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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE (0.42%), DAX (0.28%), CAC40 (0.07%)

Nov 04 ,2026

  • Synopsis

    • European equity markets are set for a negative open amidst Asia equities with polarized returns Wednesday as markets react to US mid-term elections. Some steep declines in the AI-tech chain as the Nikkei 225 falls sharply while South Korea and Taiwan benchmarks are also down but off their troughs. Greater China benchmarks higher, India extending gains; Australia and Singapore lower. US futures lower.

    • Mixed market reaction to US midterm election results as AI-related stocks fall sharply but bond prices rally along with several regional currencies. Democrats have secured majorities in the Senate and House, and have won several significant governor races too, in a result that was widely seen as a referendum on President Trump's policies over the past two years. Some evidence of a flight to safety early on however stocks are well off their troughs now while currencies and bond prices are off their day's highs.

    • President Trump reiterated in an FT interview he has no immediate plans to strike Iran. Crude extending losses with market seemingly pricing in outcome that favors continued negotiations over an imminent return to conflict.

    • In the UK there's weekly PMQs at 12noon GMT whilst several pieces of legislation - including Sporting Events Bill, continue passage. Parliamentary committee topics include managing the future of UK oil & gas at 9:15 and the budget at 14:15 (question OBR execs on its economic and fiscal forecasts (Chancellor Healey due to be questioned on 11-Nov)). Slovakia will host a summit of the presidents of the Visegrad Four (V4) countries - Slovakia, Czech Republic, Hungary and Poland. EU's von der Leyen will also attend whilst EU's Roswall gives an address at the Nordic Compass Summit (through Thu).

    • In central banks, Riksbank interest decision at 9:30CET with press conf at 11:00. Benchmark interest rate maybe increased +25bps to 2.0%. Hungary central bank releases minutes of last MPC meeting. Bank of France's Moulin speech at Future of Finance conf . Bank of Italy Symposium on "Market Power in the AI Value Chain: between Trade and Finance". BOE's Martin speech at 11:35GMT at Data & AI conf Europe. ECB's Lane laudation at 14:30CET on the occasion of the conferral of Bernhard Harms Prize to Pierre-Olivier Gourinchas at 5th Kiel-CEPR Geoeconomics Conf (Tue-Wed). Chancellor Merz speech/participates in the Economic Conf of the SPD's Economic Forum .

    • Other events on Wed include Economist's 2nd annual AI in Health Summit and Politico's Beyond the Glass: Brewing Local Competitiveness (includes execs from Heineken (HEIA.NA)) at 17:30CET.

    • Macro data due today 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, Austria Oct preliminary CPI

    • A busy morning for earnings include from the Benelux region, DSM-Firmenich (DSFIR.NA), Solvay (SOLB.BB) and Royal Vopak (VPK.NA), with DSM-Firmenich raising its FY like-for-like sales growth outlook. In the DACHs region, BMW (BMW.GR), Fresenius (FRE.GR), Continental (CON.GR), Vonovia (VNA.GR), Heidelberg Materials (HEI.GR) and Barry Callebaut (BARN.SW) updated investors, with BMW lowering its FY26 guidance while Fresenius and Continental raised their outlooks. In the Nordics, Novo Nordisk (NOVO.B.DC), Pandora (PNDORA.DC), Mowi (MOWI.NO), ISS (ISS.DC) and Aker (AKER.NO) released results, with Novo Nordisk raising its FY26 outlook on increased expectations for GLP-1 product sales. In Southern Europe, Iveco (IVG.IM), Sacyr (SCYR.SM) and Meliá Hotels (MEL.SM) reported results.

  • Politics/Macro/World News

    • Trump repeats he has no immediate plan to strike Iran:

    • Netherlands Oct Preliminary CPI +3.7% y/y vs consensus +3.6% and prior +3.4%

    • Finland Oct Preliminary HICP +3.4% y/y vs consensus +3.1% and prior +2.7%

  • Macro

    • Democrats Win Complete Control of Congress in Rebuke to Trump - Bloomberg

    • Tories turn to former PM David Cameron to boost party fundraising - FT

    • US has no immediate plan to strike Iran, Trump tells FT - FT

    • Greenland parliament approves security deal with US, Denmark - aljazeera

    • Bundesbank's Nagel joins ECB chorus backing December rate hike - Reuters

  • Top company news

    • Earnings/updates

      • Benelux

        • DSFIR.NA (DSM-Firmenich) -- reports Q3 adjusted EBITDA €482M vs consensus €478M; raises FY LFL sales growth outlook to around 5% (previously 2-4%)

        • SOLB.BB (Solvay) -- reports Q3 underlying net profit from continuing operations €35M vs year-ago €90M; confirms FY guidance

        • VPK.NA (Royal Vopak) -- reports Q3 EPS €0.96 ex-items vs year-ago €0.78; increases 2026 outlook

        • ALFEN.NA (Alfen) -- reports Q3 revenue €99.1M vs FactSet €100.0M [1 est]

      • DACHs

        • BMW.GR (Bayerische Motoren Werke) -- reports Q3 EPS €2.46 vs consensus €2.38; adjusts FY26 guidance downward as a result of expansion of portfolio and structural measures

        • FRE.GR (Fresenius) -- reports Q3 core EPS €0.72 vs consensus €0.69; raises FY EBIT margin guidance, sees core EPS in upper half of range

        • CON.GR (Continental) -- reports Q3 adj EBIT €514M vs consensus €479.9M; raises FY26 outlook for continuing operations

        • VNA.GR (Vonovia) -- reports 9M EPRA NTA per share €46.31 vs year-ago €46.28; specifies 2026 guidance, issues initial 2027 guidance and revises 2028 objectives

        • HEI.GR (Heidelberg Materials) -- reports result from current operations (RCO) €1.28B vs consensus €1.24B; confirms positive 2026 outlook

        • BARN.SW (Barry Callebaut) -- reports FY adjusted net income CHF215.5M vs consensus CHF212M

        • WAF.GR (Siltronic) -- reports Q3 EPS (€1.46) vs FactSet (€1.75) [5 est, (€1.99)-(1.50)]; adjusts FY guidance due to stronger US dollar and increased demand

        • AG1.GR (Auto1 Group) -- reports Q3 adjusted EBITDA €75.6M vs FactSet €74.4M [4 est, €73.8-75M]; confirms FY26 guidance

        • G24.GR (Scout24) -- reports Q3 EPS €1.09 vs FactSet €1.07 [1 est]

        • FRA.GR (Fraport) -- reports final Q3 EPS €2.39 vs FactSet €2.35 [1 est]; maintains FY financial outlook

        • RSGN.SW (R&S Group Holding) -- reaffirms FY targets and strategy at CMD

        • BSL.GR (Basler) -- confirms preliminary 9M results and FY guidance

        • 6LL.GR (Lime) -- reports Q3 EPS $0.63 vs year-ago $1.01

      • Nordics

        • NOVO.B.DC (Novo Nordisk) -- reports Q3 adj EPS DKK5.79 vs consensus DKK5.10; raises FY26 outlook citing increased expectations for GLP-1 product sales

        • PNDORA.DC (Pandora) -- reports Q3 EPS DKK6.90 vs consensus DKK5.80; Oct LFL growth +1%

        • SAMPO.FH (Sampo) -- reports Q3 operating EPS €0.14 vs consensus €0.14

        • MOWI.NO (Mowi) -- reports Q3 underlying EPS €0.33 vs FactSet €0.29 [10 est, €0.14-0.35]

        • ISS.DC (ISS A/S) -- reports Q3 revenue DKK22.76B vs consensus DKK22.59B; reaffirms FY26 outlook

        • AKER.NO (Aker ASA) -- reports Q3 NAVPS NOK1,509, +66% vs year-ago NOK909

        • WAWI.NO (Wallenius Wilhelmsen) -- reports Q3 EPS $0.45 vs FactSet $0.46 [7 est, $0.39-0.50]

        • SOFF.NO (Solstad Offshore) -- reports Q3 net income $63M vs FactSet $45.7M [3 est, $40-55M]

        • MEKKO.FH (Marimekko) -- reports Q3 comparable EPS €0.26 vs FactSet €0.24 [4 est, €0.23-0.25]; confirms FY guidance

        • CLA.B.SS (Cloetta) -- reports Q3 EPS SEK0.86 vs FactSet SEK0.70 [3 est, SEK0.66-0.74]

        • AMBEA.SS (Ambea AB) -- reports Q3 EPS SEK4.86 vs FactSet SEK4.41 [5 est, SEK4.01-4.88]

        • ORRON.SS (Orrön Energy) -- reports Q3 net income from continuing operations (€1.4M) vs FactSet €5.6M [3 est, (€4.2)-21.6M]

        • ZAP.NO (Zaptec) -- reports Q3 EPS NOK0.39 vs FactSet NOK0.35 [1 est]

        • BOUV.NO (Bouvet) -- reports Q3 EPS NOK0.58 vs FactSet NOK0.64 [4 est, NOK0.58-0.70]

        • BEWI.NO (Bewi ASA) -- reports Q3 EPS €0.01 vs FactSet €0.02 [4 est, €0.00-0.03]

        • RUG.SS (Rugvista Group) -- reports Q3 EPS SEK1.29 vs FactSet SEK0.85 [2 est, SEK0.84-0.86]

        • G5EN.SS (G5 Entertainment) -- reports Q3 EPS $0.31 vs FactSet $0.10 [2 est, $0.09-0.11]

        • SPOL.NO (Sparebank 1 Ostlandet) -- reports Q3 net income NOK756M vs FactSet NOK741.2M [6 est, NOK654-821.1M]

        • CLOUD.NO (Cloudberry Clean Energy) -- reports Q3 EPS NOK0.07 vs FactSet (NOK0.03) [1 est]

        • PEN.NO (Panoro Energy) -- Q3 trading statement and operations update: pro forma working interest production 20,049 boepd; starts Q4 with strong price realisations on October oil sales

      • France

        • VIRI.FP (Viridien) -- reports Q3 adj EBITDA $100M vs FactSet $104.5M [2 est, $104-105.0M]

        • MMT.FP (M6-Metropole) -- reports Q3 EBITA €39.0M vs FactSet €34.1M

        • ABEO.FP (Abéo) -- reports Q2 revenue €137.9M vs year-ago €138.5M

      • Southern Europe

        • IVG.IM (Iveco Group) -- reports Q3 EPS (€0.12) vs year-ago €0.15

        • SCYR.SM (Sacyr Vallehermoso) -- reports 9M net income attributable €116.3M, +87% vs year-ago €62.3M (post EU close 3-Nov)

        • MEL.SM (Melia Hotels International) -- reports Q3 net income attributable €74.6M vs FactSet €77.2M [6 est, €64.6-86.6M] (post EU close 3-Nov)

        • NOS.PL (NOS SGPS) -- reports Q3 net income €88.3M vs FactSet €72.5M [3 est, €67.4-81.3M]

        • CTT.PL (CTT - Correios de Portugal) -- reports Q3 net income €6.9M vs FactSet €9.7M [3 est, €8.5-11.5M]; lowers FY recurring EBIT guidance; initiates process to sell controlling stake in Banco CTT

    • M&A

      • UBI.FP (Ubisoft Entertainment) -- among companies to have submitted offer for Microsoft/Xbox's Arkane Studios -- Bloomberg

      • LHA.GR (Deutsche Lufthansa) -- Lufthansa Group and Portuguese Government sign agreement for acquisition of 44.9% minority stake in TAP Air Portugal for €1.025B

      • CURA.CN (Curaleaf Holdings) -- Curaleaf isues statement on Organigram's proposal for Aurora Cannabis; believes its 6-Oct offer represents a better value to Aurora

    • Healthcare

      • ALMR (Alamar Biosciences) -- partners with GSK on large-scale proteomic study to advance precision medicine

      • TNG.FP (Transgene) -- to present preclinical data on novel Oncolytic Virus at SITC 2026

    • Other

      • STMPA.FP (STMicroelectronics) -- announces its unified MCU platform

      • EXPN.LN (Experian) -- Transcript Intelligence: Experian at Gabelli Funds Automotive Symposium

      • SIKA.SW (Sika Group) -- Sika signs partnership agreement with Australian IoT developer IndustryOS

      • SAVE.SS (Nordnet) -- completes SEK250M share buyback program launched in September 2026

      • XPRO (Expro) -- SEC filing: 10-Q

      • Array Technologies boosts solar segment ahead of earnings; Apple releases beta AI features for developers in intraday themes (3-Nov)

      • Singapore Airlines reports data breach exposed 46K booking records -Channel News Asia

  • Key rating changes

    • Upgrades

      • COLO.B.DC (Coloplast) -- overweight from equal weight at Barclays

      • HAUTO.NO (Höegh Autoliners) -- buy from hold at Arctic Securities

      • ORRON.SS (Orrön Energy) -- buy from hold at SEB

      • SOI.FP (SOITEC) -- to neutral from sell at UBS

    • Downgrades

      • HLN.LN (Haleon) -- hold from buy at Jefferies

      • COLO.B.DC (Coloplast) -- sell from hold at ABG Sundal Collier

      • GFC.FP (Gecina) -- neutral from buy at Goldman Sachs

      • SOI.FP (SOITEC) -- equal-weight from overweight at Morgan Stanley

      • CLN.SW (Clariant) -- to hold from buy at Deutsche Bank

      • IOS.GR (IONOS Group) -- to hold from buy at Berenberg

    • Initiations

      • TPRO.IM (Technoprobe) -- overweight at Barclays

      • 2GB.GR (2G Energy) -- initiated buy at Baader Helvea

      • FERGR.NA (Ferrari Group PLC) -- initiated buy at UBS

  • Data

    • Nikkei (1.42%) to 62188.63

    • Hang Seng +1.33% to 23839.63

    • Shanghai Composite +1.79% to 3672.82

    • S&P futures (21.8) vs prior close of 7596.8

    • €-$ +0.0038 or +0.34% to 1.1232

    • $-¥ (0.55) or (0.35%) to 158.14

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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