European Pre-Market Summary 4th November 2026: NOVOB DC lifts guidance; focus on potential follow through from US midterms

Earnings: BMW (BMW GY): Q3 2026 (EUR) Revenue matched expectations; lowered FY26 guidance by adjusting automotive EBIT margin to -0.5% to +0.5% (prev. guided 1-3%). Continental (CON GY): Q3 2026 (EUR) Sales in-line, whilst Adj. EBIT topped estimates. Co. raised FY26 guidance for continuing operations. Fresenius (FRE GY): Q3 2026 (EUR) Revenue in-line, whilst Adj. EBIT marginally beat. Expects FY26 core EPS at the upper half of the 10-15% range. Novo Nordisk (NOVOB DC): Q3 2026 (DKK): Sales topped expectations, with strength also reported in Adj. Wegovy Pill Sales; Op. Profit was a little short. Co. also raised FY26 Adj. Sales Growth and Operating Profit Growth. The improved outlook is driven by increased expectations for GLP-1 product sales. Pandora (PNDORA DC) Q3 2026 (DKK): Sales topped estimates; narrowed FY26 guidance towards the upper end of previous ranges. Siltronic (WAF GY): Q3 2026 (EUR) Sales topped estimates, as did EBITDA. Co. also lifted FY26 sales guidance. Ahold Delhaize (AD NA): Q3 2026 (EUR) Sales in-line, whilst Adj. EPS rose 1.4% Y/Y. Co. lowered its FY26 guidance due to a cybersecurity incident, though it announced a share buyback programme of up to EUR 1bln. Barry Callebaut (BARN SW): FY 2025/26 (CHF) Revenue slightly misses estimates, whilst Net Income and Gross Profit fell Y/Y. Proposed dividend of CHF 29. US Midterm Election: Tech: AI and big-tech names fell on fears of tighter AI regulation, with NVIDIA (NVDA), Microsoft (MSFT) and Alphabet (GOOG) down as much as 1.1–1.5% and the Nikkei off over 3%, while the Texas result threatens data-centre deregulation and puts European semis and data-centre power names like ASML (ASML NA), Infineon (IFX GY), Schneider Electric (SU FP) and Siemens Energy (ENR GY) in focus. Banks: US financials slipped on lower yields and the loss of deregulation upside (JPMorgan (JPM) -0.8%, Goldman Sachs (GS) -1.3%), a negative read-across for Barclays (BARC LN), Deutsche Bank (DBK GY) and UBS (UBSG SW). Health Care: Insurers and hospitals rallied on expectations of softer Medicaid cuts and restored ACA subsidies (UnitedHealth (UNH) +1.7%, Centene (CNC) +2.5%), offering support to Fresenius Medical Care (FME GY), Fresenius (FRE GY) and US-exposed medtech names such as Smith & Nephew (SN/ LN) and Siemens Healthineers (SHL GY). Utilities: Renewables like First Solar (FSLR) and NextEra (NEE) are seen as sweep beneficiaries, with potential read-across to Orsted (ORSTED DC), Vestas (VWS DC), RWE (RWE GY), Iberdrola (IBE SM) and EDP Renovaveis (EDPR PL), though ERCOT power deregulation is now at risk. Aerospace & Defence: US defence names face a headwind from budget-gridlock risk and the loss of reconciliation funding, weighing on BAE Systems (BA/ LN) and Leonardo (LDO IM), although Middle East tensions and possible US strikes on Iran may keep the sector underpinned. Retail: Staples and discount retailers such as Walmart (WMT) (+0.4%) and Ahold Delhaize (AD NA) are expected to benefit from likely support measures for lower-income households. Energy: Oil recovered into the green as focus turned to Iran, supporting the majors, though a Democratic Congress removes legislative backing for the “drill, baby, drill” agenda, leaving BP (BP/ LN), Shell (SHEL LN) and TotalEnergies (TTE FP) the most exposed despite Trump’s ability to protect executive actions by veto.