European Equity pre-Market Summary – 6th October 2026: European bourses set for a mildly firmer open; Recordati reportedly set for a larger offer

M&A: AstraZeneca (AZN LN): Co. CEO says a major acquisition may not be needed to keep growing beyond 2030, citing a broad existing pipeline. CVC (CVC NA), GBL (GBLB BB), Recordati (REC IM): CVC and GBL raise their offer for Recordati to EUR 53/shr (prev. EUR 51.27/shr), Bloomberg reports. Stories: UK Defence: UK PM Burnham is reportedly mulling delaying a decision on defence spending until Autumn 2027, in the hope that the economy will improve, The Times reports. Wienerberger (WIE AV), -3.5%: Trading Update: Expects Q3 revenue at c. EUR 1.2-1.3mln and operating EBITDA c. EUR 170-180mln, while adjusting its FY26 operating EBITDA between EUR 640-650mln. Genmab (GMAB DC), AbbVie (ABBV): Cos announce that Epcoritamab, in combination with R-CHOP, demonstrates statistically significant improvement in PFS in Patients with newly diagnosed Diffuse Large B-Cell Lymphoma. GMAB US ADR rose 10.8% in US trade Norsk Hydro (NHY NO): Co. gives an update on the Alunorte gas supply situation. Points to a potential Q3'26 impact for Bauxite & Alumina from reduced production and purchasing gas at prices above the contract price may be USD 75-100mln. Broker Moves: Rio Tinto (RIO LN): upgraded to Sector Perform from Underperform at RBC Henkel (HEN3 GY), +1.3%: upgraded to Neutral from Sell at Goldman Sachs Schneider Electric (SU FP), -1.3%: downgraded to Neutral from Overweight at JPMorgan Pre-market levels via Tradegate