Newsquawk欧州株式市場寄り付きニュース（日次）—2026年11月4日

ASIA APAC stocks were somewhat mixed, with risk assets hit early in the session as participants digested the results from the US Midterm Elections, which pointed to a strong performance by Democrats, as betting markets priced a 99% probability of a Democrat sweep, in which some of the notable victories include North Carolina, South Carolina and Texas senate seats, marking the first Democrat win in the last state since 1960. ASX 200 declined as the downside was led by the mining, materials and resources sectors, although the losses in the broader market were somewhat cushioned by resilience in defensives and consumer stocks. Nikkei 225 underperformed as tech was pressured on prospects of tighter AI regulation associated with what looks increasingly to be a blue wave following the Midterm Elections, but is well off today's lows. KOSPI suffered amid the tech sell-off, while there were reports of North Korea conducting launches. Hang Seng and Shanghai Comp weathered the stock sell-off in the region amid reports that the PBoC steps up stock repurchase and increased holdings and re-lending policies, while Chinese markets are also likely finding some solace as the increased likelihood of a Democrat sweep could restrict Trump tariff policies. Chinese RatingDog PMIs - Services PMI (Oct) 50.8 vs. Exp. 51.5 (Prev. 51.6); Composite PMI (Oct) 52.0 (Prev. 52.4). EUROPEAN CLOSES CLOSES: DAX -0.31% at 25,901, FTSE 100 -1.14% at 10,638, CAC 40 -0.34% at 8,020, Euro Stoxx 50 -0.61% at 6,139, AEX -0.95% at 1,122, IBEX 35 -0.79% at 18,807, FTSE MIB -0.01% at 49,942, SMI -0.40% at 14,743. FTSE 100 UK Housebuilders - The UK Government is to charge housebuilders up to 4% of property sale prices under the new Your First Home scheme for first-time buyers, with fees starting at 1% for the first 100 homes sold, rising to 3% for homes 101-250 and 4% for homes above 250, to help fund programme costs. (Gov.uk) OTHER UK COMPANIES BROKER MOVES Haleon (HLN LN) downgraded to Hold from Buy at Jefferies DAX BMW (BMW GY) - Q3 2026 (EUR): Revenue 30.6bln (exp. 30.6bln), Pretax Profit 2.08bln (prev. 2.33bln Y/Y), EBIT 1.59bln (prev. 2.26bln Y/Y). Lowers FY26 guidance, Automotive EBIT margin to -0.5% to +0.5% (prev. guided 1-3%) and Automotive ROCE to -1% to +1% (prev. guided 1-5%). Reaffirms Automotive FCF guidance of above EUR 2.5bln and expects EBIT margin before portfolio and structural measures to remain above 2.0%. Additionally, the Co. expects FY Automotive deliveries to decline moderately Y/Y (prev. guided slight decline), while all-electric vehicle share is expected to increase slightly (prev. guided flat). (BMW) Continental (CON GY) - Q3 2026 (EUR): Sales 3.5bln (exp. 3.49bln), Adj. EBIT 514mln (exp. 487.5mln). Raises FY26 guidance for continuing operations, Adj. EBIT margin to 13.4-14.0% (prev. guided 12-13.5%), adj. FCF to EUR 1.0-1.3bln (prev. guided 0.7-1.1bln) and sales to EUR 13.5-13.9bln (prev. guided 13.2-14.2bln). Updates ContiTech (discontinued operations) guidance to sales of EUR 4.2-4.4bln and adj. EBIT margin of 6.5-7.5%. Notes strong tyre business performance, although higher raw material costs are expected to weigh further on Q4 earnings. (Continental) Fresenius (FRE GY) - Q3 2026 (EUR): Revenue 5.8bln (exp. 5.79bln), adj. EBIT 638mln (exp. 621.5mln), Organic Revenue Growth 5% (exp. 5.6%). Expects FY26 core EPS at the upper half of the 10-15% range and expects Group EBIT margin above 11.5% (prev. guided around 11.5%). (Fresenius) Heidelberg Materials (HEI GY) - Q3 2026 (EUR): Revenue 6.41bln (exp. 6.2bln), Result from current operations 1.28bln (prev. 1.18bln Y/Y). Confirms its FY26 outlook. CEO: "We will exceed the targeted cost savings of EUR 500mln from our Transformation Accelerator Initiative by the end of the year. Building on this, we continue and expand the initiative over the next two years. By the end of 2028, we want to achieve additional savings of 300 million euros." (Heidelberg Materials) Scout24 (G24 GY) - Q3 2026 (EUR): Revenue 198.2mln (exp. 193.5mln), Operating EBITDA 120.8mln (prev. 104.2mln Y/Y). Expects FY26 revenue growth of c. 18%. Reaffirms profitability target for FY26. (Scout24) Vonovia (VNA GY) - 9M 2026 (EUR): Adj. EBITDA 2.19bln (prev. 2.12bln Y/Y), Adj. Pretax Profit 1.41bln (prev. 1.46bln Y/Y). Guides FY26 Adj. EBITDA at the lower end of its 2.95-3.05bln range. For FY27, expects slight growth in adj. EBITDA, with potential upside dependent on disposal timing. In FY28, expects adj. EBITDA at the lower end of EUR 3.2-3.5bln, with potential upside from disposals, and organic rent growth accelerating to c. 4.5%. (Vonovia) OTHER GERMAN COMPANIES AUTO1 (AG1 GY) - Q3 2026 (EUR): Revenue 2.35bln (exp. 2.42bln), Adj. EBITDA 75.6mln (exp. 74.3mln). Confirms FY26 outlook. (AUTO1) Fraport (FRA GY) - Q3 2026 (EUR): Revenue 1.40bln (prev. 1.35bln Y/Y). Confirms FY26 guidance. Says total passenger numbers for the Group exceeded pre-pandemic levels for the first time in the first nine months of 2026, driven by growth in Fraport’s international portfolio. (Fraport) Lufthansa (LHA GY) - Co. signs an agreement with the Portuguese government for acquisition of a minority stake in Tap Air Portugal, with the deal valued at EUR 1.2bln. (Lufthansa) Siltronic (WAF GY) - Q3 2026 (EUR): Sales 355.4mln (exp. 336.7mln), EBITDA 81.3mln (exp. 72mln). Raises FY26 sales guidance to broadly flat Y/Y (prev. guided low-to-mid single-digit percentage decline) and narrows EBITDA margin guidance to 22-24% (prev. guided 20-24%), reflecting stronger demand and a stronger US dollar. CEO: "Strong demand for 300 mm wafers and, increasingly, for 200 mm wafers led to a noticeable quarter-over-quarter growth in wafer area sold." (Siltronic) BROKER MOVES CAC STMicroelectronics (STMPA FP) - Co. announces its unified MCU platform, addressing technology convergence across industrial, automotive and physical AI applications. One unified STM32 platform enables customers to reuse architectures, IP, software and tools across industrial, automotive and robotics applications, while the new STM32A family extends the STM32 platform into high-safety and automotive systems, supporting software-defined systems and physical AI. (Globe Newswire) OTHER FRENCH COMPANIES BROKER MOVES PAN EUROPE Ahold Delhaize (AD NA) - Q3 2026 (EUR): Sales 23.1bln (exp. 23bln), Adj. EPS 0.69, +1.4% Y/Y. Lowers FY26 guidance, underlying operating margin now expected to approach 4.0% (prev. guided around 4.0%), diluted underlying EPS growth at constant currency to low single digits (prev. guided mid-to-high single digits) and FCF to c. EUR 2.1bln (prev. guided at least EUR 2.3bln). Announces a share buyback programme of up to EUR 1bln. (Ahold Delhaize) DSM-Firmenich (DSFIR NA) - Q3 2026 (EUR): Sales 2.37bln (exp. 2.33bln), Adj. EBITDA 482mln (exp. 478.3mln). Raises its FY26 LFL sales growth outlook to around 5% (prev. 2-4%). CEO: "Cost savings and restructuring programme are progressing well. Together, this provides us with an excellent platform to deliver on our 2027-2028 targets." (DSM-Firmenich) EU-UK Trade - Brussels is demanding that the UK be bound by European restrictions on Chinese EVs and that ministers impose tariffs of up to 35% on Chinese-made EVs as the price of allowing British car firms equal access to EU markets, reports The Times. (The Times) Iveco (IVG IM) - Q3 2026 (EUR): Revenue 3.16bln (exp. 3.35bln), Adj. EBIT 30mln (exp. 68.8mln). Expects profitability to recover in Q4'26, with Industrial Activities FCF generation expected to be solid in the last quarter of the year. Successfully became part of Tata Motors following the completion of the tender offer. (Iveco) Solvay (SOLB BB) - Q3 2026 (EUR): Net Profit 35mln (prev. 90mln Y/Y), EBITDA 173mln (prev. 232mln Y/Y), Revenue 1.03bln (prev. 1.04bln Y/Y). Guides FY26 EBITDA between EUR 720-740mln. (Solvay) Vopak (VPK NA) - Q3 2026 (EUR): Revenue 349.7mln (prev. 321.6mln Y/Y), EPS 1.25 (prev. 0.77 Y/Y), Net Income 142mln (prev. 87.9mln Y/Y). Raises its FY26 proportional EBITDA guidance to 1.2-1.22bln (prev. guided 1.18-1.22bln). The deployment of capital towards energy transition infrastructure is progressing well. (Vopak) BROKER MOVES SMI Sika (SIKA SW) - Co. signs a partnership agreement with Australian IoT developer IndustryOS to expand its digital offering for tunnelling and mining customers. (Sika) OTHER SWISS COMPANIES Barry Callebaut (BARN SW) - FY 2025/26 (CHF): Revenue 12.2bln (exp. 12.4bln), Net Income 157.7mln (prev. 188.4mln Y/Y), Gross Profit 1.34bln (prev. 1.42bln Y/Y). Proposes dividend of CHF 29. FY 2026/27 guidance, expects volume growth of 1-3%, recurring profit before tax growth of c. 30% and recurring EBIT growth of 3-5%, assuming cocoa bean prices of GBP 4,000. Plans selective contract prioritisation to focus on profitable growth, alongside productivity and organisational efficiency initiatives. (Barry Callebaut) BROKER MOVES Clariant (CLN SW) downgraded to Hold from Buy at Deutsche Bank SCANDINAVIA Aker (AKER NO) - Q3 2026 (NOK): NAV 111.2bln, rising 5.1bln Q/Q. Declares an additional cash dividend of NOK 29.00/shr. (Aker) ISS (ISS DC) - Q3 2026 (DKK): Revenue 22.8bln (exp. 22.7bln), Organic Growth 6.8% (prev. 4.9%). Reaffirms FY26 outlook. (ISS) Mowi (MOWI NO) - Q3 2026 (EUR): Revenue 1.73bln (exp. 1.72bln), Operational EBIT 275mln (exp. 198.6mln). Raises estimated volumes for 2026 to 620k tonnes (prev. guided 600k tonnes), representing 11% growth Y/Y. (Mowi) Novo Nordisk (NOVOB DC) - Q3 2026 (DKK): Sales 79.2bln (exp. 73.6bln), Operating Profit 23.01bln (exp. 26.43bln), Adj. Wegovy Pill Sales 5.39bln (exp. 4.64bln). Raises FY26 Adj. Sales growth outlook to between -2% and 2% at CER (prev. guided falling up to 6% at CER) and Operating Profit growth to between -2% and 2% at CER (prev. guided falling up to 6% at CER). The improved outlook is driven by increased expectations for GLP-1 product sales. CEO: "We are particularly pleased to see both US Operations and International Operations deliver sales growth this quarter. Growth was led by our obesity portfolio, with continued uptake of Wegovy® pill in the US and encouraging early launches internationally." Additionally, the Co. hires Luigi La Corte as the new CFO. (Novo Nordisk) Pandora (PNDORA DC) - Q3 2026 (DKK): Sales 6.69bln (exp. 6.59bln), Organic Growth 6% (prev. 6% Y/Y), EBIT 1.06bln (prev. 0.88bln Y/Y), EBIT Margin 15.9% (prev. 14.0% Y/Y). Narrows FY26 guidance towards the upper end of previous ranges, Organic growth to 2-3% (prev. guided 0-3%) and EBIT margin to 22.5-23% (prev. guided 22-23%). Raises FY27 EBIT margin target to 14-15% including one-offs (prev. guided above 12%) and 15.5-16.5% excluding one-offs (prev. guided above 14%). October LFL growth was 1%, impacted by reduced promotional activity, while underlying LFL growth remains around 3%. (Pandora) Sampo (SAMPO FH) - Q3 2026 (EUR): Gross Written Premiums 2.37bln (prev. 2.22bln Y/Y), Net Income 270mln (prev. 757mln Y/Y), Pretax Profit 323mln (prev. 866mln Y/Y). Raises FY26 guidance, Group insurance revenue to EUR 9.75-9.85bln (prev. guided 9.70-9.85bln), representing growth of 7-9% Y/Y, and Group underwriting result to EUR 1.60-1.65bln (prev. guided 1.55-1.625bln), representing growth of 8-11% Y/Y. (Sampo) BROKER MOVES Coloplast (COLOB DC) upgraded to Hold from Sell at Nordea US CLOSES: SPX +0.34% at 7,568, NDX +0.68% at 28,180, DJI -0.39% at 51,782, RUT +0.35% at 2,816. SECTORS: Technology +1.32%, Industrials +0.94%, Communication Services +0.88%, Real Estate +0.14%, Consumer Discretionary -0.05%, Health -0.33%, Utilities -0.60%, Financials -0.61%, Energy -0.79%, Consumer Staples -1.80%, Materials -1.90%. 3M Company (MMM) - 3M agreed to pay USD 7.35bln over nine years to resolve approximately 99% of existing PFAS-related personal injury claims, without admitting liability, Reuters reports. Around 115-120K plaintiffs are eligible. Management expects a Q4 pretax charge of USD 5.8bln, which will not impact its guidance. Advanced Micro Devices (AMD) - AMD shares rose by over 6% in extended US trading following stronger than expected quarterly earnings and revenue, driven by accelerating AI demand and robust data centre growth, and were reinforced by upbeat sales guidance and management's confidence in its ability to meet rising demand. Q3 adj. EPS 2.09 (exp. 1.95), Q3 revenue USD 13.4bln (exp. 13.1bln). Adj. net income USD 3.471bln (exp. 3.209bln), operating income USD 2.8bln, adj. operating income USD 3.9bln (exp. 3.67bln). Adj. operating margin 29% (exp. 28%), gross margin 54% and adj. gross margin 56%. Capex was USD 648mln (exp. 647mln). CEO Lisa Su highlighted record quarterly revenue, with Data Centre sales nearly doubling Y/Y amid strengthening demand for Instinct and EPYC products. Expects further growth acceleration in Q4 as Helios and Venice production scales. Sees Q4 revenue between USD 16.49-17.51bln (exp. 16.3bln), representing approximately 66% Y/Y growth at the midpoint, and Q4 adj. gross margin of approximately 55% (exp. 55.5%). Sees FY27 revenue growth exceeding 80% (revenue exp. 89.92bln), with server revenue expected to double Y/Y, and Data Centre accounting for more than 80% of total revenue. Management expects AI Data Centre revenue growth to accelerate further in FY27. CVS Health (CVS) - CVS Health plans to separate its 9,000 retail pharmacies from its insurance and pharmacy-benefit businesses by early 2028, WSJ reports. CEO David Joyner will lead CVS Health; CVS Pharmacy will include retail and mail-order pharmacies. Both companies will be publicly traded. Microsoft (MSFT) - Microsoft’s Xbox division has received bids for Arkane Studios from Ubisoft (UBSFY) and at least two other gaming companies, Bloomberg reports. Xbox is also considering a management buyout, although no agreement has been reached. The planned sale forms part of Xbox’s broader restructuring. Mosaic (MOS) - Mosaic shares fell 4.5% in extended trading as a wider than expected quarterly loss and weaker adj. EBITDA overshadowed a modest revenue beat and management's progress on cost reductions, balance sheet strengthening and portfolio optimisation. Q3 adj. EPS -0.19 (exp. -0.01), Q3 revenue USD 3.1bln (exp. 3.05bln). Adj. EBITDA USD 324mln (exp. 342.7mln). CEO highlighted progress in aligning phosphate production with affordable sulphur availability, reducing costs, strengthening the balance sheet and advancing portfolio optimisation initiatives; expects these measures to support stronger performance as market conditions improve. Sees FY26 capex of USD 1.2bln and FY27 capex below USD 1bln. Nvidia (NVDA) - Alibaba (BABA), Tencent (TCEHY) and ByteDance are among Chinese firms ordering approximately 6mln Nvidia RTX Pro 5500 chips worth USD 70bln, but expect just 1% delivered within four months, Bloomberg reports. Nvidia is prioritising higher-margin chips amid TSMC (TSM) manufacturing constraints. Chinese buyers estimate deliveries could reach 700K units by end-2027, while increasingly relying on domestic alternatives, Bloomberg said. Oracle (ORCL), Tencent (TCEHY) - Oracle cancelled a USD 7bln five-year AI chip leasing agreement with Tencent following pressure from the Trump administration, the FT reports. The deal would have provided Tencent access to approximately 100K advanced AI chips across Oracle data centres in Southeast Asia. Super Micro Computer (SMCI) - Super Micro shares rose almost 7% in extended trading after stronger than expected quarterly earnings and revenue, driven by surging AI server demand, along with an upgraded FY sales outlook, reflecting continued strength in AI infrastructure spending. Q1 adj. EPS 1.81 (exp. 1.20), Q1 revenue USD 19.9bln (exp. 16.02bln). Revenue more than tripled Y/Y to a quarterly record, driven by strong demand for AI servers and accelerating data centre infrastructure investment. CEO highlighted continued progress towards becoming a comprehensive AI and IT data centre solutions provider. Management expects AI-related products to account for 70-80% of FY27 revenue, although customer concentration remains elevated, with one major data centre customer representing 44% of Q1 sales. Sees Q2 adj. EPS between 1.66-1.90 (exp. 1.14) and Q2 revenue between USD 19.5-21.5bln (exp. 18.1bln). Raises FY27 revenue outlook, sees FY27 sales between USD 72-82bln (exp. 73bln; prev. saw 65-72bln), supported by sustained AI infrastructure demand and expanding production capacity.