European Equity pre-Market Summary – 14th October 2026: European bourses set for a firmer open but off highs, after ASML (-3% pre-market) slips post-earnings

Stories: Rio Tinto (RIO LN), +0.3%: Q3 Operations Update saw flat Copper Production, but on track to unlock USD 5bln in capital as iron ore sales topped estimates. Affirmed FY26 outlook, but sees lithium output for the FY being at the lower end of guidance. UBS (UBSG SW): The Swiss Secretariat of the Economic Affairs and Taxation Committees voted to support in principle a lump-sum fee for major banks with substantial foreign operations, which would grant the firms access to public liquidity guarantees under “too big to fail” regulation. Earnings: ASML (ASML NA), -3%: Q3'26 results topped top-and bottom-line (but missed on other vendors expectations), and outlook for Q4 and FY beat expectations. Basic EPS 12.95 (exp. 10.68), Revenue 11.66bln (exp. 11.58bln). Q4 guidance: Net Sales 14.2-15.2bln (exp. 14bln). FY guidance: Total net sales 44-45bln (exp. 43.6bln, prev. guided 43-45bln). CEO noted that the Co. "now expect that our supply as currently planned for both 2027 and 2028 will not fully meet the demand of our customers. As a result, we are investigating ways to increase capacity for 2028 beyond the 30% increase we previously communicated". Lonza (LONN SW), +1%: Reiterates its FY26 outlook and its expectation of a negative FX impact of approximately 2-3% on 2026 sales growth. Kesko (KESKOB FH): Reports September Total Revenue EUR 1.2bln, +4.8% Y/Y. LFL sales +4.3% Y/Y. (Kesko) M&A: Galderma (GALD SW): Co. acquires ZO Skin Health for USD 1.5bln, deal expected to close in Q4'26 or early 2027. Co. says it is expected to be Core EPS neutral in the first full year following closing.