Oct 29 ,2026
Synopsis:
European equity markets generally closed the session higher, with shares ending slightly below the best levels of the session. Pan-European indices steadily extended modest opening gains, peaking around Wall Street's open and were then range-bound into the close.
Spain (0.1%) bucks the firmer trend and along with Ireland little changed, Belgium and FTSE100 lead underperformers. Switzerland joins the DAX, Denmark and CAC in leading outperformers.
In the Middle East, Iranian navy says an oil tanker has struck a naval mine in the Strait of Hormuz, with the deputy chief of Iran's Islamic Revolutionary Guard Corps saying the Strait will continue to be blocked until Iranian conditions to reopen the waterway are met. Reportedly, Yemeni government forces say they repelled Houthi attack south of Taiz, and Israel, with 97% of votes counted, the balance between the political blocs remains unchanged. Netanyahu's coalition remains at 53 seats and Eisenkot's bloc at 48. Parties representing Palestinian citizens of Israel hold 19 seats.
As drone strikes continue in both Ukraine and Russia, Zelenskyy reportedly said that Ukraine, Russia and US could hold peace talks in Abu Dhabi next month.
ECB left benchmark interest rate unchanged, as expected, highlighting tighter financing conditions. ECB also stated that Lagarde is to stand-down early, the announcement clearing the way for EU member states to seek agreement on at least three appointments to the ECB's six-strong Executive Board (with Schnabel due to leave in Jan-27 and Lane in May-27). European Council's Costa indicated that the process to appoint Lagarde's successor would begin immediately, with the frontrunners reportedly former Netherland central bank chief Knot and former Bank of Spain's de Cos.
Elsewhere in central banks, EU's Cipollone spoke at event titled 'One year to T+1' organised by the EU T+1 Industry Committee.
Austria central bank's Kocher gave introductory remarks and Netherlands central bank's Sleijpen due to speak at event title Energy crisis - an opportunity for clean energy transition? SNB money market event speakers include SNB's Tschudin and Moser at 18:30CET. Belgium central bank's Wunsch speech at 18:30GMT on Europe's economic challenges at event hosted by the European Institute and OMFIF. Bank of Italy/ECB co-host 5th Conf on 'Foreign Trade, Value Chains, and Financial Linkages in the Global Economy' (through Fri).
Macro data saw Eurozone economic sentiment weakens more than expected in Oct, Italian business confidence rise in Oct but consumer morale declined and UK new mortgage approvals lowest since late 2023. Commentators see Eurozone inflation set to rise further in Oct on energy and food, when the data is released tomorrow
In politics, there's EU-Canada summit (through Fri) attendees/participants include EU's von der Leyen, Costa, Šefčovič and Kallas. EU's von der Leyen delivers a keynote speech on EU-Canada relations at the C.D. Howe institute. Meeting of EU energy ministers took place. Chancellor Merz met with South Korea's President Lee Jae-myung. In the UK, after questions on transport, MPs continue to debate the budget.
EU's Zaharieva speech at the Crossroads Startup event, also takes part in the EIC Info Day, participates in EURAXESS Biennial Conf as well as participates in a joint session of two committees of the Bulgarian National Assembly.
Institute for Fiscal Studies (IFS) held an analysis webcast on yesterday's Autumn Budget 2026 (livestream and slides).
Leading companies with smaller share price percentage moves in the back of earnings/updates included to the upside Kion Group (KGX.GR) final Q3 earnings: EPS €0.76 vs FactSet €0.74 [8 est, €0.62-0.85], Shell (SHEL.LN) Q3 adj earnings $10.81B vs consensus $10.33B; guides Q4 and announces $5B buyback. Air Liquide (AI.FP) Q3 revenue €7.26B vs consensus €7.16B; FY26 and FY27 outlook confirmed, Airbus (AIR.FP) Q3 adj. EBIT €1.77B vs consensus €1.78B; 2026 guidance unchanged, Volkswagen (VOW.GR), TotalEnergies (TTE.FP) and Societe Generale (GLE.FP). To the downside INGA.NA (ING Groep) Q3 net income €1.85B vs consensus €1.94B, well on track to deliver on 2026 outlook and to refocus and simplify Wholesale Banking; renames unit to Corporate and Institutional Banking; changes take effect 1-Mar-27. Also, announces shareholder distribution of up to €1.9B, Glencore (GLEN.LN) Q3 production and specifies FY production guidance, Carlsberg (CARL.B.DC) Q3 revenue DKK25.28B vs consensus DKK25.14B and progressing the potential IPO of its Indian business and Banco Bilbao Vizcaya Argentaria (BBVA.SM) Q3 net attributable profit €3.02B vs consensus €3.01B
Amongst the limited M&A news flow was CAB Payments Holdings (CAPN.LN) shareholder EHS opposes possible offer by Helios Consortium. Reportedly, Banca Monte dei Paschi di Siena (BMPS.IM) shareholders vote against merger with Mediobanca (MB.IM)
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Financial Svcs +1.67%, Construct & Mtls +1.52%, Autos & Parts +1.47%, Ind Goods & Svcs +1.40%, Media +1.34%, Health Care +1.26%, Telecom +1.24%, Oil & Gas +1.19%, Chemicals +0.93%, Retail +0.84%, Technology +0.84%
Underperformers:
Food & Beverage (0.77%), Basic Resources (0.23%), Banks (0.21%), Real Estate +0.40%, Persnl & HHold Goods +0.50%, Utilities +0.61%, Insurance +0.64%, Travel & Leisure +0.74%
Macro/Peripheral markets:
Central Banks:
ECB President Lagarde to step down on 7-Feb-27 - press release
ECB monetary policy decision - release
EU:
EU and Canada eye now-or-never window to Trump-proof their ties - Politico
Germany:
SPD calls on the rich to speed up fuel price cap - Handelsblatt
Ireland:
Government is planning to repay €8B in loans received during the financial crisis ahead of schedule - RTE
Italy
Approves 2027 budget with tax hikes on banks and energy firms - Reuters
Portugal
Thousands rally outside Portugal's parliament over housing crisis, police operations - Reuters
Spain:
Train disaster deals new blow to Sánchez's long-shot election bid - Politico
UK:
Healey vows to cut welfare bill before next election with 'tough' approach to young people - The Guardian
Resolution Foundation assessment of the Autumn 2026 Budget - release
Company news:
Notable Gainers
+13.0% KOG.NO (Kongsberg Gruppen) -- EPS cont. ops NOK1.69 vs FactSet NOK1.62 [6 est, NOK1.54-1.76]; secures US government contract for underwater capabilities
+11.2% SZG.GR (Salzgitter) -- provides prelim financials for first nine months of 2026 and upward revision of annual guidance
+10.9% VETO.FP (Vetoquinol) -- Q3 revenue €139.7M, +10% vs year-ago €126.6M
+10.7% MRN.FP (Mersen) -- Q3 revenue €329.2M vs FactSet €310.0M [1 est]
+8.8% RECT.BB (Recticel) -- Q3 revenue €155.2M vs FactSet €177.8M [1 est], raises FY adjusted EBITDA guidance
+8.5% AIXA.GR (Aixtron) -- Q3 EPS €0.31 vs FactSet €0.31 [5 est, €0.29-0.33]; FY26 guidance confirmed; strong outlook for 2027
+7.8% BFSA.GR (Befesa) -- Q3 EPS €0.58 vs FactSet €0.48 [2 est, €0.27-0.69]
+7.5% RNO.FP (Renault) -- Q3 revenue €11.60B vs consensus €11.39B, confirms its 2026 financial outlook
+7.2% PDX.SS (Paradox Interactive) -- Q3 EPS SEK1.21 vs FactSet SEK0.72 [5 est, SEK0.58-0.84]
+6.6% PRY.IM (Prysmian) -- Q3 net income €408M vs FactSet €410.6M [6 est, €368-512.1M]; FY26 guide raised, to beat 2028 financial targets two years ahead of schedule
+6.2% AOJ.B.DC (Brødrene A & O Johansen) -- Q3 pretax income DKK57.2M vs FactSet DKK65M; FY guidance raised
+6.2% THEON.NA (Theon International) -- completes acquisition of MERIO
+5.8% ADS.GR (Adidas) -- Q3 net income cont. ops €711M vs FactSet €598.9M [12 est, €398.3-732M], confirms FY guidance
+5.5% WPP.LN (WPP Group) -- Q3 revenue less pass-through costs £2.41B vs consensus £2.38B; FY guidance reiterated
+5.4% CEVI.SS (CellaVision) -- Q3 EPS SEK1.68 vs FactSet SEK1.42 [4 est, SEK1.30-1.55]
+5.1% ORIOLA.FH (Oriola) -- Q3 adjusted EBITDA €9.6M vs FactSet €8.4M [3 est, €5.5-10M]
+4.7% LMN.SW (lastminute.com) -- Q3 net income €7.3M vs FactSet €3.8M [1 est]; now guides FY Revenues in line with 2025 vs prior guidance mid-single-digit growth
+4.7% TE.FP (Technip Energies) -- Q3 adjusted net income €95.4M vs FactSet €89.9M, reaffirmed 2026 guidance and says on track to deliver more than €800M EBITDA by 2028
+3.9% AYV.FP (Ayvens) -- Q3 net income €240.1M vs FactSet €227.9M [4 est, €210.4-260M]
+3.6% ERA.FP (Eramet) -- Q3 revenue €746M vs year-ago €720M; guides FY26
+3.6% IDR.SM (Indra Sistemas) -- Q3 net income €136M vs FactSet €102.0M [8 est, €85-112.9M]; reiterates all its FY26 financial targets
On earnings/updates: CVC.NA (CVC Capital Partners), SOP.FP (Sopra Steria Group), REP.SM (Repsol), ELIS.FP (Elis), TROAX.SS (Troax Group), WCH.GR (Wacker Chemie), BCP.PL (Banco Comercial Portugues), PPH.LN (PPHE Hotel Group), OMV.AV (OMV), 74SW.FP (74Software), HEN.GR (Henkel), VANTI.FP (Vantiva), VOW.GR (Volkswagen), TTE.FP (TotalEnergies), FCC.SM (Fomento de Construcciones y Contratas), DANSKE.DC (Danske Bank), ELK.NO (Elkem), DNORD.DC (D/S Norden), IMI.LN (IMI), AKRBP.NO (Aker BP), KESKOB.FH (Kesko), CLARI.FP (Clariane), STMPA.FP (STMicroelectronics), GLE.FP (Societe Generale) and reversing initial declines MTX.GR (MTU Aero Engines), SAB.SM (Banco de Sabadell), FAE.SM (FAES Farma), FDR.SM (Fluidra)
Notable Decliners
-72.2% BINV.SS (BioInvent International) -- Q3 EPS (SEK1.81) vs year-ago (SEK1.96); plans new share issue raising ~SEK430M
-39.6% VANQ.LN (Vanquis Banking Group) -- Q3 Trading Statement: gross customer interest-earning balances increased by 5% to over £3.2B; group expects to deliver improved profitability in both 2027 and 2028
-21.6% PYT.AV (Polytec Holding) -- expects FY revenue at lower end of guidance range, EBIT margin between 1-2% vs prior guidance ~3%
-18.8% LSS.FP (Lectra) -- Q3 net income €10.4M vs year-ago €7.2M; market environment more challenging than anticipated
-16.6% PLX.FP (Pluxee) -- FY adj net income €223M vs FactSet €214.8M; hikes divi by 71% and guides FY27
-16.0% ENGCON.B.SS (engcon) -- Q3 EPS SEK0.45 vs FactSet SEK0.45 [5 est, SEK0.40-0.49]; Confirms financial targets
-15.6% HLN.LN (Haleon) -- Q3 revenue £2.87B vs consensus £2.91B; lowers FY organic revenue growth, reaffirms adj. operating profit growth guidance; adds to share buyback
-13.3% HARVIA.FH (Harvia) -- Q3 adjusted operating profit €9.5M vs FactSet €12.3M [7 est, €11.5-13.4M]
-8.9% NETC.DC (Netcompany Group) -- Q3 EPS DKK3.92 vs FactSet DKK4.71 [7 est, DKK4.46-5.20]; raises FY revenue outlook
-7.6% KBX.GR (Knorr-Bremse) -- Q3 Operating EBIT €299M vs FactSet €291.9M [8 est, €223.2-305.3M]
-5.6% NOLA.B.SS (Nolato) -- Q3 EPS SEK0.64 vs FactSet SEK0.72 [6 est, SEK0.68-0.81]
-5.4% LLOY.LN (Lloyds Banking Group) -- Q3 EPS 2.8p vs FactSet 2.7p [4 est, 2.6-2.8p]; on track to meet FY guidance
-5.2% RDC.GR (Redcare Pharmacy) -- Q3 adjusted EBITDA €29M vs FactSet €23.6M [3 est, €17.5-30M]; confirms FY guidance
-4.7% DBV.FP (DBV Technologies) -- Q3 EPS ($0.14) vs FactSet ($0.18) [2 est, ($0.26)-(0.09)]
-4.5% FLOW.NA (Flow Traders) -- Q3 EPS €0.14 vs FactSet €0.53 [2 est, €0.43-0.63]
-4.4% HUH1V.FH (Huhtamaki) -- Q3 EPS €0.68 ex-items vs FactSet €0.58 [10 est, €0.54-0.62]
-4.1% ABI.BB (Anheuser-Busch InBev) -- Q3 Underlying EPS $1.21 vs consensus $1.15; confirms FY guidance; announces interim dividend of €0.40/share
-3.9% ENO.SM (Elecnor) -- 9M net income attributable €102.9M, +27% vs year-ago €80.8M
On earnings/updates: VNA.GR (Vonovia), BBVA.SM (Banco Bilbao Vizcaya Argentaria), SWEC.B.SS (Sweco), VONN.SW (Vontobel Holding), IDIA.SW (Idorsia), RNK.LN (Rank Group), STJ.LN (St. James's Place), EPR.NO (Europris), CTPNV.NA (CTP), DRW3.GR (Drägerwerk) and reversing initial gains NESTE.FH (Neste), ANDR.AV (Andritz), BB.FP (Bic), ACT0.GR (AlzChem Group)
EU companies reporting tomorrow:
Earnings:
Austria: Erste Group Bank (EBS.AV)
Benelux: Proximus (PROX.BB)
Denmark: Trifork Holding (TRIFOR.DC)
Finland: Stora Enso (STERV.FH), Aktia Bank (AKTIA.FH), Yit (YIT.FH), Anora Group (ANORA.FH)
France: Sanofi (SAN.FP), Credit Agricole (ACA.FP), SCOR (SCR.FP)
Germany: DMG MORI (GIL.GR), Puma (PUM.GR), FUCHS (FPE3.GR), BayWa (BYW6.GR), Surteco Group (SUR.GR)
Greece: Alpha Bank (ALPHA.GA), Hellenic Telecommunications Organization (HTO.GA)
Italy: Intesa Sanpaolo (ISP.IM), BasicNet (BAN.IM), Biesse (BSS.IM)
Norway: Kongsberg Maritime (KMAR.NO), Scatec (SCATC.NO), Bonheur (BONHR.NO)
Spain: CaixaBank (CABK.SM), Unicaja Banco (UNI.SM), Acerinox (ACX.SM)
Sweden: Loomis (LOOMIS.SS), INVISIO (IVSO.SS), Q-linea (QLINEA.SS), Xbrane Biopharma (XBRANE.SS)
Switzerland: Luzerner Kantonalbank (LUKN.SW)
UK: AstraZeneca (AZN.LN), BP (BP.LN), NatWest Group (NWG.LN)
Trading Statement:
Benelux: Heijmans (HEIJM.NA), Fugro (FUR.NA)
DACHs: FORVIA HELLA (HLE.GR), Grammer (GMM.GR)
France: Capgemini (CAP.FP), bioMerieux (BIM.FP), SPIE (SPIE.FP)
Nordics: Afarak Group (AFAGR.FH)
Data:
Economics:
Sweden
Q3 preliminary GDP +2.8% y/y vs consensus +2.9%, prior +3.3%
Sep retail sales +5.5% y/y vs consensus +5.8%, prior revised +7.2% from +6.9%
UK Sep
M4 money supply +0.1% m/m vs consensus +0.3%, prior +0.4%
Mortgage approvals 53.44K vs consensus 54.0K, prior revised 54.81K from 54.92K
Spain Sep retail sales (1.4%) y/y vs consensus (0.5%), prior revised (0.5%) from (0.4%)
Belgium
Q3 preliminary GDP +0.7% y/y vs consensus +0.4%, prior +0.5%
Oct CPI +5.3% y/y vs consensus +4.7%, prior +4.7%
Italy
Sep unemployment rate 6.3% vs consensus 6.2%, prior 6.2%
Oct business confidence 91.9 vs consensus 92.0, prior 91.9
Oct consumer confidence 90.3 vs consensus 90.9, prior 91.2
Eurozone Sep
Sentiment indicator 96.9 vs consensus 97.5, prior revised 97.5 from 97.9
Consumer confidence (17.9) vs preliminary (17.9)
Services sentiment indicator 5.3 vs consensus 5.9, prior revised 5.9 from 6.1
Industrial sentiment (3.4) vs consensus (3.8), prior revised (3.9) from (3.8)
Portugal Sep unemployment rate 5.6% vs consensus 5.7%, prior revised 5.6% from 5.7%
Ireland Q3 preliminary GDP +3.9% y/y vs consensus +2.0%, prior (0.4%)
Markets:
WTI Crude (Dec 26): ($1.60) or (1.56%) to $101.18
€-$ +0.0009 or +0.08% to 1.1164
£-$ +0.0042 or +0.32% to 1.3367
€-£ (0.0018) to 0.8352
S&P 500 (0.36%)
Performance year-to-date:
FTSE 100: +7.96%
DAX: +6.33%
CAC: (2.20%)
MIB: +11.25%
Stoxx 600: +9.61%
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