European Equity pre-Market Summary - 28th September 2026: Futures firmer despite the renewed energy upside, M&A in focus

UK Updates Housing Names: PM Burnham announced a new help-to-buy scheme to get first-time buyers on the housing ladder, named "Your First Home". This will allow new buyers to buy a home with a 2.5% deposit, and make use of an interest-free government loan. Flight Names: PM Burnham suggested he could block plans for a third runway at Heathrow Airport. UK Taxation: PM Burnham hinted regarding new taxes to pay for social care reform. M&A BASF SE (BAS GY): Confirms exploratory talks with RAG-Stiftung and Evonik Industries (EVK GY) regarding a potential takeover of Evonik. L'Oreal (OR FP), LVMH (MC FP), EssilorLuxottica (EL FP): Armani is reportedly to begin its 15% stake sale, and is holding talks with LVMH, L'Oreal and EssilorLuxottica, FT reprots. Rexel (RXL FP): To acquire GCG, for an enterprise value of c. USD 1.4bln. Mercedes (MBG GY): Co. reportedly wants to seperate from its van factory near Berlin, which is drawing interest from KNDS, Handelsblatt reports. Trading Updates Entain (ENT LN): Maintains FY26 EBITDA guidance despite Brazil’s ban on online betting, but at the lower end of Underlying EBITDA and Online Underlying EBITDA ranges.