Oct 21 ,2026
Synopsis:
European equity markets closed higher, off best levels. Tech, oil & gas, industrial goods advance; autos, basic resources and telecom big laggards. US equities higher in midday trading. European bond yields backing up with French OATs leading, up 6.2 bps, while German Bund yields rise ~2 bps. UK Gilts outperform, with 10-year yields down 3.4 bps. Treasuries little changed across the curve. Dollar index up 0.1%. Gold up 0.1%. Silver down 0.6%. Bitcoin futures up 1.9%. WTI crude up 0.1% in choppy trading.
European tech sector strength linked to AI trade attempting rebound following positive compute and capex demand takeaways from blowout SPCX earnings/guidance and positive SMCI preannouncement. Oil & Gas outperforms amid surge in crude and natural gas prices reaching year-to-date highs. In macro data in Europe, focus on UK updates with no Eurozone data of note. Headline CPI and services prices ahead of forecast, core firmed up as expected. Borrowing increased ahead of October budget. Update from HR firm Brightmine showed UK pay awards edged up to 3.1% after little change in recent months.
UK government gave approval to controversial Jackdaw gas field in North Sea and will start supplying gas from the end of this month. Energy Secretary Fahnbulleh also said energy fund will be set up by government with £2B down payment to reinvest revenues into climate transition. Elsewhere, EU and Canada plan to flesh out closer associate membership by 2027. In ECB-speak, Kazaks says further rate hikes may be needed if inflation stays elevated. ECB's Lane said greater global euro use could help the ECB control inflation. Hawkish BoE official Greene said UK labor market not as weak as thought after yesterday's official data.
Busy on the earnings front; Randstad (RAND.NA) and Akzo Nobel (AKZO.NA) in focus following strong Q3 results, with the latter guiding FY26 adjusted EBITDA to around €1.47B and mid-term margin targets above 16%. Out of DACHs, Deutsche Börse (DB1.GR) released Q3 earnings and Adidas (ADS.GR) issued Q3 preliminary numbers with revenue above consensus and an operating profit guidance upgrade. In the Nordics, DSV (DSV.DC) delivered mixed Q3 results, narrowed FY guidance, and announced a new DKK 1.5B share buyback, while Husqvarna (HUSQ.B.SS) reported disappointing Q3 earnings, including a notable miss on operating income (ex IAC), and SKF (SKF.B.SS) posted results slightly ahead of expectations.
In France, EssilorLuxottica (EL.FP), Bureau Veritas (BVI.FP), Atos (ATO.FP) and Eurofins Scientific (ERF.FP) released strong Q3 revenue beating consensus, with the latter cutting FY26 organic growth outlook below mid-single-digit. Also in France, Michelin (ML.FP), Carrefour (CA.FP) and Edenred (EDEN.FP) issued disappointing Q3 updates. In Spain, Iberdrola (IBE.SM) reported Q3 earnings, indicating to ongoing solid performance in Q3 and Q4 after a strong H1. In the UK, Domino's Pizza Group (DOM.LN) issued a weak Q3 trading statement, while SEGRO (SGRO.LN) said it continued to perform well in Q3.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Technology +2.10%, Ind Goods & Svcs +1.28%, Oil & Gas +1.24%, Banks +1.16%, Real Estate +1.09%, Insurance +0.95%, Health Care +0.90%
Underperformers:
Autos & Parts (1.53%), Basic Resources (0.54%), Telecom (0.39%), Persnl & HHold Goods (0.12%), Retail (0.02%), Food & Beverage +0.03%, Media +0.32%, Financial Svcs +0.54%, Chemicals +0.54%, Construct & Mtls +0.68%, Utilities +0.78%, Travel & Leisure +0.79%
Macro:
Central Banks:
ECB's Kazaks says that some more policy tightening might be necessary if inflation continues to reside above target (Econostream )
BoE's Greene says inflation risks are bigger than thought (Reuters )
Wider global use of euro could help ECB achieve inflation target, chief economist Lane says (Bloomberg )
Geopolitics:
UK:
France:
Peripheral markets:
Company news:
Notable Gainers
+20.2% RAND.NA (Randstad €41.44, +6.92) -- Q3 EPS €0.75 ex-items vs consensus €0.71
+15.5% EL.FP (EssilorLuxottica €174.65, +23.30) -- Q3 revenue €7.49B vs consensus €7.35B
+15.1% DSV.DC (DSV A/S DKK1,381.50, +181.50) -- Q3 net income DKK3.02B vs consensus DKK2.67B; narrows FY26 outlook; Schenker integration generally progressing as planned
+14.7% AT.LN (Ashtead Technology Holdings £6.08, +0.78) -- Ember Infrastructure Management to acquire Ashtead Technology Holdings at 615p/sh in line with indicative offer as of 23-Sep-26
+13.8% ATO.FP (ATOS SE €26.10, +3.16) -- Q3 revenue €1.64B vs FactSet €1.61B [1 est]
+9.8% JM.SS (JM SEK133.30, +11.90) -- Q3 EPS SEK0.57 vs FactSet SEK0.75 [1 est]
+8.8% VH2.GR (Friedrich Vorwerk Group €72.20, +5.90) -- Q3 revenue €228.3M, +13% vs year-ago €202M. Raising FY outlook
+7.9% MBB.GR (MBB €192.20, +14.20) -- prelim Q3 adjusted EBITDA €84.0M vs year-ago €67.3M
+7.3% ITP.FP (Interparfums €34.88, +2.38) -- Q3 revenue €265.5M vs year-ago €253.5M; to target top of FY26 sales guidance of ~€870M
+6.2% OVZON.SS (Ovzon AB SEK35.12, +2.04) -- Q3 EPS SEK0.41 vs FactSet SEK0.35 [2 est, SEK0.30-0.40]
+5.6% GYC.GR (Grand City Properties €7.10, +0.38) -- acquires 20% stake in LEG Immobilien SE
+4.4% LEG.GR (LEG Immobilien €48.54, +2.06)
+4.3% AKZA.NA (Akzo Nobel €60.60, +2.50) -- Q3 adj operating income €297M vs consensus €296M
+3.9% VU.FP (VusionGroup €128.10, +4.70) -- Q3 IFRS sales €432.6M, +24% vs year-ago €347.8M
+3.6% BVI.FP (Bureau Veritas €28.55, +1.01) -- Q3 revenue €1.57B vs consensus €1.55B
+3.3% ALIF.B.SS (AddLife SEK191.30, +6.10) -- Q3 EPS SEK1.05 vs FactSet SEK0.88 [6 est, SEK0.84-0.91]
+3.1% DNB.NO (DNB Bank NOK314.70, +9.40) -- Q3 net income NOK9.37B vs consensus NOK8.65B
+3.1% BERG.B.SS (Bergman & Beving SEK271.00, +8.00) -- Q2 adj net income SEK67M vs FactSet SEK60.4M
+2.3% GETI.B.SS (Getinge SEK265.20, +5.90) -- Q3 Adj EPS SEK3.10 vs consensus SEK2.38; confirms FY guidance
+2.3% TIT.IM (Telecom Italia €5.78, +0.13) -- MEF and Retelit confirm commitment to complete Sparkle acquisition, update by 20-Nov
+2.0% STB.NO (Storebrand NOK194.50, +3.90) -- Q3 Cash equivalent earnings after tax NOK996M vs consensus NOK1.07B; intends share buybacks of NOK 2B for 2027 vs prior announcement NOK 1.5B
+1.8% ORNBV.FH (Orion €89.90, +1.60) -- guides FY26 revenue €2.07B-2.14B vs prior guidance €2.00B-2.10B and FactSet €2.11B [7 est, €2.09-2.14B]
+1.7% ADS.GR (Adidas €160.90, +2.65) -- prelim Q3 revenue €7.25B vs FactSet €7.11B [15 est, €6.77-7.25B]
Notable Decliners
-19.4% SECARE.SS (Swedencare SEK19.00, -4.57) -- Q3 EPS SEK0.18 vs FactSet SEK0.33 [4 est, SEK0.28-0.38]; confirms financial targets
-13.8% CA.FP (Carrefour €14.12, -2.25) -- Q3 Sales inc. VAT (pre-IAS 29) €22.69B vs consensus €22.71B
-12.0% DYVOX.SS (Dynavox Group SEK76.25, -10.40) -- Q3 EPS SEK0.83 vs FactSet SEK0.76 [4 est, SEK0.70-0.80]; confirms financial targets
-9.8% HUSQ.B.SS (Husqvarna SEK31.56, -3.43) -- Q3 EPS (ex IAC) (SEK0.58) vs FactSet (SEK0.32) [7 est, (SEK0.43)-(0.20)]
-9.4% EDEN.FP (Edenred €26.62, -2.76) -- Q3 total revenue €725M vs consensus €710.5M; confirms its FY26 guidance
-8.6% HFD.LN (Halfords Group £2.54, -0.24) -- trading update: strong trading in H1 supports previously upgraded FY27 guidance
-8.3% SFER.IM (Salvatore Ferragamo €6.64, -0.60) -- 9M total revenues €675M vs consensus €675.4M
-7.2% ML.FP (Cie Generale des Etablissements Michelin SA €31.04, -2.38) -- Q3 revenue €6.49B vs consensus €6.55B
-6.7% HMS.SS (HMS Networks SEK504.50, -36.00) -- Q3 EPS SEK3.82 ex-items vs FactSet SEK3.83 [6 est, SEK3.55-4.10]
-5.8% SRC.LN (SigmaRoc £1.18, -0.07) -- 9M Trading Update: Underlying EBITDA £207.3M vs year-ago £192.9M
-5.2% MIPS.SS (MIPS SEK385.60, -21.00) -- Q3 EPS SEK1.48 vs FactSet SEK2.08 [6 est, SEK1.30-2.86]
-4.4% WIHL.SS (Wihlborgs Fastigheter SEK67.45, -3.10) -- Q3 EPRA NRV per share SEK 101.59 vs year-ago 99.66
-4.2% BFIT.NA (Basic-Fit €29.98, -1.30) -- 9M revenue €1.22B vs year-ago €1.03B; reiterates FY26 outlook
-4.1% ABDN.LN (Aberdeen Group £2.26, -0.10) -- Q3 AUMA £578.9B vs consensus £581.68B
-3.8% ELISA.FH (Elisa Oyj €34.34, -1.36) -- Q3 comparable EPS €0.59 vs consensus €0.64
-3.7% FORN.SW (Forbo Holding CHF917.00, -35.00) -- presents transformation roadmap and 2029 financial targets - CMD
-3.5% DOM.LN (Domino's Pizza Group £2.30, -0.08) -- Q3 trading statement: total system sales like-for-like growth + 2.3% y/y; remains confident of achieving FY earnings expectations
-3.5% FABG.SS (Fabege SEK63.35, -2.30) -- Q3 EPRA NRV per share 147 vs FactSet 144.80
-3.2% HOC.LN (Hochschild Mining £4.93, -0.16) -- Q3 production report: gold production (koz) 54.73 vs year-agot 48.37
-3.0% SHB.A.SS (Svenska Handelsbanken SEK149.15, -4.60) -- Q3 EPS SEK2.87 vs FactSet SEK2.90 [13 est, SEK2.82-2.97]
-2.1% FRES.LN (Fresnillo £26.29, -0.57) -- report Q3 production: Silver (attrib, moz) 10.3 vs SA 11.4 - FY guidance unchanged
-1.7% RILBA.DC (Ringkjøbing Landbobank DKK1,758.00, -31.00) -- Q3 EPS DKK26.2 vs FactSet DKK26.08 [4 est, DKK25.75-26.40]; expects FY net profit in upper part of guidance range
-1.6% SKF.B.SS (SKF SEK269.10, -4.40) -- Q3 adj operating profit SEK2.85B vs consensus SEK2.77B; guides Q4
EU companies reporting tomorrow:
Earnings:
Benelux: BE Semiconductor Industries (BESI.NA)
DACHs: Vossloh (VOS.GR)
Finland: Nokia (NOKIA.FH), Metso Corp. (METSO.FH), Fiskars (FSKRS.FH), OLVI (OLVAS.FH), Lindex Group (LINDEX.FH), Viking Line (VIK1V.FH), Atria (ATRAV.FH), Verkkokauppa.com (VERK.FH), SRV Group (SRV1V.FH)
France: VINCI (DG.FP), Sartorius Stedim Biotech (DIM.FP), Nexans (NEX.FP), Groupe Guillin (ALGIL.FP)
Germany: Sartorius (SRT3.GR), Vossloh (VOS.GR)
Norway: Yara International (YAR.NO), Protector Forsikring (PROT.NO), Nordic Semiconductor (NOD.NO), TGS-NOPEC Geophysical Co. (TGS.NO), Kitron (KIT.NO), Atea (ATEA.NO), Norske Skog (NSKOG.NO), Kongsberg Automotive (KOA.NO), Komplett (KOMPL.NO)
Other: Icelandair Group (ICEAIR.IR)
Southern Europe: Unicredit (UCG.IM), The Navigator Co. (NVG.PL), Bankinter (BKT.SM), Viscofan (VIS.SM), ATRESMEDIA (A3M.SM)
Sweden: Atlas Copco (ATCO.A.SS), Sandvik (SAND.SS), Skandinaviska Enskilda Banken (SEB.A.SS), Swedbank (SWED.A.SS), Telia Co. (TELIA.SS), Essity (ESSITY.B.SS), Nordnet (SAVE.SS), Addtech (ADDT.B.SS), Beijer Ref (BEIJ.B.SS), Castellum (CAST.SS), Mycronic (MYCR.SS), Sagax (SAGA.B.SS), Axfood (AXFO.SS), Holmen (HOLM.B.SS), Thule Group (THULE.SS), Pandox (PNDX.B.SS), Billerud (BILL.SS), Gränges (GRNG.SS), Vimian Group (VIMIAN.SS), Intea Fastigheter (INTEA.B.SS), BONESUPPORT HOLDING (BONEX.SS), Norion Bank (NORION.SS), Vitrolife (VITR.SS), Betsson (BETS.B.SS), AFRY (AFRY.SS), MilDef Group (MILDEF.SS), Hexatronic Group (HTRO.SS), Xvivo Perfusion (XVIVO.SS), Fastpartner (FPAR.A.SS), Dometic Group (DOM.SS), Hemnet Group (HEM.SS), Arjo (ARJO.B.SS), Logistea (LOGI.B.SS), Coor Service Management Holding (COOR.SS), Eastnine (EAST.SS), Linc (LINC.SS), Proact IT Group (PACT.SS), Humana (HUM.SS), Svedbergs Group (SVED.B.SS), Bonava (BONAV.B.SS), Midsona (MSON.B.SS), PowerCell Sweden (PCELL.SS), Enea (ENEA.SS), C-RAD (CRAD.B.SS), Nelly Group (NELLY.SS), Sedana Medical (SEDANA.SS), Ework Group (EWRK.SS), Rottneros (RROS.SS), Pricer (PRIC.B.SS), CDON (CDON.SS), Bactiguard Holding (BACTI.B.SS), Orexo (ORX.SS), Tobii (TOBII.SS), Alligator Bioscience (ATORX.SS), Viaplay Group (VPLAY.A.SS)
Switzerland: Kuehne & Nagel (KNIN.SW), Schindler Holding (SCHP.SW)
UK: Barclays (BARC.LN), J Sainsbury (SBRY.LN), Auction Technology Group (ATG.LN), Bloomsbury Publishing (BMY.LN)
Trading Update:
Belgium: Azelis Group (AZE.BB), Kinepolis Group (KIN.BB)
DACHs: Roche Holding (ROP.SW), Nestle (NESN.SW), Galderma Group (GALD.SW), Galenica (GALE.SW), Bystronic (BYS.SW)
France: L'Oreal (OR.FP), Hermes (RMS.FP), VINCI (DG.FP), Thales (HO.FP), Unibail-Rodamco-Westfield (URW.FP), Ipsen (IPN.FP), Rexel (RXL.FP), Aeroport de Paris (ADP.FP), Accor (AC.FP), Getlink (GET.FP), Wendel (MF.FP), Valeo (FR.FP), SEB (SK.FP), Tikehau Capital (TKO.FP), Lisi (FII.FP), Stef (STF.FP), Maurel et Prom (MAU.FP), Pierre & Vacances (VAC.FP), Voltalia (VLTSA.FP), SMCP (SMCP.FP), Nexity (NXI.FP), Roche Bobois (RBO.FP), Cegedim (ALCGM.FP), ATEME (ATEME.FP), SRP Groupe (SRP.FP), Guerbet (GBT.FP)
Netherlands: Aalberts (AALB.NA), ACOMO (ACOMO.NA)
Nordics: BioGaia (BIOG.B.SS)
Other: Kerry Group (KRZ.ID)
UK: RELX (REL.LN), London Stock Exchange Group (LSEG.LN), InterContinental Hotels Group (IHG.LN), Rentokil Initial (RTO.LN), Pearson (PSON.LN), Renishaw (RSW.LN), Inchcape (INCH.LN), AJ Bell (AJB.LN), Rathbones Group (RAT.LN), Hunting (HTG.LN), Foxtons Group (FOXT.LN)
Data:
Economics:
UK Sep
CPI +3.5% y/y vs consensus +3.4% and prior +3.1%; +0.4% m/m vs consensus +0.3% and prior +0.5%
Core +2.8% y/y vs consensus +2.8% and prior +2.6%
RPI +3.9% y/y vs consensus +3.9% and prior +3.4%; +0.1% m/m vs consensus +0.1% and prior +0.6%
Output PPI +4.6% y/y vs consensus +3.3% and prior revised +3.8% from +3.7%; +0.8% m/m vs consensus +0.7% and prior +0.7%
Input PPI +8.3% y/y vs consensus +7.2% and prior revised +6.7% from +6.1%; +1.5% m/m vs consensus +1.3% and prior revised +0.5% from +0.3%
Public Sector Net Borrowing (£24.5B) vs consensus (£23.8B) and prior revised (£17.3B) from (£18.3B)
Markets:
WTI Crude (Dec 26): ($1.10) or (1.12%) to $96.72
€-$ (0.0015) or (0.13%) to 1.1224
£-$ +0.0013 or +0.10% to 1.3393
€-£ (0.0017) to 0.8382
S&P 500 +0.51%
Performance year-to-date
FTSE 100: +8.27%
DAX: +4.71%
CAC: (2.80%)
MIB: +10.46%
Stoxx 600: +8.83%
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.
Please refer to "Terms Of Use".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE