Newsquawk デイリー欧州株式寄り付きニュース - 2026年10月27日

ASIA APAC stocks were ultimately mixed, but with strength seen in tech stocks following the outperformance in the sector stateside as it recovered from the recent AI-led sell-off and with Anthropic filing for an IPO. ASX 200 clawed back initial losses with the index led higher by the commodity-related sectors, but with gains capped as defensives and consumer stocks lagged. Nikkei 225 was underpinned by the tech-related momentum, with SoftBank among the biggest gainers owing to its stake in Anthropic and as it explores AI and digital infrastructure opportunities in Malaysia. KOSPI outperformed and triggered a sidecar amid the tech strength and stronger-than-expected GDP. Hang Seng and Shanghai Comp lagged despite the PBoC's liquidity boost, with today's open market operations totalling more than CNY 1.4tln, while continued double-digit percentage growth in YTD Industrial Profits also failed to inspire, as participants await earnings releases and with HSBC shares pressured after its results missed expectations. In addition, trade frictions lingered as the EU plans to impose import restrictions on Chinese chemicals and furniture. EUROPEAN CLOSES CLOSES: Euro Stoxx 50 +0.74% at 6,113, Dax 40 +1.03% at 25,441, FTSE 100 +0.72% at 10,767, CAC 40 +0.83% at 7,847, FTSE MIB +1.29% at 49,187, IBEX 35 +0.23% at 19,033, PSI -0.75% at 9,176, SMI +0.53% at 14,539, AEX +0.14% at 1,133 FTSE 100 HSBC (HSBA LN) - Q3 2026 (USD): Pre-tax profit 9.63bln (exp. 9.70bln), Revenue ex-items 18.6bln (exp. 18.93bln), NII 9.3bln (prev. 8.8bln Y/Y). Affirms its financial targets set out in February. Announces a share buyback of up to USD 1bln. CEO: “Our performance shows that in a more complex world clients continue to turn to us to navigate uncertainty and seize new opportunities.” (HSBC) Shares fall by 5.3% in Hong Kong trade UK Budget - UK Chancellor Healey will announce plans to increase the minimum wage by nearly 4% but slow the rise for young people after warnings that they are being priced out of jobs, reports The Times. (The Times) UK Retail - UK BRC Shop Price Inflation (Oct) 2.1% vs. exp. 1.6% (prev. 1.4%) OTHER UK COMPANIES BROKER MOVES DAX Bayer (BAYN GY) - Co. shares new post hoc sub-analysis of key secondary endpoint data from the OASIS-1 and OASIS-2 pivotal trials for Lynkuet, in which the efficacy of Lynkuet for the treatment of moderate to severe hot flashes due to menopause was demonstrated. (Bayer) Munich Re (MUV2 GY) - Co. agrees USD 1bln trade finance risk-sharing deal with Africa Finance Corporation, covering letters of credit, trade loans and guarantees for 38 financial institutions across 11 African countries, with potential to expand the agreement, Bloomberg reports. (Bloomberg) OTHER GERMAN COMPANIES Ceconomy (CEC GY) - Prelim FY 2026 (EUR): Revenue 23.87bln (prev. 23.19bln Y/Y). Q4 Revenue 5.66bln (prev. 5.40bln Y/Y). (Ceconomy) Nordex (NDX1 GY) - Co. is continuing its collaboration with DenkerWulf with a new wind energy project. DenkerWulf has ordered nine N149/5.X wind turbines with a total capacity of 51.3 MW. (Nordex) Porsche AG (P911 GY) - 9M 2026 (EUR): Revenue 25.28bln (prev. 26.86bln Y/Y), Operating Profit 1.74bln (prev. 0.04bln Y/Y). Reaffirms its FY26 forecast, revenue guided between 35-36bln (exp. 34.8bln), with guidance for the net cashflow margin in the Automotive segment having been raised in September following the sale of its stakes in Bugatti/Rimac. (Porsche) Shares are indicated higher by 2% on Tradegate BROKER MOVES CAC Engie (ENGI FP) - Belgium is reportedly threatening compulsory nationalisation of nuclear assets as negotiations with Engie over the takeover of Belgium's nuclear power plants make little progress, De Tijd reports. (De Tijd) Orange (ORA FP) - Q3 2026 (EUR): Revenue 12.2bln (exp. 12bln); EBITDAaL 4.14bln, +4.6% Y/Y. Raises its FY26 EBITDAaL growth guidance to exceed +4.5% (prev. guided above +4%). (Orange) Shares are indicated higher by 1.4% on Tradegate OTHER FRENCH COMPANIES Exosens (EXENS FP) - 9M 2026 (EUR): Revenue 386.9mln (prev. 327.8mln Y/Y). Confirms FY26 guidance. (Exosens) BROKER MOVES PAN EUROPE BE Semi (BESI NA) - Co. announces a new EUR 100mln share buyback programme. In other news, Applied Materials (AMAT) said it plans to raise its stake in the Co. to about 20% from 9%. (BE Semi/Applied Materials) Ferretti (YACHT IM) - 9M 2026 (EUR): Adj. EBITDA 130.6mln (prev. 141.7mln Y/Y), Orders 664.9mln (prev. 770.9mln Y/Y). (Ferretti) Magnum Ice Cream Company (MICC NA) - Ben & Jerry’s founders have reportedly been exploring a deal with KKR (KKR) to separate the company from Magnum, WSJ reports. (WSJ) Spanish Data Centres - Spain is reportedly easing proposed data centre power usage rules, requiring 60% of peak-hour electricity demand to be met by renewables until 2029, rising to 70% in 2029 and 80% in 2032 (prev. proposed 80% requirement throughout the day with immediate effect), according to Bloomberg. (Bloomberg) US-EU Trade - USTR Greer warned that the European Investment Bank’s USD 3.4bln loan to Airbus (AIR FP) threatens the US-EU aircraft trade truce, Reuters reports. Airbus and the EIB maintain the financing is commercially priced, while Washington seeks details to assess compliance with the agreement. Boeing (BA) has previously demanded transparency over potential subsidies. Universal Music Group (UMG NA) - Co. has reportedly discussed going private with buyout firms, Bloomberg reports. (Bloomberg) Webuild (WBD IM) - Co. is part of a consortium selected as a preferred bidder to construct an 830km section of the Lobito Corridor railway, linking central Africa's copper and cobalt mining regions to Angola's Atlantic coast. Brazil's Odebrecht is also a key member of a preferred-bidder group, Bloomberg reports. (Bloomberg) BROKER MOVES SMI Novartis (NOVN SW) - Q3 2026 (USD): Net Sales 14.5bln (exp. 14.5bln), Adj. Operating Income 6.04bln (exp. 5.51bln), Core EPS 2.46 (exp. 2.28), Entresto Sales 1.17bln, Cosentyx Sales 1.86bln. Guidance: Raises FY26 operating income to be in line to grow low single-digit (prev. guided decline low single-digit) and net sales to grow low single-digit. (Novartis) Shares are indicated higher by 0.9% on Tradegate OTHER SWISS COMPANIES Bucher (BUCN SW) - 9M 2026 (CHF): Order Intake 2.03bln (prev. 2.06bln Y/Y), Net Sales 2.10bln (prev. 2.16bln Y/Y). Expects stable sales on a comparable basis in 2026 and operating profit margin to be “somewhat” lower than in 2025. Says it is consistently pursuing its cost-saving measures at sites with low capacity utilisation and remains well positioned in the current environment thanks to its very solid financial position. (Bucher) Inficon (IFCN SW) - Q3 2026 (USD): Sales 233.3mln (exp. 200.6mln). Raises FY26 outlook, sales 820-850mln (prev. 750-780mln) and operating income margin 21-22% (prev. 19-20%). (Inficon) SIG (SIGN SW) - Q3 2026 (EUR): Revenue 843mln (exp. 807.7mln), Adj. EBITDA 212.9mln (exp. 199.8mln). Raises FY26 adj. EBIT margin guidance to 16.0-16.5% (prev. 15.7-16.2%), reaffirms revenue growth guidance of 0-2% at constant FX. Plans to reinstate dividends in 2027, targeting a payout ratio of 30-50% of adj. net income. (SIG) Sulzer (SUN SW) - Co. signs a long-term strategic alliance agreement with the PDVSA for the coming five years. This collaboration sets the framework for potential future orders coming from across all PDVSA’s operations. (Sulzer) BROKER MOVES EMS-Chemie (EMSN SW) downgraded to Underperform from Neutral at Oddo SCANDINAVIA Alfa Laval (ALFA SS) - Q3 2026 (SEK): Sales 18.6bln (exp. 18.7bln), Adj. EBITA 3.36bln (exp. 3.35bln), Net Income 2.26bln (exp. 2.29bln), Orders 23.2bln (exp. 20.3bln). Expects demand in the fourth quarter to be somewhat lower compared to the third quarter. (Alfa Laval) Novo Nordisk (NOVOB DC) - US judge rejects request to temporarily block Eli Lilly (LLY) from advertising claims that its drugs are more effective, ruling that Novo failed to demonstrate irreparable harm. Eli Lilly may continue the disputed advertising while Novo's lawsuit proceeds. (Bloomberg) Vend (VEND NO) - Q3 2026 (NOK): Revenue 1.64bln (exp. 1.66bln), EBITDA 711mln (exp. 684.2mln). (Vend) Wärtsilä (WRT1V FH) - Q3 2026 (EUR): Sales 1.49bln (exp. 1.48bln), Order Intake 2.37bln (exp. 2.08bln), Adj. EBIT 212mln (exp. 208.3mln). (Wärtsilä) BROKER MOVES Gjensidige (GJF NO) downgraded to Neutral from Buy at Goldman Sachs Yara (YAR NO) upgraded to Neutral from Underperform at BNP Paribas US CLOSES: SPX +0.71% at 7,678, NDX +1.09% at 20,273, DJI +0.29% at 52,364, RUT +0.40% at 2,787 SECTORS: Communication services -1.42%, Consumer staples -0.13%, Utilities flat, Health flat, Materials +0.15%, Financials +0.22%, Energy +0.5%, Real estate +0.53%, Consumer discretionary +1.11%, Industrials +1.4%, Technology +1.5%. Amkor Technology (AMKR) - Shares rose 2.6% in extended trading despite missing quarterly earnings and revenue expectations, as record computing and automotive revenue and continued margin expansion outweighed the softer results and cautious fourth-quarter outlook. Q3 EPS 0.76 (exp. 0.78), Q3 revenue USD 1.99bln (exp. 2.04bln). Management said Computing and Automotive & Industrial delivered record revenue and margins continued to expand, partly offset by expected weakness in Communications. CEO said Amkor is advancing key customer programmes and benefiting from expanding customer commitments that are improving visibility and supporting disciplined investment for future demand. Sees Q4 EPS between 0.65-0.75 (exp. 0.78) and Q4 revenue between USD 1.9-2.0bln (exp. 2.04bln). Cadence Design Systems (CDNS) - Shares rose 1.8% in extended trading after a Q3 beat and raised guidance. Q3 EPS 2.11 (exp. 2.05), Q3 revenue USD 1.63bln (exp. 1.62bln). Recurring revenue +18% Y/Y. Backlog reached a record USD 8.2bln. CEO said broad-based business momentum, expanding technology leadership and record backlog supported a stronger outlook, while the launch of Maestro and accelerating deployment of AI Super Agents position Cadence to benefit from agentic AI demand in chip and system design. Raises FY26 EPS view to between 8.37-8.43 (exp. 8.14; prev. saw 8.05-8.15), and raises FY26 revenue view to between USD 6.387-6.417bln (exp. 6.32bln; prev. saw 6.26-6.34bln). Caterpillar (CAT) - Caterpillar is challenging the UK Trade Remedies Authority’s 18.81% anti-dumping tariff on Chinese-built excavators, FT reports. Imposed following a complaint by JCB, the five-year duty has halted Caterpillar’s exports of affected equipment from China to the UK. Caterpillar disputes the tariff calculation, while the UK authority maintains that its methodology is justified. Meta Platforms (META), Nvidia (NVDA) - Nvidia said it plans to invest USD 3bln in Meta’s equity offering, and expand collaboration on Meta’s Muse family of AI models. The companies are considering cooperation on the OpenShell reference architecture and Nvidia Sentry. Meta will also broaden its use of Nvidia Vera Rubin, Vera CPUs, Spectrum-X and BlueField-4 technologies. Nucor (NUE) - Nucor shares were little changed in extended US trading despite stronger-than-expected sales, supported by higher steel prices, though traders still have concerns that potential tariff easing on Canadian steel could pressure domestic pricing ahead. Q3 adj. EPS 5.80 (exp. 5.83), Q3 revenue USD 11.25bln (exp. 10.79bln), Q3 EBITDA USD 2.28bln; FCF reached approximately USD 2.7bln through the first nine months of 2026. CEO said demand remained robust across key end markets, while the first heat at the West Virginia sheet mill and start-up of the second galvanising line at Nucor Steel Berkeley expanded capacity and capabilities. Sees Q4 earnings generally in line with/modestly above Q3 levels, with stable steel mills earnings as higher realised pricing offsets seasonally lower volumes and higher costs, stable steel products earnings on higher pricing and lower seasonal volumes, and slightly lower raw materials earnings due to lower realised DRI pricing.