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StreetAccount Summary - EU Market Recap: FTSE 100 +0.07% to 10694.50, DAX +0.44% to 25704.02, CAC40 +0.00% to 7886.96, STOXX 600 +0.07% to 644.14

Oct 28 ,2026

  • Synopsis:

    • European equity markets were mixed at the close. Autos and Energy lead; Chemicals, Media and Health Care lag. US equities narrowly mixed in midday trading. Asian equity markets higher. Gilt yields lower after UK Budget. Bund up 2 bps at 3.37%. Dollar weaker versus Aud, but firmer elsewhere with strongest gains versus NZD after RBNZ surprise decision to hold. Oil up with WTI crude up 2.7%, trading above $102.50/bbl. Brent above $111.70/bbl. European natural gas prices at multi-year highs near EUR100/MWh. Gold down. Industrial metals mixed. Bitcoin lower.

    • UK Budget relatively lowkey as expected. Fiscal watchdog OBR reduced forecast of fiscal headroom versus rules to £15B versus prior £24B. Cuts growth projection for 2027, but increased forecasts further out. Number of cost of living measures were widely reported in press prior to announcement. OBR said economic and fiscal position very challenging. Net borrowing forecasts raised by £65B. DMO Gilt issuance planned for 2026-27 is £250.6B versus expectations of £249.6B. Quiet macro data calendar in Europe, with German GfK consumer confidence a bit weaker than forecast.

    • A busy morning for earnings, with initial focus on banks as Deutsche Bank (DBK.GR), BNP Paribas (BNP.FP), Bank of Ireland Group (BIRG.ID), UBS (UBSG.SW), and Standard Chartered (STAN.LN) reported strong results. Meanwhile, Banco Santander (SAN.SM) reported Q3 results below consensus but confirmed it was on track for its 2026 targets. In HealthCare, Sandoz Group (SDZ.SW), Straumann Holding (STMN.SW), and GSK Plc (GSK.LN) released their latest Q3 numbers. In autos, Mercedes-Benz Group (MBG.GR), Aston Martin Lagonda Global Holdings (AML.LN), and Stellantis (STAN.LN) posted Q3 earnings.

    • In the food and beverages sector, Heineken (HEIA.NA) and Danone (BN.FP) reported earnings ahead of expectations, while Rémy Cointreau's (RCO.FP) update disappointed investors. Focus today also on Chemicals, as heavyweight BASF SE (BAS.GR) issued Q3 numbers ahead of consensus and raised FY guidance, while Symrise (SY1.GR) released strong Q3 revenue but a disappointing FY26 outlook, dragging shares sharply lower. In Energy and Utilities, Equinor (EQNR.NO), Aker Solutions (AKSO.NO), Fortum (FORTUM.FH) and Endesa (ELE.SM) shared their latest numbers with investors. In Tech, Logitech International (LOGN.SW), Dassault Systèmes (DSY.FP) and ASM International (ASM.NA) reported earnings. Other notable companies reporting today include Royal KPN (KPN.NA), Delivery Hero (DHERGR), Adyen (ADYEN.NA), Telenor (TEl.NO), Unilever (ULVR.LN), UPM-Kymmene (UPM.FH), Kone (KNEBV.FH) and SSAB (SSAB.B.SS). Of note, UK banks and gambling firms traded higher in the afternoon following UK budget announcement of smaller tax hikes than feared.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Autos & Parts +1.33%, Oil & Gas +1.08%, Travel & Leisure +0.73%, Utilities +0.73%, Telecom +0.21%, Ind Goods & Svcs +0.20%, Technology +0.08%

      • Underperformers:

        • Media (2.14%), Persnl & HHold Goods (0.83%), Basic Resources (0.75%), Chemicals (0.68%), Real Estate (0.48%), Retail (0.48%), Construct & Mtls (0.19%), Financial Svcs (0.12%), Food & Beverage (0.11%), Health Care (0.04%), Banks +0.04%, Insurance +0.06%

    • Macro:

      • Trade:

        • EU set to scrap 'associate member' offer for Canada (Politico )

      • UK:

        • Inflation forecast to average 3.4% in 2027, OBR says

        • UK vows defense spending boost by 2030 but dodges hard questions (Politico )

        • Healey vows to keep UK finances stable through economic storms (Bloomberg )

        • Healey says UK will have £15B of fiscal headroom at end of forecast period (Reuters )

        • Britain to kickstart European defense procurement scheme (Politico )

      • France:

        • Lescure says prepared to use any tool to ensure budget (Bloomberg )

        • Franco-German car deal criticized by EU climate chief (Bloomberg )

      • Politics:

        • Zelenskyy defends leaders of Finland and Norway over Putin talks (Politico )

    • Peripheral markets:

      • Portugal:

        • Thousands rally outside Portugal's parliament over housing crisis, police operations (Reuters )

      • Spain:

        • At least 68 dead in Spain's second major train crash this year (Reuters )

    • Company news:

      • Notable Gainers

        • +15.4% STLAM.IM (Stellantis €4.28, +0.57) -- Q3 net income (€453M) vs FactSet (€222.8M) [5 est, (€610)-30M]

        • +10.3% BRG.NO (Borregaard NOK158.00, +14.80) -- Q3 EPS NOK2.96 vs FactSet NOK2.15 [7 est, NOK2.00-2.26]

        • +8.6% JFN.SW (Jungfraubahn Holding CHF260.00, +20.50) -- initiated buy at Berenberg

        • +8.3% RNWH.LN (Renew Holdings £10.68, +0.82) -- subsidiary acquires Porter Brothers Holdings for up to £50M

        • +8.1% VALMT.FH (Valmet €29.04, +2.18) -- Q3 EPS €0.48 ex-items vs consensus €0.49; FY guidance confirmed

        • +8.0% TGYM.IM (Technogym €13.72, +1.02) -- 9M revenue €752M, +6% vs year-ago €708.5M

        • +7.6% CDA.FP (Compagnie des Alpes €18.80, +1.32) -- Q4 revenue €277.7M, +2% vs year-ago €271.4M; raise outlook

        • +7.5% LUOTEA.FH (Lassila & Tikanoja €1.87, +0.13) -- Q3 earnings

        • +6.1% EPRO.B.SS (Electrolux Professional SEK52.40, +3.00) -- Q3 EPS SEK0.74 vs FactSet SEK0.75 [4 est, SEK0.70-0.87]

        • +4.4% CGEO.LN (Georgia Capital £43.95, +1.85) -- Q3 NAVPS (in GEL) 198.91 vs quarter-ago 175.12

        • +4.4% MKA.LN (Mkango Magnetic Materials £0.31, +0.01) -- HyProMag to acquire Carlo Burkhardt's 10% stake for £1.1M

        • +4.3% CCR.LN (C&C Group £1.06, +0.04) -- H1 Adj. EPS €0.07 vs year-ago €0.07; on track to achieve FY operating profit in line with market expectations

        • +4.2% WLN.FP (Worldline €10.70, +0.43) -- Q3 revenue €967.0M vs FactSet €957.0M [1 est]; confirms FY outlook

        • +4.1% ASM.NA (ASM International €773.60, +30.40) -- Q3 adj net income €315.4M vs consensus €313.1M; announces €300M buyback; guides Q4 and FY27

        • +4.1% BIRG.ID (Bank of Ireland Group €19.08, +0.76) -- Q3 trading update: NII growth 4% higher YTD vs same period in 2025; upgrades FY26 guidance

        • +4.0% DBK.GR (Deutsche Bank €30.02, +1.15) -- Q3 net income €1.85B vs consensus €1.44B

        • +3.7% SOBI.SS (Swedish Orphan Biovitrum SEK481.20, +17.20) -- Pareto upgrade

        • +3.6% ENT.LN (Entain £4.69, +0.17) -- issues statement regarding UK gambling tax increases: expects annualised additional cost of approx £25M; maintains FY26 guidance and expectation of generating £500M annual adjusted cashflow in 2028

        • +3.1% ARCAD.NA (ARCADIS €45.28, +1.38) -- Q3 operating EBITDA €148M vs FactSet €135.0M [1 est]

        • +3.1% GLA1V.FH (Glaston €1.00, +0.03) -- Q3 earnings

        • +2.6% BN.FP (Danone €63.24, +1.62) -- Q3 revenue €7.23B vs consensus €7.18B

        • +2.6% DOKA0.SW (dormakaba Holding CHF70.30, +1.80) -- trading update: Q1 revenue CHF702.9M, +5.2% y/y; reiterates FY outlook

        • +2.4% PIG.FP (Haulotte Group €2.15, +0.05) -- reports Q2 revenue €121M vs year-ago €121M

        • +2.4% STAN.LN (Standard Chartered £20.68, +0.49) -- Q3 EPS $0.69 vs consensus $0.54

        • +2.4% VSVS.LN (Vesuvius £4.72, +0.11) -- extension of PUSU deadline to 24-Nov for RHI Magnesita takeover proprosal

        • +2.3% LDA.SM (Linea Directa Aseguradora €1.26, +0.03) -- Q3 net income €28.3M vs FactSet €25.7M [5 est, €24.5-27M]

        • +2.2% KPN.NA (Royal KPN €4.18, +0.09) -- Q3 adj EBITDA AL €671M vs consensus €665.0M; on track to reach FY26 outlook

        • +2.2% PAL.AV (Palfinger €27.70, +0.60) -- 9M net income (€61.5M) vs year-ago €72.4M; expects FY revenue slightly above and EBIT slightly below the previous year; adjusts 2030 revenue target to €2.8B

        • +1.9% NAS.NO (Norwegian Air Shuttle NOK11.39, +0.22) -- Q3 net income NOK1.84B vs FactSet NOK1.62B [6 est, NOK1.45-1.75B]

        • +1.8% TEL.NO (Telenor NOK130.00, +2.30) -- Q3 adj attributable net income NOK3.68B vs consensus NOK3.91B

        • +1.7% ELM.LN (Elementis £1.88, +0.03) -- Q3/9M trading udpate: expects FY26 adj operating profit of $133-135M slightly above its previous guidance

        • +1.6% HEIA.NA (Heineken €78.00, +1.22) -- Q3 revenue €8.09B vs FactSet €7.98B [5 est, €7.86-8.04B]; reiterates FY26 organic operating profit guidance

      • Notable Decliners

        • -22.4% FAG.SS (Fagerhult Group SEK14.72, -4.22) -- Q3 EPS SEK0.11 ex-items vs FactSet SEK0.22 [3 est, SEK0.15-0.30]

        • -20.2% ONTEX.BB (Ontex Group €1.39, -0.35) -- Q3 adj net income €0.4M vs year-ago €29.3M. Lowers EBITDA guidance

        • -19.3% SFOR.LN (S4 Capital £0.43, -0.10) -- Q3 revenue £156.3M, (6%) vs year-ago £167.0M; guides FY26

        • -15.3% BRCK.LN (BRCK Group £0.42, -0.08) -- H1 trading update

        • -13.3% ADYEN.NA (Adyen €818.00, -126.00) -- Q3 revenue €738.1M vs FactSet €733.3M [15 est, €723.7-742M]

        • -11.2% SANOMA.FH (Sanoma €9.38, -1.18) -- Q3 adj. EPS €0.82 vs FactSet €0.91 [6 est, €0.89-0.93]; earnings outlook for 2026 narrowed to the higher end

        • -10.8% LOGN.SW (Logitech International CHF82.02, -9.94) -- Q2 earnings

        • -10.2% SY1.GR (Symrise €89.80, -10.25) -- Q3 revenue €1.31B vs consensus €1.28B; organic sales growth 5.3%; reaffirms full year 2026 outlook

        • -9.9% ATORX.SS (Alligator Bioscience SEK0.01, -0.00) -- board proposes 1-for-1000 reverse share split

        • -9.5% HTG.LN (Hunting £3.85, -0.41) -- trading update: YTD EBITDA ~ $89M reflecting results from operating segments/product lines, with EBITDA margin of ~ 12%

        • -5.9% RENX.LN (Renalytix £0.06, -0.00) -- FY operating income ($14.0M) vs year-ago ($17.2M)

        • -5.6% SAN.SM (Banco Santander €10.64, -0.63) -- Q3 net income attributable €3.43B vs FactSet €3.48B [12 est, €2.92-3.85B]

        • -5.0% PHO.NO (PhotoCure NOK47.50, -2.50) -- Q3 net income (NOK26.2M) vs FactSet (NOK9M) [1 est]; raises FY outlook

        • -4.8% CRBN.NA (Corbion €25.90, -1.30) -- Q3 operating income €39.3M vs year-ago €27.9M

        • -4.8% GSK.LN (GSK Plc £18.32, -0.92) -- Q3 core EPS 54.6p vs consensus 50.4p; 2026 guidance reaffirmed

        • -4.8% SSAB.A.SS (SSAB SEK93.46, -4.76) -- Q3 EPS SEK1.56 vs consensus SEK1.64

        • -4.6% UPM.FH (UPM-Kymmene €23.39, -1.14) -- Q3 comparable EPS €0.16 vs FactSet €0.28 [12 est, €0.22-0.33]

        • -4.5% DSY.FP (Dassault Systemes €23.58, -1.11) -- Q3 earnings, completes acquisition of ArisGlobal

        • -3.9% ATE.FP (Alten €85.00, -3.45) -- Q3 revenue €1.06B vs FactSet €1.03B [1 est]

        • -3.9% MAP.SM (MAPFRE €4.17, -0.17) -- 9M net income attributable €924.3M, +11% vs year-ago €829.0M

        • -3.8% AKSO.NO (Aker Solutions NOK36.70, -1.46) -- Q3 EPS ex-items NOK1.45 vs FactSet NOK1.49 [8 est, NOK1.35-1.68]; guides FY Revenue between NOK 53-55B vs prior guidance NOK50-55B and FactSet NOK54.04B

        • -3.7% KNEBV.FH (Kone €54.40, -2.08) -- Q3 EPS €0.52 vs consensus €0.53; narrows FY revenue growth and adj. EBIT margin guidance

        • -3.5% MELE.BB (Melexis €57.05, -2.05) -- Q3 EPS €0.78 vs FactSet €0.84 [5 est, €0.75-0.91]

        • -2.7% SDZ.SW (Sandoz Group CHF79.88, -2.22) -- Q3 revenue $2.94B vs FactSet $3.01B [3 est, $2.96-3.04B]

        • -2.6% TTK.GR (Takkt €2.43, -0.06) -- Q3 EPS (€0.28) vs year-ago €0.02; increased risk FY organic sales growth and adjusted EBITDA margin will come in at the lower end of the existing guidance ranges

        • -2.5% RCO.FP (Remy Cointreau €49.44, -1.26) -- Q2 sales €287.7M vs consensus €280.8M; FY26-27 objectives confirmed

        • -2.3% VRLA.FP (Verallia €17.79, -0.42) -- Q3 adjusted EBITDA €171.9M, (5%) vs year-ago €180.5M

        • -2.2% ELE.SM (Endesa €43.19, -0.99) -- 9M net income attributable €1.96B vs consensus €1.96B

        • -2.1% ULVR.LN (Unilever £47.92, -1.01) -- trading statement: Q3 revenue €13.30B vs consensus €13.09B; combination with McCormick (MKC) on track; now expects at least 3% underlying volume growth for FY26

        • -2.0% 8TRA.GR (TRATON €32.00, -0.66) -- 9M adjusted operating income €2.31B, +13% vs year-ago €2.04B; confirms FY outlook

        • -1.7% DWS.GR (DWS Group €65.45, -1.10) -- Q3 net income attributable €230M vs FactSet €266.4M [2 est, €257.9-275M]; reaffirms FY expectations

        • -1.5% FRAS.LN (Frasers Group £8.90, -0.14) -- declares A$0.65/sh offer to acquire Accent Group is best and final and will not be increased

        • -1.1% ASY.FP (Assystem €35.05, -0.40) -- 9M earnings

        • -0.6% UBSG.SW (UBS Group CHF38.60, -0.24) -- Q3 EPS $0.85 vs consensus $0.85

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: OMV (OMV.AV), Andritz (ANAV), AMAG Austria Metall (AMAG.AV)

        • Belgium: Anheuser-Busch InBev (ABI.BB)

        • Denmark: Danske Bank (DANSKE.DC), Netcompany Group (NETC.DC), D/S Norden (DNORD.DC), Tivoli (TIV.DC)

        • Finland: Neste (NESTE.FH), Kesko (KESKOB.FH), Huhtamaki (HUH1V.FH), Kalmar (KALMAR.FH), Alma Media (ALMA.FH), Metsa board (METSB.FH), Qt Group (QTCOM.FH), Harvia (HARVIA.FH), Posti Group (POSTI.FH), Enento Group (ENENTO.FH), Etteplan (ETTE.FH), Oriola (ORIOLA.FH), Loihde (LOIHDE.FH)

        • France: TotalEnergies (TTE.FP), Societe Generale (GLE.FP), STMicroelectronics (STMPA.FP), Amundi (AMUN.FP), Ayvens (AYV.FP), Technip Energies (TE.FP), Pluxee (PLX.FP), Imerys (NK.FP), TF1 (TFI.FP), X-FAB Silicon Foundries (XFAB.FP), 2CRSI (AL2SI.FP), MEDIAN Technologies (ALMDT.FP), Lhyfe (ALHYF.FP)

        • Germany: Volkswagen (VOW3.GR), Adidas (ADS.GR), Kion Group (KGX.GR), Wacker Chemie (WCH.GR), Aixtron (AIXA.GR), MTU Aero Engines (MTX.GR), Knorr-Bremse (KBX.GR), Redcare Pharmacy (RDC.GR), AlzChem Group (ACT0.GR), Befesa (BFSA.GR), Drägerwerk (DRW3.GR), LPKF Laser & Electronics (LPK.GR), Baader Bank (BWB.GR)

        • Italy: Prysmian (PRY.IM), Italgas (IG.IM), Amplifon (AMP.IM), Elica (ELC.IM)

        • Netherlands: ING Groep (INGA.NA), Universal Music Group (UMG.NA), CTP (CTPNV.NA), Eurocommercial Properties (ECMPA.NA)

        • Norway: Kongsberg Gruppen (KOG.NO), Aker BP (AKRBP.NO), DNO (DNO.NO), Sparebanken Norge (SBNOR.NO), SpareBank 1 SMN (MING.NO), SpareBank 1 Nord-Norge (NONG.NO), Sparebanken Møre (MORG.NO), Europris (EPR.NO), BW Energy (BWE.NO), Elkem (ELK.NO), Aker BioMarine (AKBM.NO), Smartoptics Group (SMOP.NO), Pareto Bank (PARB.NO), Axactor (ACR.NO), Appear (APR.NO), Vistin Pharma (VISTN.NO)

        • Other: Íslandsbanki (ISB.IR)

        • Spain: Banco Bilbao Vizcaya Argentaria (BBVA.SM), Repsol (REP.SM), Naturgy Energy Group (NTGY.SM), Banco de Sabadell (SAB.SM), Indra Sistemas (ISM), Fluidra (FSM), Global Dominion Access (DOM.SM)

        • Sweden: Boliden (BOL.SS), Sweco (SWEC.B.SS), Paradox Interactive (PDX.SS), Nolato (NOLA.B.SS), Troax Group (TROAX.SS), engcon (ENGCON.B.SS), Tången Industrikapital (TANGEN.B.SS), CellaVision (CEVI.SS), Eltel (ELTEL.SS), XANO Industri (XANO.B.SS), BioInvent International (BINV.SS), Net Insight (NETI.B.SS), CTEK (CTEK.SS), Senzime (SEZI.SS), Scandinavian Enviro Systems (SES.SS)

        • Switzerland: Idorsia (IDIA.SW), Landis+Gyr Group (LAND.SW)

        • UK: Shell (SHEL.LN)

      • Trading Update:

        • Benelux: Flow Traders (FLOW.NA), Recticel (RECT.BB)

        • DACHs: Avolta (AVOL.SW), Vontobel Holding (VONN.SW), Molecular Partners (MOLN.SW), lastminute.com (LMN.SW)

        • France: Air Liquide (AI.FP), AXA (CS.FP), Renault (RNO.FP), Sopra Steria Group (SOP.FP), Eutelsat Communications (ETL.FP), Emeis SA (EMEIS.FP), Eramet (ERA.FP), 74Software (74SW.FP), Manitou BF (MTU.FP), Wavestone (WAVE.FP), Equasens Group (EQS.FP), Groupe Samse (SAMS.FP), Adocia (ADOC.FP)

        • Nordics: Carlsberg (CARL.B.DC), Bittium (BITTI.FH), Detection Technology (DETEC.FH), Rapala VMC (RAP1V.FH), Minesto (MINEST.SS)

        • Southern Europe: Seri Industrial (SERI.IM)

        • UK: Glencore (GLEN.LN), Lloyds Banking Group (LLOY.LN), Haleon (HLN.LN), IMI (IMI.LN), St. James's Place (STJ.LN), WPP Group (WPP.LN), PPHE Hotel Group (PPH.LN), ASA International Group (ASAI.LN)

  • Data:

    • Economics:

      • Italy Sep PPI +13.8% y/y vs cons +11.2% and prior +10.9%; +2.9% m/m vs cons +0.5% and prior +2.4%

      • Switzerland Oct ZEW Expectations (15.3) vs cons 1.3 and prior 2.6

      • Ireland Sep Retail Sales +2.9% y/y vs cons +1.9% and prior revised +4.1% from +4.3%; (0.4%) m/m vs cons +0.4% and prior revised +0.5% from +0.6%

    • Markets:

      • WTI Crude (Dec 26): +$3.57 or +3.57% to $103.47

      • €-$ +0.0019 or +0.17% to 1.1146

      • £-$ +0.0008 or +0.06% to 1.3313

      • €-£ +0.0010 to 0.8373

      • S&P 500 +0.20%

      • Performance year-to-date

        • FTSE 100: +7.68%

        • DAX: +4.96%

        • CAC: (3.22%)

        • MIB: +10.86%

        • Stoxx 600: +8.77%

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