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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.2%), CAC (0.4%)

Oct 19 ,2026

  • Synopsis

    • European equity markets set to open lower after last week's gains. Recall the Stoxx Europe 600 saw gain of +2.1% last week.

    • Focus on situation in France. French PM Sébastien Lecornu is holding a crisis cabinet meeting on Monday to assess a weekend of violence and looting across the country, in what were some of the worst scenes of public disorder in modern French history. Police arrested more than 2,300 people over the weekend. Political leaders have traded accusations over the weekend violence ahead of next spring's presidential election. Meanwhile, French President Emmanuel Macron has declined Interior Minister Laurent Nunez's offer ‌to resign after the rioting,(BBC, France24)

    • Oil prices lower Monday following news Trump waived sanctions and tariffs ‌on Russia that may lead to more Russian fuel exports.

    • Asian equities mixed Monday. AI trade weaker. Lot of focus lately on AI financing and rising funding costs increasing pressure on balance sheets. CoreWeave source of latest angst amid spike in its yields and CDS spreads. IPO timelines in doubt with Bloomberg sources noting Nscale investors urging it to lower valuation target and Microsoft withdrawing from Nscale UK data center deal. China competition another focus after DeepSeek released updated V4.1-Flash on weekend with stronger performance metrics. In other AI-related developments, CXMT (688825.CH) guided for more than 700% increase in 9M revenue, citing growing compute demand. Also proposed CNY1-2B share buyback. SoftBank (9984.JP) weighing $18B acquisition of Allied Universal according to Reuters source. Hon Hai Precision (2317.TT) to acquire 50% stake in Mitsubishi Electric Mobility (for transfer price of ¥115.0B (NT$23.59B). Beijing proposed export controls on AI technologies, including advanced models, affecting Moonshot's Kimi K3, Alibaba's (9988.HK) Qwen 3.8-Max and MiniMax's (100.HK) M3.

    • China Q3 GDP growth stronger-than-expected 4.5% y/y, back in-line with government's 2026 target. September activity data also came in better. Industrial production supported by semiconductor output. Retail sales growth strengthened outside sharp drop in autos. Fixed asset investment decline held at prior month's pace though infrastructure investment worsened. Property metrics mostly subdued with real estate investment contraction widening past 20% y/y. New home price declines narrowed slightly.

    • In central banks, Green Swan Conf sees Bank of Italy's Panetta, Netherland central bank's Sleijpen speaking from 2:00BST, Bank of France's Bénassy-Quéré chairs panel at 2:35, ECB's Elderson speech at 7:50 (livestream), Norges Bank's Børsum chairs panel at 7:35 and Denmark central bank's Krogstrup panellist at 9:15. ECB's Lane participates at 3:35CET in CF40-G30 Bund Summit (Mon-Thu) Roundtable "Central Banking in Transition: Mandates, Markets, and Macroprudential Risk". Latest Bundesbank monthly report pre-releases at 12noon CET. In politics, EU employment and social policy ministers meeting whilst EU's Jørgensen will discuss high energy prices and security of supply with the energy ministers of the Visegrad Group (Czechia, Hungary, Poland and Slovakia). EU's Hansen will participate in the G7 agriculture ministers' meeting in Paris whilst EU's Brunner in London for meetings with government representatives and stakeholders and delivers a speech at 18:30BST at the Centre of European Law at King's College. EU's Virkkunen delivers a speech at Finnish Permanent Representation's EU-NATO event on Defence Innovation whilst EU's Albuquerque presents Commission's Communication on banking competitiveness and the Single Market for banking to the Board of the EBA.

    • On the corporate front, DHL Group [DHL.GR], raised its full-year 2026 guidance, and Mowi [MOWI.NO] delivered a strong Q3 operational EBIT of €275M vs consensus of €205M. On the M&A front, Cleanaway Waste Management [CWY.AU] confirmed its acquisition by EQT at A$3.095/share, while Rio Tinto [RIO.AU] received at least three bids for its power infrastructure assets valued at A$7B+, keeping that asset sale process firmly in focus. Lindt & Sprüngli [LISN.SW] saw a leadership shake-up with CEO Adalbert Lechner stepping down, replaced on an interim basis by former Group CEO Dieter Weisskopf. Notable broker moves include Ocado [OCDO.LN] upgraded to Equal-Weight at Morgan Stanley, Sandvik [SAND.SS] lifted to Overweight at Morgan Stanley, while Imperial Brands [IMB.LN] was cut to Hold at Jefferies. Today's key reporters include BAWAG Group [BG.AV] and VINCI [DG.FP] traffic update, with Norma Group [NOEJ.GR] hosting a Capital Markets Day.

  • Politics/Macro/World News

    • BoE's Bailey tells G30 they 'have got to address' AI agent concerns (FT)

    • Home sellers cut asking prices on 3,000 properties a day (BBC)

    • ECB's Sleijpen Says Window Is Closing to Limit Warming Impact (BBG )

  • Top company news

    • Earnings/updates

      • DHL.GR (DHL Group) -- raises full-year 2026 earnings guidance

      • NOEJ.GR (Norma Group) -- reports preliminary Q3 adjusted EBIT margin 3.70%; issues outlook through to 2031

      • BG.AV (BAWAG Group) -- reports Q3 net income €247.5M vs FactSet €251.7M [3 est, €243-256M]; reconfirms FY

      • MOWI.NO (Mowi) -- reports Q3 operational EBIT €275M vs FactSet €204.6M [11 est, €129-267.3M]

      • TRUE.B.SS (Truecaller) -- reports preliminary Q3 revenue SEK464M vs FactSet SEK433.2M [5 est, SEK425-440M]

      • ALSN.SW (ALSO Holding) -- reports 9M adjusted EBITDA €240M, +33% y/y

      • Also reporting today

        • Earnings:

          • DACHs: BAWAG Group (BG.AV)

          • Nordics: Traction (TRAC.B.SS)

          • UK: ITM Power (ITM.LN), Tristel (TSTL.LN), Beeks Financial Cloud Group (BKS.LN)

        • Trading Update:

          • DACHs: Aryzta (ARYN.SW)

          • France: Virbac (VIRP.FP)

        • Traffic: VINCI (DG.FP)

        • CMD/Events: Norma Group (NOEJ.GR), Rejlers (REJL.B.SS) and Multiconsult (MULTI.NO) EGM (shareholders to vote on merger plan), DIGI Spain Telecom (DIGIS.SM) EGM, DSM-Firmenich (DSM.NA) EGM

    • M&A

      • CWY.AU (Cleanaway Waste Management) -- EQT signs deal to acquire Cleanaway Waste Management - Australian Financial Review

      • CWY.AU (Cleanaway Waste Management) -- Cleanaway enters into Scheme Implementation Deed with EQT at A$3.095/sh

      • DKSH.SW (DKSH Holding) -- to acquire NewBridge Pharmaceuticals for enterprise value of $390M

      • 4X0.GR (Steyr Motors AG) -- Red Cat Holdings offers to acquire Steyr Motors for €39/share in cash

      • RIO.AU (Rio Tinto) -- receives at least three offers for its Australian and Canadian-based power infrastructure assets, expected valuation of at least A$7B -- Australian Financial Review

      • ASSA.B.SS (Assa Abloy) -- sells PKI (Public Key Infrastructure) business unit to Vista Equity Partners

      • BPE.IM (BPER Banca) -- Unipol Assicurazioni S.p.A. announces that Italian Competition Authority has authorised acquisition by Unipol of sole de facto control over BPER Banca S.p.A.

      • ACKB.BB (Ackermans & Van Haaren) -- raises stake in Van Moer Logistics to 40%

      • TAH.AU (Tabcorp Holdings) -- has preliminary talks with DAZN regarding potential acquisition of Foxtel - Australian Financial Review

      • ALFOR.FP (Forsee Power) -- Varroc Engineering and Forsee Power announce JV for battery-pack solutions

      • XRG appears to be preparing for M&A opportunity in Australia - Australian Financial Review

    • Healthcare

      • NOVN.SW (Novartis) -- terminates Fabhalta study in lupus nephritis -- EndpointsNews

      • NOVN.SW (Novartis) -- FDA approves efficacy supplement for Cosentyx

      • ROP.SW (Roche Holding) -- to present new data at ESMO across oncology portfolio including positive Phase III Krascendo 1 data in lung cancer

      • HLUN.B.DC (H. Lundbeck) -- Chair Dorothea Wenzel steps down, effective after AGM

      • ZEAL.DC (Zealand Pharma) -- announces positive topline results from the multiple ascending dose part of Phase 1 trial with Kv1.3 ion channel blocker ZP9830

      • SIGHT.FP (GenSight Biologics) -- closes €1.0M fundraising by existing shareholders

    • Other

      • AGN.NA (Aegon) -- SEC filing: SCHEDULE 13D/A (Filed by Vereniging Americas)

      • AV.LN (Aviva) -- Transcript Intelligence: Aviva Investor Meeting

      • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- announces CEO Adalbert Lechner to step down; Vice-Chairman and former Group CEO Dieter Weisskopf will become interim CEO with immediate effect

      • RUI.FP (Rubis) -- ANNOUNCES A PROPOSAL TO CONVERT THE group INTO A JOINT-STOCK COMPANY

      • Estimated weekend box office revenues in US, Canada $102.3M, +50.7% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • PETS.LN (Pets At Home Group) -- to buy from hold at Peel Hunt

      • OCDO.LN (Ocado) -- to equal-weight from underweight at Morgan Stanley

      • SAND.SS (Sandvik) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • IMB.LN (Imperial Brands) -- to hold from buy at Jefferies

      • RED.SM (Redeia Corporacion) -- to underweight from equal-weight at Morgan Stanley

      • ELIOR.FP (Elior Group) -- to neutral from outperform at BNP Paribas Exane

    • Initiations/other

      • ALK.B.DC (ALK-Abello) -- re-initiated buy at Danske Bank

      • SESG.FP (SES) -- reinstated buy at Goldman Sachs

  • Data

    • Nikkei (0.69%) to 64872.56

    • Hang Seng +0.00% to 24186.83

    • Shanghai Composite +0.37% to 3729.99

    • S&P futures +61.0 vs prior close of 7704.3

    • €-$ +0.0042 or +0.38% to 1.1229

    • $-¥ +0.05 or +0.03% to 158.09

    • €-¥ +0.70 or +0.40% to 177.49

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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