Additional European Equity News - 11th November 2026

AkzoNobel (AKZA NA) - UK has decided, on the evidence currently available to it, that it is or may be the case that the merger with Axalta (AXTA) may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for an in-depth, phase 2 investigation unless the parties offer an acceptable undertaking to address these competition concerns. (CMA) ITV (ITV LN) - 9M Trading Update (GBP): Total Revenue 2.35bln (prev. 2.30bln Y/Y). We continue to expect ITV Studios to deliver good revenue growth over the full year, ahead of the market, driven by external revenue. M&A Update: “The agreed sale of our M&E business to Sky, which will position ITV Studios as a highly attractive, pure play, global content business, is progressing as planned. On 4 November, the Secretary of State issued a Public Interest Intervention Notice (PIIN). This is an expected and important milestone in the regulatory review process, and we are pleased that it is moving at pace. We continue to expect completion in the second half of 2027". (ITV) Nestle (NESN SW) / Infant formula - US baby food and formula prices surged 5.1% M/M in October, the largest increase on record, Bloomberg reports. NielsenIQ cited higher ingredient and transportation costs, alongside declining births, as potential drivers. (Bloomberg) Spirax (SPX LN) - Trading Update (GBP): Group organic sales growth and adjusted operating profit margin were in line with expectations and ahead of the first half (10-month ended 31 Oct). Affirms outlook. (Spirax) Taylor Wimpey (TW/ LN) - FY26 Trading Update (GBP): Order Book (ex-JV) 6,839 (prev. 7,253 Y/Y), valued at 1.98bln (prev. 2.11bln Y/Y). Pricing continues to reflect the subdued market conditions, with further marginal softening, and incentives remain elevated as previously communicated. We continue to expect build cost inflation of 3-4% for full year 2026. CEO: "The Autumn selling season has been more subdued, as higher mortgage rates and living costs continue to reduce customer affordability. We now expect 2026 UK completions excluding joint ventures to be around 10,500 homes and Group adjusted operating profit to be around the bottom end of the consensus range". (Taylor Wimpey) Volkswagen (VOW3 GY) - October EV/hybrid sales in China surpassed 28k units, +350% Y/Y. (Volkswagen)