EUROPEAN OPEN: AZN LN offered USD 10bln for RYTM; DTE GY announces EUR 2bln buyback; MT NA Q3 EBITDA beat; MAERSKB DC raises profit outlook; DHL GY raises FY26 earnings guidance; RHM GY cuts FY26 sales outlook; CBK GY Q3 net income beat

STOCK SPECIFICS: TECH: Qualcomm (QCOM) shares plunged by almost 10% in extended US trading after weaker than expected smartphone chip sales, driven by sluggish handset demand, rising memory costs and declining Apple (AAPL)-related revenue, alongside disappointing margin and earnings guidance. COMMUNICATIONS: Deutsche Telekom (DTE GY) Q3 adj. EBITDAaL EUR 12.21bln (exp. 12.05bln), Q3 revenue EUR 31.1bln (vs 29bln Y/Y); announced a new share buyback programme of up to EUR 2bln for 2027, reinforcing its commitment to shareholder returns. Reaffirmed its FY26 outlook. BT (BT/A LN) - H1 adj. EBITDA GBP 4.1bln (exp. 4.05bln), adj. revenue GBP 8.75bln (prev. 9.81bln Y/Y); affirms outlook. Snap Inc. (SNAP) shares tumbled by 12% in extended trading after weaker than expected quarterly revenue and DAUs, alongside reduced advertising spending by consumer goods companies amid economic pressures. MATERIALS: ArcelorMittal (MT NA) Q3 EBITDA USD 2.02bln (exp. 1.89bln). EU steel-import restrictions introduced in July reduced tariff-free quotas and doubled duties to 50%, supporting European steel prices. ArcelorMittal is restarting blast furnaces in France, Poland and Spain, while higher steel prices increasingly offset elevated energy costs. INDUSTRIALS: China has blocked SoftBank’s (SFTBY) USD 5.4bln acquisition of ABB’s (ABBN SW) robotics division over supply chain security concerns, despite the deal receiving Chinese competition clearance in February, FT reports; SoftBank is assessing whether to seek approval again. Maersk (MAERSKB DC) Q3 EBITDA USD 4.7bln (exp. 5.28bln), Q3 revenue USD 18.1bln (exp. 18.2bln). EBITDA +75% Y/Y, supported by elevated container freight rates amid port congestion, resilient consumer demand and increased investment in AI infrastructure. Raises FY26 profit outlook for the third time this year; sees FY26 adj. EBIT between USD 8.0-8.5bln (exp. 8.07bln), and FY26 adj. EBITDA between USD 14.0-14.5bln (exp. 14.3bln); upgraded guidance reflects expectations for global container market volume growth of approximately 4% in FY26. DHL (DHL GY) Q3 EBIT EUR 1.7bln (vs 1.5bln Y/Y), Q3 revenue EUR 22.7bln (vs 20.1bln Y/Y). DHL Express benefited from cost and yield measures, increased industrial shipments and constrained international air freight capacity, generating an additional EUR 100mln in earnings. CEO highlighted continued growth momentum, plans to accelerate investment in life sciences, healthcare, new energy, e-commerce and data centre logistics. Said global trade remains resilient despite geopolitical uncertainty. Raises FY26 earnings outlook; sees FY26 EBIT above EUR 7bln, free cash flow excluding net M&A above EUR 3.2bln and CapEx of approximately EUR 3.6bln (prev. saw 3.0-3.3bln). Rheinmetall (RHM GY) 9-month operating result +69% Y/Y to EUR 1.33bln, revenue +38% Y/Y to EUR 8.48bln, operating margin expanded to 15% (vs 13.1% Y/Y); Q3 revenue +32% Y/Y to EUR 3.15bln, operating profit +62% Y/Y to EUR 553mln. Lowers FY26 revenue outlook for the second time this year; sees FY26 revenue of EUR 13.2bln (prev. saw 13.7-14.2bln) and operating margin of approximately 18.5% (prev. saw 19%); downgrade reflects delays to Germany’s Arminius Boxer armoured vehicle programme, with expected orders and associated revenue shifting into 2027. Leonardo (LDO IM) 9-month EBITA EUR 1.3bln (vs 945mln Y/Y), revenue EUR 15.34bln (vs 13.44bln Y/Y); Q3 revenue +18% Y/Y to EUR 5.34bln (exp. 5.28bln), Q3 operating profit +43% Y/Y to EUR 521mln; new orders +28% Y/Y to EUR 23.27bln in the first nine months, while order backlog +28% Y/Y to EUR 60.4bln, supported by strong demand across helicopters and defence electronics. Raises FY26 new orders outlook; sees FY26 new orders of EUR 29.5bln (prev. saw 28.2bln), reflecting continued strength in European defence demand. Reaffirms FY26 revenue and EBITA outlook. Air France (AF FP) Q3 net income EUR 908mln (exp. 730.8mln), Q3 revenue EUR 9.92bln (exp. 9.96bln). Said higher fuel costs and cost-of-living pressures impacted passenger demand. Announced further restructuring measures, including fleet simplification and operational changes. Lowers FY26 capacity growth outlook to 2% (prev. saw up to 3%), and raises expected FY26 fuel costs to USD 9.2bln (prev. saw 8.9bln). Maintains FY26 net CapEx outlook below EUR 3bln. CONSUMER DEFENSIVE: Diageo (DGE LN) Q1 revenue USD 4.93bln, organic net sales +1.4% Y/Y, exceeding analysts’ expectations for a decline; reaffirms FY27 outlook, sees FY27 net sales growth broadly flat. CONSUMER CYCLICAL Next (NXT LN) Q3 full-price sales +8.1% Y/Y, with all sales outperformance driven by the international business. The additional GBP 5mln in profit generated from stronger international sales was fully offset by higher international operating costs, resulting in no incremental profit benefit. Lowers Q4 sales growth view; sees Q4 total product full-price sales growth of 5.9% Y/Y (prev. saw 8.5%). FINANCIALS: Commerzbank (CBK GY) Q3 net income EUR 859mln (exp. 845mln), Q3 revenue EUR 3.2bln (exp. 3.32bln), Q3 operating profit EUR 1.31bln (exp. 1.34bln), net interest income totalled EUR 2.12bln (exp. 2.13bln); expressed confidence in creating value through the proposed integration with UniCredit (UCG IM), which is expected to take control of the bank by year-end. Commerzbank maintains its FY26 net income outlook; sees FY26 net income of at least EUR 3.4bln (exp. 3.54bln), but lowers FY26 net interest income outlook to EUR 8.5bln (prev. saw 8.6bln), reflecting increased competition for deposits.. HEALTHCARE: AstraZeneca (AZN LN) made a c. USD 10bln offer to acquire Rhythm Pharmaceuticals (RYTM) for USD 124/shr last month, WSJ reports; Rhythm shares surged in US trade following the news. The proposed acquisition would expand AstraZeneca’s rare-disease and obesity drug portfolio, supporting its target of USD 80bln in annual sales by 2030. Siemens Healthineers (SHL GY) Q4 revenue EUR 6.78bln (exp. 6.72bln), adj. EBIT EUR 1.08bln (exp. 1.1bln); sees FY27 adj. EPS between 2.20-2.40. The company will change its name to “Healthineers”, with the Brand migration to start in 2027. Qiagen (QIA GY) Q3 adj. diluted EPS 0.65 (vs 0.65 Y/Y), Q3 revenue EUR 548mln (exp. 538mln); suspended its FY26 outlook, and will not provide financial guidance while the pending transaction with EQT Private Equity remains outstanding. DAY AHEAD: EVENTS: US President Trump will sign executive orders at 15:30EST/20:30GMT. Canada presents its Federal Budget. DATA: In Europe, Eurozone PPI is seen rising to 10.9% Y/Y (prev. 8.2%). Construction PMIs for the Eurozone (prev. 43.4) and the UK (prev. 46.1) are also due. In North America, weekly US initial jobless claims are seen little changed at 196K (prev. 194K), as are continuing claims (exp. 1.71mln, prev. 1.701mln); US preliminary Q3 nonfarm productivity (prev. 1.4% Q/Q) and unit labour costs (prev. 1.2% Q/Q); Challenger job cuts (prev. 43.281K), Revelio payrolls (prev. 56.9K) and Chicago Fed labour market indicator (prev. 4.19%) are due ahead of Friday’s nonfarm payrolls data. CENTRAL BANKS: The BoE is expected to hike rates by 25bps to 4.00% in a 7-2 vote (prev. 3 hike, 6 hold), followed by Governor Bailey’s press conference. The Norges Bank is expected to keep rates unchanged at 4.50% (prev. 4.50%). Banxico is also expected to hold. ECB’s Schnabel gives opening remarks at an ECB Money Markets Conference; outgoing President Lagarde and chief economist Lane, as well as ECB’s Cipollone will also deliver remarks. From the Fed, hawkish dissenter Hammack will give remarks on stablecoins, while Fed’s Barkin (2027 voter) participates in a moderated discussion. From the BoC, Governor Macklem will speak. SUPPLY: France auctions EUR 10-12bln of 2036, 2038, 2043 and 2057 debt; Spain sells EUR 4.5-5.5bln of 2031, 2036 and 2041 Bonos, as well as EUR 0.25-0.75bln of 2030 linkers. ENERGY: EIA weekly natural gas storage (prev. 80bcf). EARNINGS: Notable US corporates reporting today include: ConocoPhillips (COP), Parker-Hannifin (PH), Southern Company (SO), Airbnb (ABNB), Duke Energy (DUK), Cloudflare (NET), Monster Beverage (MNST), EOG Resources (EOG), Cigna Group (CI), Cummins (CMI), Simon Property Group (SPG), Air Products and Chemicals (APD), Cardinal Health (CAH), Devon Energy (DVN), Sempra (SRE), Becton Dickinson (BDX), Rockwell Automation (ROK), Microchip Technology (MCHP), Consolidated Edison (ED), Live Nation Entertainment (LYV), Kimberly-Clark (KMB), Ralph Lauren (RL), Tapestry (TPR), Global Payments (GPN), Akamai (AKAM), Wynn Resorts (WYNN).