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Back to Daily DR Market Summary

StreetAccount Summary - EU Pre-Open Indications:Futures: FTSE +0.06%, DAX (0.25%), CAC40 +0.45%

Oct 23 ,2026

  • Synopsis

    • European indcies are set to open mixed today ad Asian equities trade lower today. AI selloff weighing on Japan and South Korea though indexes off worst levels. Greater China mixed with Hong Kong gaining and mainland indexes lower. S&P 500 futures flat afterhours.

    • US equities finished mixed in Thursday trading, though S&P and Nasdaq weighed down by pressured AI trade. However, breadth was positive and equal-weight S&P closed higher, ~190 bp better than the cap-weighted index

    • AI saw another round of sharp pressure with funding concerns seemingly back in play (more focus on CDS widening). While META came under scrutiny today, expectations that it would tap markets (potentially both equity and credit) to fund its capex ramp have been in play for a while

    • Friday sees, in central banks, ECB's Montagner speech at 9:55CET at ESRB Standing Task Force on Scenario Design and Development annual stress test workshop. ECB's Cipollone fire-side chat at 16:00CET at the International Festival of Economics in Turin. Russia central bank scheduled to announce its latest interest rate decision at 11:30BST, along with its medium-term economic forecast and post decision press conf. The benchmark interest rate is currently 14.0%.

    • Economic: Eurozone France, Germany, UK Oct flash manufacturing/services PMIs, Germany Nov consumer confidence - GfK, UK Oct consumer confidence - GfK, Sep retail sales, Denmark Sep retail sales

    • A number of earnings reports have been reported so far: ASCN.SW, LIAB.SS, SF.SS, LIGHT.NA, HIAB.FH, BHG.SS, PLNW.FP, STOR.BSS, INTRUM.SS, TOM.NO, NHY.NO, VOLVAR.B.SS, LIGHT.NA, SIKA.SW, HOFI.SS, ELUX.B.SS, SW.FP.

  • Politics/Macro/World News

    • Healey's First Budget to Push UK's Hard Choices to Another Day (BBG )

    • UK consumer confidence falls at fastest rate since Covid as cost of living bites (Guardian )

  • Top company news

    • Earnings/updates

      • SAF.FP (Safran) -- reports Q3 revenue €9.00B vs consensus €8.99B; reaffirms FY guidance

      • OR.FP (L'Oreal) -- reports Q3 revenue €11.56B vs StreetAccount €11.15B

      • KER.FP (Kering) -- reports Q3 revenue €3.35B vs StreetAccount €3.35B

      • HOLN.SW (Holcim) -- reports Q3 recurring EBIT CHF976M vs consensus CHF949M; raises FY organic growth in recurring EBIT guidance

      • AC.FP (Accor) -- reports Q3 revenue €1.50B vs StreetAccount €1.41B; raises lower end of FY EBTIDA guidance

      • DG.FP (VINCI SA) -- reports 9M revenue €55.97B vs StreetAccount €54.25B

      • RXL.FP (Rexel) -- reports Q3 revenue €5.45B vs consensus €5.21B; raises FY guidance

      • SW.FP (Sodexo) -- reports FY underlying EPS €3.48 vs consensus €3.23; FY27 guidance confirmed

      • SIKA.SW (Sika Group) -- reports 9M net income CHF887.8M vs StreetAccount CHF893.3M

      • ELUX.B.SS (Electrolux) -- reports Q3 EPS (SEK0.46) vs consensus SEK0.08

      • SGSN.SW (SGS) -- reports Q3 revenue CHF1.98B vs StreetAccount CHF1.95B; reaffirms FY guidance

      • FR.FP (Valeo SE) -- reports Q3 revenue €4.88B vs StreetAccount €4.96B

      • URW.FP (Unibail-Rodamco-Westfield) -- Q3 trading update: Like-for-like turnover up +2.4%; FY Adjusted Recurring EPS within guidance of €9.15-9.30

      • ADP.FP (Aeroport de Paris) -- reports 9M revenue €5.11B vs year-ago €5.04B

      • SK.FP (SEB) -- reports Q3 revenue €1.96B, +3% vs year-ago €1.92B

      • FII.FP (Lisi) -- reports Q3 revenue €473.2M vs FactSet €462.4M [2 est, €458.1-466.6M]

      • VIS.SM (Viscofan) -- reports Q3 net income attributable €40.4M vs FactSet €40.3M [5 est, €37.2-44.7M]

      • MDM.FP (Maisons du Monde) -- reports Q3 revenue €176.3M, (22%) vs year-ago €224.7M

      • NXI.FP (Nexity) -- reports Q3 revenue €548M, (13%) vs year-ago €633M

      • TKO.FP (Tikehau Capital) -- reports Q3 AuM €51.7B; +3% y/y

      • ALCGM.FP (Cegedim) -- reports Q3 revenue €155.9M vs year-ago €153.7M

      • ICEAIR.IR (Icelandair Group) -- reports Q3 net income $96.7M, +69% vs year-ago $57.3M

      • VLTSA.FP (Voltalia) -- reports Q3 revenue €177.4M vs FactSet €194.6M [1 est]; reaffirms FY EBITDA guidance

      • GBT.FP (Guerbet) -- reports Q2 revenue €194.6M vs FactSet €201.7M [1 est]

      • GURN.SW (Gurit Holding) -- reports 9M revenue CHF239.5M vs year-ago CHF239.9M

      • HOFI.SS (Hoist Finance) -- reports Q3 EPS SEK4.05 vs FactSet SEK3.91 [3 est, SEK3.67-4.07]

      • MCAP.SS (MedCap) -- reports Q3 EPS SEK5.7 vs FactSet SEK4.57 [3 est, SEK3.40-5.20]

    • M&A

      • VNA.GR (Vonovia) -- may be forced to buy 120K flats in Berlin, suffering loss of (€8B) - FT

      • SKA.B.SS (Skanska) -- divests rental multifamily project in Gothenburg, Sweden for about SEK 380M

      • CAI.AV (CA Immobilien Anlagen) -- completes sale of its Czech platform with a profit to book value; terms undislcosed

      • EWG.LN (W.A.G. Payment Solutions) -- holder TA Associates's affiliate Bock Capital to sell entire remaining 12.7% stake through accelerated bookbuild

      • PPT.AU (Perpetual) -- Potential suitors continue to circle Perpetual - The Australian

      • EQV1V.FH (eQ) -- agrees to acquire Genesta Property Nordic AB for a base purchase price of €11.5M in cash and shares

      • Speculation CBA may look to re-acquire KKR's stake in Colonial First State - The Australian

    • Healthcare

      • GALD.SW (Galderma Group) -- The Chinese NMPA has approved Galderma's Relfydess the first and only ready-to-use liquid neuromodulator designed with PEARL Technology, for the temporary improvement of moderate-to-severe glabellar lines (frown lines) in adults

      • BIM.FP (bioMerieux) -- announces Dual 510(k) Clearance and CLIA Waiver from FDA for BIOFIRE SPOTFIRE Vaginitis Panel to Advance Women's Health with Rapid Molecular Diagnostics

      • VICO.SS (Vicore Pharma Holding) -- Vicore's Phase 2B ASPIRE Trial of Buloxibutid in IPF passes pre-Planned futility analysis; Remains on track for Mid-2027 Topline results

    • Other

      • NOKIA.FH (Nokia) -- and ICEYE partner with Ministry of Defence of Ukraine to develop sovereign satcom capability

      • FRVIA.FP (Forvia) -- and Great Wall Motor sign a global strategic cooperation framework agreement to expand their collaboration across key international markets and strategic technologies

      • UPM.FH (UPM-Kymmene) -- issues demerger update, expects WISA Group's to commence trading on Nasdaq Helsinki around ~2-Nov

      • CRST.LN (Crest Nicholson Holdings) -- Coface, Allianz Trade have cut their exposure to Crest Nicholson - FT

      • President Trump signs Executive Order on Wind Turbine parts/components

      • Rio Tinto to invest $1.9B to develop the Kangwinan bauxite project

  • Key rating changes

    • Upgrades

      • BEAN.SW (BELIMO Holding) -- to buy from neutral at UBS

      • BETS.B.SS (Betsson) -- to buy from hold at Pareto

      • METSO.FH (Metso Corp.) -- to buy from hold at Danske Bank

      • METSO.FH (Metso Corp.) -- to buy from hold at SEB

      • RO.SW (Roche Holding) -- to buy from hold at Deutsche Bank

      • SAND.SS (Sandvik) -- to buy from hold at Pareto

      • SRT3.GR (Sartorius) -- to outperform from sector perform at RBC Capital Markets

      • ZURN.SW (Zurich Insurance Group) -- Zurich Insurance Group reinstated neutral at UBS; previous rating was sell

    • Downgrades

      • RMS.FP (Hermes) -- to hold from buy at Berenberg

      • BESI.NA (BE Semiconductor Industries) -- to equal-weight from overweight at Morgan Stanley

      • SBRY.LN (J Sainsbury) -- to neutral from outperform at BNP Paribas Exane

      • HEM.SS (Hemnet Group) -- to hold from buy at Pareto

      • LRE.LN (Lancashire Holdings) -- to underweight from equal weight at Barclays

      • VAR.NO (Vår Energi) -- to sell from hold at Danske Bank

      • DOM.SS (Dometic Group) -- to hold from buy at DNB Carnegie

      • BIOG.B.SS (BioGaia) -- to neutral from buy at Sparebank 1 Markets (16:52 CET)

      • KIT.NO (Kitron) -- to hold from buy at Pareto

    • Initiations

      • CTEC.LN (ConvaTec Group) -- buy at DNB Carnegie

  • Data

    • Nikkei (0.75%) to 62436.59

    • Hang Seng +0.71% to 23098.13

    • Shanghai Composite (0.24%) to 3649.26

    • S&P futures (8.8) vs prior close of 7704.5

    • €-$ (0.0005) or (0.04%) to 1.1213

    • $-¥ +0.18 or +0.12% to 156.96

    • €-¥ +0.11 or +0.06% to 175.95

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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