Oct 22 ,2026
Synopsis
European equity markets are set to open broadly lower, tracking weaker Asian markets. Losses picking up in South Korea and Japan. Greater China under pressure with Hang Seng tech gauge down to lowest since Sep-2024. S&P 500 futures lower afterhours. Crude strengthening following reports US, Israel have readied Iran attack plans. No uplift for Asian memory producers from overnight AI bounce. Trading turned more cautious after US market close with Nasdaq futures weighed down by TSLA and the negative spin surrounding its capex downgrade. Other US tech reported after market close, META revenue topped estimates with Q4 guidance midpoint also above consensus. Touted Muse success with focus now on scaling it up. Lifted lower end of 2026 capex guidance range. Confirmed establishment of non-voting shares, amounting to 2:1 stock split, with funds earmarked for acquisitions and AI expansion. Neocloud sentiment a bit better with Elice (015850.KS) extending Wednesday's rally (stock now up 60% from opening day low). China AI model developers and tech platforms under pressure. Bloomberg sources noted DeepSeek raised ~CNY100B in latest funding round, higher than CNY50-80B it targeted. In macro developments, BOK left interest rates unchanged as widely expected in a unanimous decision. Maintained hawkish bias with board to decide on timing and pace of future increases.
Busy session for earnings/updates in Europe. SAP (SAP.GR) delivered a strong Q3, beating on EPS, reported Current cloud backlog of €24.1B, up 26% at constant currencies, and raising its 2026 cloud & software revenue growth target, while Roche (ROP.SW) topped revenue expectations and confirmed full-year guidance. Nestlé (NESN.SW) also beat on organic sales growth of +4.0% vs consensus +3.4%, reaffirming guidance. UCB (UCB.BB) was a standout, dramatically raising its FY adjusted EBITDA growth guidance to low-to-mid forties from mid-teens previously. Galderma (GALD.SW) impressed with a significant Q3 revenue beat and raised FY guidance, while Nokia (NOKIA.FH) beat on EPS and Essity (ESSITY.B.SS) delivered a clean earnings beat. Today's other key reporters include Barclays (BARC.LN), UniCredit (UCG.IM), Atlas Copco (ATCO.A.SS), Sandvik (SAND.SS), VINCI (DG.FP), L'Oréal (OR.FP), Hermès (RMS.FP) and LSEG (LSEG.LN).
In M&A, Qiagen (QGEN) confirmed its acquisition by EQT at €46.60/share, and CVC is reportedly circling Verisure (VSURE.SS).
Notable broker calls include Maersk (MAERSK.B.DC) cut to Sell at Goldman Sachs, Commerzbank (CBK.GR) downgraded at Barclays, and EssilorLuxottica (EL.FP) upgraded to Buy at Deutsche Bank.
European macro data releases include France Oct business confidence, Eurozone Oct flash consumer confidence, UK Oct industrial trends orders - CBI, Norway Sep unemployment rate, Ireland Sep PPI
In central banks, Kåkånomics economics festival (Wed-Thu) sees Norges Bank's Moen panellist at 10:15 and Bache interviewed at 17:00. Austria central bank's Kocher speech at 11:30CET at Gewinn Messe (Thu-Fri, also company execs and politicians speaking). Ireland central bank's McMunn speech at 10:40BST at European Insurance Forum. Bundesbank's Köhler-Geib panellist at 13:45CET at Berlin Global Dialogue 2026. Riksbank's Jansson discusses monetary policy at 15:00CET at the National Mediation Office's conf on the macroeconomic conditions for wage formation. Italy central bank's Panetta in conversation at 16:15CET at the International Festival of Economics in Turin. Bank of Spain's Escrivá and Bank of Portugal's Pereira opening remarks/panellists at 17:00CET at seminar on Iberian Economic Integration (livestream). BOE's Braddick speech at 21:00BST at Mansion House, City Regulators Dinner. Slovakia central bank's 'Capital Market 2026' seminar. WE_ARE_IN Macroeconomics and Finance Conf (through Fri). Türkiye central banks interest rate decision at 13:00CET. No change expected in 37.0% benchmark interest rate. SNB minutes on last MPC meeting released at 9:30CET. Ireland central bank's O'Keeffe speech at Blockchain Ireland Summit.
Chancellor Merz will travel 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. EU leaders, including EU's von der Leyen and Costa to meet with Vietnam's To Lam in Brussels. EU Informal meeting of trade ministers (through Fri), participants include EU's Šefčovič. Conference of the heads of government of the German States. In the UK, there are MPs questions on environment, food and rural affairs whilst committee topics include clean power by 2030: Upgrading the grid at 10:00. EU's Albuquerque opening address virtually at the Nordic Financial Unions (NFU) Conf. Moody's Banking Conf - UK, speakers include HSBC Holdings (HSBA.LN) CFO at 10:15BST, BOE's David Bailey 11:50. Annual Conf. of the Forum for Macroeconomics and Macroeconomic Policies (FMM) of the Hans Böckler Foundation.
Politics/Macro/World News
Consumer confidence tumbles ahead of Budget - ES
Top company news
Earnings/updates
DACH
SAP.GR (SAP) -- reports Q3 non-IFRS EPS €1.89 vs FactSet €1.81 [16 est, €1.70-1.96]; Current cloud backlog of €24.1B, up 28% and up 26% at constant currencies; raised 2026 cloud & software revenue growth target and reiterated view of revenue growth acceleration in 2027
ROP.SW (Roche Holding) -- reports Q3 revenue CHF16.13B vs consensus CHF15.75B; confirms FY guidance
QGEN (Qiagen) -- confirms business combination agreement with Crown NL Bidco (EQT) at €46.60/sh
QGEN (Qiagen) -- reports preliminary Q3 EPS $0.65 ex-items vs FactSet $0.62 [11 est, $0.61-0.64]
NESN.SW (Nestle) -- reports Q3 revenue CHF22.76B vs consensus CHF22.49B; Organic Sales Growth +4.0% vs consensus +3.4%; reaffirms FY guidance
KNIN.SW (Kuehne & Nagel) -- reports Q3 EPS CHF2.57 vs consensus CHF2.37; raises FY26 EBIT guidance range mid-point by CHF 100M (
GALD.SW (Galderma Group) -- reports 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
SCHP.SW (Schindler Holding) -- reports Q3 EPS CHF2.81 vs consensus CHF2.58; raises FY EBIT reported margin guidance
R3NK.GR (Renk Group) -- enters binding agreement to sell slide bearings business to Miba AG, terms not disclosed; revises guidance
SRT3.GR (Sartorius) -- reports Q3 underlying EBITDA €279.9M vs consensus €268.9M; FY26 guidance confirmed and partially refined
FTK.GR (flatexDEGIRO) -- reports 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
EMSN.SW (EMS-Chemie Holding) -- reports 9M revenue CHF1.51B vs year-ago CHF1.49B
GALE.SW (Galenica) -- reports 9M revenue CHF3.17B, +6% vs year-ago CHF3.00B; reaffirms FY outlook
VOS.GR (Vossloh) -- reports Q3 net income €9.4M vs FactSet €14.1M [1 est]
Nordics
NOKIA.FH (Nokia) -- reports Q3 comparable EPS €0.09 vs consensus €0.06; FY26 outlook unchanged
SEB.A.SS (Skandinaviska Enskilda Banken) -- reports Q3 EPS SEK3.81 vs consensus SEK4.00
SWED.A.SS (Swedbank) -- reports Q3 net income SEK8.25B vs consensus SEK8.14B (SEK 394.50)
TELIA.SS (Telia) -- reports Q3 EPS SEK0.69 vs consensus SEK0.65; raises FY Adjusted EBITDA growth LFL to +3-4% vs prior guidance around +3% (
SAVE.SS Nordnet reports Q3 EPS SEK3.50 vs FactSet SEK3.58 [11 est, SEK3.33-3.72]
ESSITY.B.SS (Essity) -- reports Q3 adj EPS SEK4.92 vs FactSet SEK4.36 [10 est, SEK3.80-4.94]; strategic review of Consumer Tissue is proceeding according to plan
SCATC.NO (Scatec) -- lowers FY 2026 power production EBITDA estimate
PNDX.B.SS (Pandox) -- reports Q3 cash EPS SEK4.14 vs FactSet SEK3.91 [5 est, SEK3.67-4.10]
BILL.SS (Billerud ) --reports Q3 EPS SEK0.85 vs FactSet SEK0.61 [9 est, SEK0.50-0.79]
Southern Europe
MONC.IM (Moncler) -- reports Q3 revenue €605.5M vs consensus €596.8M
PUIG.SM (Puig Brands) -- reports Q3 revenue €1.39B vs StreetAccount €1.37B; reaffirms FY 2026 outlook
Benelux
BESI.NA (BE Semiconductor Industries) -- reports Q3 EPS €1.33 vs StreetAccount €1.28
AZE.BB (Azelis Group) -- reports Q3 adjusted EBITA €114M vs FactSet €114.7M
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
France
IPN.FP (Ipsen) -- reports Q3 revenue €1.17B vs StreetAccount €1.13B: Upgrades its financial guidance for 2026
NEX.FP Nexans reports Q3 revenue €1.70B vs StreetAccount €1.40B
HO.FP (Thales) -- reports 9M revenue €16.42B vs consensus €16.33B; Orders €19.12B vs consensus €18.58B
FDJU.FP (La Francaise des Jeux) -- reports Q3 revenue €794M, (8%) vs year-ago €864M
COV.FP (Covivio) -- reports 9M revenue €803.7M, +51% vs year-ago €533.0M
FNAC.FP (Fnac Darty) -- reports Q3 revenue €2.50B vs year-ago €2.49B
LOCAL.FP (Solocal Group) -- reports Q3 revenue €76.1M vs FactSet €76.6M [1 est]
IDL.FP (ID Logistics Group) -- reports Q3 revenue €1.18B vs FactSet €1.09B [1 est]
PROT.NO (Protector Forsikring) -- reports Q3 net income NOK853M, +82% vs year-ago NOK468M
Also reporting today
Finland: 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), Groupe Guillin (ALGIL.FP) Norway: Yara International (YAR.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), 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), 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) UK: Barclays (BARC.LN), J Sainsbury (SBRY.LN), Auction Technology Group (ATG.LN), Bloomsbury Publishing (BMY.LN)
Trading Update: Belgium: Kinepolis Group (KIN.BB) DACHs: Bystronic (BYS.SW) France: L'Oreal (OR.FP), Hermes (RMS.FP), VINCI (DG.FP), Unibail-Rodamco-Westfield (URW.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)
M&A
QGEN (Qiagen) -- EQT close to deal to acquire Qiagen for €46.50/sh or €9.6B -- Bloomberg
QGEN (Qiagen) -- confirms business combination agreement with Crown NL Bidco (EQT) at €46.60/sh
VSURE.SS (Verisure Plc) -- CVC explores bid for Verisure Plc - FT
LSEG.LN (London Stock Exchange Group) -- could announce deal to acquire Octus from Permira as soon as Thursday (22-Oct) - FT, citing people familiar with the matter
FGR.FP (Eiffage) -- signs MoU with LOSC regarding proposed disposal of companies in charge of management of Decathlon Arena - Stade Pierre-Mauroy and its ancillary areas
R3NK.GR (Renk Group) -- enters binding agreement to sell slide bearings business to Miba AG, terms not disclosed; revises guidance
PNDX.B.SS (Pandox) -- divests seven hotel properties in Denmark and Sweden for SEK2.10B
Apollo and Blackstone seeking approval to acquire stakes in NFL teams - Bloomberg
Thoma Bravo revives effort to sell J.D. Power amid improving M&A environment - Bloomberg (earlier today)
Axel Springer explored buying TikTok's European arm - FT
Healthcare
AZN.LN (AstraZeneca) -- Ultomiris (ravulizumab) approved in US to reduce proteinuria in adults with primary immunoglobulin A nephropathy (IgAN) at risk for disease progression
FME.GR (Fresenius Medical Care) -- announced the U.S. launch of the multiFiltratePRO System for critically ill patients with acute kidney injury
NWRN.SW (Newron Pharmaceuticals) -- completes enrollment of pivotal Phase 3 ENIGMA-TRS 1 study
Other
SY1.GR (Symrise) -- presents new clinical evidence for skin and digestive health at SupplySide Global 2026
SEB.A.SS (Skandinaviska Enskilda Banken) -- completes SEK1.25B share buyback program; decides to pause share buybacks
IVG.IM (Iveco Group) -- appoints Damiano Cretarola as CFO effective 2-Nov-26
HUSQ.B.SS (Husqvarna) -- provides update in EU's robotic mower anti-dumping investigation
CO.FP (Casino Guichard-Perrachon) -- Plesio and the Normandy-Picardy Cooperators to build partnership under the Casino brand
NEL.NO (NEL ASA) -- appoints Morten Holum as CEO; to assume role no later than 1-May-27
European Automobile Manufacturers' Association (ACEA) September new car registrations for EU + EFTA + UK +10.2% y/y
Key rating changes
Upgrades
JPMorgan upgrades AGS.BB, ASRNL.NA; downgrades AGN.NA
EL.FP (EssilorLuxottica) -- to buy from hold at Deutsche Bank
GETI.B.SS (Getinge) -- to buy from hold at Handelsbanken
RS1.LN (RS Group plc) -- RS Group upgraded to buy from hold at Berenberg
XPP.LN (XP Power) -- to buy from hold at Deutsche Bank
Downgrades
UBI.FP (Ubisoft Entertainment) -- to underperform from neutral at BNP Paribas Exane
EBS.AV (Erste Group Bank) -- to market perform from outperform at Keefe, Bruyette & Woods
CA.FP (Carrefour) -- to neutral from buy at UBS
CBK.GR (Commerzbank) -- to equal weight from overweight at Barclays
HUSQ.B.SS (Husqvarna) -- to hold from buy at Danske Bank
OPM.FP (OPmobility) -- to neutral from overweight at JPMorgan
ALIF.B.SS (AddLife) -- to hold from buy at DNB Carnegie
DFS.LN (DFS Furniture) -- to hold from buy at Jefferies
KESKOB.FH (Kesko) -- to hold from buy at ABG Sundal Collier
MAERSK.B.DC (Maersk) -- to sell from neutral at Goldman Sachs
AGN.NA (Aegon) -- to neutral from overweight at JPMorgan
Other
STR.AV (STRABAG SE) -- reinitiated buy at Kepler Cheuvreux
Data
Nikkei (2.52%) to 62995.91
Hang Seng (3.18%) to 22900.67
Shanghai Composite (1.59%) to 3653.93
S&P futures (67.3) vs prior close of 7800.3
€-$ +0.0020 or +0.18% to 1.1253
$-¥ (0.81) or (0.51%) to 157.33
€-¥ (0.64) or (0.36%) to 176.99
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