EUROPEAN OPEN: ANTO LN Chile workers accept wage deal; BARC LN faces PRA review over private credit; EQT SS agrees AUD 9.3bln Cleanaway acquisition; GSK LN reports positive risvutatug rezetecan activity; NOVN SW ends Fabhalta lupus nephritis trial

EUROPEAN OPEN: European equities start the week mostly lower, following a mixed overnight APAC session, which followed Friday’s tech sell-off on Wall Street. Overnight, Asian semi stocks fell as DeepSeek’s faster, leaner AI model raised concerns over chip demand amid growing AI financing worries. Concerns over CoreWeave’s funding and rising borrowing costs were also said to be adding to the pressure. In Europe, cost-of-living protests in France escalated into rioting, looting and arson over the weekend, with violence also reported in Italy. Five French unions have also called for a strike on 5th November. French President Macron pledged a tough response. The supermarket chain Carrefour said 1,500 French retailers were affected, including 20 of its own stores. In data, China Q3 GDP grew 4.5% Y/Y (exp. 4.4%, prev. 4.3%) and 1.2% Q/Q (exp. 1.1%, prev. 0.9%), taking growth over the first nine months to 4.6%, within the 4.5-5.0% annual target. September industrial production rose 5.5% Y/Y (exp. 5.4%, prev. 5.2%). Q3 industrial capacity utilisation was 73.1% (prev. 73.0%). Retail sales beat at 1.1% (exp. 0.5%, prev. 0.4%). Unemployment unexpectedly eased to 5.2% (exp. 5.3%, prev. 5.3%). Fixed asset investment contracted 7.2% YTD (exp. -7.3%, prev. -7.2%), with property investment down 20.6%. Analysts said the beat may reduce the prospects of further easing. Brent futures for December retreated from a five-month high to below USD 108/bbl. President Trump waived Graham Act sanctions and tariffs targeting Russia, including levies of up to 500% on Russian goods and 100% on major energy buyers. The White House cited Ukraine peace negotiations, while the decision follows a deal to import Russian diesel. Adding to the downside, Russian President Putin proposed a summit with US President Trump and China President Xi during APEC in Shenzhen (18-19th November) to discuss ending the Ukraine war, without Ukrainian participation, WSJ said. Gold rose to around USD 4,185/oz amid reduced expectations of an October Fed rate hike following Fed Chair Warsh’s remarks on Friday; the probability of a 25bps hike in October fell below 15% according to CME data; lower Treasury yields and tech stock weakness is also supporting bullion. Bitcoin rebounded above USD 82k as declining oil prices supported risk appetite; US-listed spot Bitcoin ETFs recorded USD 228.6mln in outflows last week, following USD 681mln the previous week. In central bank speak, ECB President Lagarde said rising bond yields are tightening Eurozone financing conditions, slowing growth and reducing the inflationary impact of higher energy prices. ECB’s Nagel said further rate hikes may be needed. ECB’s Rehn said there were no signs yet of second-round inflation effects on wages and prices. STOCK SPECIFICS: FINANCIALS: The BoE’s PRA is examining whether Barclays (BARC LN) traders misrepresented illiquid private credit loan exposures to reduce capital requirements following an insider complaint, according to the FT. Santander (SAN SM) and Nvidia (NVDA) agreed to a three-year collaboration framework to develop Santander’s AI capabilities using Nvidia’s AI infrastructure. Goldstone Capital, a shareholder in BMPS (BMPS IM), endorsed Intesa Sanpaolo’s (ISP IM) takeover bid, describing the offer as being in shareholders’ best interests and preferable to alternative proposals over the long-term. EQT (EQT SS) Infrastructure VI agreed to acquire 100% of Cleanaway Waste Management for AUD 3.095/shr in cash; the offer implies an enterprise valuation of approximately AUD 9.3bln, and represents a 32.1% premium to Cleanaway’s closing price on 12th August. CONSUMER DEFENSIVE: India’s Food Safety and Standards Authority issued notices to Nestle (NESN SW) India and Hindustan Unilever (ULVR LN) over misleading product claims and regulatory non-compliance. Nestle was cited over its Resource Renal Vanilla Flavour Powder and inconsistent Nescafe Ready-to-Drink packaging descriptions, while Hindustan Unilever faced notices concerning misleading claims on its Horlicks Mother’s Plus Kesar and Chocolate Nutrition Drink products. Lindt & Sprungli (LISN SW) appointed Vice Chair and former CEO Dieter Weisskopf as interim chief executive following Adalbert Lechner’s departure; it expects to appoint a permanent CEO in Q2 2027. CONSUMER CYCLICAL: Stellantis (STLAM IM) plans to hire hundreds of additional engineers across Europe and the US in 2026 as it develops new models under its turnaround strategy, according to Bloomberg. CEO Filosa has already pledged approximately EUR 60bln in investment through 2030. Of note for the UK retail sector, John Lewis, Sainsbury’s (SBRY LN) and Tesco (TSCO LN) are cutting Christmas hiring as rising employment costs and pressure on household budgets weigh on UK retailers, Bloomberg reports; John Lewis plans 10,400 seasonal jobs, down 3,300 year-on-year; Sainsbury’s is recruiting 1,500 fewer staff, while Tesco expects 28,000 temporary hires, down 500. MATERIALS: Workers at Antofagasta’s (ANTO LN) Centinela copper mine have voted to accept a new wage offer, ending the strike. HEALTHCARE: Former Novo Nordisk (NOVOB DC) CEO Lars Fruergaard Jorgensen is set to become chairman of Lundbeck (HLUN DC), marking his first major corporate role since leaving Novo in 2025. GSK (GSK LN) said risvutatug rezetecan showed positive anti-tumour activity and manageable safety in patients with relapsed extensive-stage small cell lung cancer. AstraZeneca (AZN LN) will present overall survival data from four pivotal Phase 3 trials at ESMO 2026. Alcon (ALC SW) announced FDA approval of Brytly Redness Reliever Eye Drops; the product is expected to become available at major US retailers and online in the coming months, with additional markets to follow. Novartis (NOVN SW) has terminated its mid-stage clinical trial of Fabhalta in lupus nephritis due to strategic considerations. TECH: Demand for Apple’s (AAPL) first foldable iPhone has been “nothing short of extraordinary,” the company said, after shipping estimates slipped to the end of January 2027 within minutes of pre-orders opening on Friday. SoftBank (SFTBY) is reportedly in preliminary talks to acquire Allied Universal from Warburg Pincus and La Caisse in a deal potentially valuing the security firm at up to USD 18bln ex-debt, Bloomberg reports. Microsoft (MSFT) has withdrawn from a UK data centre agreement with Nscale (NSCL) for its Loughton site in Essex amid power constraints, according to the Telegraph. The setback comes as Nscale seeks to raise up to USD 3bln in an IPO, potentially as soon as this month. ## DAY AHEAD: DATA: In North America, Canada CPI is expected to rise 0.4% M/M in September (prev. -0.1%), with the annual rate seen rising to 3.2% Y/Y (prev. 3.0%); the core measure is expected to rise 0.2% M/M (prev. 0.1%), and the annual rate of core inflation is seen unchanged at 2.4% Y/Y. Stateside, the NAHB housing market index is due (prev. 32). CENTRAL BANKS: BoC publishes its Q3 Business Outlook Survey and Canadian Survey of Consumer Expectations. WEEK AHEAD: Highlights include UK, Japan and Canada inflation, China Activity Data and Global Flash PMIs. Notable earnings reports due this week include: META, TSLA, SPCX, LRCX, NFLX.