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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.2%), DAX (0.4%), CAC (0.6%)

Oct 15 ,2026

  • Synopsis

    • European equity markets set to open broadly lower, tracking weakness in Asian markets. Tech sector likely to see some pressure. Heavy losses in South Korea saw Kospi (8.6%) trigger another circuit breaker. Steep losses among Taiwan semis while SoftBank a major drag on Japan. Tech platforms and AI model developers weighing on Hong Kong benchmark. S&P 500 futures extending losses afterhours. Bonds strengthening with Treasury and JGB yields seeing big declines.

    • Hotter-than-expected US CPI and hawkish repricing of Fed rate path, underwhelming guidance from ASML, rising CDS spreads and concerns about balance sheet health extending to neoclouds, AI financing worries, China competition, and speculative investor behavior among bearish AI talking points this week.

    • A busy morning for earnings, with Ericsson (ERIC.B.SS) headlining after reporting Q3 adjusted EBITA of SEK10.1B, well ahead of consensus SEK7.9B, also announcing a simplification of its group structure. Analysts at BNP Paribas expect the shares to be up DD today on a surprisingly strong rev performance and better Q4 Network GM outlook. Nordea Bank (NDA.SE.SS) reported Q3 EPS in line with expectations but negative focus may be on announcement it is pausing buyback, according to analysts at Goldman Sachs. Pernod Ricard (RI.FP) posted Q1 Organic Growth (0.9%) vs consensus (1.7%); flagged softness in the US market, guiding organic net sales growth closer to the lower end of its +3-6% range through FY29 - a notable warning for the spirits sector. EQT (EQT.SS) reported AUM growth to €354B and announced the acquisition of US real estate manager Stockbridge for $375M. TotalEnergies (TTE.FP), Entain (ENT.LN), Antofagasta (ANTO.LN), and Mondi (MNDI.LN) are among the large caps due to provide trading updates today. In other news, Universal Music Group (UMG.NA) is reportedly undertaking extensive layoffs, and Ubisoft (UBI.FP) proposed closure of its RedLynx studio with major job cuts in Singapore. Notable broker moves included JPMorgan upgrading ArcelorMittal (MT.NA) to Overweight, Jefferies upgraded Derwent London (DLN.LN), Great Portland Estates (GPE.LN), and Land Securities (LAND.LN), while Deutsche Bank upgraded both JCDecaux (DEC.FP) and Telia (TELIA.SS) to Buy. JPMorgan initiated ACS (ACS.SM) at Overweight.

    • European macro data releases out today include France Sep final CPI, Eurozone Aug industrial production, UK industrial/manufacturing production, trade balance, GDP, construction output, Sep monthly GDP tracker - NIESR, Switzerland Sep PPI, Norway Sep trade balance, Netherlands Sep unemployment rate, Belgium Sep final CPI, Ireland Aug trade balance

    • In central banks, Bangkok Economic Festival sees Portugal central bank's Pereira, former governor of Bundesbank's Weber panellists at 2:35BST, former governor of Netherland's central bank Knot fireside chat at 3:20, Austria central bank's Kocher, BOE's Pill, Lithuania central bank's Šimkus panellists at 4:35. ECB's Buch panellist at 3:45BST at Bloomberg Global Policy Series 2026. BOE's Pill panellist at 4:40BST at Reinventing Bretton Woods Global Macro Program event (livestream) at Bangkok Economic Festival. Bank of France's Moulin, SNB's Schlegel panellist at 5:30BST at IMF whilst Eurogroup's Pierrakakis speech at 8:00BST at Atlantic Council at IMF and former governor of Netherland's central bank Knot in conversation at 6:30BST at event hosted by OMFIF. BOE's Bailey in roundtable discusssion at 8:30BST at Bloomberg's Global Regulatory Forum in Bangkok (having given opening remarks) and BOE Cleland gives a speech at 8:50BST at Intergraf Currency & Identity Conf (Wed-Fri). Georgia central bank's Turnava takes part in a fireside chat at 9:00BST at IMF, the same time as EIB's Calviño gives speech on Europe's investment outlook and beyond at Atlantic Council at IMF. First of the Bundesbank monthly report pre-releases. Slovak central bank scheduled to publish its latest Challenges Report which looks at current structural issues within the Slovak economy whilst Greece's IOBE releases its latest Quarterly Report on the Greek Economy. European Council meets to discuss Ukraine, China shock and €2T budget (through Fri, The Economist). EU's Costa invites Ukraine's Zelenskyy to EU leaders' summit and EU's von der Leyen among the participants. Reportedly, UK Chancellor Healey holding a pre-budget meeting with company execs from retail, hospitality and leisure sectors. Informal meeting of EU education ministers (through Fri) whilst EU's von der Leyen participates in the EPP Summit. The committee that will assess the ethical framework for Norwegian Government Pension Fund Global (Wealth Fund) will present its report to finance minister Stoltenberg. Amongst other events are German British Business Summit in London. Moody's credit read for Italian banks at 9:00CET the same time as the rating agency holds event UK Water 2026 whilst Fitch Rating event at 10:00BST AI Stress Test: Sector Risks Across Fitch's Rating Portfolio (EMEA Session).

  • Macro/polititcs

    • UK's Healey Says He Will 'Stay The Path' On Deficit Reduction - BBG

    • Ukraine To Resume Strikes On Russian Refineries, Zelenskyy Says - FT

  • Top company news

    • Earnings/updates

      • Nordics

        • ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- reports Q3 adj EBITA SEK10.1B vs consensus SEK7.9B; guides Q4; announces simplification of Group structure and changes to the Executive Team

        • NDA.SE.SS (Nordea Bank) -- reports Q3 EPS €0.35 vs FactSet €0.35 [17 est, €0.29-0.37]

        • EQT.SS (EQT AB) -- reports Q3 AUM €354B vs year-ago €267B

        • NEL.NO(NEL ASA) -- reports Q3 net income (NOK141M) vs FactSet (NOK109.3M) [4 est, (NOK117)-(101M)]

      • DACH

        • VACN.SW (VAT Group) -- reports Q3 revenue CHF376.4M vs FactSet CHF378.2M; Order intake CHF696.6M vs FactSet CHF535.9M; Sales are now expected to be significantly above the top end of the previous guidance of CHF1.5-1.7B vs FactSet CHF1.88B

        • DOCM.SW (DocMorris) -- reports Q3 external revenue CHF342.7M vs FactSet CHF305.6M [3 est, CHF302.3-311.5M]; raises FY guide; medium-term targets unchanged

        • DRW3.GR (Drägerwerk) -- reports preliminary Q3 EBIT €48M, including customs duty refunds of €20.1M

        • CICN.SW Cicor Technologies reports Q3 revenue CHF170.8M vs FactSet CHF179.6M [1 est]; Order intake CHF193.2M vs FactSet CHF177M

      • Benelux

        • TOM2.NA (TomTom) -- reports Q3 net income €5.1M vs consensus €3M; now expects FY revenue €505-530M vs prior €495-555M and FactSet €526.5M [2 est, €524-529M]

        • SLIGR.NA (Sligro Food Group) -- reports Q3 revenue €660M vs year-ago €664M; comments on impairment of part of the remaining goodwill

        • HAVAS.NA (Havas NV) -- reports Q3 revenue €724M vs FactSet €690.0M [2 est, €680-700M]EXA.FP (Exail Technologies) -- reports Q3 revenue €121M vs FactSet €126.0M

      • France

        • RI.FP (Pernod Ricard) -- reports Q1 revenue €2.23B vs StreetAccount €2.26B; Organic Growth (0.9%) vs consensus (1.7%); confirms FY guidance; Noting the current softness in the US market, we are projecting Organic Net Sales growth, aiming to be, on average, close to the lower end of the +3-6% range over FY27 to FY29.

        • GFC.FP (Gecina) -- reports Q3 Like-for-like revenue growth of +1.7% (+€8.2M), materially higher than indexation +0.7%; confirms FY guidance

      • Also reporting today

        • Earnings:

          • Benelux: Sipef (SIP.BB)

          • DACHs: 2G Energy (2GB.GR), Gerresheimer (GXI.GR)

          • Nordics: Wallenstam (WALL.B.SS), AQ Group (AQ.SS), OEM International (OEM.B.SS), Entra (ENTRA.NO), NEL (NEL.NO), Kinnevik (KINV.B.SS), Carasent (CARA.SS), Flerie (FLERIE.SS)

        • Trading Update:

          • Benelux: Fastned (FAST.NA)

          • DACHs: Kuros Biosciences (KURN.SW), Heidelberg Pharma (HPHA.GR)

          • France: Totalenergies (TTE.FP), Lagardere (MMB.FP), Mercialys (MERY.FP), Thermador Groupe (THEP.FP)

          • Nordics: BW Energy (BWE.NO)

          • Southern Europe: Brunello Cucinelli (BC.IM)

          • UK: Mondi (MNDI.LN), Entain (ENT.LN), Antofagasta (ANTO.LN), Atalaya Mining (ATYM.LN), Dunelm Group (DNLM.LN), Jupiter Fund Management (JUP.LN), XPS Pensions Group (XPS.LN), Rank Group (RNK.LN), Kenmare Resources (KMR.LN)

        • Traffic: Aéroports de Paris (ADP.FP)

        • CMD/Events: Greencoat UK Wind (UKW.LN), Constellation Oil Services Holding (COSH.NO) EGM

    • M&A

      • LKFT.NA (Lakefront Biotherapeutics) -- announces sale of preclinical CAR-T programs to Armed Cell Therapeutics

      • EQT.SS (EQT AB) -- to acquire U.S. real estate investment manager Stockbridge for base consideration of $375M plus potential earnouts

      • HWG.LN (Harworth Group) -- Peel Group owns or has received acceptances in excess of 75% of Harwarth Group; intends to delist the Harworth shares

      • A1OS.GR (All for One Group) -- VINCI completes acquisition of All for One

      • CY5.AU (Cygnus Metals) -- Central Asia Metals scheme of arrangement to acquire Cygnus Metals now effective

    • Healthcare

      • VNDA (Vanda Pharmaceuticals) -- Follow-up: Vanda Pharmaceuticals announces Phase III clinical study VP-VQW-765-3201 (Study 3201) did not meet primary endpoint

      • EVT.GR (Evotec) -- SEC filing: SCHEDULE 13D/A (Filed by Mubadala Investment Co PJSC)

    • Other

      • UMG.NA (Universal Music Group) -- undertaking "extensive" layoffs -- Variety

      • NEX.FP (Nexans) -- appoints Stéphane Artaud as COO

      • GTT.FP (Gaztransport & Technigaz) -- receives order in Q3 for the design of cryogenic tanks for two new LNG carriers

      • ACKB.BB (Ackermans & Van Haaren) -- awarded contract worth between €50-€150M for wind turbine installation at the Zeevonk offshore wind farm

      • UBI.FP (Ubisoft Entertainment) -- proposes closure of RedLynx studio and major job cuts at Ubisoft Singapore - Games Indsutry

      • DOU.GR (Douglas) -- announces appointment of Jean-Marc Bellaiche as CEO

      • ARYN.SW (Aryzta) -- will propose Heiner Kamps for election as Chairman at AGM in May 2027

      • Q3 Industrial REITs preview: Improving fundamental backdrop buoys sentiment despite rate headwinds

  • Key rating changes

    • Upgrades

      • NKT.DC (NKT A/S) -- to buy from hold at Berenberg

      • DEC.FP (JCDecaux) -- to buy from hold at Deutsche Bank

      • Jefferies upgrades DLN.LN, GPE.LN, LAND.LN

      • MRL.SM (MERLIN Properties) -- to buy from hold at Jefferies

      • CATE.SS (Catena) -- to buy from hold at Jefferies

      • MT.NA (ArcelorMittal) -- to overweight from neutral at JPMorgan

      • TELIA.SS (Telia Co.) -- to buy from hold at Deutsche Bank

      • TRE.SM (Tecnicas Reunidas) -- to neutral from underperform at BNP Paribas Exane

      • CE.IM (Credito Emiliano) -- to hold from reduce at Kepler Cheuvreux

    • Downgrades

      • ICAD.FP (Icade) -- to underperform from hold at Jefferies

      • WKP.LN (Workspace Group) -- to hold from buy at Jefferies

      • LUMO.FH (Lumo Homes) -- to hold from buy at Jefferies

      • CAF.SM (Construcciones y Auxiliar de Ferrocarriles) -- to underperform from neutral at BNP Paribas Exane

    • Initiations

      • ACS.SM (ACS SA) -- overweight at JPMorgan

  • Data

    • Nikkei (5.03%) to 64337.37

    • Hang Seng (1.20%) to 24023.35

    • Shanghai Composite (1.58%) to 3707.72

    • S&P futures (32.8) vs prior close of 7770.3

    • €-$ +0.0057 or +0.51% to 1.1217

    • $-¥ (0.41) or (0.26%) to 157.92

    • €-¥ +0.43 or +0.24% to 177.09

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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