855.8

    • €-$ +0.0006 or +0.05% to 1.1207

    • $-¥ (0.01) or (0.01%) to 158.31

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