Newsquawk Daily European Equity Opening News - 6th November 2026

ASIA Asia-Pac stocks were lower across the board, with the ASX 200 helped by the lack of tech names. However, the focus remained on semiconductor names and those that are key to the AI buildout, given the blue wave in the US midterms. The selloff appeared to reflect fears of an AI slowdown following the Democratic sweep in the midterms. ASX 200 printed losses but to a lesser degree, as its composition lacks tech names. Macquarie reported net profit that slightly beat estimates; however, losses were seen following news that the prudential regulator found a breach of the group’s non-bank businesses and will further review Macquarie’s capital settings. Nikkei 225 tracked the broader market lower, with its main tech names opening with double-digit losses (Tokyo Electron -13%, SoftBank -14%, Kioxia -14%). Sony was initially positive after its operating profit beat estimates and it raised its FY guidance, but succumbed to the broader risk tone (-1.3%). Outside of the tech giants, Japan Tobacco tumbled after four of its Russian units were placed under temporary administration. KOSPI was amongst the hardest hit, triggering multiple sidecars as SK Hynix and Samsung Electronics dragged the index lower. South Korean finance minister said the government will take necessary measures to prevent the stock market from overreacting and materially deviating from fundamentals. Hang Seng and Shanghai Comp followed their Asian peers lower. The PBoC injected CNY 226bln via overnight reverse repos for a CNY 52bln net drain, with the rate at 1.25%. Mitsubishi Heavy Industries (7011 JT) - H1 FY27 (JPY): Net Profit 203.29bln (prev. 114.91bln Y/Y), Pretax Profit 263.21bln (prev. 173.72bln Y/Y), Revenue 2.52tln (prev. 2.11tln Y/Y). Announces share buyback of up to JPY 300bln. (Mitsubishi Heavy Industries) EUROPEAN CLOSES CLOSES: Euro Stoxx 50 -0.29% at 6,248, Dax 40 -0.41% at 26,330, FTSE 100 -0.43% at 10,783, CAC 40 +0.34% at 8,205, FTSE MIB -1.03% at 50,506, IBEX 35 +0.41% at 19,451, PSI +0.98% at 9,483, SMI -0.37% at 14,968, AEX -0.62% at 1,129 FTSE 100 OTHER UK COMPANIES BROKER MOVES DAX Daimler Truck (DTG GY) - Q3 2026 (EUR): Adj. EBIT 1.12bln (exp. 1.11bln), industrial revenue 11.64bln, unit sales 91,260 (exp. 87,391, prev. 72,277 Y/Y) and new orders 71,168 (prev. 64,412 Y/Y). Reaffirms FY26 guidance, citing strong volume growth and improved profitability in North America, alongside higher revenue and adj. EBIT at Mercedes-Benz Trucks. (Daimler Truck) OTHER GERMAN COMPANIES Freenet (FNTN GY) - Co. to buy back EUR 75mln shares. (Freenet) Stabilus (STM GY) - Q4 2026 (EUR): Revenue 302.1mln (prev. 316mln Y/Y), Adj. EBIT 28.9mln (prev. 34mln Y/Y). Stabilus has identified a goodwill impairment charge of around EUR 67mln. The impairments are attributable to the Americas region and result from weaker than expected demand in the sales region in some cases. Management Board proposes dividend of EUR 0.22 per share. Medium-term targets for 2030 reflect new market conditions: Stabilus SE aims to achieve revenue of around EUR 1.5bln and an adjusted EBIT margin of between 12% and 15%. (Stabilus) BROKER MOVES Hannover Re (HNR1 GY) downgraded to Underweight from Neutral at JP Morgan Lufthansa (LHA GY) upgraded to Equal Weight from Underweight at Barclays Munich Re (MUV2 GY) downgraded to Neutral from Overweight at JP Morgan CAC Air France (AF FP) - Co. welcomes the ruling delivered on 5 November 2026 by the Court of Justice of the European Union, which sets aside the judgment of the General Court of the European Union of 7 February 2024. (Air France) Euronext (ENX FP) - Q3 2026 (EUR): Revenue 547mln (exp. 524.6mln), Adj. Net Income 223mln (prev. 169mln Y/Y), Adj. EBITDA 364.2mln (exp. 346mln, prev. 277mln Y/Y). Co. authorises a EUR 350mln share buyback. Cuts FY26 underlying expenses to EUR 760mln (prev. guided 770mln). (Euronext) OTHER FRENCH COMPANIES Ipsen (IPN FP) - Ipsen announced late-breaking data from the ELSPIRE Phase III study in people living with primary biliary cholangitis and alkaline phosphatase levels between 1-1.67× upper limit of normal. (Ipsen) Vallourec (VK FP) - Co. announces a new five-year EUR 750mln multicurrency revolving credit facility. (Vallourec) BROKER MOVES Air France (AF FP) upgraded to Overweight from Equal Weight at Barclays PAN EUROPE Amadeus IT (AMS SM) - 9M 2026 (EUR): Revenue 5.07bln, +5.2%, Op. Income 1.45bln, +2.1% Y/Y. "In the first nine months of 2026, Air Distribution revenue grew 2.1%, at constant currency. Air Distribution performance had a strong start of the year. However, from March, booking growth was impacted by the ongoing geopolitical situation, which caused a heightened level of booking cancellations and air traffic disruptions". (Amadeus) BMPS (BMPS IM) - Q3 2026 (EUR): Revenue 1.99bln (exp. 1.98bln), Net Op. Income 1.02bln (exp. 965mln), NII 1.11bln. Bank is proceeding with analysis of Intesa Sanpaolo (ISP IM) voluntary public exchange and purchase offer. (BMPS) Banco BPM (BAMI IM) - 9M 2026 (EUR): Revenue 4.67bln, +2.1% Y/Y, NII 2.33bln (prev. 2.33bln Y/Y), Net Income 1.53bln (prev. 1.51bln Y/Y). Confirms Net Income guidance of "more than" EUR 1.95bln. Increases interim DPS at EUR 0.50/shr (prev. guided EUR 0.46/shr). (Banco BPM) Cellnex (CLNX SM) - 9M 2026 (EUR): Revenue 3.00bln (prev. 2.93bln Y/Y), Adj. EBITA Margin 84.8% (prev. 83.2% Y/Y). Cellnex remains on track to return EUR 1bln to shareholders in 2026, bringing cumulative shareholder remuneration in 2025–2026 to approximately EUR 2bln. (Cellnex) Dino Polska (DNP PW) - Q3 2026 (PLN): Revenue 9.71bln (exp. 9.70bln), EBITDA 786mln (exp. 790mln). (Dino Polska) ING (INGA NA) - Co. is reportedly putting a portfolio of c. USD 500mln in data centre loans up for sale, according to Bloomberg citing sources. (Bloomberg) Intesa Sanpaolo (ISP IM) / BMPS (BMPS IM) - Italy's antitrust authority reportedly accepted the commitments proposed by Intesa, la Repubblica reports. (la Repubblica) Pirelli (PIRC IM) - 9M 2026 (EUR): Revenue 5.28bln, +1.6% Y/Y, Adj. EBIT 840.8mln (prev. 835mln Y/Y), Adj. EBIT margin 15.9% (prev. 16.1% Y/Y). Confirms targets, bar a worsening of external issues. Board approves a new EMTN programme worth EUR 2bln. (Pirelli) Mediobanca (MB IM) - 9M 2026 (EUR): Revenue 2.93bln, +9% Y/Y, Net Interest Income 1.05bln, +1.9% Y/Y. Confirms outlook. (Mediobanca) BROKER MOVES Ryanair (RYA ID) upgraded to Overweight from Equal Weight at Barclays Solvay (SOLB BB) upgraded to Hold from Sell at Berenberg SMI ABB (ABBN SW) - SoftBank (9984 JT) says it was notified by China that the acquisition of ABB's robotics business had been blocked. (SoftBank) OTHER SWISS COMPANIES BROKER MOVES SCANDINAVIA BROKER MOVES US CLOSES: SPX -4.32% at 7,356, NDX -6.36% at 26,630, DJI -3.44% at 51,521, RUT -4.48% at 2,729 SECTORS: Technology -7.3%, Industrials -4.12%, Consumer discretionary -3.74%, Energy -2.81%, Financials -2.74%, Materials -2.69%, Health -2.5%, Communication services -1.86%, Real estate -1.82%, Utilities -0.71%, Consumer staples -0.67%. Affirm Holdings (AFRM) - Affirm shares fell over 6% in extended trading as deteriorating consumer credit quality and rising loan delinquencies overshadowed stronger than expected quarterly earnings, revenue and gross merchandise volume, alongside upbeat guidance. Q1 EPS 0.47 (exp. 0.38), Q1 revenue USD 1.262bln (exp. 1.213bln), Q1 adj. operating income USD 380mln (exp. 361.8mln), Q1 gross merchandise volume +34% Y/Y to USD 14.4bln (exp. 14bln). Consumer credit quality deteriorated, with the 30-plus-day loan delinquency rate rising 35bps Q/Q to 2.9%. It continues to shift towards interest-free instalment plans funded by merchant fees, which generally carry lower margins, but aims to attract higher-quality borrowers. Sees Q2 revenue between USD 1.435-1.465bln (exp. 1.43bln), and Q2 GMV between USD 17.9-18.2bln (exp. 17.74bln). Reaffirms FY27 revenue growth outlook of approximately 8.49%. Airbnb (ABNB) - Airbnb shares surged by over 10% in extended trading following stronger than expected revenue, earnings and bookings, driven by resilient travel demand and successful product enhancements, and supported by upgraded FY growth and margin guidance, and an expanded share buyback programme. Q3 EPS 3.16 (exp. 2.85), Q3 revenue USD 4.9bln (exp. 4.75bln), Q3 gross booking value USD 27.7bln. The company is developing its own AI agent to help guests plan and book trips, with a rollout scheduled to begin in H1 2027. Sees Q4 revenue between USD 3.22-3.28bln (exp. 3.16bln), with GBV growth in the mid-teens Y/Y, supported by at least low-double-digit growth in nights and seats booked and a modest increase in average daily rates. Q4 adj. EBITDA is expected to increase Y/Y, although the adj. EBITDA margin is expected to decline slightly due to the timing of marketing expenditure. Sees FY26 revenue growth in the high teens and FY26 adj. EBITDA margin of approximately 36%, reflecting stronger revenue growth and operating leverage despite continued investment in growth initiatives. Cloudflare (NET) - Cloudflare shares surged by almost 13% in extended trading following stronger than expected quarterly earnings and revenue, driven by accelerating AI adoption and robust demand for networking and cybersecurity services, and it also upgraded its guidance. Q3 adj. EPS 0.38 (exp. 0.34), Q3 revenue USD 782.5mln (exp. 737.2mln), Q3 adj. net income reached USD 143.7mln (exp. 128.5mln) and Q3 adj. operating income USD 137.1mln (exp. 129.3mln). CEO highlighted accelerating revenue growth, which was the fastest growth in nearly four years, and expanding profitability, driven by strong demand for cybersecurity, networking services and AI infrastructure. Sees Q4 adj. EPS of 0.43 (exp. 0.38), Q4 revenue between USD 845-846mln (exp. 796.2mln), and Q4 adj. operating income between USD 156-157mln (exp. 145.5mln). Raises its FY26 adj. EPS outlook for the third time this year; sees FY26 adj. EPS of 1.35 (exp. 1.26; prev. saw 1.25-1.26), FY26 revenue between USD 2.963-2.964bln (exp. 2.87bln), and FY26 adj. operating income between USD 462-463mln (exp. 444.1mln). DraftKings (DKNG) - DraftKings shares plunged by over 20% in extended trading following weaker than expected quarterly metrics, alongside sharply downgraded guidance, reflected surging investment costs in its prediction markets business, where heavy customer promotions are limiting revenue contributions. Q3 adj. EPS -0.53 (exp. -0.25), Q3 revenue USD 1.33bln (exp. 1.39bln). More than 1.6mln customers have engaged with its Predictions offering YTD. Management highlighted strong FCF generation from the core business, supporting continued investment in Predictions and iGaming growth. Sees Q4 adj. EBITDA investment in Predictions between USD 175-225mln. Updates FY26 outlook, sees FY26 revenue between USD 6.35-6.55bln (exp. 6.55bln) and adj. EBITDA between USD 175-275mln, reflecting increased Predictions investment of USD 650-700mln. Expects FY26 core business adj. EBITDA between USD 875-925mln, with Predictions revenue remaining immaterial due to customer promotions. Sees FY27 revenue between USD 7.35-7.75bln (exp. 7.59bln) and FY27 adj. EBITDA between USD 800mln-1.0bln, including approximately USD 300mln in Predictions investment at the midpoint. IREN Limited (IREN) - IREN shares surged over 13% in extended trading after stronger than expected revenue, rapid AI Cloud growth and an expanding contracted revenue backlog; however, it also reported weaker adj. EBITDA and delays to major Microsoft-related revenue, though substantial customer prepayments supported confidence in its expansion plans. Q1 adj. EBITDA USD 66mln (exp. 84.2mln), Q1 revenue USD 228mln (exp. 221.71mln). Pretax profit USD -261mln (exp. -282.7mln). Revenue +66% Q/Q, driven by AI Cloud revenue +182% Q/Q to USD 200mln, with segment gross margin stable at 86%. Operating ARR doubled to USD 1bln, while revenue backlog +22% Q/Q to USD 20.3bln. Co-CEO Daniel Roberts highlighted the deployment of Horizon 1 for Microsoft (MSFT) and continued strong demand for AI infrastructure. It has delayed its target of more than USD 4bln in contracted ARR from year-end to January 2027, potentially extending into February, following a customer-requested design change and supplier delays. IREN also secured a five-year contract with 90% of GPU CapEx prepaid by the customer. Management plans USD 15bln in capital expenditure over the remainder of FY27, comprising USD 9bln in cash and committed financing and USD 6bln in targeted financing subject to market conditions. Lam Research (LRCX) - Lam Research announced a USD 25bln share repurchase authorisation, supplementing its existing programme, alongside a quarterly dividend of USD 0.33/shr. The repurchase programme has no expiry date.