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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.48%), DAX (0.38%), CAC40 (0.65%)

Oct 20 ,2026

  • Synopsis

    • European equity markets are set to open lower, while Asia equities down across the region Tuesday. Steepest falls in South Korea where chipmakers are again under pressure; Taiwan and Japan's Nikkei also dragged lower by tech names. Mainland China seeing losses, the Hang Seng also lower; Australia and Singapore with small losses. Some relief for Indonesia following several days of heavy selling.

    • Scrutiny on AI trade. Neoclouds at the center of concerns around financing. Yield on CoreWeave (CRWV) bonds remained elevated. Sentiment towards other neoclouds turning more cautious, increasing scrutiny on IPOs after South Korean-based Elice (015850.KS) traded down more than 30% in Kosdaq trading debut. In other developments, Reuters sources noted OpenAI looking to speed up fundraising efforts before Anthropic's mid-November IPO, seeking to raise about $30B.

    • Bond yields elevated, which is another headwind for equity markets. Modest pullback in oil prices on Monday after rising for seven consecutive sessions. Some reported traction in US-Iran talks, though unclear on whether it will lead to agreement. Trump said he is open to meeting Xi and Putin in China for nuclear talks. Has not approved patriot missiles for Ukraine after recent criticism of Zelenskiy. Elsewhere, France imposes curfews in parts of Paris and other cities in wake of civil unrest.

    • German Chancellor Merz talked up investment in AI and reform of the social welfare system. Highlighted that rapid decision can be made on senior vacancies at ECB if needed, which could include successor to president Lagarde. Elsewhere, UK Chancellor Healey has ruled out capital gains tak increase because of the damage to investment.

    • Also on today's agenda, German government's Invest in Germany summit (through Tue), among the speakers are Chancellor Merz, finance minister Klingbeil as well as senior execs for several companies including Siemens (SIE.GR) and Deutsche Bank (DBK.GR). Oman's Haitham bin Tariq visits United Kingdom to headline a three-day state visit. UK parliamentary committees topics include reforming the water sector at 9:30BST, budget 2026 at 9:45, work of Ofcom at 10:00, Russia at 10:30, the same time as implications of the Defence Investment Plan for UK industry, CMA's periodic examination of the functioning of the UK's digital markets at 14:00, the work of the Dept. for Business, Innovation, Science and Trade at 14:30 and fiscal devolution in England at 15:00. EU's Kubilius participates in the Trilogue on Military Mobility. Moody's Ratings discussion covering the key credit trends affecting European Banks in Q3. Reuters events Sustainability Europe 2026 (through Wed) as well as Energy Transition Europe 2026 over the same two days. Fraport (FRA.GR) press conf at 13:45CET with airline Air Arabia. In the UK, Culture Secretary Lisa Nandy set a 20-Oct deadline for Sky and ITV (ITV.LN) to respond to a potential public interest intervention notice. Secretary of State will consider these representations before taking a final decision on whether to trigger a deep CMA investigation into Sky's proposed takeover of ITV.

    • In central banks, Bank of Spain's Escrivá lecture at 12noon CET at Univ. of Castilla-La Mancha. BOE's Mills takes part in Q+A session at 13:30BST at OPTIC 2026 (Mon-Tue) whilst BOE's Greene gives a speech at 18:00BST at event hosted by LSE Economics Society. Hungary central bank interest rate decision at 14:00CET. No change is expected in the 5.5% benchmark interest rate.

    • European macro data releases out today include Germany Oct ZEW survey, Sep PPI, Italy Aug construction output, Spain Aug trade balance, Eurozone Aug construction output, Switzerland Sep trade balance (and monthly watch data), UK Sep claimant count change, Finland Sep unemployment rate, Portugal Sep PPI.

    • In earnings news, ABB (ABBN.SW) reported Q3 earnings slightly beating EBITA expectations, with a strong order number and FY guidance for low-teens revenue growth. Additionally, the company announced it agreed to acquire a controlling 51% stake in a joint venture (JV) to be formed with Mitsubishi Electric's low-voltage power distribution business. Also in DACHs, COMET (COTN.SW) released Q3 net sales figures and raised its FY guidance, while HUBER+SUHNER (HUBN.SW) reported 9M revenue growth of +11% and reaffirmed its FY guidance. In Benelux, Solvay (SOLB.BB) significantly cut FY EBITDA guidance, and Barco (BAR.BB) trimmed FY26 guidance, citing slightly lower-than-prior-year sales. In the Nordics, Tele2 (TEL2.B.SS) narrowed FY EBITDAaL guidance to 4-5% organic growth and reduced capex outlook to below 10%. In France, OVHCloud (OVH.FP) delivered an FY revenue beat at €1.15B (+7.2% like-for-like) with a 42% EBITDA margin, guiding FY27 for above 10% growth.

  • Politics/Macro/World News

    • Chancellor rejects calls to raise Capital Gains Tax in Budget - BBC

    • Spanish left-wing chaos dampens Sánchez's hopes of election miracle - Politico

    • UK Treasury expected to reignite 'Project Fear' row with EU study - FT

    • Trump open to idea of joint meeting with Xi, Putin next month - Reuters

    • Finland Sep Unemployment Rate 10.4% vs consensus 9.4% and prior 9.1%

  • Top company news

    • Earnings/updates

      • DACHs

        • ABBN.SW (ABB Limited) -- reports Q3 EBITA $2.03B vs consensus $2.00B; announces JV with Mitsubishi Electric

        • COTN.SW (COMET Holding) -- reports Q3 net sales CHF155.6M vs year-ago CHF102.5M

        • HUBN.SW (HUBER+SUHNER) -- reports 9M revenue CHF734.1M, +11% vs year-ago CHF659.4M; reaffirms FY guidance

        • PTP.GR (Pentixapharm Holding AG) -- expects FY2026 net income (€13M) vs prior guidance (€21.6M) and FactSet (€22.3M)

      • France

        • DG.FP (VINCI SA) -- reports Sep airport passenger traffic (1.5%) y/y

        • VIRP.FP (Virbac) -- reports Q3 revenue €400M, +10% vs year-ago €364M; confirms FY guidance

        • OVH.FP (OVHCloud) -- reports FY net income €9.4M vs FactSet €20.9M [9 est, (€19)-65.4M]; guides FY27

      • Benelux

        • SOLB.BB (Solvay) -- reports preliminary Q3 underlying EBITDA €173M vs FactSet €183.0M [1 est]; now guides FY Underlying EBITDA between €720-740M vs prior guidance €770-850M and FactSet €772.91M

        • BAR.BB (Barco) -- reports preliminary Q3 revenue €228.6M vs FactSet €241.2M [2 est, €236-246.3M]; trims FY26 guidance

      • Nordics

        • EMBLA.DC (Embla Medical hf) -- reports Q3 net income $26M vs FactSet $27.4M [4 est, $24-29M]; now guides FY Organic sales growth ~5% vs prior guidance +5-7%

        • HPUR.NO (Hexagon Purus) -- reports Q3 EPS (NOK5.64) vs year-ago (NOK8.36)

        • TEL2.B.SS (Tele2) -- reports Q3 Underlying EBITDAaL SEK3.15B vs consensus SEK3.19B; FY guidance updated

        • SCST.SS Scandi Standard reports Q3 adjusted EPS SEK2.19 vs FactSet SEK2.20 [3 est, SEK2.00-2.30]

        • BMAX.SS Byggmax Group reports Q3 EPS SEK3.84 vs FactSet SEK3.66 [3 est, SEK3.50-3.88]

      • Also due to report today includes:

        • Earnings:

          • Austria: Telekom Austria (TKA.AV)

          • Finland: Ponsse (PON1V.FH)

          • France: La Française de l'Energie (FDE.FP)

          • Germany: Deutsche Börse (DB1.GR), EuroTeleSites (7YF.GR), Mensch & Maschine Software (MUM.GR)

          • Norway: Gigante Salmon (GIGA.NO)

          • Southern Europe: Enagas (ENG.SM)

          • Sweden: Lime Technologies (LIME.SS)

        • Trading Update:

          • Benelux: Barco (BAR.BB), Econocom Group (ECONB.BB)

          • France: Vivendi (VIV.FP), EssilorLuxottica (EL.FP), Cie Generale des Etablissements Michelin SA (ML.FP), Carrefour (CA.FP), VusionGroup (VU.FP), La Française de l'Energie (FDE.FP), Sidetrade (ALBFR.FP), La Française de l'Energie (FDE.FP), Mauna Kea Technologies (ALMKT.FP)

          • UK: Anglo American (AAL.LN), Sabre Insurance Group (SBRE.LN), BHP (BHP.LN)

        • CMD/Events: Fourlis Holdings (FOYRK.GA), Currys (CURY.LN) introductory presentation at 12noon BST via the Investor Meet Company platform, Compagnie Chargeurs Invest (CRI.FP) EGM (vote on share cancellation), Norion Bank (NORION.SS) EGM (vote on reduction of share capital through cancellation of shares)

    • M&A

      • ABBN.SW (ABB Limited) -- reports Q3 EBITA $2.03B vs consensus $2.00B; announces JV with Mitsubishi Electric

      • 6503.JP (Mitsubishi Electric) -- ABB agrees to acquire a 51% stake in Mitsubishi Electric's low voltage power distribution business for ~$495M

      • ULVR.LN (Unilever) -- Forward Consumer Partners confirms agreement to acquire Welly Health PBC from Unilever; terms not disclosed

      • RAMP (LiveRamp Holdings) -- US FTC issues order approving Publicis's acquisition of LiveRamp, with conditions

      • MAIRE.IM (MAIRE) -- Maire's Nextchem acquires 100% of MEAB AB (Sweden) and MEAB GMBH (Germany) for max consideration of €8M

      • TAH.AU (Tabcorp Holdings) -- Dazn CEO tells staff they are not looking to sell Foxtel - Australian Financial Review, citing memo from CEO Shay Segev

      • GLE.FP (Societe Generale) -- UniCredit signs agreement to buy back securities-services unit from SocGen -- Reuters, citing union document

    • Healthcare

      • AZN.LN (AstraZeneca) -- and Oracle launch global AI collaboration to advance clinical trial optimisation and support better patient outcomes

      • GSK.LN (GSK Plc) -- GSK discloses Jemperli approved in MSI-H/dMMR rectal cancer

      • BIM.FP (bioMerieux) -- announces WHO Emergency Use Listing for BIOFIRE Global Fever Special Pathogens Panel

    • Other

      • PHIA.NA (Koninklijke Philips) -- FDA classifies Lumify Ultrasound correction as Class I recall

      • SU.FP (Schneider Electric) -- launches €6.0B capital increase by way of accelerated bookbuilding process without shareholders' preferential subscription rights to partially finance acquisition of PTC Inc

      • NHY.NO (Norsk Hydro) -- discloses HalZero produced aluminum with new electrolysis technology for first time; NOK82M in funding from Enova

      • INW.IM (Infrastrutture Wireless Italiane) -- provides update regarding Fastweb and Court of Milan

  • Key rating changes

    • Upgrades

      • BRG.NO (Borregaard) -- to buy from hold at Berenberg

      • ROP.SW (Roche Holding) -- to outperform from underperform at Oddo

      • TW.LN (Taylor Wimpey) -- upgraded to neutral from sell at Goldman Sachs

    • Downgrades

      • NOVO.B.DC (Novo Nordisk) -- to underperform from neutral at Oddo

      • RMV.LN (Rightmove) -- downgraded to hold from buy at Panmure Liberum

    • Initiations

      • DWS.GR (DWS Group) -- hold at Berenberg

      • TEG.GR (TAG Immobilien) -- buy at Goldman Sachs

  • Data

    • Nikkei (1.32%) to 64061.88

    • Hang Seng (1.16%) to 23907.12

    • Shanghai Composite (0.49%) to 3712.73

    • S&P futures (0.5) vs prior close of 7734.5

    • €-$ +0.0018 or +0.16% to 1.1231

    • $-¥ (0.36) or (0.23%) to 158.15

    • €-¥ (0.17) or (0.10%) to 177.56

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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