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StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.24%), DAX (0.31%), CAC40 +0.08%

Oct 28 ,2026

  • Synopsis

    • European equity markets are set for a mixed open with Asia equities mostly higher Wednesday. Very strong gains for the Kospi in the wake of SK Hynix's quarterly results; Taiwan's Taiex and the Nikkei 225 also higher. Greater China led higher by recovery in Shenzhen. Australia and Singapore near unchanged. India lower despite strong gains for Jio Platforms in its market debut. US futures mixed.

    • Bullish AI sentiment underpinned further by purchasing agreements, including Oracle collaboration agreements with Cerebras (inferencing), Google (TPUs), Nvidia (Vera Rubin to OCI), and OpenAI (enterprise computing).

    • In the UK, and following MPs questions on Scotland, there's weekly PMQs at 12noon GMT followed around 30 minutes later by Chancellor's budget/autumn forecast statement (UK parliament release, EY, Telegraph, IFS). At the conclusion of the speech, OBR's latest economic and fiscal outlook is released, with OBR Chair Jonathan Haskel presenting the reports key messages at 14:30 (livestream). Committee topics include work of National Energy System Operator (NESO) at 9:15, regulatory sandboxes in financial services and dunkelflaute and the risks of electricity intermittency, both at 10:00.

    • In central banks, the deadline for Eurogroup members to submit candidates to succeed ECB Executive board member Schnabel, who steps down 3-Jan. Chancellor Merz meeting with Japan's Takaichi and also plans to participate in the German-Japanese Business Summit.

    • Also taking place Wed are Economist's 4th annual Space Economy Summit (through Thu) whilst thyssenkrupp's (TKA.GR) materials division partial spin-off tk accelis (TKCC.GR) scheduled to start trading separately on the Frankfurt Stock Exchange (prospectus).

    • Macro data due include Germany Nov consumer confidence - GfK, Italy Sep PPI, Switzerland Oct economic sentiment index, Norway Sep retail sales, Ireland Sep retail sales.

    • A busy morning for earnings include from the Benelux region, ASM International (ASM.NA), Heineken (HEIA.NA), Royal KPN (KPN.NA) and Melexis (MELE.BB) updating investors whilst in the DACHs region, UBS (UBSG.SW), Deutsche Bank (DBK.GR), BASF (BAS.GR), Mercedes-Benz (MBG.GR), Sandoz (SDZ.SW), Straumann (STMN.SW) and Symrise (SY1.GR), with BASF raising its FY26 adjusted EBITDA guidance. In the Nordics, Equinor (EQNR.NO), Telenor (TEL.NO), Kone (KNEBV.FH) and Norwegian Air Shuttle (NAS.NO) released results, with Equinor raising its FY oil and gas production growth outlook. In France, BNP Paribas (BNP.FP), Saint-Gobain (SGO.FP), Danone (BN.FP) and Dassault Systemes (DSY.FP) reported results, with Dassault upgrading its FY guidance. In Southern Europe, Banco Santander (SAN.SM) and Ferrovial (FER.SM) updated investors, whilst in the UK, Standard Chartered (STAN.LN) reported Q3 earnings and guides FY operating income growth above previous guidance.

  • Politics/Macro/World News

    • John Healey to cut energy bills by scrapping green levies - The Times

    • Global 2027 inflation forecasts revised up, growth outlook improves

  • Top company news

    • Earnings/updates

      • Benelux

        • ASM.NA (ASM International) -- reports Q3 adj net income €315.4M vs consensus €313.1M; announces €300M buyback; guides Q4 and FY27

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

        • KPN.NA (Royal KPN) -- reports Q3 adj EBITDA AL €671M vs consensus €665.0M; on track to reach FY26 outlook

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

        • CRBN.NA (Corbion) -- reports Q3 operating income €39.3M vs year-ago €27.9M

        • ARCAD.NA (ARCADIS) -- reports Q3 operating EBITDA €148M vs FactSet €135.0M [1 est]

        • ONTEX.BB (Ontex Group) -- reports Q3 adjusted net income €0.4M vs year-ago €29.3M; lowers EBITDA guidance

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

      • DACHs

        • UBSG.SW (UBS Group) -- reports Q3 EPS $0.85 vs consensus $0.85

        • DBK.GR (Deutsche Bank) -- reports Q3 net income €1.85B vs consensus €1.44B

        • BAS.GR (BASF SE) -- reports Q3 adj EPS €0.72 vs consensus €0.38; raises FY26 adj EBITDA guidance

        • MBG.GR (Mercedes-Benz Group) -- reports Q3 EPS €1.64 vs FactSet €1.26 [5 est, €1.12-1.36]

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

        • STMN.SW (Straumann Holding) -- reports Q3 revenue CHF667.1M vs consensus CHF662.3M; organic growth +9.2% vs consensus +8.6%

        • SY1.GR (Symrise) -- reports Q3 revenue €1.31B vs consensus €1.28B; organic sales growth 5.3%; reaffirms FY26 outlook

        • TEMN.SW (Temenos) -- reports Q3 non-IFRS EPS $1.23 vs consensus $1.15; raises FY26 guidance for EBIT and EPS growth

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

        • DHER.GR (Delivery Hero) -- Q3 trading update: revenue €4.35B vs FactSet €4.30B [1 est]; raises FY guidance across all four key metrics

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

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

        • 2GCB.GR (Grupo Comercial Chedraui SAB de CV) -- reports Q3 EPS MXN1.66 vs year-ago MXN1.68

      • France

        • BNP.FP (BNP Paribas) -- reports Q3 net income €3.46B vs consensus €3.23B; confirms FY26 & FY28 targets and raises FY26 CET1 ratio target to >13%

        • SGO.FP (Compagnie de Saint-Gobain) -- reports Q3 revenue €11.62B vs StreetAccount €11.59B

        • BN.FP (Danone) -- reports Q3 revenue €7.23B vs consensus €7.18B

        • DSY.FP (Dassault Systemes) -- reports Q3 EPS €0.32 vs StreetAccount €0.31; guides Q4; upgrades FY guidance

        • RCO.FP (Remy Cointreau) -- reports Q2 sales €287.7M vs consensus €280.8M; confirms FY26-27 objectives

        • WLN.FP (Worldline) -- reports Q3 revenue €967.0M vs FactSet €957.0M [1 est]; confirms FY outlook

        • ATE.FP (Alten) -- reports Q3 revenue €1.06B vs FactSet €1.03B [1 est]

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

        • SCHP.FP (Seche Environnement) -- reports Q2 revenue €308.8M, +11% vs year-ago €277.3M; confirms FY outlook

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

        • PIG.FP (Haulotte Group) -- reports Q2 revenue €121M vs year-ago €121M

        • DEEZR.FP (Deezer) -- reports Q3 revenue €133.8M, +2% vs year-ago €131.4M

        • LIN.FP (Linedata Services) -- reports 9M revenue €121.4M vs year-ago €122.0M

      • Nordics

        • EQNR.NO (Equinor) -- reports Q3 EPS $1.20 ex-items vs consensus $1.37; raises FY oil & gas production growth

        • TEL.NO (Telenor) -- reports Q3 adjusted attributable net income NOK3.68B vs consensus NOK3.91B

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

        • NAS.NO (Norwegian Air Shuttle) -- reports Q3 net income NOK1.84B vs FactSet NOK1.62B [6 est, NOK1.45-1.75B]

        • SSAB.A.SS (SSAB) -- reports Q3 EPS SEK1.56 vs consensus SEK1.64

        • AKSO.NO (Aker Solutions) -- reports Q3 EPS ex-items NOK1.45 vs FactSet NOK1.49 [8 est, NOK1.35-1.68]; guides FY revenue between NOK53-55B vs prior guidance NOK50-55B and FactSet NOK54.04B

        • BRG.NO (Borregaard) -- reports Q3 EPS NOK2.96 vs FactSet NOK2.15 [7 est, NOK2.00-2.26]

        • SANOMA.FH (Sanoma) -- reports Q3 adj. EPS €0.82 vs FactSet €0.91 [6 est, €0.89-0.93]; narrows FY26 earnings outlook to higher end

        • ALMB.DC (Alm. Brand) -- reports Q3 EPS DKK0.29 vs FactSet DKK0.29 [6 est, DKK0.26-0.30]

        • EPRO.B.SS (Electrolux Professional) -- reports Q3 EPS SEK0.74 vs FactSet SEK0.75 [4 est, SEK0.70-0.87]

        • BNOR.NO (BlueNord) -- reports Q3 adjusted EBITDA $221.2M vs FactSet $234.3M [3 est, $212.0-247M]

        • ACAST.SS (Acast) -- reports Q3 EPS SEK0.24 vs FactSet SEK0.23 [1 est]

        • FSECURE.FH (F-Secure) -- reports Q3 adj. EPS €0.03 vs FactSet €0.04 [6 est, €0.03-0.05]

        • LUOTEA.FH (Lassila & Tikanoja) -- reports Q3 EPS €0.09 vs FactSet €0.10 [2 est, €0.09-0.10]; confirms updated FY outlook

        • GLA1V.FH (Glaston) -- reports Q3 comparable EPS €0.04 vs FactSet €0.02 [1 est]; confirms FY outlook

        • NETEL.SS (Netel Holding) -- reports Q3 EPS from cont. ops. (SEK0.52) vs year-ago (SEK0.99)

      • Southern Europe

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

        • FER.SM (Ferrovial) -- reports 9M adjusted EBITDA €1.21B, +17% vs year-ago €1.03B

        • VID.SM (Vidrala) -- reports 9M EPS €4.99 vs year-ago €4.69; reiterates FY26 targets

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

      • UK

        • STAN.LN (Standard Chartered) -- reports Q3 EPS $0.69 vs consensus $0.54

    • M&A

      • ESKOB.FH (Kesko) -- estimates completion date of Kesko's Dahl acquisition

      • 4613.JP (Kansai Paint) -- completes acquisition of 50% stake in Türkiye's Polisan Kansai Boya

      • VSVS.LN (Vesuvius) -- announces extension of PUSU deadline to 24-Nov for proposal from RHI Magnesita

      • ELCO.LN (Eleco) -- shareholders approve acquisition by Accel-KKR

      • AX1.AU (Accent Group) -- Frasers declares A$0.65/sh offer to acquire Accent Group is best and final and will not be increased

      • ALUNI.FP (UNIFY Group) -- [announces acquisition of Option Finance, a B2B media group dedicated to professionals in finance, business law, asset management, and insurance; price not disclosed

      • Anthropic provides update on drug development, life sciences team, and the acquisition of Mithril Medicine

    • Healthcare

      • GSK.LN (GSK Plc) -- Transcript Intelligence: GSK Plc at European Society for Medical Oncology Congress

      • ROP.SW (Roche Holding) -- announced the global launch of the VENTANA BAP1 test

      • IDIA.SW (Idorsia) -- initiates pivotal Phase 3 kidney biopsy study of lucerastat in adult patients with Fabry disease; enters co-development and commercialization agreement with Nxera Pharma Co., Ltd.

      • ATORX.SS (Alligator Bioscience) -- Alligator Bioscience's board proposes 1-for-1000 reverse share split

      • 1877.HK (Shanghai Junshi Biosciences) -- reports final analysis results from Phase 3 NEOTORCH study presented at ESMO

    • Other

      • EQNR.NO (Equinor) -- commence the fourth tranche of up to $1.125B of the share buy-back program for 2026

      • ISP.IM (Intesa Sanpaolo) -- meets capital requirement set by the ECB

      • KBC.BB (KBC Group) -- KBC's capital remains well above the minimum capital requirements

      • SPM.IM (Saipem) -- has been awarded two new offshore drilling contracts with a total value of ~$121M

      • BARN.SW (Barry Callebaut) -- launches Flavourcode, opening a new chapter in chocolate flavor innovation

      • Insurance Australia Group agrees to settlement of proceeding brought by White Oak

      • Magellan Aerospace signs Memorandum of Understanding with Saab to explore Gripen Manufacturing Opportunities in Canada

      • Oracle announces new and expanded partnerships at Investor Day meeting; Pure Plays extend gains in intraday themes (27-Oct)

      • WeRide forms insurance partnership program with Allianz, Ping An P&C; terms undisclosed

  • Key rating changes

    • Upgrades

      • GTT.FP (Gaztransport & Technigaz) -- to buy from neutral at Goldman Sachs

      • SOBI.SS (Swedish Orphan Biovitrum) -- to buy from hold at Pareto

    • Downgrades

      • RYA.ID (Ryanair Holdings) -- to underperform from neutral at Oddo

      • JMAT.LN (Johnson Matthey) -- to hold from buy at Berenberg

      • EMSN.SW (EMS-Chemie Holding) -- to neutral from buy at UBS

    • Initiations

      • SENS.SW (Sensirion Holding) -- neutral at Oddo

    • Other Actions

      • PST.IM (Poste Italiane) -- reinstated neutral at Goldman Sachs

  • Data

    • Nikkei +1.08% to 63954.19

    • Hang Seng +0.23% to 23093.98

    • Shanghai Composite +0.77% to 3676.47

    • S&P futures +1.8 vs prior close of 7758.3

    • €-$ (0.0010) or (0.09%) to 1.1117

    • $-¥ (0.04) or (0.03%) to 157.91

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