Oct 22 ,2026
Synopsis:
European equity markets opened lower with pan-European indices quickly extending declines, with serious attempts to pare losses not occurring until late morning. Shares clawed their way back to around initial levels shortly after Wall Street's open, before heading back towards the lows of the session at the close
As well as Ukraine/Russia war and Middle East, focus also on AI funding concerns, crude oil gains and France debt selloff (Moody's credit rating review of France after the close tomorrow).
In the Middle East, Iran's Islamic Revolutionary Guard Corps claimed it struck seven vessels in the western Strait of Hormuz and warned of expanding further hostilities, whilst fighting between the Houthis and forces loyal to Yemen's internationally recognised government has intensified in country's Taiz province
Overnight, Russia launched a deadly wave of strikes, and Ukraine sent hundreds of drones towards Moscow. The continuing exchange of fire follows yesterday's offer by U.S. presidential envoy Witkoff to Putin of a three-way summit with President Trump and Ukraine's Zelenskyy, in an effort to press for a ceasefire.
In central banks, Türkiye central bank lowered its benchmark interest rate by (100bps), as expected, and SNB released minutes on last MPC meeting (see links below). On the final day of the Kåkånomics economics festival, Norges Bank's Moen was a panellist and Bache gave an interviewed. Austria central bank's Kocher spoke on the opening day of Gewinn Messe (Thu-Fri, also company execs and politicians speaking). Bundesbank's Köhler-Geib was a panellist at Berlin Global Dialogue 2026. Italy central bank's Panetta was in conversation at the International Festival of Economics in Turin. Bank of Spain's Escrivá and Bank of Portugal's Pereira delivered opening remarks and were panellists at seminar on Iberian Economic Integration (livestream). BOE's Braddick to deliver a speech at 21:00BST at Mansion House, City Regulators Dinner.
Also, Slovakia central bank's 'Capital Market 2026' seminar as well as WE_ARE_IN Macroeconomics and Finance Conf (through Fri). Ireland central bank's O'Keeffe speech at Blockchain Ireland Summit.
The handful of economic data included French business confidence improving on manufacturing and latest CBI survey signals stabilization in UK production outlook. Eurozone consumer confidence latest flash read deteriorated more than expected. Also, European Automobile Manufacturers' Association (ACEA) Sep new car registrations for EU + EFTA + UK +10.2% y/y.
In politics, Chancellor Merz travelled to Montenegro, to participate in the annual summit of the Berlin Process, and will meet with representatives of the Western Balkan states and European partners.
There's an informal meeting of EU trade ministers (through Fri), participants include EU's Šefčovič, with EU's Albuquerque delivering the opening address virtually at the Nordic Financial Unions (NFU) Conf. Also, there's a meeting of the heads of government of the German States.
Amongst the slew of company earnings/updates, those that saw more modest share price responses included moving higher, Nestle (NESN.SW) Q3 revenue CHF22.76B vs consensus CHF22.49B, reaffirms FY guidance; business in the Russian Federation no longer consolidated, Kuehne & Nagel (KNIN.SW) Q3 EPS CHF2.57 vs consensus CHF2.37, raises FY26 EBIT guidance range mid-point by CHF100M and Moncler (MONC.IM) Q3 revenue €605.5M vs consensus €596.8M. Moving in the other direction were Yara International (YAR.NO) Q3 EPS $0.95 ex-items vs consensus $1.20, Essity (ESSITY.B.SS) Q3 adj EPS SEK4.92 vs FactSet SEK4.36 [10 est, SEK3.80-4.94] with strategic review of Consumer Tissue proceeding according to plan, InterContinental Hotels Group (IHG.LN) Q3 RevPar, c.FX growth +5.3% vs consensus +4.2%, confident of achieving FY26 consensus expectations, J Sainsbury (SBRY.LN) H1 EPS 11.5p ex-items vs consensus 11.0p, guides FY underlying operating profit from cont. ops, as well as Roche Holding (ROP.SW) Q3 revenue CHF16.13B vs consensus CHF15.75B, confirms FY guidance.
Moody's Banking Conf - UK saw HSBC Holdings (HSBA.LN) CFO and BOE's David Bailey among the speakers. Annual Conf. of the Forum for Macroeconomics and Macroeconomic Policies (FMM) of the Hans Böckler Foundation.
Elsewhere, in the UK, the CMA decided that Aldi and Lidl will be covered by the same land agreement rules as the UK's other large supermarkets
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Health Care +2.07%, Food & Beverage +1.92%, Persnl & HHold Goods +0.67%, Real Estate +0.50%, Autos & Parts +0.41%, Utilities +0.36%, Telecom +0.33%, Media +0.16%, Financial Svcs (0.16%), Chemicals (0.21%), Insurance (0.50%), Retail (0.75%)
Underperformers:
Basic Resources (3.89%), Banks (3.54%), Ind Goods & Svcs (2.61%), Technology (2.04%), Oil & Gas (1.94%), Travel & Leisure (1.73%), Construct & Mtls (1.09%)
Macro/Peripheral markets:
Central banks:
Türkiye central bank lowered its benchmark interest rate by (100bps) to 36.0% - release
SNB highlights easier monetary conditions due to Swiss franc - Last MPC minutes
BOE's Bailey has reiterated warnings over financial stability risk due to historical levels of borrowing to support artificial intelligence (AI) - Telegraph
Ireland central bank's McMunn spoke at European Insurance Forum - speech
Riksbank's Jansson discussed monetary policy at the National Mediation Office's conf on the macroeconomic conditions for wage formation - release
Finland:
Government grants operating licence for Posiva's spent nuclear fuel encapsulation and final disposal facility - release
France:
Interest rates surpass 5%, reflecting a stalled budget debate - Le Monde opinion piece
Germany:
AfD pushes for first far-right state premier in Saxony-Anhalt while CDU faces internal pressure - Politico
Sweden:
Government supports the establishment of a node in Sweden that is linked to an AI gigafactory in Finland by committing to purchase computing power - release
Ukraine:
UK:
Company news:
Notable Gainers
+25.2% NELLY.SS (Nelly Group) -- Q3 EPS SEK1.02 vs year-ago SEK1.38
+24.3% BONEX.SS (BONESUPPORT HOLDING) -- Q3 EPS SEK1.39 vs FactSet SEK1.33 [3 est, SEK1.27-1.46]
+21.6% UCB.BB (UCB) -- raises FY adj. EBITDA growth guidance to low- to mid-forties range from mid-teens to low-twenties range at constant exchange rates
+17.7% AFRY.SS (AFRY) -- Q3 EPS SEK1.80 vs FactSet SEK1.69 [5 est, SEK1.51-1.90]
+16.8% ARJO.B.SS (Arjo) -- Q3 adj EBITDA SEK523M vs FactSet SEK465.4M [6 est, SEK449-481M]
+11.5% HEM.SS (Hemnet Group) -- Q3 EBITDA SEK144.1M vs FactSet SEK142.8M [5 est, SEK109-198.9M]
+10.9% PHARM.NA (Pharming Group) -- Q3 revenue $117.6M vs FactSet $103.5M [4 est, $97.5-108.1M]
+9.9% VSURE.SS (Verisure) -- CVC (CVC.NA) explores bid for Verisure - FT
+8.9% IDL.FP (ID Logistics Group) -- Q3 revenue €1.18B vs FactSet €1.09B [1 est]
+8.6% RTO.LN (Rentokil Initial) -- expect to deliver FY26 profit in line with market expectations; approves $200M share buyback; CFO Paul Edgecliffe-Johnson to retire from full-time executive role and step down from board with effect from 31-Jan-27
+8.5% SCHP.SW (Schindler Holding) -- Q3 EPS CHF2.81 vs consensus CHF2.58; raises FY EBIT reported margin guidance
+7.7% LSEG.LN (London Stock Exchange Group) -- Q3 total Income (incl. recoveries) £2.50B vs consensus £2.48B; raises FY26 outlook; confirms it will acquire Octus for $3.535B
+7.4% FSKRS.FH (Fiskars) -- Q3 EPS €0.14 ex-items vs FactSet €0.13 [6 est, €0.10-0.15]; reaffirms FY guidance
+7.1% GALD.SW (Galderma Group) -- Q3 revenue $1.63B vs FactSet $1.54B [4 est, $1.53-1.56B]; raises FY net sales growth guidance to +22.5-23.5% at constant currency, from +19-21% previously
+6.0% CAST.SS (Castellum) -- Q3 EPS SEK1.97 vs year-ago SEK1.61
+5.4% KRZ.ID (Kerry Group) -- YTD revenue (0.6%) y/y, EBITDA margin expansion of 50bps; to initiate further share buyback program of up to €300M
+5.1% ESNT.LN (Essentra) -- Q3 Trading Update; reports Q3 LFL revenue growth of 10.8%; FY26 adjusted operating profit expected towards upper end of market expectations
+5.1% VIMIAN.SS (Vimian Group) -- Q3 EPS €0.02 vs FactSet €0.02 [5 est, €0.02-0.03]
+5.0% VITR.SS (Vitrolife) -- Q3 EBITDA SEK279M vs FactSet SEK274.2M [6 est, SEK266.4-277.6M]
+4.8% SRT3.GR (Sartorius) -- Q3 underlying EBITDA €279.9M vs consensus €268.9M; FY26 guidance confirmed and partially refined
+4.8% TELIA.SS (Telia Co.) -- Q3 EPS SEK0.69 vs consensus SEK0.65; raises FY Adjusted EBITDA growth LFL to +3-4% vs prior guidance ~ +3%
+4.5% BIOG.B.SS (BioGaia) -- Q3 EPS SEK1.09 vs FactSet SEK0.90 [5 est, SEK0.79-0.99]
+4.4% HTRO.SS (Hexatronic Group) -- Q3 EPS SEK0.81 vs FactSet SEK0.62 [3 est, SEK0.60-0.66]
+3.7% NORION.SS (Norion Bank) -- Q3 EPS SEK2.18 vs FactSet SEK1.92 [4 est, SEK1.82-2.01]; Intends to initiate an additional share buyback program
+3.7% PNDX.B.SS (Pandox) -- Q3 cash EPS SEK4.14 vs FactSet SEK3.91 [5 est, SEK3.67-4.10]; divests seven hotel properties in Denmark and Sweden for SEK2.10B
+3.5% MYCR.SS (Mycronic) -- Q3 EPS SEK2.41 vs FactSet SEK1.78 [5 est, SEK1.60-1.90]; raises FY net sales outlook
+2.8% BEIJ.B.SS (Beijer Ref) -- Q3 EPS SEK1.71 ex-items vs consensus SEK1.62
On earnings/updates: PROT.NO (Protector Forsikring), BILL.SS (Billerud), GET.FP (Getlink), NESN.SW (Nestle), BETS.B.SS (Betsson), MONC.IM (Moncler), AJB.LN (AJ Bell), RAT.LN (Rathbones Group), MF.FP (Wendel), VOS.GR (Vossloh), ATEA.NO (Atea), RSW.LN (Renishaw), COV.FP (Covivio), GRNG.SS (Gränges), ACOMO.NA (ACOMO) and reversing initial falls SAP.GR (SAP), SYNT.LN (Synthomer), REL.LN (RELX), MILDEF.SS (MilDef Group), AXFO.SS (Axfood), ATG.LN (Auction Technology Group), PSON.LN (Pearson), PACT.SS (Proact IT Group)
Notable Decliners
-32.6% TOBII.SS (Tobii) -- Q3 EPS (SEK1.00) vs year-ago (SEK0.20)
-23.9% SCATC.NO (Scatec) -- lowers FY 2026 power production EBITDA estimate
-19.5% SMCP.FP (SMCP) -- Q3 revenue €291M vs year-ago €294M, confirms of 2026 targets
-14.0% PCELL.SS (PowerCell Sweden) -- Q3 EPS (SEK0.59) vs FactSet (SEK0.40) [1 est]
-11.5% INCH.LN (Inchcape) -- Q3 2026 trading update: Inchcape volumes +3%, expecting FY 2026 adjusted EPS growth of c.10%, despite lower Group operating margins
-10.8% NSKOG.NO (Norske Skog) -- Q3 EPS from cont ops NOK1.78 vs FactSet NOK2.18 [2 est, NOK2.07-2.30]
-10.1% KIT.NO (Kitron) -- Q3 EBIT €25.2M vs FactSet €24.3M [6 est, €21.9-26M], FY outlook unchanged
-9.3% NOKIA.FH (Nokia) -- Q3 comparable EPS €0.09 vs consensus €0.06; FY26 outlook unchanged
-9.3% RROS.SS (Rottneros) -- Q3 net income (SEK15M) vs year-ago (SEK52M)
-7.9% MSON.B.SS (Midsona) -- Q3 EPS SEK0.27 vs year-ago (SEK0.11)
-7.7% UBI.FP (Ubisoft Entertainment) -- underperform from neutral at BNP Paribas Exane
-7.0% BKT.SM (Bankinter)
Q3 net income €295M vs FactSet €294.5M [13 est, €282.7-303.6M]
publishes 2027 SREP requirements; capital ratios significantly above the minimum requirements
-6.5% ORX.SS (Orexo) -- Q3 EPS (SEK3.36) vs FactSet (SEK2.10) [1 est]
-6.2% EBS.AV (Erste Group Bank) -- market perform from outperform at Keefe, Bruyette & Woods
-6.1% FTK.GR (flatexDEGIRO) -- Q3 net income €50.3M vs FactSet €50.6M [3 est, €49.1-51.7M]; intends to launch share buyback program of up to €100M
-6.0% SEB.A.SS (Skandinaviska Enskilda Banken) -- Q3 EPS SEK3.81 vs consensus SEK4.00; completes SEK1.25B share buyback program; decides to pause share buybacks
-6.0% KIN.BB (Kinepolis Group) -- Q3 financial performance significantly exceeds last year's levels
-5.4% ADDT.B.SS (Addtech) -- Q2 EPS SEK2.10 vs FactSet SEK2.17 [9 est, SEK2.00-2.68]; acquires Connectors & Switchgear Ltd for an undisclosed sum
-5.2% HMS.SS (HMS Networks) -- hold from buy at ABG Sundal Collier
-5.0% CAN.LN (Canal+) -- Q3 Trading Update: revenue €2.13B vs year-ago restated €2.09B, reaffirms FY guidance
-4.8% FDJU.FP (La Francaise des Jeux) -- Q3 revenue €794M, (8%) vs year-ago €864M, updates 2026 targets
-4.4% NOD.NO (Nordic Semiconductor) -- Q3 net income $26.9M vs FactSet $20.8M [9 est, $12.2-23.2M]
-4.1% DFS.LN (DFS Furniture) -- hold from buy at Jefferies
-4.1% HOLM.B.SS (Holmen) -- Q3 EPS SEK2.60 vs FactSet SEK3.07 [9 est, SEK2.57-3.49]; splits business area Forest into two operations
-4.0% AZE.BB (Azelis Group) -- Q3 adjusted EBITA €114M vs FactSet €114.7M
-3.7% SWED.A.SS (Swedbank) -- Q3 net income SEK8.25B vs consensus SEK8.14B
On earnings/updates: SBRY.LN (J Sainsbury), EMSN.SW (EMS-Chemie Holding), YAR.NO (Yara International), ESSITY.B.SS (Essity), METSO.FH (Metso Corp.), THULE.SS (Thule Group), SAVE.SS (Nordnet), CABP.LN (CAB Payments Holdings), ROP.SW (Roche Holding), R3NK.GR (Renk Group), XVIVO.SS (Xvivo Perfusion), HO.FP (Thales), LOCAL.FP (Solocal Group), TGS.NO (TGS-NOPEC Geophysical Co.), COOR.SS (Coor Service Management Holding), ATORX.SS (Alligator Bioscience) and reversing initial gains AALB.NA (Aalberts), BARC.LN (Barclays), A3M.SM (ATRESMEDIA), KNIN.SW (Kuehne & Nagel), DIM.FP (Sartorius Stedim Biotech), MAU.FP (Maurel et Prom)
EU companies reporting tomorrow:
Earnings:
Benelux: Warehouses de Pauw (WDP.BB), Signify (LIGHT.NA)
DACHs: BB Biotech (BION.SW), ATOSS Software (AOF.GR), Serviceware (SJJ.GR)
Finland: Konecranes (KCR.FH), Hiab (HIAB.FH), Kemira (KEMIRA.FH), Scanfil (SCANFL.FH), Alandsbanken (ALBBV.FH), eQ (EQV1V.FH), Consti (CONSTI.FH), Apetit (APETIT.FH), Modulight (MODU.FH)
France: Sodexo (SW.FP)
Norway: Norsk Hydro (NHY.NO), Gjensidige Forsikring (GJF.NO), Tomra Systems (TOM.NO), MediStim (MEDI.NO), Zalaris (ZAL.NO)
Southern Europe: Eni (ENI.IM)
Sweden: Volvo (VOLV.B.SS), Saab (SAAB.B.SS), Hexagon (HEXA.B.SS), Evolution (EVO.SS), Lifco (LIFCO.B.SS), Indutrade (INDT.SS), Trelleborg (TREL.B.SS), Securitas (SECU.B.SS), Svenska Cellulosa (SCA.B.SS), Fastighets Balder (BALD.B.SS), Volvo Car (VOLCAR.B.SS), AarhusKarlshamn (AAK.SS), Lagercrantz Group (LAGR.B.SS), HEXPOL (HPOL.B.SS), Munters Group (MTRS.SS), Bravida Holding (BRAV.SS), Bufab (BUFAB.SS), Catena (CATE.SS), Röko (ROKO.B.SS), Electrolux (ELUX.B.SS), Hoist Finance (HOFI.SS), Storskogen Group (STOR.B.SS), Beijer Alma (BEIA.B.SS), NCAB Group (NCAB.SS), Bilia (BILI.A.SS), Alimak Group (ALIG.SS), Intrum (INTRUM.SS), Instalco (INSTAL.SS), Lindab International (LIAB.SS), Vitec Software Group (VIT.B.SS), Sdiptech (SDIP.B.SS), Ratos (RATO.B.SS), MedCap (MCAP.SS), Alligo (ALLIGO.B.SS), Momentum Group (MMGR.B.SS), Addnode Group (ANOD.B.SS), NOTE (NOTE.SS), Ependion (EPEN.SS), Karnell Group (KARNEL.B.SS), Duni (DUNI.SS), Lightshop (BHG.SS), Stillfront Group (SF.SS), Idun Industrier (IDUN.B.SS), Knowit (KNOW.SS), Volati (VOLO.SS), Solid Försäkring (SFAB.SS), Studsvik (SVIK.SS), Elanders (ELAN.B.SS), Micro Systemation (MSAB.B.SS), Bjorn Borg (BORG.SS), Green Landscaping Group (GREEN.SS), Softronic (SOF.B.SS), Sleep Cycle (SLEEP.SS), Lammhults Design Group (LAMM.B.SS), Boule Diagnostics (BOUL.SS)
Trading Update:
Benelux: Belysse Group (BELYS.BB)
DACHs: Holcim (HOLN.SW), Sika Group (SIKA.SW), SGS (SGSN.SW), Gurit Holding (GURN.SW)
France: Safran (SAF.FP), Gaztransport & Technigaz (GTT.FP), Planisware (PLNW.FP), Ipsos (IPS.FP), Maisons du Monde (MDM.FP)
CMD/Events: Konecranes (KCR.FH), Eurofins Scientific (ERF.FP), Samhällsbyggnadsbolaget i Norden (SBB.B.SS) EGM vote on cancellation of own D and resolve on a new issue of B shares with payment through set-off, OEM International (OEM.B.SS) EGM on board size, others, PPI Public Property Invest (PUBLI.SS) EGM vote on transaction with SBB, Tecnotree (TEM1V.FH) EGM vote on previously disclosed dividend proposal
Data:
Economics:
France Oct business survey 105 vs consensus 101, prior 101
Norway Sep unemployment rate 4.6% vs consensus 4.5%, prior revised 4.6% from 4.5%
UK Oct
Industrial trend orders (32) vs consensus (20), prior (9) - CBI
Consumer sentiment (40) vs prior (34) - British Retail Consortium
Eurozone Oct flash consumer confidence (17.9) vs consensus (17.0), prior revised (16.8) from (16.5)
Markets:
WTI Crude (Dec 26): +$1.11 or +1.14% to $98.26
€-$ (0.0023) or (0.20%) to 1.1210
£-$ (0.0020) or (0.15%) to 1.3374
€-£ (0.0005) to 0.8382
S&P 500 (1.25%)
Performance year-to-date:
FTSE 100: +7.99%
DAX: +3.60%
CAC: (4.15%)
MIB: +7.65%
Stoxx 600: +7.69%
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