EUROPEAN OPEN: SKHY surges after Q3 profits; EQNR NO lifts FY production view; UBSG SW Q3 net income miss; DBK GY posts third straight record profit; MBG GY Q3 revenue & earnings fall; ULVR LN raises FY volume growth view; GSK LN Q3 profit & revenue beat

STOCK SPECIFICS: TECH: SK Hynix (SKHY) shares surged in APAC trading after reporting record quarterly profits above expectations, supported by strong AI-driven memory demand, higher chip prices and a substantial shareholder return plan comprising dividends and share buybacks. Reported Q3 revenue KRW 104.6tln (exp. 98.3tln), Q3 operating profit KRW 83.3tln (exp. 76.7tln), Q3 net income KRW 39.5tln (exp. 55.4tln). DRAM average selling prices increased by high-20% Q/Q, while NAND prices rose by mid-20% Q/Q. Announces approximately KRW 100tln in shareholder returns for 2026. ASM International (ASM NA) Q3 revenue EUR 1.16bln (exp. 1.11bln), adj. net income EUR 315.4mln (prev. 206.2mln), EBIT EUR 378.9mln (prev. 242.8mln); guided Q4 revenue at EUR 1.23bln (exp. 1.18bln), projected 2027 revenue above EUR 5.7bln (prev. saw above 4.6bln), and announced a EUR 300mln buyback. Logitech (LOGN SW) US-listed shares fell over 5% in extended trading, despite stronger-than-expected quarterly earnings and an upbeat holiday-quarter outlook. Q2 adj. EPS 1.51 (exp. 1.33), revenue USD 1.22bln (exp. 1.21bln); CEO highlighted strength in the Americas, Video Collaboration and Gaming, alongside 19 new product launches. Sees Q3 revenue USD 1.36-1.43bln (exp. 1.3bln), and Q3 adj. operating income of USD 220-255mln. NXP Semiconductors (NXPI) shares fell 7.7% in extended trading after guidance disappointed, raising concerns that the recovery in automotive and industrial chip demand may be losing momentum despite a quarterly beat and an expanded share buyback. Seagate (STX) shares fell over 5% in extended trading despite beating quarterly expectations and issuing stronger-than-expected guidance, as investors remained concerned about the sustainability of AI spending and intensifying competition in the hard-drive market. LG Electronics (066570 KS) Q3 net income KRW 663.2bln (exp. 551.0bln), revenue KRW 23.82tln (vs prelim. 23.83tln), operating income KRW 781.9bln (vs prelim. 781.8bln); appliances, premium TVs and record vehicle-component earnings supported growth, while AI cooling sales increased. Expects modest Q4 appliance recovery, but weaker TV demand. FINANCIALS: UBS (UBSG SW) Q3 net income USD 2.69bln (exp. 2.71bln), Q3 revenue USD 13.35bln (exp. 13.10bln). Profit before tax USD 3.59bln (exp. 3.52bln). CET1 capital ratio increased to 14.7% (vs 14.4% Q/Q), while Global Wealth Management recorded net new assets of USD 55.1bln, supported by strong client inflows. Client commitments across wealth management and asset management reached USD 12.5bln. Credit Suisse integration remains on track for completion by year-end, with cumulative cost savings of USD 13.7bln (exp. 13.5bln). Deutsche Bank (DBK GY) Q3 fixed income trading revenue fell 3% to EUR 2.39bln, meeting expectations. Net income rose 2% to EUR 1.8bln, while pre-tax profit reached EUR 2.63bln, exceeding estimates. CEO highlighted a third consecutive record quarterly profit, reaffirming confidence in FY26 objectives, and its 2028 return on tangible equity target exceeding 13%. BNP Paribas (BNP FP) Q3 net income EUR 3.46bln (exp. 3.18bln), Q3 revenue EUR 13.76bln. Net income supported by strong investment banking performance. Equity & Prime Services revenue +50% Y/Y to EUR 1.46bln (exp. 1.11bln). Corporate and Institutional Banking revenue +17% Y/Y, while FICC trading revenue was flat. Retail banking income +4% Y/Y, supported by higher interest rates. Announces EUR 1.3bln share buyback starting in November, following the early achievement of its CET1 capital ratio target. The bank highlighted limited exposure to French sovereign bonds of approximately EUR 19bln at end-September, with France accounting for less than 10% of the group’s pre-tax income last year. Santander (SAN SM) Q3 net income EUR 3.43bln (exp. 3.41bln), supported by its Webster acquisition. The bank added 17mln customers over 12 months, including through its TSB acquisition, while loans and customer funds rose 16% Y/Y. Maintained FY26 guidance for underlying profit above EUR 14.1bln, excluding acquisition impacts. Standard Chartered (STAN LN) Q3 pre-tax profit rose 29% to USD 2.25bln (exp. 2.09bln), driven by record wealth inflows and trading. Wealth attracted USD 20bln in net new money, while flow trading income climbed 21%. Raised FY26 operating income growth guidance above its previous 5-7% range, and its return on tangible equity target to around 14%. MATERIALS: BASF (BAS GY) raised its FY26 EBITDA before special items guidance to at least EUR 7.4bln (prev. 6.9bln), supported by higher prices and sales volumes. Q3 earnings reached EUR 1.64bln, exceeding expectations. ENERGY: Equinor (EQNR NO) Q3 adj. operating income after tax reached USD 3.53bln (exp. 3.3bln), supported by higher energy prices amid the Iran war. Production was 2.17mln barrels of oil equivalent daily. Raised FY26 production growth view to +4% (prev. +3%), and maintained its USD 3bln annual buyback plan. INDUSTRIALS: Dassault (DSY FP) Q3 revenue EUR 1.55bln (exp. 1.52bln), Q3 adj. EBIT EUR 490mln (exp. 470.1mln). 3DEXPERIENCE software revenue rose 25% and cloud revenue 14%. Raised FY26 revenue guidance to EUR 6.399-6.459bln (4-5% growth; prev. saw 3-5%), operating margin seen at 32.5-32.7% (prev. saw 32.2-32.6%), and EPS growth seen at 6-7% (prev. saw 3-6%). CONSUMER CYCLICAL: Mercedes-Benz (MBG GY) Q3 revenue fell 4.5% to EUR 30.7bln, and adj. group EBIT declined 15%. Cars division adj. earnings more than halved to EUR 560mln, with margins narrowing to 2.5% (from 4.8%), as China vehicle sales dropped 31%. Following an outlook cut, Mercedes plans over 40 new/refreshed models by end-2027. Stellantis (STLAM IM) Q3 revenue EUR 37.6bln (exp. 36.2bln), adj. EBIT EUR 300mln (exp. 211.5mln), adj. operating income EUR 256mln (exp. 211mln). Reaffirmed FY26 guidance, sees Q4 cost savings in the mid-hundreds of millions of euros, and implementation of at least 40% of EUR 6bln annualised efficiencies by year-end. Delivery Hero (DHER GY) Q3 revenue EUR 4.35bln (exp. 4.3bln), GMV EUR 13.9bln (prev. 12.18bln); raised FY26 LFL GMV growth guidance to +10-12% (prev. saw 9-11%), LFL revenue growth to +18-20% (prev. saw 17-19%) and adj. EBITDA to EUR 0.98-1.02bln (prev. saw 0.96-1.0bln). CONSUMER DEFENSIVE: Unilever (ULVR LN) said Q3 underlying sales rose 6.7% to EUR 13.3bln; Personal Care grew 9.7%, Beauty & Wellbeing 9.5% and Home Care 7.5%, while Foods was flat. Raised FY26 underlying volume growth guidance to at least 3%, maintained sales growth guidance of 4-6%, and expects H2 growth around 5% with modest underlying operating margin improvement. Heineken (HEIA NA) Q3 consolidated volumes rose 3.9%, exceeding expectations amid strong Asian demand and a recovery in the Americas. Growth was driven by premium brands and Vietnam. New CEO Oliveira called for stronger execution and accountability. Maintained FY26 organic operating profit growth guidance of up to 6%, amid plans to cut 5-6K jobs. Remy Cointreau (RCO FP) Q2 organic sales rose 4.2% (exp. 3.2%), supported by recovering Cognac demand in China. The liqueurs and spirits division missed expectations, while US sales declined amid destocking and a challenging comparison. The company reduced its expected tariff impact on operating profit for the remainder of the year to EUR 5mln (prev. 20mln). Danone (BN FP) Q3 LFL sales rose 4% (exp. 3.7%), driven by higher prices and specialised nutrition demand. Pricing contributed 3.6ppts and volume-mix 0.4ppts, with specialised nutrition outperforming in Asia and the Americas. Maintained FY26 LFL sales growth guidance of +3-5%, expecting recurring operating income to grow faster than sales. HEALTHCARE: GSK (GSK LN) Q3 core operating profit GBP 3.08bln (exp. 2.93bln), revenue GBP 8.89bln (exp. 8.84bln), core EPS 54.6p (exp. 50.4p); reaffirms FY26 outlook and on track for 2031 sales outlook of over GBP 40bln. Sandoz (SDZ SW) Q3 net sales USD 2.94bln (prev. 2.83bln), biosimilars USD 998mln (prev. 862.5mln), generics at USD 1.94bln (prev. 1.96bln); lowered its FY26 constant-currency sales growth guidance to 5-6% (prev. saw mid-to-high single digits), but raised its core EBITDA margin outlook to 23.0-23.5%, citing improved sales mix and operations. DAY AHEAD: EVENTS: UK Chancellor delivers the Autumn Budget. CENTRAL BANKS: FOMC seen on hold (rates expected at 3.75-4.00%, vs prev. 3.75-4.00%), followed by Fed Chair Warsh’s press conference; the BoC expected to hike by 25bps to 2.50%, with Governor Macklem and Deputy Governor Rogers delivering a post-meeting press conference. DATA: In North America, US advance goods trade balance (prev. USD -132.1bln) and wholesale inventories (prev. 0.5% M/M); weekly MBA mortgage applications (prev. -5.3%) are also due. Atlanta Fed will update its Q3 GDPNow tracking estimate (prev. 3.4%). SUPPLY: US auctions USD 28bln of 2-year FRNs; Germany sells EUR 5.5bln of 2036 Bunds. ENERGY: DoE weekly energy inventories and crude production data are due today; afterhours on Tuesday, API data reportedly showed headline crude stocks posting a surprise draw of -2.0mln bbls (exp. +0.5mln), Cushing drawing down by -0.5mln, gasoline stocks posting a surprise build of +2.4mln bbls (exp. -1.3mln), while distillate stocks saw a build of +0.4mln bbls (exp. -0.9mln). EARNINGS: Notable corporate earnings due today includes: Microsoft (MSFT), Alphabet (GOOGL), GE Vernova (GEV), KLA (KLAC), Amphenol (APH), ServiceNow (NOW), T-Mobile (TMUS), Fortinet (FTNT), Automatic Data Processing (ADP), Phillips 66 (PSX), Equinix (EQIX), Vertiv (VRT), O’Reilly Automotive (ORLY), FedEx (FDX), American Electric Power (AEP), Boston Scientific (BSX), Aon (AON), Carvana (CVNA), TE Connectivity (TEL), Garmin (GRMN), Honeywell Aerospace (HONA), eBay (EBAY), Ford (F), Old Dominion Freight Line (ODFL), Biogen (BIIB), Chipotle Inc. (CMG), GE Healthcare (GEHC).