European Pre-Market Summary 3rd November 2026: European bourses set for a weak open amidst Iranian diplomacy pushback; BAYN GY reports strong results and lifts guidance

Earnings: Bayer (BAYN GY), +2.7%: Q3 2026 (EUR) Sales and Adj. EBITDA top consensus, as does Adj. EBITDA margin. Lifts FY26 Adj. EBITDA above expectations, citing performance in the pharmaceutical division. Fresenius Medical Care (FME GY), -2.8%: Q3 2026 (EUR) Revenue and Net Profit incrementally top expectations, but narrowed FY26 op. income growth outlook. Philips (PHIA NA), +2.6%: Q3 2026 (EUR) Sales match expectations whilst Adj. EBITA Margin topped consensus. Reiterated FY26 outlook. Zalando (ZAL GY), -2.6%: Q3 2026 (EUR) Revenue 3.17bln (exp. 3.16bln), GMV 4.54bln (prev. 4.22bln Y/Y). Reaffirms FY26 guidance for GMV and revenue growth in the lower half of the 12-17% range and adj. EBIT of EUR 680-720mln. Evonik (EVK GY), -0.9%: Q3 2026 (EUR) Sales 3.83bln (exp. 3.66bln), Adj. EBITDA 629mln (exp. 593.2mln). Specifies FY26 adj. EBITDA guidance of EUR 2.0-2.2bln, and is confident of achieving the upper half of the range. Hugo Boss (BOSS GY), -2.5%: Q3 2026 (EUR) Sales 946mln (exp. 924.5mln), EBIT 81mln (prev. 95mln Y/Y). Lowers FY26 guidance, currency-adjusted Group sales now expected to decline by a high-single-digit percentage (prev. mid-to-high single-digit decline) M&A: Shell (SHEL LN): Co. agrees to sell its North West Shelf stake to XRG for USD 1.45bln. Broker Moves: MTU Aero (MTX GY) downgraded to Neutral from Buy at BofA Alstom (ALO FP) downgraded to Neutral from Overweight at JPMorgan Pre-market levels via tradegate