Newsquawk デイリー欧州株式市場寄り付きニュース - 2026年10月28日

ASIA APAC stocks were mostly higher as the region followed suit to the gains on Wall Street, where the Nasdaq outperformed as tech stocks continued to shrug off recent AI-related concerns, while participants digested SK Hynix earnings and awaited the looming risk events, including central bank decisions. ASX 200 pared initial gains and returned to flat territory as hotter inflation data and hawkish RBA rhetoric boosted rate hike bets for next week’s RBA meeting. Nikkei 225 briefly climbed back above the 64,000 level, with the index led higher by tech strength. KOSPI outperformed on the tech momentum, which was also facilitated by SK Hynix shares rallying after its operating profit rose 632% Y/Y to a record KRW 83.3tln, while revenue rose 328% Y/Y to surpass KRW 100tln for the first time, and it also plans to return about KRW 100tln to shareholders this year. Hang Seng and Shanghai Comp conformed to the positive mood after the PBoC continued with its firm liquidity efforts, although the upside was capped amid a slew of earnings results and with Pop Mart flagging as much as a 50% drop in Q3 revenue. LG Electronics (066570 KS) - Q3 net income KRW 663.2bln (exp. 551.0bln), Q3 revenue KRW 23.82tln (prelim. 23.83tln), Q3 operating income KRW 781.9bln (vs prelim. 781.8bln). Growth was supported by resilient home appliances, premium TVs and vehicle components, despite currency headwinds and elevated raw-material and shipping costs. Vehicle-component revenue and operating profit reached record Q3 levels, supported by a substantial order backlog. HVAC sales increased amid expanding investment in AI data centre cooling solutions. Continues to expand into robotics and AI infrastructure cooling systems while maintaining profitability in its core businesses. Expects Q4 home-appliance demand to recover modestly, while memory and display-panel costs remain elevated. TV demand is expected to weaken amid high oil prices and interest rates weighing on consumer sentiment. SK Hynix (000660 KS) - Q3 2026 (KRW): Net Income 39.5tln (exp. 55.4tln), Operating Profit 83.3tln (exp. 76.7tln), Revenue 104.6tln (exp. 98.3tln). Announces shareholder return of c. KRW 100tln in 2026, with cash dividend of more than KRW 30tln and decides on a KRW 20tln share buyback. Commentary: Q3 DRAM and NAND average selling prices rose by high 20% and mid 20% Q/Q respectively, and the company expects 2027 DRAM and NAND demand to grow by mid 20% and high teens Y/Y respectively. PC and smartphone shipments are expected to fall amid cost pressures from higher memory prices and supply shortages, while rising AI infrastructure demand is expected to more than offset this weakness, supporting continued growth in the overall memory market. Memory demand is expected to surpass previous forecasts as AI handles longer and more complex tasks, driving increased computing and data processing requirements. For Q4, DRAM and NAND shipments are expected to rise by mid 20% and mid-single digits Q/Q respectively, while HBM4 is expected to overtake HBM3 in shipment and revenue shares. Expects significant increase in 2027 capex compared with 2026. Hindustan Unilever (HUVR IS) - Q2 2026 (INR): Net Profit 28.4bln (exp. 27.3bln), Revenue 174.0bln (exp. 166.8bln), Volume Growth 7% Y/Y (exp. 6.17%). Segment Revenue: Home Care 68.8bln, Food 38.5bln, Beauty 39.4bln, Personal Care 26.2bln. Announces interim dividend of INR 19/shr. CEO: "Underlying volume growth was strong. Indian economy remains resilient, with healthy macro indicators supporting a positive consumption environment." (Hindustan Unilever) EUROPEAN CLOSES CLOSES: Euro Stoxx 50 +0.79% at 6,165, DAX +0.77% at 25,607, CAC 40 +0.51% at 7,887, FTSE 100 -0.75% at 10,687, SMI +0.40% at 14,598, FTSE MIB +0.90% at 49,628, IBEX 35 +0.67% at 19,161, PSI +0.85% at 9,254, AEX +0.59% at 1,140. FTSE 100 Standard Chartered (STAN LN) - Q3 2026 (USD): Pretax Profit 2.25bln (exp. 2.09bln), Operating Income 5.80bln (exp. 5.63bln), NII 3.0bln, +9% Y/Y. Raises FY26 operating income growth guidance to above 5-7% Y/Y at constant FX (prev. guided 5-7%), excluding notable items. Expects net interest income growth of c. 4% Y/Y at constant FX, cost-to-income ratio of c. 60% excluding notable items and RoTE of c. 14%. (Standard Chartered) UK Budget - UK Chancellor Healey is to reverse cuts to cash ISA allowances and will use Wednesday’s Budget to maintain the tax-free limit at GBP 20,000 a year, reversing a plan by his predecessor Rachel Reeves, according to the FT. (FT) OTHER UK COMPANIES BROKER MOVES DAX BASF (BAS GY) - Q3 2026 (EUR): Sales 16.4bln (exp. 15.7bln), Adj. EBITDA 1.6bln (exp. 1.52bln). Guides EBITDA before special items 7.4-7.8bln (exp. 7.55bln, prev. guided 6.9-7.7bln). (BASF) Deutsche Bank (DBK GY) - Q3 2026 (EUR): Pretax Profit 2.6bln (exp. 2.45bln), Revenue 8.3bln (exp. 8.21bln), Profit after Tax 1.85bln (exp. 1.7bln), FIC Sales & Trading 2.4bln (exp. 2.4bln). On track to meet 2026 objectives and have an upside to RoTE target of above 13% in 2028. (Deutsche Bank) OTHER GERMAN COMPANIES Delivery Hero (DHER GY) - Q3 2026 (EUR): Revenue 4.35bln (exp. 4.3bln), GMV 13.9bln (prev. 12.18bln Y/Y). Raises FY26 outlook, LFL GMV growth to 10-12% Y/Y (prev. guided 9-11%), LFL revenue growth to 18-20% Y/Y (prev. guided 17-19%) and adj. EBITDA to EUR 980mln-1.02bln (prev. guided 0.96-1.0bln). (Delivery Hero) Mercedes-Benz (MBG GY) - Q3 2026 (EUR): Revenue 30.7bln (exp. 30.9bln), Adj. EBIT 1.78bln (exp. 1.5bln). Commentary: Market conditions have become increasingly challenging, particularly in China, although sales growth in Europe and the US, alongside record BEV sales, indicates strong demand for new models. Cost discipline and contributions from Vans and Financial Services helped offset headwinds. Has intensified global productivity measures, particularly in Germany, and will reopen voluntary severance programmes for indirect functions in December. Plans to introduce point-to-point assisted driving in initial German cities by end-2026. (Mercedes-Benz) Symrise (SY1 GY) - Q3 2026 (EUR): Sales 1.31bln (prev. 1.22bln Y/Y). Reaffirms its FY26 outlook. (Symrise) BROKER MOVES CAC BNP Paribas (BNP FP) - Q3 2026 (EUR): Net Profit 3.46bln (exp. 3.18bln), Revenue 13.8bln (exp. 13.6bln), Equity & Prime Services Revenue 1.46bln (exp. 1.11bln), Operating Profit 4.76bln (exp. 4.59bln). Confirms its 2028 objectives. Announces a share buyback programme of up to EUR 1.3bln. (BNP Paribas) Danone (BN FP) - Q3 2026 (EUR): Sales 7.23bln (exp. 7.18bln), LFL Sales Growth 4.0% (exp. 3.7%), comprising price growth of +3.6% (exp. +2.8%) and volume/mix growth of +0.4% (exp. +0.9%). LFL Sales by Region: EMEA +3.9%, Americas +4.4%, APAC +3.6%. Confirms FY26 guidance. Announces that COO Agarwal is to retire from early 2027. (Danone) Dassault Systèmes (DSY FP) - Q3 2026 (EUR): Revenue 1.55bln (exp. 1.52bln), Adj. EBIT 490mln (exp. 470.1mln). 3DEXPERIENCE software revenue +25% and cloud software revenue +14%. Raises FY26 revenue guidance to EUR 6.399-6.459bln, representing 4-5% growth (prev. guided 3-5%), operating margin to 32.5-32.7% (prev. guided 32.2-32.6%) and EPS growth to 6-7% (prev. guided 3-6%). (Dassault Systèmes) Saint Gobain (SGO FP) - Q3 2026 (EUR): Sales 11.6bln (exp. 11.6bln). Confirms FY26 outlook. Organic sales growth by region: Asia-Pacific +8.0%, Europe +2.5%, Americas +0.6%. (Saint Gobain) OTHER FRENCH COMPANIES Remy Cointreau (RCO FP) - H1 2026/27 (EUR): Revenue 510.9mln (prev. 489.6mln Y/Y). Q2: Sales 287.7mln (exp. 281.5mln), organic growth +4.2% Y/Y, with Cognac sales of 196.8mln (exp. 185.1mln), +12.4% organically, while Liqueurs & Spirits fell 7.4% organically. Confirms FY26/27 objectives. (Remy Cointreau) BROKER MOVES PAN EUROPE Adyen (ADYEN NA) - Q3 2026 (EUR): Revenue 738.1mln (exp. 733.3mln). Expects FY26 net revenue growth of 21-23% Y/Y at constant FX, EBITDA margin of 50% and CAPEX of 7% of net revenue. Plans to accelerate investment in its team, platform and products amid strong merchant demand, while discontinuing its medium-term EBITDA margin objective to retain flexibility. Expects CAPEX to return towards historical levels after 2026. (Adyen) Arcadis (ARCAD NA) - Q3 2026 (EUR): Revenue 991mln (exp. 961.8mln), Operating EBITDA 148mln (prev. 132mln Y/Y). Reaffirms its FY26 guidance. (Arcadis) ASM International (ASM NA) - Q3 2026 (EUR): Revenue 1.16bln (exp. 1.11bln), Adj. Net Income 315.4mln (prev. 206.2mln Y/Y), EBIT 378.9mln (prev. 242.8mln Y/Y), Gross margin 52% (prev. 51.9% Y/Y). Guides Q4 revenue at 1.23bln (exp. 1.18bln) and projects revenue to increase to more than EUR 5.7bln at constant currencies in 2027 (prev. guided above EUR 4.6bln). Announces a new share buyback programme of up to EUR 300mln. (ASM International) Ferrovial (FER SM) - 9M 2026 (EUR): Revenue 7.4bln (prev. 6.91bln Y/Y), Adj. EBITDA 1.21bln (prev. 1.03bln Y/Y). (Ferrovial) Heineken (HEIA NA) - Q3 2026 (EUR): Adj. Revenue 8.09bln (prev. 7.33bln Y/Y), Total Volume +4.8% (exp. +2.95%). Premium beer volumes +11.5%, global brands +9.9%, including Heineken brand +9.7%, Mainstream volumes +2.4%. Total Volume by Region: Africa & Middle East +3.4%, Americas -1.6%, Asia-Pacific +13.4%, Europe -0.1%. Reiterates its FY26 organic operating profit growth guidance of 2-6%. (Heineken) Intesa Sanpaolo (ISP IM), BMPS (BMPS IM) - Intesa receives ECB approval for its Monte dei Paschi bid. (Intesa) KPN (KPN NA) - Q3 2026 (EUR): EBIT 356mln (prev. 369mln Y/Y), Adj. Revenue 1.5bln (prev. 1.46bln Y/Y), Service Revenue 1.38bln (prev. 1.35bln Y/Y), Net Income 249mln (prev. 237mln Y/Y). On track to reach its FY26 outlook. (KPN) Santander (SAN SM) - Q3 2026 (EUR): Net Income 3.43bln (exp. 3.41bln), Revenue 16.0bln (prev. 15.3bln Y/Y), Total Income 16bln (exp. 16.2bln), Underlying Net Profit 3.85bln (exp. 3.79bln), NII 11.83bln (exp. 11.93bln). Comfortably on track to meet 2026 targets. Benefits of TSB and Webster acquisitions only beginning to come through. (Santander) Vidrala (VID SM) - 9M 2026 (EUR): Sales 1.15bln (prev. 1.12bln Y/Y), EBITDA 338.5mln (prev. 328.9mln Y/Y). Reiterates its FY26 targets. (Vidrala) BROKER MOVES SMI Logitech (LOGN SW) - Q2 2027 (USD): Adj. EPS 1.51, Adj. Operating Income 231mln (exp. 203.6mln), Revenue 1.22bln (exp. 1.21bln). Expects Q3 Sales 1.36-1.43bln, representing a decline of 4% to growth of 1% Y/Y in USD terms (-5% to flat at constant FX). Expects a USD 70-80mln negative sales impact from a semiconductor supplier disruption, with the impact largely resolved by Q4. (Logitech) Sandoz (SDZ SW) - Q3 2026 (USD): Net Sales 2.94bln (prev. 2.83bln Y/Y), Biosimilars Sales 998mln (prev. 862.5mln Y/Y), Generics Sales 1.94bln (prev. 1.96bln Y/Y). Lowers FY26 net sales growth guidance to 5-6% at constant FX (prev. mid-to-high single-digit growth), but raises core EBITDA margin guidance to 23.0-23.5% (prev. c. 100bps Y/Y expansion; FY25 21.7%), citing an increasingly favourable sales mix and stronger operational performance. (Sandoz) UBS (UBSG SW) - Q3 2026 (USD): Net Income 2.69bln (exp. 2.71bln), Pretax Profit 3.59bln (exp. 3.52bln), Revenue 13.35bln (exp. 13.10bln), EPS 0.85 (exp. 0.91). Expects CET1 capital ratio at or close to the 14% target. Will continue to engage constructively in the hope that Parliament will reach a solution that supports the country’s financial stability without imposing undue costs on UBS’s shareholders, clients and employees and without impacting its long-term competitive position. (UBS) OTHER SWISS COMPANIES Straumann (STMN SW) - Q3 2026 (CHF): Group Sales 667.1mln (prev. 602.2mln Y/Y), Organic Growth +9.2%. Confirms FY26 outlook. (Straumann) Temenos (TEMN SW) - Q3 2026 (USD): Revenue 292.5mln (exp. 295.3mln), Adj. EBIT 109.3mln (exp. 100.6mln). Raises FY26 guidance, Non-IFRS EBIT growth of c. 12% at constant FX (prev. guided c. 9%) and reported EPS growth of c. 10% (prev. guided c. 7%). Reconfirms FY28 targets. (Temenos) BROKER MOVES SCANDINAVIA Equinor (EQNR NO) - Q3 2026 (USD): Adj. EPS 1.20 (exp. 1.37), Revenue 32.9bln (exp. 33.7bln), Adj. Operating Income 12.4bln (exp. 12bln), Adj. Net Income 2.86bln (exp. 3.28bln). Raises its oil and gas production growth guidance to c. 4% (prev. guided 3%). US production was lower than in the same quarter last year. Onshore production remained high, while planned downtime and natural decline offshore impacted overall production levels. (Equinor) Jyske (JYSK DC) - 9M 2026 (DKK): Pretax Profit 4.98bln (prev. 5.36bln Y/Y), Core Income 9.67bln (prev. 9.94bln Y/Y), Net Income 3.68bln (prev. 3.99bln Y/Y), NII 6.59bln (prev. 6.63bln Y/Y). Guides FY26 net income between 4.7-5.2bln and EPS between 78-87 (prev. guided 71-85). (Jyske) Kone (KNEBV FH) - Q3 2026 (EUR): Sales 2.91bln (exp. 2.95bln), Adj. EBIT 369mln (exp. 375.6mln), Orders 2.29bln (prev. 2.14bln Y/Y). Raises lower end of FY26 sales growth guidance to 4-6% at comparable FX (prev. guided 3-6%) and narrows adj. EBIT margin guidance to 12.5-12.9% (prev. guided 12.3-13.0%). (Kone) SSAB (SSABA SS) - Q3 2026 (SEK): Revenue 25.6bln (exp. 25.2bln), EBIT 2.16bln (prev. 1.87bln Y/Y). (SSAB) Telenor (TEL NO) - Q3 2026 (NOK): Adj. EBITDA 8.8bln (exp. 8.62bln), Adj. Net Income 3.68bln (prev. 2.55bln Y/Y), Service Revenue 14.81bln (prev. 15.35bln Y/Y), adj. EPS 2.70 (prev. 1.87 Y/Y), FCF before M&A 4.73bln (prev. 4.19bln Y/Y). Reaffirms its FY26 outlook and longer-term ambitions. (Telenor) BROKER MOVES Nokian Tyres (TYRES FH) upgraded to Buy from Hold at Danske Bank US CLOSES: SPX +0.60% at 7,723, NDX +1.29% at 29,651, DJI +0.03% at 52,378, RUT +1.16% at 2,819. SECTORS: Technology +1.49%, Consumer Discretionary +1.36%, Materials +0.78%, Utilities +0.70%, Industrials +0.58%, Communication Services +0.15%, Health -0.04%, Financials -0.27%, Consumer Staples -0.90%, Real Estate -0.91%, Energy -2.20%. NXP Semiconductors (NXPI) - NXP 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. Q3 adj. EPS 4.20 (exp. 4.12), Q3 revenue USD 3.8bln (exp. 3.76bln). Adj. operating income was USD 1.41bln (exp. 1.38bln). The board authorised an additional USD 5bln share repurchase programme, on top of USD 1.3bln remaining under the prior authorisation. Sees Q4 adj. EPS between 4.14-4.58 (exp. 4.34) and Q4 revenue between USD 3.75-3.95bln (exp. 3.86bln). Robinhood (HOOD) - Robinhood shares fell over 7% after transaction-based revenue missed expectations, with a sharp decline in cryptocurrency revenue outweighing growth in options and event-contract activity. Q3 adj. EPS 0.60 (exp. 0.55), Q3 revenue USD 1.42bln (exp. 1.43bln). Funded customers +7% Y/Y to 28.7mln, investment accounts +9% to 30.4mln and total platform assets +19% to USD 396bln, while net deposits were USD 15.7bln. ARPU +5% Y/Y to USD 200 and Gold subscribers +34% to 5.2mln. Equity notional trading volumes +53% to a record USD 992bln, options contracts +48% to 905mln and event contracts increased more than 7x to 16.4bln, while crypto notional volumes -38% to USD 50bln. CFO said customer assets and product adoption continued to strengthen, with October net deposits already above USD 13bln month-to-date. Lowers FY26 adj. operating expenses and SBC outlook to between USD 2.675-2.75bln (prev. saw 2.675-2.775bln). 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. Q1 adj. EPS 7.68 (exp. 7.42), Q1 revenue USD 4.2bln (exp. 4.14bln). Seagate shipped a record 198 exabytes of nearline capacity to data centre customers, which represented 90% of shipped capacity, with management expecting a meaningful step-up in the December quarter as Mozaic 4 ramps. CEO said the company delivered record profitability and its highest-ever free cash flow, supported by strengthening storage demand and long-term customer visibility. Raises quarterly dividend +3% to 0.76/shr. Sees Q2 adj. EPS between 9.00-9.40 (exp. 8.66), Q2 revenue between USD 4.7-4.9bln (exp. 4.55bln). Expects its technology roadmap to support nearline exabyte supply growth in the mid-20% range on a compound basis. Visa (V) - Visa shares fell as higher-than-expected client incentives and a potentially underwhelming earnings outlook overshadowed stronger-than-expected quarterly results. Q4 adj. EPS 3.48 (exp. 3.44), Q4 revenue USD 12.1bln (exp. 12.09bln). Adj. net income USD 6.6bln (exp. 6.48bln). Processed transactions +10% Y/Y to 74.2bln (exp. 73.98bln), payments volume +9% Y/Y and +14% Y/Y cross-border volume at constant FX. Raises dividend 16% to USD 0.78/shr. CEO highlighted record FY26 revenue of USD 46bln, up 15% Y/Y, marking the strongest growth in over 15 years excluding the post-pandemic recovery and acquisitions. Sees Q1 EPS growth at the low end of mid-teens, Q1 revenue growth low-double-digits and Q1 operating expense growth low-double-digits. Sees FY27 EPS growth between low-double-digits and low-teens, FY27 revenue growth low-double-digits and FY27 operating expense growth low-double-digits.