Newsquawk Daily European Equity Opening News - 22nd October 2026

ASIA APAC stocks were pressured and extended on losses throughout the session despite the positive lead from Wall Street, as AI and semiconductor names were sold after Tesla cut capex guidance, Lam Research fell after-hours, and Meta's results stoked concerns over the financial strain of heavy AI investment. Middle East tensions also remained in focus, with the US preparing ordered departures at embassies across the Gulf and reports of renewed attacks on Saudi Arabia. ASX 200 was lower, with energy and retail stocks leading the declines as Nick Scali slumped after its profit warning and weighed on fellow retailers, although the index pared some of its earlier losses. Nikkei 225 extended on losses, with AI and semiconductor names such as Tokyo Electron, SoftBank Group, Ibiden and Fujikura pressured. KOSPI underperformed as concerns over investment in the AI value chain sparked a sell-off in chip stocks, with Samsung Electronics and SK Hynix both pressured, while Samsung Electro-Mechanics reversed the opening gains it saw on its NVIDIA tie-up. The BoK held rates unanimously, as expected, while Governor Shin said the recent stock market correction weighs on consumption. Hang Seng led the declines in the region with Lenovo and Hua Hong Semiconductor each down around 7% and CATL extending its losing streak to a seventh day, while the Shanghai Comp declined amid uncertainty over the Middle East, with semiconductor names sold. New Zealand Inflation - CPI (Q3 QQ) 0.7% vs. Exp. 0.8% (Prev. 1.5%); Y/Y 3.7% vs Exp. 3.8% (Prev. 4.1%) EUROPEAN CLOSES CLOSES: Euro Stoxx 50 +1.50% at 6,213, Dax 40 +1.35% at 25,647, FTSE 100 +0.19% at 10,753, CAC 40 +1.06% at 7,922, FTSE MIB +1.17% at 49,644, IBEX 35 +1.08% at 19,300, PSI +0.46% at 9,374, SMI +0.51% at 14,552, AEX +0.77% at 1,142 FTSE 100 AstraZeneca (AZN LN) - Co. says ultomiris received accelerated approval in the US as first and only C5 complement inhibitor to reduce proteinuria in adults with primary immunoglobulin A nephropathy. (AstraZeneca) Bridgepoint (BPT LN) - Co. is among private equity firms interested in acquiring UK wealth manager W1M, alongside Bain Capital and Aquiline, according to Bloomberg sources. (Bloomberg) LSEG (LSEG LN) - Co. is close to a USD 3.5bln deal to acquire credit data firm Octus from Permira, with an announcement possible on Thursday, the FT reports. (FT) UK Budget - UK Chancellor Healey plans to cut business costs and regulations in the October 28th Budget, including reportedly scrapping reporting requirements for smaller businesses, according to The Times. (The Times) OTHER UK COMPANIES BROKER MOVES DAX SAP (SAP GY) - Q3 2026 (EUR): Revenue 10.3bln (exp. 10.1bln), Adj. Operating Profit 3.0bln (exp. 2.93bln). Updates FY26 outlook, expects cloud revenue towards the upper end of EUR 25.8-26.2bln and cloud and software revenue towards the upper end of EUR 36.3-36.8bln. Reaffirms its FY26 Operating Guidance between 11.8-12.2bln (exp. 11.7bln) Other Revenue Metrics: Cloud Revenue 6.668bln (prev. 5.290bln Y/Y), Cloud ERP Suite Revenue 5.924bln (prev. 4.586bln Y/Y), Current Cloud Backlog 24.144bln (prev. 18.839bln Y/Y), Cloud & Software Revenue 9.249bln (prev. 8.016bln Y/Y). In the earnings call, management said AI was the main driver of customers' cloud migration in Q3, with Business AI, Data and Platform driving cloud revenue growth of 25% at constant currencies, while current cloud backlog rose 26% to EUR 24.1bln. (SAP) OTHER GERMAN COMPANIES flatexDEGIRO (FTK GY) - Prelim. Q3 2026 (EUR): Net income 50.3mln (exp. 50.6mln), revenue 150.3mln (exp. 152.7mln), operating profit 70.8mln (prev. 57.6mln Y/Y). Reaffirms FY26 outlook, Revenue around EUR 650mln (exp. 637.2mln), net income EUR 200-230mln (exp. 222.5mln). Plans share buyback of up to EUR 100mln, subject to regulatory approval. Commentary: Profitability supported by higher customer deposits, favourable interest rates and strong demand for margin loans, while Q3 transactions rose 8% Y/Y to 19.2mln. (flatexDEGIRO). Qiagen (QIA GY) - Q3 2026 (USD): Adj. EPS 0.65 (exp. 0.62), Revenue 548mln (prev. 533mln Y/Y). Announces the acquisition by EQT (EQT SS) at EUR 46.50/shr. As such, the Co. suspends its FY26 outlook pending its acquisition by EQT. (Qiagen) Nordex (NDX1 GY) - Co. receives its first order from New Zealand, with an order of 40 N133/4.8 wind turbines with a total capacity of 192 MW for a wind farm in the Otago region of New Zealand’s South Island. (Nordex) Renk (R3NK GY) - Co. agrees to sell its Slide Bearings business to Miba AG, at the agreed price of "low-to-mid" three-digit million range. (Renk) Sartorius (SRT3 GY) - 9M 2026 (EUR): Revenue 2.74bln, +4.9% Y/Y; underlying EBITDA 828mln, +6.9% Y/Y. Reaffirms Group underlying EBITDA margin guidance of slightly above 30%, raises Lab Products & Services margin guidance to slightly above 21% (prev. slightly below 21%) and lowers CAPEX/sales guidance to around 12% (prev. 12.5%). (Sartorius) BROKER MOVES Commerzbank (CBK GY) downgraded to Equal Weight from Overweight at Barclays Qiagen (QIA GY) downgraded to Neutral from Overweight at JPMorgan CAC Dassault Systemes (DSY FP) - Co. announces a collaboration with Vertiv (VRT) to enable AI factory infrastructure to be configured, simulated and validated before construction begins. (Dassault Systemes) Eiffage (FGR FP) - Co. signs an MoU with the LOSC regarding the proposed disposal of the companies in charge of the management of the Decathlon Arena - Stade Pierre-Mauroy and its ancillary areas. (Eiffage) OTHER FRENCH COMPANIES Casino (CO FP) - Co. enters exclusive negotiations with PLESIO to define the terms of the transfer of the cooperative’s nine stores, located in the Rouen, Évreux and Amiens region. (Casino) Covivio (COV FP) - 9M 2026 (EUR): Revenue 530.7mln (prev. 533.0mln Y/Y), LFL revenue growth +2.7%. Reaffirms FY26 guidance. (Covivio) FDJ UNITED (FDJU FP) - 9M 2026 (EUR): Revenue 2.58bln (prev. 2.73bln Y/Y), GGR 6.26bln (prev. 6.45bln Y/Y). Lowers FY26 outlook to a low-single-digit decline in GGR and mid-single-digit decline in revenue, while targeting a recurring EBITDA margin of around 23%. Commentary: Lower jackpots, elevated sports betting payouts, weaker French retail traffic and EUR 62mln in additional gaming taxes weighed on performance. (FDJ UNITED) Ipsen (IPN FP) - 9M 2026 (EUR): Revenue 3.36bln (prev. 2.73bln Y/Y). Q3 Revenue 1.17bln (prev. 915.0mln Y/Y). 9M Oncology sales 2.20bln (prev. 1.91bln Y/Y), Rare Disease 498.2mln (prev. 255.4mln Y/Y), Neuroscience 669.1mln (prev. 567.3mln Y/Y). Raises FY26 guidance, Revenue growth around 23% CER (prev. guided above 20%) and core operating margin around 39% (prev. guided above 37%). Commentary: Strong performance across its core portfolio and Somatuline supported the upgrade, with guidance assuming generic lanreotide enters the market in Q4. (Ipsen) Nexans (NEX FP) - 9M 2026 (EUR): Revenue 4.95bln, +10.1% Y/Y; Organic growth +3.9%. Confirms FY26 guidance. (Nexans) Sartorius Stedim Biotech (DIM FP) - 9M 2026 (EUR): Revenue including tariff compensation 2.29bln, +6.5% at cFX; Underlying EBITDA 716mln. Confirms FY26 sales and profitability guidance. (Sartorius Stedim Biotech) BROKER MOVES PAN EUROPE Aalberts (AALB NA) - Q3 2026 (EUR): Revenue 823.3mln (exp. 766mln). (Aalberts) Argenx (ARGX BB) - Q3 2026 (USD): Operating Profit 486mln (prev. 346mln Y/Y), Pretax Profit 538mln (prev. 386mln Y/Y). Remains on track to achieve Vision 2030. Continued strong VYVGART performance drives USD 1.7 billion in global product net sales, representing 54% Y/Y growth, and the sBLA for VYVGART Hytrulo in IMNM on track for submission by year-end. (Argenx) Bankinter (BKT SM) - 9M 2026 (EUR): Net Profit 901mln (prev. 812mln Y/Y), Pretax Profit 1.27bln (prev. 1.14bln Y/Y), Gross Operating Income 2.40bln (prev. 2.25bln Y/Y). (Bankinter) BE Semiconductor (BESI NA) - Q3 2026 (EUR): Revenue 283.4mln (prev. 132.7mln Y/Y), orders 342.6mln (prev. 174.7mln Y/Y), gross margin 65.2% (prev. 62.2% Y/Y). Expects Q4'26 revenue to be flat to +/- 5% against its Q3 figure. Announces initiation of EUR 100mln share buyback programme. (Besi) EU Autos - September new vehicle registrations rose 10% Y/Y to 1.36mln, marking the eighth consecutive monthly increase, according to ACEA. BEVs and PHEVs accounted for 43% of registrations (prev. 32% Y/Y), with battery-electric vehicle sales roughly doubling in France and Germany, while Chinese manufacturers captured much of the increase. (ACEA) Iveco Group (IVG IM) - Co. appoints Damiano Cretarola as CFO, effective 2 November 2026, succeeding Anna Tanganelli. (Iveco Group) Moncler (MONC IM) - 9M (EUR): Revenue 1.9bln, +6% Y/Y at cFX; Moncler revenues 1.589bln, +6% Y/Y at cFX; Stone Island revenue 306.2mln, +8% Y/Y at cFX. (Moncler) Puig (PUIG SM) - Q3 2026 (EUR): Revenue 1.39bln (prev. 1.30bln Y/Y), +5.6% LFL; 9M revenue 3.74bln (prev. 3.60bln Y/Y), +4.8% LFL. Reaffirms FY26 outlook. Commentary: Growth across all categories and regions, with double-digit gains in Asia-Pacific, niche fragrances, dermo-cosmetics and makeup, while Q3 makeup revenue rose 16.1% LFL and fragrance and fashion grew 3.9% LFL. (Puig) UCB (UCB BB) - Further raises FY26 guidance: Revenue growth in the low-20% range at constant FX (prev. guided low-to-mid-teens), adj. EBITDA growth in the low-to-mid-40% range at constant FX (prev. guided mid-teens to low-20%). Excludes proceeds from the sale of a Priority Review Voucher, which would add a further low-to-mid-single-digit percentage-point uplift to both revenue and adj. EBITDA growth. Commentary: Stronger US performance from BIMZELX, supported by higher patient demand, retention and favourable net pricing, alongside continued volume growth and improved pricing for CIMZIA. (UCB) BROKER MOVES Aegon (AGN NA) downgraded to Neutral from Overweight at JPMorgan SMI Galderma (GALD SW) - Q3 2026 (USD): Revenue 1.63bln (prev. 1.29bln Y/Y). Raises FY26 net sales growth guidance to 22.5-23.5% Y/Y at constant currency (prev. guided 19-21%). (Galderma) Nestle (NESN SW) - Q3 2026 (CHF): Sales 22.76bln (exp. 22.49bln, prev. 21.64bln Y/Y), organic growth 4.0% (exp. 3.4%). 9M: Sales 65.87bln (prev. 65.87bln Y/Y), organic growth +3.7%, RIG +1.9%. Reaffirms FY26 guidance. Commentary: Q3 organic growth led by Waters & Premium Beverages (+12.3%), Asia, Oceania and Africa (+6.4%) and the Americas (+3.3%), while European growth remained subdued (+1.2%). (Nestle) Roche (ROP SW) - 9M 2026 (CHF): Sales 46.5bln (prev. 45.86bln Y/Y); Q3 Sales 16.13bln (exp. 15.79bln). Reaffirms FY26 outlook for mid-single-digit sales growth and high-single-digit core EPS growth at constant FX. Pharmaceuticals sales +2%, +7% CER; Diagnostics sales flat, +4% CER. Commentary: Growth driven by strong demand for Xolair, Hemlibra, Ocrevus, Phesgo and Vabysmo, while Diagnostics growth was supported by core lab and pathology demand, partly offset by healthcare pricing reforms in China. (Roche) OTHER SWISS COMPANIES EMS-Chemie (EMSN SW) - 9M 2026 (CHF): Net sales 1.51bln (prev. 1.49bln Y/Y). Raises FY26 net sales outlook to flat Y/Y (prev. slightly below 2025), reaffirms EBIT guidance of slightly above 2025 levels. Commentary: Stronger Swiss franc weighed on reported sales, while high-margin specialities and innovation supported profitability despite weak consumer sentiment and challenging automotive market conditions. (EMS-Chemie). Kuehne+Nagel (KNIN SW) - Q3 2026 (CHF): Net Income 316mln (exp. 286.1mln), EBIT 435mln (exp. 412.4mln). Raises FY26 EBIT guidance in the range of 1.5-1.6bln (prev. guided 1.35-1.55bln). (Kuehne+Nagel) Galenica (GALE SW) - 9M 2026 (CHF): Group Sales 3.17bln (prev. 3.00bln Y/Y). Confirms FY26 outlook. (Galenica) Schindler (SCHN SW) - 9M 2026 (CHF): Order Intake 8.74bln (prev. 8.52bln Y/Y), Revenue 8.16bln (prev. 8.16bln Y/Y). Raises its FY26 EBIT Margin guidance to around 13.5% (prev. guided around 13%). (Schindler) BROKER MOVES SCANDINAVIA Axfood (AXFO SS) - Q3 2026 (SEK): Revenue 22.7bln (exp. 22.8bln), Adj. EBIT 1.12bln (exp. 1.09bln). (Axfood) Essity (ESSITYB SS) - Q3 2026 (SEK): Revenue 36.1bln (exp. 36.2bln), Adj. EBITA 4.73bln (exp. 4.47bln). (Essity) Holmen (HOLMB SS) - Q3 2026 (SEK): Sales 4.95bln (exp. 5.48bln), EBITDA 0.91bln (prev. 1.11bln Y/Y). (Holmen) Nokia (NOKIA FH) - Q3 2026 (EUR): Sales 5.15bln (exp. 5.06bln), Adj. EPS 0.09 (prev. 0.06 Y/Y); FY Outlook Adj. Op. Profit 2.1-2.6bln (exp. 2.36bln). Other Metrics (Q3): Q3 net sales grew 9% Y/Y, Group net sales to AI & Cloud customers grew 123% and order intake 118%, Adj. Op. Profit 605mln (exp. 454mln). Q4: Assumes a 20% to 24% Q/Q increase in net sales and a typically strong Q/Q increase in operating profit in Q4 to deliver full year operating profit above the mid-point of our comparable operating profit outlook. (Nokia) Nordic Semiconductor (NOD NO) - Q3 2026 (USD): Revenue 235.5mln (prev. 179mln Y/Y), Gross Profit 124.4mln (prev. 92.9mln Y/Y), EBIT 27.3mln (prev. 4.4mln Y/Y). Guides Q4'26 revenue between 215-235mln and gross margin to remain above 50%. (Nordic Semiconductor) Nordnet (SAVE SS) - Q3 2026 (SEK): EBIT 1.1bln (exp. 1.12bln), Operating Income 1.55bln (exp. 1.57bln). (Nordnet) Skandinaviska Enskilda Bank (SEBA SS) - Q3 2026 (SEK): Total Operating Income 18.6bln (exp. 19.5bln), NII 10.9bln (exp. 10.9bln). Pauses its share buybacks due to loan growth and capital requirements. (SEB) Telia Company (TELIA SS) - Q3 2026 (SEK): Adj. EBITDA 8.87bln (exp. 8.73bln), Revenue 21.3bln (exp. 20.7bln), EBIT 4.4bln (exp. 4.22bln). (Telia) Thule (THULE SS) – Q3 2026 (SEK): Sales 2.6bln (exp. 2.62bln), EBIT 521mln (exp. 499.4mln). After the end of the quarter, the Chairman of the Board, Hans Eckerström, resigned; Deputy Chairman, Per-Arne Blomquist, has been appointed the new Chairman. CEO says: “can confirm that we are on track to meet the targets”. (Thule) TGS (TGS NO) - Q3 2026 (USD): Revenue 397mln (prev. 388mln Y/Y), EBITDA 222mln (prev. 242mln Y/Y), EBIT 86mln (prev. 94mln Y/Y), including a 41mln gain from the sale of its well data business. Lowers FY26 multi-client investment guidance to approximately USD 510mln (prev. 550mln), deferring certain projects due to increased contract work in the pipeline. (TGS) BROKER MOVES Maersk (MAERSKB DC) downgraded to Sell from Neutral at Goldman Sachs SOBI (SOBI SS) downgraded to Hold from Buy at Nordea US CLOSES: SPX +0.60% at 7,759, NDX +1.13% at 29,823, DJI +0.69% at 52,857, RUT +0.32% at 2,782 SECTORS: Communication services -1.33%, Real estate -0.79%, Consumer staples -0.59%, Health -0.45%, Materials +0.19%, Consumer discretionary +0.23%, Energy +0.28%, Utilities +0.37%, Financials +0.56%, Industrials +0.91%, Technology +1.61%. International Business Machines (IBM) - IBM shares fell 5% in extended US trading despite an earnings and revenue beat, as consulting revenue missed expectations and the company only reaffirmed its FY revenue growth outlook, partially offsetting stronger software performance and a higher software growth forecast. Q3 adj. EPS 2.95 (exp. 2.86), Q3 revenue USD 17.1bln (exp. 16.81bln). Software revenue USD 7.80bln (exp. 7.64bln), while Consulting revenue USD 5.34bln (exp. 5.39bln). AI represented approximately 30% of Q3 revenue, and 35% of backlog. CEO Krishna said disciplined execution drove accelerating revenue growth and strong free cash flow, with clients increasingly deploying Super Intelligence across broader operating models. Sees FY26 constant-currency revenue growth between 4-5% (exp. 4.1%), with currency expected to be neutral to growth. Sees FY26 Software growth between 7-8%, with approximately 7% as the revised base case, including double-digit Hybrid Cloud growth, mid-teens Data growth and low-single-digit Automation growth. Maintains FY26 operating pre-tax margin expansion view of 100bps, and raises FY26 free cash flow outlook to growth of more than USD 1bln Y/Y. Meta Platforms (META) - Meta shares rose 1.5% in extended US trading after Q3 revenue beat expectations and Q4 guidance was stronger than forecast, supported by continued AI momentum; although heavy capital spending and large legal costs remained in focus. Q3 EPS 3.83 (exp. 6.67), Q3 revenue USD 64.6bln (exp. 63.31bln). Results included a USD 9.89bln charge related to the teen mental health litigation settlement; excluding the charge, EPS would have been 7.40 and operating income USD 22.88bln. Family of Apps revenue USD 64.16bln (exp. 62.75bln), Family of Apps operating income USD 17.12bln (exp. 23.3bln). Advertising revenue USD 63.06bln (exp. 61.85bln). Reality Labs revenue USD 443mln (exp. 517.7mln), and operating loss USD 4.13bln (exp. 5.13bln). Family daily active people +3% Y/Y to 3.64bln, ad impressions +10% and average price per ad +14%. Sees Q4 revenue between USD 73-76bln (exp. 73.57bln), and FY26 capex between USD 135-145bln (prev. saw 130-145bln). Separately, Meta agreed a deal allowing CEO Mark Zuckerberg to sell up to half his stake without losing voting control in exchange for remaining in California for eight years, according to the FT; the agreement follows a proposed one-off 5% wealth tax on residents worth over USD 1bln. Meta will create non-voting shares to support AI funding, and announced new non-voting Class C shares to be distributed one-for-one to Class A and B holders. Tesla (TSLA) - Tesla shares fell 4.3% in extended trading as a cautious outlook for Optimus, delayed robotaxi revenue, and high expected chipmaking costs overshadowed its quarterly earnings and revenue beat. Q3 adj. EPS 0.48 (exp. 0.45), Q3 revenue USD 28.0bln (exp. 28.1bln). Gross margin was 19.6% (exp. 17.8%), automotive revenue USD 20.56bln (exp. 19.83bln), services and other revenue USD 4.61bln (exp. 4.3bln), energy generation and storage revenue USD 2.88bln (exp. 3.91bln) and operating income USD 718mln (exp. 599.3mln). Active FSD subscriptions reached 1.74mln (exp. 1.57mln), while free cash flow was USD 1.53bln (exp. -4.99bln). Tesla achieved a second consecutive quarter of trailing 12-month revenue above USD 100bln. Management said rising data centre demand should continue supporting energy storage demand, with Tesla Semi production under way in Nevada and Optimus production started in Fremont; it also plans to reach 400MW of SI training compute by year-end. Lowers FY26 capex to approximately USD 20bln (prev. saw 25bln). On call, CEO Musk said early Optimus production has begun in Fremont but reaching an annualised production rate of roughly 20,000 units per week would take at least a year, potentially longer, with further work still required on design, reliability and AI; Tesla also needs roughly 10,000-20,000 robots to generate sufficient training data. On robotaxis, Tesla said the first customer vehicles are not expected to join the robotaxi fleet until around Q2 2027, although autonomous miles are currently scaling rapidly. Texas Instruments (TXN) - Texas Instruments shares were little changed in extended US trading after strong quarterly results and an upbeat Q4 outlook were offset by plans for higher capacity spending, and supply constraints tied to chipmaking equipment. Q3 EPS 2.62 (exp. 2.42), Q3 revenue USD 6.06bln (exp. 5.92bln). Analog revenue USD 4.91bln (exp. 4.73bln), operating profit USD 2.87bln (exp. 2.61bln), free cash flow USD 2.96bln (exp. 2.25bln); capex was USD 463mln (exp. 650.6mln). GM improved to 64.2% (vs 57.4% Y/Y), and operating margin rose to 47.5% (vs 35.1%). Exec said sales saw broad growth across industrial, automotive and data centre markets. CEO Ilan said trailing 12-month operating cash flow of USD 9.9bln and free cash flow of USD 8.4bln reflected the strength of the business model, product portfolio and 300mm manufacturing. Sees Q4 revenue between USD 5.8-6.3bln (exp. 5.75bln) and Q4 EPS between 2.45-2.79 (exp. 2.30).