Oct 29 ,2026
Synopsis
European equity markets set to open broadly flat to higher, with focus on earnings newsflow and ECB decision. Asia equities mixed Thursday. AI sentiment turning cautious again following overnight continuation of positive momentum. Samsung (005930.KS) earnings were in line with preliminary figures though with some variation in consensus. Sharp selloff attributed more to its announcement that a new shareholder return plan in January rather than now. Upgraded capex plans also fed into broader caution over AI spending. Results combined with weaker US after-hours earnings. Alphabet (GOOGL) dropped 10% after headline metrics disappointed while FCF negative for a second straight quarter as CFO Ashkenazi signaled 'significant' capex growth in 2027. ServiceNow (NOW) tumbled 18% as in-line Q4 revenue guidance was met with a high-bar. Reactions well exceeded strength in Microsoft (MSFT) after earnings beat. However, lower than expected capex pressured neoclouds.
Fed's on-hold decision was widely expected though with inflation commentary remaining hawkish and two dissenters (Cook, Hammack) calling for a hike. December rate hike expectations remain intact though futures dialing back a third move next year. Attention drawn to Warsh's announcement of a gradual reduction in the number of rate-setting votes over the next two years, reserving one of the eight meetings next year for broad monetary policy strategy discussions with no vote (two in 2028).
Busy session for earnings/updates in the region with broadly positive results across European financials and industrials. Societe Generale (GLE.FP) was a standout, posting Q3 net income of €1.89B well ahead of the €1.62B consensus and flagging it's on track to exceed 2026 targets. STMicro (STMPA.FP) with mixed Q3 but Q4 2026 guidance above expectations, with gross margin beat. Aker BP (AKRBP.NO) massively beat Q3 EPS expectations on back of impairment reversal, while Prysmian (PRY.IM) raised FY26 guidance and said it will beat its 2028 financial targets two years ahead of schedule. ING Groep (INGA.NA) reported mixed Q3 but announced a €1.9B shareholder distribution. AB InBev (ABI.BB) beat on EPS and confirmed guidance (China offset decent results elsewhere). In a significant strategic development, Deutsche Telekom has paused plans to merge with T-Mobile US (TMUS), while BP (BP.LN) attracted attention on reports that certain board members may favour a company break-up. Today's big reporters include Volkswagen (VOW3.GR), Adidas (ADS.GR), TotalEnergies (TTE.FP), Shell (SHEL.LN), Lloyds Banking Group (LLOY.LN), Glencore (GLEN.LN) and Neste (NESTE.FH). Notable broker moves include ABB (ABB.SS) upgraded to Buy at SEB, Aker Solutions (AKSO.NO) upgraded across multiple brokers, and Vonovia (VNA.GR) cut to Neutral at Oddo after the guidance for 2026 and 2028 was lowered.
European macro data releases include Italy Oct business/consumer confidence, Sep unemployment rate, Spain Sep retail sales, UK Sep mortgage approvals, M4 money supply, Eurozone Oct economic/industrial/service sentiment, Belgium Q3 preliminary GDP, Oct CPI, Sep unemployment rate, Sweden Q3 preliminary GDP, Sep retail sales, Ireland Q3 preliminary GDP
In central banks, ECB interest rate decision at 14:15CET and press conf. at 14:45. The benchmark interest rate is expected to be left unchanged at 2.65%. EU's Cipollone remarks at event titled 'One year to T+1' organised by the EU T+1 Industry Committee. Austria central bank's Kocher introductory remarks at 17:00CET, Netherlands central bank's Sleijpen panellist 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).
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 takes palce. Chancellor Merz meets 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) Autumn Budget 2026 analysis at 10:30GMT. UK Sep car production.
Top company news
Earnings/updates
Benelux
ABI.BB (Anheuser-Busch InBev) -- reports Q3 Underlying EPS $1.21 vs consensus $1.15; confirms FY guidance
INGA.NA (ING Groep) -- reports Q3 net income €1.85B vs consensus €1.94B; well on track to deliver on 2026 outlook; announces shareholder distribution of up to €1.9B
CTPNV.NA (CTP NV) -- reports 9M EPRA EPS €0.75 vs year-ago €0.70; reiterates FY adj. EPRA EPS guidance
France
STMPA.FP (STMicroelectronics) -- reports Q3 non-GAAP EPS $0.37 vs consensus $0.39; guides Q4
AIR.FP (Airbus SE) -- reports Q3 adj. EBIT €1.77B vs consensus €1.78B; 2026 guidance unchanged
DBV.FP (DBV Technologies) -- reports Q3 EPS ($0.14) vs FactSet ($0.18) [2 est, ($0.26)-(0.09)]
RNO.FP (Renault) -- reports Q3 revenue €11.60B vs consensus €11.39B
AI.FP (Air Liquide) -- reports Q3 revenue €7.26B vs consensus €7.16B; FY26 and FY27 outlook confirmed
GLE.FP (Societe Generale) -- reports Q3 net income €1.89B vs consensus €1.62B; On track to exceed 2026 targets
ELIS.FP (Elis) -- reports Q3 revenue €1.32B vs FactSet €1.32B [2 est, €1.32-1.32B]; FY guidance confirmed
BB.FP (Bic) -- reports Q3 revenue €516M vs consensus €507.0M
SOP.FP (Sopra Steria Group) -- reports Q3 revenue €1.42B vs FactSet €1.36B [1 est]..Raises FY target for organic revenue growth
LSS.FP (Lectra) -- reports Q3 net income €10.4M vs year-ago €7.2M
CLARI.FP (Clariane) -- reports Q3 revenue €1.35B, +2% vs year-ago €1.32B
VETO.FP (Vetoquinol) -- reports Q3 revenue €139.7M, +10% vs year-ago €126.6M
MRN.FP (Mersen) -- reports Q3 revenue €329.2M vs FactSet €310.0M [1 est]
PLX.FP Pluxee reports FY adj net income €223M vs FactSet €214.8M; hikes divi by 71% and guides FY27
VANTI.FP (Vantiva) -- reports Q3 revenue €436M, (7%) vs year-ago €470M
Southern Europe
BBVA.SM (BBVA) -- reports Q3 net attributable profit €3.02B vs consensus €3.01B (
CPR.IM (Davide Campari-Milano) -- reports Q3 revenue €777M vs StreetAccount €764.8M; confirms FY outlook
PRY.IM (Prysmian) -- reports 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 (
SAB.SM (Banco de Sabadell) -- reports Q3 net income €405M vs consensus €376M
BCP.PL (Banco Comercial Portugues) -- reports 9M net income €873.7M, +13% vs year-ago €775.9M
JMT.PL (Jeronimo Martins) -- reports Q3 EPS €0.34 ex-items vs StreetAccount €0.31
DACH
WCH.GR (Wacker Chemie) -- reports Q3 EBIT €102.8M vs FactSet €100.0M [1 est]; reaffirms FY guidance except for annual net financial debt
IDIA.SW (Idorsia) -- reports Q3 Non-GAAP net income (CHF44M) vs FactSet (CHF52.5M) [2 est, (CHF61.0)-(44M)]; FY26 guidance reaffirmed
AVOL.SW (Avolta) -- reports Q3 CORE revenue CHF4.00B vs StreetAccount CHF3.91B
KGX.GR (Kion Group) -- reports final Q3 earnings: EPS €0.76 vs FactSet €0.74 [8 est, €0.62-0.85]
VNA.GR (Vonovia) -- provides guidance update
VNA.GR (Vonovia) -- Follow-up: Vonovia updates long term 2028 Objectives
AIXA.GR (Aixtron) -- reports Q3 EPS €0.31 vs FactSet €0.31 [5 est, €0.29-0.33]; FY26 guidance confirmed; strong outlook for 2027 (€31.47)
ANDR.AV (Andritz) -- reports Q3 net income €127.3M vs consensus €118.6M; confirms FY guidance
KBX.GR (Knorr-Bremse) -- reports Q3 Operating EBIT €299M vs FactSet €291.9M [8 est, €223.2-305.3M]
OMV.AV (OMV) -- reports Q3 Clean CCS net income attributable €1.15B vs consensus €1.09B (€72.75)
VONN.SW (Vontobel) -- Holding 9M Trading Update: Assets under management CHF 255.1B at end of Sep vs 252.2B at end of H1
RDC.GR (Redcare Pharmacy) -- reports Q3 adjusted EBITDA €29M vs FactSet €23.6M [3 est, €17.5-30M]; confirms FY guidance
SZG.GR (Salzgitter) -- provides prelim financials for first nine months of 2026 and upward revision of annual guidance
Nordics
DANSKE.DC (Danske Bank) -- reports Q3 EPS DKK7.90 vs consensus DKK7.30; narrows FY26 outlook
AKRBP.NO (Aker BP) -- reports Q3 EPS $1.56 vs FactSet $0.94 [11 est, $0.78-1.05]
BINV.SS (BioInvent International) -- reports Q3 EPS (SEK1.81) vs year-ago (SEK1.96); plans new share issue worth ~SEK430M
DNORD.DC (D/S Norden) -- reports Q3 net income $53.9M vs year-ago $26M
AOJ.B.DC (Brødrene A & O Johansen) -- reports Q3 pretax income DKK57.2M vs FactSet DKK65M; FY guidance raised
EPR.NO (Europris) -- reports Q3 EPS NOK0.79 vs FactSet NOK0.93 [5 est, NOK0.86-1.00]
KOG.NO (Kongsberg Gruppen) -- reports Q3 EPS continuing ops NOK1.69 vs FactSet NOK1.62 [6 est, NOK1.54-1.76]
KESKOB.FH (Kesko) --reports Q3 comparable EPS €0.40 vs FactSet €0.39 [5 est, €0.38-0.39]; updates 2026 profit guidance
Also reporting today
Earnings: Austria: AMAG Austria Metall (AMAG.AV) Belgium: Denmark: Netcompany Group (NETC.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), Amundi (AMUN.FP), Ayvens (AYV.FP), Technip Energies (TE.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), MTU Aero Engines (MTX.GR), AlzChem Group (ACT0.GR), Befesa (BFSA.GR), Drägerwerk (DRW3.GR), LPKF Laser & Electronics (LPK.GR), Baader Bank (BWB.GR) Italy: Italgas (IG.IM), Amplifon (AMP.IM), Elica (ELC.IM) Netherlands: Universal Music Group (UMG.NA), Eurocommercial Properties (ECMPA.NA) Norway: DNO (DNO.NO), Sparebanken Norge (SBNOR.NO), SpareBank 1 SMN (MING.NO), SpareBank 1 Nord-Norge (NONG.NO), Sparebanken Møre (MORG.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: Repsol (REP.SM), Naturgy Energy Group (NTGY.SM), Indra Sistemas (IDR.SM), 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), Net Insight (NETI.B.SS), CTEK (CTEK.SS), Senzime (SEZI.SS), Scandinavian Enviro Systems (SES.SS) Switzerland: Landis+Gyr Group (LAND.SW) UK: Shell (SHEL.LN)
Trading Update: Benelux: Flow Traders (FLOW.NA), Recticel (RECT.BB) DACHs: Molecular Partners (MOLN.SW), lastminute.com (LMN.SW) France: AXA (CS.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)
CMD/Events: Elkem (ELK.NO), Appear (APR.NO), Banca Monte dei Paschi di Siena (BMPS.IM) EGM, MPC Container Ships (MPCC.NO) EGM, Sparebanken Norge (SBNOR.NO) EGM
M&A
TMUS (T-Mobile US) -- Deutsche Telecom pauses plans to merge with T-Mobile US - Bloomberg
TECK.B.CN (Teck Resources) -- reports Q3 EPS C$1.88 vs FactSet C$1.59 [14 est, C$0.64-1.63]
AES (AES Corp.) -- discloses European Commission closes its preliminary review of its acquisition by consortium led by Global Infrastructure Partners and EQT - 8-K
SPIE.FP (SPIE) -- signs an agreement for the acquisition of SAR ANLAGENBAU GmbH in Austria and Germany
EUROB.GA (Eurobank SA) -- Fairfax completes sale of 80% interest in Eurolife to Eurobank; deal was announced 13-Oct-2025
Healthcare
KYMR (Kymera Therapeutics) -- to announce KT-579 Phase 1 healthy volunteer trial results on 29-Oct-26
GMAB.DC (Genmab) -- Transcript Intelligence: Genmab Business Update Call
DBV.FP (DBV Technologies) -- SEC filing: 10-Q
IDIA.SW (Idorsia) -- and SPV investors partner to unlock the blockbuster potential of TRYVIO/JERAYGO with a targeted launch in specialists
BINV.SS (BioInvent International) -- to carry a new issue of shares of ~SEK430M
ONCIN.NO (Oncoinvent) -- Transcript Intelligence: Oncoinvent Business Update Call
Other
BP.LN (BP) -- Certain BP board members may favor company split -- Semafor
RR.LN (Rolls-Royce Holdings) -- announces transformative jet engine technology programme
DG.FP (VINCI SA) -- awarded €149M contract Sinfonia Varsovia Centrum
EDEN.FP (Edenred) -- enters new share buyback mandate for max amount of €50M
GFC.FP (Gecina) -- signed 10,300 sq.m with a global tech and data infrastructure security company on the 16 Capucines asset
AVIO.IM (Avio) -- obtains new €55M order from MBDA in France
Fed leaves rates unchanged despite inflation concerns; Tesla Semi fire shuts down California freeway in intraday themes (28-Oct)
Key rating changes
Upgrades
Morgans upgrades BHP.AU, RIO.AU
ABB.SS (ABB Limited) -- to buy from hold at SEB
AKSO.NO (Aker Solutions) -- to buy from hold at Pareto
AKSO.NO (Aker Solutions) -- to hold from sell at Danske Bank
AKSO.NO (Aker Solutions) -- to hold from sell at SEB
AKSO.NO (Aker Solutions) -- to neutral from sell at Sparebank 1 Markets
SSAB.A.SS (SSAB) -- to buy from hold at DNB Carnegie
Downgrades
CRBN.NA (Corbion) -- to hold from buy at Berenberg
GMAB.DC (Genmab) -- to hold from buy at DNB Carnegie
VNA.GR Vonovia downgraded to neutral from outperform at Oddo
Data
Nikkei +1.10% to 64659.47
Hang Seng (0.22%) to 23044.04
Shanghai Composite (0.88%) to 3648.97
S&P futures (25.3) vs prior close of 7783.3
€-$ (0.0016) or (0.14%) to 1.1139
$-¥ (0.02) or (0.01%) to 157.81
€-¥ (0.27) or (0.15%) to 175.77
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