Nov 03 ,2026
Synopsis:
European equity markets closed lower, Insurance and Autos & Parts main gainers; Basic Resources, Retail, Technology and Energy the big decliners. Follows Monday's firmer close.
Oil lower again amid more constructive US-Iran headlines. Regional Gulf media reporting US may have approved a draft MOU that Qatari mediators have presented to Tehran; earlier headlines Iran's Khamenei may have signaled some flexibility on issues previously marked as non-negotiable. However, information remains fragmentary and neither side has confirmed or denied and comes amid overnight news the US struck Iran's Qeshm Island. Trump has said he would not resume strikes on Iran after midterm elections and VP Vance voiced hope for a negotiated settlement. Midterm elections expected to dominate the headlines over the next 24 hours though there has also been a lot of discussion about it as a clearing event, along with the market's favorable historical post-election track record.
Elsewhere, AI trade in focus after Monday's initial recovery reversed and weakness spilled over to Asian markets overnight. Funding, capex ROI and peak growth concerns continue to dominate the AI narrative despite the positive compute/capex demand signals. Some press focus on AI debt funding binge becoming a headwind for European bond markets. Anthropic valuation facing fresh scrutiny with media sources noting investors pushing company to lower target to $1.5-1.6T from around $2T. Attention on AAPL earning hit by softer Services growth and guidance and a weaker GM guide largely chalked up to surging memory costs.
On the macro data front, Swiss inflation beat expectations, though not expected to shift SNB policy outlook. Analysis of ECB officials' remarks, using AI, indicates policymakers assume Eurozone inflation will fall "materially below" 2% within a year. In other news, UK and EU reached a draft deal to scrap Brexit red tape over food exports. UK home secretary has also watered down migration reforms, which critics claim could cost the taxpayer up to £10B. Overseas, RBA raised its cash rate by 25 bps as expected. South Korea headline inflation eased slightly, though core slightly higher.
In corporate news flow, shares of Bayer (BAYN.GR) are trading higher post Q3 sales and adj EBITDA ahead of consensus and lifted FY26 adjusted EBITDA outlook. Philips (PHIA.NA) also up following in-line Q3 sales, adjusted EBITA margin beat. Lufthansa (LHA.GR) in positive territory with Q3 numbers ahead of expectations; group narrowed its FY adj EBIT guidance to reflect raising fuel costs. International Workplace Group (IWG.LN) higher post Q3 trading statement; group tightened its FY adjusted EBITDA range of $585M-$625M tightened, with expectation to trade above current consensus of $599M.
On the downside, Zalando (ZAL.GR) is trading lower post Q3 and maintained FY26 guidance. Further out of DACHs, shares of TeamViewer (TMV.GR) are trading sharply down after company cut its FY revenue guidance to a decline of 1-2% constant currency amid delayed deals and European uncertainty. Associated British Foods (ABF.LN) share are lower following FY numbers with in-line operating profit.
In M&A news, Lonza (LONN.SW) signed an agreement to acquire US CDMO network from Merck KGaA (MRK.GR) for low-to-mid-triple-digit millions Swiss francs. Shell Plc (SHEL.LN) sold its 16.67% non-operated interest in the North West Shelf (NWS) project for a base consideration of $1.45B.
Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 02-Nov to 06-Nov attached) Koninklijke Ahold Delhaize (AD.NA), Royal Vopak (VPK.NA), Novo Nordisk (NOVO.B.DC), Pandora (PNDORA.DC), Sampo (SAMPO.FH), Barry Callebaut (BARN.SW), Bayerische Motoren Werke (BMW.GR), Fresenius (FRE.GR), Vonovia (VNA.GR), Continental (CON.GR), Leonardo (LDO.IM), BPER Banca (BPE.IM), FinecoBank (FBK.IM), Telecom Italia (TIT.IM), Aker (AKER.NO), Asker Healthcare Group (ASKER.SS), Medicover (MCOV.B.SS), Marks & Spencer Group (MKS.LN), and Lion Finance Group (BGEO.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Italy, Spain, Sweden Oct services PMI as well as final reads for Eurozone, France, Germany, UK, Spain Oct unemployment change, Eurozone Oct flash CPI, Portugal Q3 unemployment rate, Ireland Oct unemployment rate, Netherlands Oct preliminary CPI, Finland Oct preliminary HICP, and Austria Oct preliminary CPI.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Insurance +0.20%, Autos & Parts +0.00%, Travel & Leisure (0.10%), Telecom (0.16%), Health Care (0.29%), Ind Goods & Svcs (0.32%), Financial Svcs (0.33%), Construct & Mtls (0.36%), Real Estate (0.41%), Utilities (0.45%), Chemicals (0.50%),
Underperformers:
Basic Resources (2.39%), Retail (1.95%), Technology (1.04%), Oil & Gas (1.00%), Food & Beverage (0.88%), Media (0.79%), Banks (0.62%), Persnl & HHold Goods (0.62%),
Macro/Peripheral markets:
Geopolitics
EU
UK
UK and EU agree deal to remove Brexit checks on food and animal products - The Guardian
Freezers of UK meat suppliers heat up after cyber-attacks in Europe - The Guardian
Living standards 'won't rise without public spending cuts' - The Telegraph
France
Students blockade dozens of high schools in France - Le Monde
Germany
Merz promises more support for Ukraine, warns Russia over Black Sea attacks - Reuters
Pensions are expected to rise by more than four percent from 2027 - Handelsblatt
Italy
Poland
Poland's Tusk Ends Central Bank Standoff Over Board Nominees - Bloomberg
Sweden
Swedish PM tries to form a new government amid post-election gridlock - Reuters
Belgium
Belgium Needs Deeper Budget Cuts to Stabilize Debt, OECD Says - Bloomberg
Company news:
Trading Higher:
+22.1% AL2SI.FP (2CRSI €14.53, +3.00) -- received a binding order of over €60M from Exaion, its partner since 2021
+17.8% KABE.B.SS (KABE Group SEK278.00, +44.00) -- 9M earnings
+12.2% BCHN.SW (Burckhardt Compression Holding CHF520.00, +58.00) -- H1 earnings
+11.8% DURC.B.SS (Duroc SEK19.55, +2.10) -- Q1 earnings
+10.5% INQ.SS (INQ Group SEK0.15, +0.01) -- raises SEK 7.0M of additional capital under existing secured convertible loan facility from US-based investment manager
+8.0% NYOR.SS (NYORDA AB SEK6.64, +0.50) -- Q3 earnings
+7.2% IWG.LN (International Workplace Group £2.13, +0.14) -- Q3 revenue
+6.7% ACAD.SS (AcadeMedia SEK124.00, +7.80) -- SEB upgrade
+6.4% DRX.LN (Drax Group £8.80, +0.52) -- confirms strategic partnership for GW-scale data centre
+6.2% TUNE.LN (Focusrite £2.31, +0.14) -- H1 earnings
+5.5% PHIA.NA (Koninklijke Philips €25.34, +1.34) -- Q3 revenue
+5.3% BIM.FP (bioMerieux €93.85, +4.80) -- Q3 revenue
+4.7% IMMNOV.SS (Immunovia SEK0.05, -0.00) -- company's PancreaSure test to be presented in Presidential Plenary at CGA-IGC 2026 Annual Meeting
+4.6% SBS.GR (Stratec €23.85, +1.10)
+4.6% BAYN.GR (Bayer AG €52.64, +2.28) -- raises FY guidance; Q3 earnings
+4.5% LHA.GR (Deutsche Lufthansa €7.68, +0.33) -- Q3 earnings
+4.1% BSLN.SW (Basilea Pharmaceutica CHF71.90, +2.90) -- announces strong Cresemba (isavuconazole) sales in Europe trigger $37.5M milestone payment
+3.5% OKEA.NO (Okea NOK50.00, +1.65) -- Q3 earnings
+3.3% NCC.B.SS (NCC SEK189.10, +6.10) -- Q3 earnings
+3.2% BAHN.B.SS (Bahnhof SEK61.60, +1.90) -- The Swedish Competition Authority approves Telenor Sverige's acquisition of a controlling stake in the group
+3.0% SOLAR.B.DC (Solar DKK203.50, +6.00) -- updates FY guidance; Q3 earnings
+2.7% HSX.LN (Hiscox £19.35, +0.51) -- trading statement
+1.7% RUI.FP (Rubis €35.94, +0.60) -- Q3 revenue
Trading Lower:
-58.6% AGY.LN (Allergy Therapeutics £0.02, -0.02) -- intends to propose the cancellation of admission of its shares to trading on AIM and re-register the company as a private limited company
-44.5% STX.LN (Shield Therapeutics £0.04, -0.02) -- Q3 earnings
-27.2% TMV.GR (TeamViewer €5.54, -1.97) -- Q3 earnings
-15.4% RAY.B.SS (RaySearch Laboratories SEK168.70, -30.30) -- Q3 earnings
-7.9% REJL.B.SS (Rejlers SEK130.60, -12.00) -- Q3 earnings
-7.3% MULTI.NO (Multiconsult NOK129.20, -10.20) -- Q3 earnings
-5.8% ZAL.GR (Zalando €25.63, -1.57) -- Q3 earnings
-5.7% SHA0.GR (Schaeffler €5.83, -0.34) -- Q3 eanrings; announces launch of another performance improvement program; net total of 3,460 positions to be reduced in Europe
-5.0% ALO.FP (Alstom €10.74, -0.58) -- Oddo,JPMorgan and Citi downgrade
-4.6% ODL.NO (Odfjell Drilling NOK105.60, -5.00) -- Q3 earnings
-4.4% PREC.SS (Precise Biometrics SEK0.60, -0.03)
-4.1% BOOZT.SS (Boozt Fashion SEK148.00, -6.60) -- Q3 earnings
-3.2% WSU.GR (Washtec €32.50, -1.10) -- Q3 eanrings
-3.0% MOB.SS (Moberg Pharma SEK10.30, -0.32) -- granted US patent relating to improved dosing of MOB-015
-3.0% MTX.GR (MTU Aero Engines €337.50, -10.50) -- BofA downgrade
-2.8% ADYEN.NA (Adyen €828.00, -24.20)
-2.5% BICO.SS (BICO Group SEK22.60, -0.60) -- shareholders to vote on 7-Dec on number of board members, position of chairman, other items
-2.5% RAND.NA (Randstad €40.57, -1.06) -- BNP Paribas Exane downgrade
-2.2% GEBN.SW (Geberit CHF565.80, -13.00) -- Q3 earnings
-2.2% AAL.LN (Anglo American £36.99, -0.85) -- MMG notes the EC has escalated its review of the acquisition of the group's nickel business to Phase II
-1.9% ITAB.SS (ITAB Group SEK16.00, -0.30) -- Q3 earnings
-1.8% ABF.LN (Associated British Foods £18.88, -0.34) -- FY earnings
EU companies reporting tomorrow:
Earnings:
Benelux: Koninklijke Ahold Delhaize (AD.NA), Royal Vopak (VPK.NA), Solvay (SOLB.BB)
Denmark: Novo Nordisk (NOVO.B.DC), Pandora (PNDORA.DC), TORM (TRMD.A.DC), North Media (NORTHM.DC), Lån & Spar Bank (LASP.DC), GrønlandsBANKEN (GRLA.DC)
Finland: Sampo (SAMPO.FH), HKFoods (HKFOODS.FH), Kempower (KEMPOWR.FH), Marimekko (MEKKO.FH)
France: Jacquet Metals (JCQ.FP)
Germany: Bayerische Motoren Werke (BMW.GR), Fresenius (FRE.GR), Vonovia (VNA.GR), Continental (CON.GR), Scout24 (G24.GR), Fraport (FRA.GR), Auto1 Group (AG1.GR), Siltronic (WAF.GR), Kloeckner & Co. (KCO.GR), ZEAL Network (TIMA.GR), Basler (BSL.GR), Masterflex (MZX.GR), Global Fashion Group (GFG.GR), CENIT (CSH.GR)
Greece: National Bank of Greece (ETE.GA)
Italy: Leonardo (LDO.IM), BPER Banca (BPE.IM), FinecoBank (FBK.IM), Telecom Italia (TIT.IM), Nexi (NEXI.IM), Iveco Group (IVG.IM), Anima Holding (ANIM.IM), Ariston Holding (ARIS.IM), Industrie De Nora (DNR.IM), Banca Sistema (BST.IM)
Norway: Aker (AKER.NO), Wallenius Wilhelmsen (WAWI.NO), Wilh. Wilhelmsen Holding (WWI.NO), Sparebank 1 Ostlandet (SPOL.NO), Odfjell (ODF.NO), LINK Mobility Group Holding (LINK.NO), Solstad Offshore (SOFF.NO), Cloudberry Clean Energy (CLOUD.NO), Bouvet (BOUV.NO), Zaptec (ZAP.NO), Bewi (BEWI.NO), Cambi (CAMBI.NO), Saga Pure (SAGA.NO)
Other: Magyar Telekom Telecommunications (MTEL.HB)
Portugal: Semapa (SEM.PL)
Spain: Prosegur Compania de Seguridad (PSG.SM), Gestamp Automoción (GEST.SM)
Sweden: Asker Healthcare Group (ASKER.SS), Medicover (MCOV.B.SS), Cloetta (CLA.B.SS), Ambea (AMBEA.SS), Cibus Nordic Real Estate (CIBUS.SS), Sveafastigheter (SVEAF.B.SS), Kambi Group (KAMBI.SS), Orrön Energy (ORRON.SS), Nobia (NOBI.SS), Rugvista Group (RUG.SS), Cereno Scientific (CRNO.B.SS), SinterCast (SINT.SS), Alcadon Group (ALCA.SS), LumenRadio (LUMEN.SS), G5 Entertainment (G5EN.SS), Nordisk Bergteknik (NORB.B.SS), Xspray Pharma (XSPRAY.SS), PION Group (PION.B.SS), Greater Than (GREAT.SS), Silex Microsystems (SILEX.SS)
Switzerland: Barry Callebaut (BARN.SW)
UK: Marks & Spencer Group (MKS.LN), Lion Finance Group (BGEO.LN), Diversified Energy (DEC.LN), Trainline (TRN.LN), Burford Capital (BUR.LN), Smiths News (SNWS.LN), Braemar (BMS.LN)
Trading Update:
Benelux: DSM-Firmenich (DSFIR.NA), Wolters Kluwer (WKL.NA), Alfen (ALFEN.NA), Jensen-Group (JEN.BB)
DACHs: Heidelberg Materials (HEI.GR)
France: JCDecaux (DEC.FP), Neurones (NRO.FP)
Nordics: ISS (ISS.DC)
Other: AIB Group (A5G.ID), Glanbia (GL9.ID)
UK: Prudential (PRU.LN), Coca-Cola HBC (CCH.LN), Smith & Nephew (SN.LN), Weir (WEIR.LN), Barratt Redrow (BTRW.LN), Lancashire Holdings (LRE.LN), Gem Diamonds (GEMD.LN)
Sales: Avanza Bank Holding (AZA.SS), Nordnet (SAVE.SS), Volvo Car (VOLCAR.B.SS), flatexDEGIRO (FTK.GR)
CMD/Events: Basilea Pharmaceutica (BSLN.SW), Evonik (EVK.GR), R&S Group Holding (RSGN.SW), Investor (INVE.B.SS), OSE Immunotherapeutics (OSE.FP) Key Opinion Leader Meeting, Unilever (ULVR.LN), Eniro Group (ENRO.SS) EGM
Data:
Economics:
Switzerland Oct CPI +1.5% y/y vs consensus +1.3% and prior +1.0%
Greece Oct business expectations in industry index 102.7 vs prior 106.8 and year-ago 104.9
Ireland Oct Preliminary HICP +4.0% y/y vs consensus +3.9% and prior +3.8% (6:00ET)
Markets:
WTI Crude (Dec 26): ($0.55) or (0.57%) to $95.91
€-$ +0.0005 or +0.04% to 1.1194
£-$ +0.0009 or +0.07% to 1.3417
€-£ (0.0001) to 0.8345
S&P 500 +0.40%
Performance year-to-date
FTSE 100: +7.12%
DAX: +5.61%
CAC: (1.59%)
MIB: +11.12%
Stoxx 600: +9.03%
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