Newsquawk 欧州株式市場デイリー・オープニングニュース - 2026年10月29日

ASIA APAC stocks were ultimately mixed as the region reflected on recent key events, including the FOMC rate decision and several big tech earnings. ASX 200 was kept afloat as strength in real estate, energy, financials and utilities atoned for the losses in the tech, consumer and mining sectors, but with gains capped amid a lack of fresh pertinent drivers. Nikkei 225 was choppy, briefly wiping out its early gains, before rebounding later in the session, with some caution seen as the BoJ kick-started its 2-day policy meeting. Meanwhile, attention was also on the largest-ever Topix rebalancing, which is expected to trigger around USD 60bln in passive trading at Thursday's close, with the reshuffle affecting more than 700 stocks and involving additions, deletions and free-float weight adjustments. KOSPI underperformed with index heavyweight Samsung Electronics pressured following its earnings results, in which it reported Q3 net income rose by more than 500% Y/Y to KRW 75.2tln, but failed to meet the lofty expectations. Hang Seng and Shanghai Comp were somewhat varied as participants digested a deluge of earnings, despite another firm liquidity effort by the PBoC, which continued with its CNY 1tln-plus open market operations. Samsung Electronics (005930 KS) - Samsung Electronics shares fell after a disappointing lack of detail on shareholder returns, while weaker than expected profits and concerns over heavy AI infrastructure spending overshadowed a bullish memory chip demand outlook. Q3 net profit KRW 75.136tln (exp. 86.13tln), Q3 revenue KRW 195.253tln (vs 86.1tln Y/Y), Q3 operating profit KRW 107.441tln (vs 12.2tln Y/Y), with semiconductor operating profit of approximately KRW 106.5tln. Memory delivered record quarterly revenue and operating profit, supported by higher chip prices and robust AI-related server demand, although smartphone and home-appliance businesses recorded modest operating losses. Reaffirms FY26 shareholder returns between KRW 90-110tln, with KRW 35tln already planned/completed, including KRW 30tln in Q3 dividends. Further shareholder return details are expected in early 2027. Sees FY26 capex of KRW 84.4tln, including KRW 76.8tln allocated to semiconductors. Management expects tight memory supply-demand conditions to persist through 2028, with 2027 production already fully booked and significant growth in HBM4 sales anticipated. Expects AI infrastructure investment to accelerate in 2027, while display market demand is likely to remain weak. Anticipates multiyear supply contracts covering 60-70% of projected production capacity by 2030. EUROPEAN CLOSES CLOSES: Euro Stoxx 50 +0.03% at 6,167, Dax 40 +0.42% at 25,697, FTSE 100 +0.07% at 10,695, CAC 40 +0.00% at 7,887, FTSE MIB +0.40% at 49,824, IBEX 35 -1.45% at 18,884, PSI -0.08% at 9,246, SMI -0.12% at 14,581, AEX -0.37% at 1,136. FTSE 100 BP (BP/ LN) - Some board members reportedly favour breaking up the company amid investor pressure to improve returns, although CEO Meg O'Neill is understood to oppose the move, according to Semafor sources. No decision has been made, and the full board has not formally discussed a breakup, with the company potentially opting against any such plans. (Semafor) OTHER UK COMPANIES BROKER MOVES GSK (GSK LN) downgraded to Hold from Buy at Jefferies DAX Adidas (ADS GY) - Q3 2026 (EUR): Net Sales 7.25bln (prev. 6.63bln Y/Y), Operating Margin 13.9%, +2.8ppts. Raises its FY26 operating profit guidance to around EUR 2.5bln (prev. EUR 2.3bln) and expects currency-neutral revenue growth of 9-10%. (Adidas) Deutsche Telekom (DTE GY), T-Mobile US (TMUS) - Deutsche Telekom has reportedly put plans to merge with its US subsidiary on hold, opting against submitting a formal bid for now, partly due to opposition from its works council, according to Bloomberg sources. (Bloomberg) Volkswagen (VOW3 GY) - Q3 2026 (EUR): Operating Profit -5.86bln (exp. -5.67bln). 9M: Revenue 233.4bln (prev. 238.6bln), Gross Profit 33.2bln (prev. 36.6bln), Operating Result 71mln (prev. 5.4bln), PBT 544mln (prev. 6.1bln). Negative impact on the result primarily from a non-cash impairment loss on goodwill from Porsche (PAH3 GY) of EUR 6.4bln and on China assets of EUR 1bln. (Volkswagen) OTHER GERMAN COMPANIES Kion (KGX GY) - 9M 2026 (EUR): Revenue 8.52bln (prev. 8.2bln Y/Y), adj. EBIT 632.5mln (prev. 575.4mln Y/Y), Order Intake 8.45bln (prev. 8.88bln Y/Y). Adjusts its FY26 guidance, sees revenue between 11.45-11.75bln (prev. guided 11.525-12.025bln) and EBIT between 815-875mln (prev. guided 880-980mln). (Kion) Knorr-Bremse (KBX GY) - Q3 2026 (EUR): Order Intake 2.05bln (prev. 1.96bln Y/Y), Revenue 2.05bln (prev. 1.88bln Y/Y). Reaffirms FY26 guidance of revenue 8.1-8.3bln, operating EBIT margin 14.0-14.5% and FCF 750-850mln, with revenue and FCF now expected at the upper end of their respective ranges. (Knorr-Bremse) Salzgitter (SZG GY) - 9M 2026 (EUR): Sales 7.3bln, Adj. EBITDA 659mln; FY sales view 10bln (exp. 9.64bln), FY adj. EBITDA view 800-875mln. (Salzgitter) Wacker Chemie (WCH GY) - Q3 2026 (EUR): Sales 1.47bln (exp. 1.48bln), EBITDA 217mln (exp. 181mln). All units exceeded performance Y/Y, primarily due to higher prices, and to some extent higher volume. FY outlook: EBITDA 625-750mln (exp. 699mln). (PTE) BROKER MOVES CAC Airbus (AIR FP) - Q3 2026 (EUR): EPS 1.70 (exp. 1.67), Revenue 17.47bln (exp. 17.91bln), Net income 1.34bln (exp. 1.30bln), Adj. EBIT 1.77bln (exp. 1.78bln). Leaves 2026 guidance unchanged. Commentary: Confirms monthly production rate targets for A220, A320, A330 and A350 programmes; cash outflow mainly driven by change in working capital, reflecting inventory build-up linked to back-end loaded deliveries and planned ramp-up. Post-earnings, the CEO said that they expect enough Pratt & Whitney (RTX) engines to meet FY targets. (Airbus) Air Liquide (AI FP) - Q3 2026 (EUR): Revenue 7.26bln (exp. 7.16bln). Backs its FY26 view. Plans to execute the first EUR 1bln share buyback tranche by the end of 2026. (Air Liquide) Renault (RNO FP) - Q3 2026 (EUR): Total Sales 11.60bln (prev. 11.43bln Y/Y), Auto Revenue 9.84bln (prev. 9.84bln Y/Y). Confirms its FY26 outlook. (Renault) Societe Generale (GLE FP) - Q3 2026 (EUR): Revenue 7.17bln (exp. 6.86bln), Group Net Income 1.89bln (exp. 1.66bln), Operating Expenses 4.09bln (prev. 4.06bln Y/Y), EBIT 2.67bln (prev. 2.23bln Y/Y). Raises its FY26 RoTE target to above 11% (prev. above 10%). “Will continue to execute our profitable growth strategy to achieve our 2029 targets and further create sustainable value.” (Societe Generale) STMicro (STMPA FP) - Q3 2026 (USD): Revenue 3.76bln (exp. 3.73bln; prev. guided 3.70bln), gross profit 1.40bln (exp. 1.38bln), net profit 291mln (exp. 343mln), Gross margin 37.3% (prev. guided 37%). Guides Q4 2026 revenue of approximately USD 4.15bln and gross margin of around 39% and sees FY26 revenue of approximately USD 14.5bln and gross margin of around 36.4%. CEO says growth is supported by AI data centres and LEO satellite communications, with demand increasing further during Q3. (STMicro) OTHER FRENCH COMPANIES Amundi (AMUN FP) - Q3 2026 (EUR): Adj. Net Revenue 908mln (prev. 815mln Y/Y), Pretax Income 535mln (prev. 445mln Y/Y), AUM 2.6tln at the end of September, +11% Y/Y. (Amundi) SPIE (SPIE FP) - Co. signs agreement to acquire SAR ANLAGENBAU GmbH, significantly expanding its electrical services portfolio in infrastructure and industrial automation systems across Austria and Germany. (SPIE) BROKER MOVES PAN EUROPE AB InBev (ABI BB) - Q3 2026 (USD): Revenue 16.5bln (exp. 16.3bln), Adj. EBIT 4.54bln (exp. 4.58bln), Adj. EBITDA 5.96bln (exp. 6.01bln), Organic Growth +4.9%, Organic EBITDA growth +3.9% (exp. +3.9%). Total volumes rose 0.4% organically (exp. +0.3%), while beer volumes declined 0.1% organically. Reaffirms FY26 outlook. (AB InBev) Andritz (ANDR AV) - Q3 2026 (EUR): Revenue 2.06bln (exp. 2.0bln), Order Intake 2.16bln (prev. 2.18bln). FY Guidance: Revenue 8-8.3bln (exp. 8.27bln). (EQS) BBVA (BBVA SM) - Q3 2026 (EUR): Net Profit 3.02bln (exp. 3.01bln), NII 8.08bln (exp. 7.85bln), Gross Income 10.91bln (exp. 10.765bln), Operating Profit 6.745bln (exp. 6.62bln). Remains on track to achieve its 2025-28 goals. (BBVA) BCP (BCP PL) - 9M 2026 (EUR): Revenue 2.99bln (prev. 2.83bln Y/Y), NII 2.29bln (prev. 2.17bln Y/Y). (BCP) Campari (CPR IM) - Q3 2026 (EUR): Revenue 777mln (exp. 769mln); confirms FY26 guidance of circa +3% organic topline growth. (Campari) ING (INGA NA) - Q3 2026 (EUR): Total Income 6.23bln (exp. 6.29bln), Net Profit 1.85bln (exp. 1.97bln), Pretax Profit 2.71bln (exp. 2.89bln), Commercial NII 4.34bln (exp. 4.34bln). Reaffirms its FY26 and FY27 outlooks, saying it enters the remainder of 2026 with good momentum. Announces a new shareholder distribution programme of up to EUR 1.9bln, comprising a EUR 1.65bln share buyback (exp. EUR 1.25bln) and a EUR 250mln cash payout to shareholders in January. To create a more streamlined structure for wholesale banking, with 400 redundancies expected. (ING) Jeronimo Martins (JMT PL) - 9M 2026 (EUR): Revenue 27.8bln, +4.8% Y/Y; EBITDA 1.9bln, +7.6% Y/Y. Reiterates FY26 outlook. (Jeronimo Martins) OMV (OMV AV) - Q3 2026 (EUR): Sales 8.96bln (exp. 8.38bln), CCS Net Income 1.38bln (prev. 0.80bln Y/Y), CCS Operating Result 2.12bln (prev. 1.71bln Y/Y). Raises its FY26 hydrocarbon production forecast to around 290k BOEPD (prev. 280-290k BOEPD). (OMV) Prysmian (PRY IM) - 9M 2026 (EUR): Sales 17.7bln (prev. 14.7bln Y/Y), Adj. EBITDA 2.18bln (prev. 1.78bln Y/Y), Net Income 998mln (prev. 1.02bln Y/Y). (Prysmian) Repsol (REP SM) - Q3 2026 (EUR): Net Income 2.81bln (prev. 1.27bln Y/Y), Adj. EBITDA 4.7bln (prev. 3.52bln Y/Y), Adj. Net Income 2.71bln (prev. 0.75bln Y/Y). CEO: “Strong cash generation allows us to launch a third share buyback programme in 2026 amounting to EUR 950mln, bringing total shareholder remuneration in 2026 to c. EUR 3bln.” (Repsol) Sabadell (SAB SM) - Q3 2026 (EUR): Core Revenue 1.26bln (exp. 1.28bln), Pretax Profit 610mln (exp. 561.2mln), NII 920mln (exp. 921.6mln). (Sabadell) BROKER MOVES SMI OTHER SWISS COMPANIES Avolta (AVOL SW) - 9M 2026 (CHF): Turnover 10.7bln, Operating Profit 882mln, Organic Growth +4.1%. Excluding the Middle East impact, organic growth would have been +5.2%. Confirms medium-term outlook. (Avolta) BROKER MOVES SCANDINAVIA Aker BP (AKRBP NO) - Q3 2026 (USD): Revenue 3.87bln (exp. 3.55bln), EBITDA 3.4bln (exp. 3.12bln), Net Production 371k BOEPD (prev. 383.6k BOEPD). FY26 production guidance maintained. CEO: “Aker BP delivered strong earnings and cash flow in the third quarter, driven by efficient operations, higher sold volumes and strong realised prices. The Yggdrasil and Valhall PWP–Fenris projects passed major offshore milestones and remain on track for first production next summer, while the Skarv Satellites Project came on stream in late August.” (Aker BP) Danske (DANSKE DC) - Q3 2026 (DKK): Total Income 14.7bln (exp. 14.6bln), Net Income 6.39bln (exp. 5.95bln), Net Fee Income 4.07bln (exp. 3.82bln), NII 9.61bln (exp. 9.64bln), Net Trading Income 394mln (exp. 630.3mln). Sees FY26 Net Profit between 24-25bln (prev. guided 23-25bln). (Danske) Kesko (KESKOB FH) - Q3 2026 (EUR): Sales 3.39bln (exp. 3.4bln), Adj. EBIT 231.4mln (exp. 225.5mln). Raises its FY26 comparable operating profit guidance to EUR 690-730mln (prev. guided EUR 670-730mln). (Kesko) Kongsberg Gruppen (KOG NO) - Q3 2026 (NOK): Revenue 11.3bln (exp. 10.3bln), Orders 23.3bln (prev. 9.5bln Y/Y). Says they are well positioned to deliver on backlog and future demand. (Kongsberg Gruppen) Sweco (SWECB SS) - Q3 2026 (SEK): Sales 7.6bln (exp. 7.7bln), EBIT 752mln (prev. 643mln Y/Y), Net Income 521mln (prev. 424mln Y/Y). (Sweco) BROKER MOVES US CLOSES: SPX +0.28% at 7,744, NDX +0.55% at 29,813, DJI +0.19% at 52,480, RUT +0.43% at 2,831 SECTORS: Utilities -0.88%, Real estate -0.65%, Consumer staples -0.38%, Consumer discretionary flat, Materials +0.16%, Health +0.25%, Industrials +0.28%, Communication services +0.35%, Financials +0.36%, Energy +0.41%, Technology +0.48%. Alphabet (GOOG) - Alphabet shares plunged 9.7% in extended US trading after weaker than expected search advertising revenue, slowing growth amid increased AI Mode usage and worsening negative free cash flow overshadowed strong Google Cloud performance, while plans for significantly higher AI spending and pressure on cloud margins added to investor concerns. Q3 EPS 2.12 (exp. 3.03), Q3 revenue USD 127.6bln (exp. 127.91bln). Operating income USD 40.58bln (exp. 43.16bln), Google Services revenue USD 96.30bln (exp. 98.4bln), Google Cloud revenue +103% Y/Y to USD 30.71bln (exp. 29.1bln), Google Search & other revenue USD 63.35bln (exp. 64.85bln), YouTube ads revenue USD 11.21bln (exp. 11.43bln). Capex was USD 51.36bln (exp. 55.78bln), with free cash flow of USD -9.07bln. Google Cloud backlog reached USD 561bln, with over 55% expected to convert into revenue over the next 24 months. CEO Pichai highlighted strong AI infrastructure demand, Gemini reaching 1bln users and growing adoption of TPU systems, although increased use of AI Mode contributed to slower search advertising growth. Maintains its FY26 capex outlook, sees FY26 capex between USD 195-205bln, with FY27 capex expected to increase significantly. Expects greater Q4 FX headwinds, particularly in Search and YouTube advertising, while increased third-party compute capacity is expected to pressure cloud margins. TPU system sales are expected to scale in Q4, followed by a meaningful revenue ramp in 2027. eBay (EBAY) - eBay shares rose 4.7% in extended trading after stronger than expected earnings, revenue and gross merchandise volume, alongside an upbeat holiday-quarter outlook, supported by growing demand for second-hand goods and continued e-commerce momentum. Q3 adj. EPS 1.51 (exp. 1.41), Q3 revenue USD 3.2bln (exp. 3.12bln). GMV was USD 23.17bln (exp. 22.32bln). CEO highlighted continued momentum across Focus Categories, consumer-to-consumer (C2C) marketplace and recommerce. CFO emphasised strong GMV growth, earnings expansion and disciplined investment in strategic priorities. Sees Q4 adj. EPS between 1.48-1.53 (exp. 1.48), Q4 revenue between USD 3.19-3.24bln (exp. 3.20bln); sees FY26 adj. EPS between 6.25-6.30 (exp. 6.15), FY26 revenue between USD 12.62-12.67bln (exp. 12.55bln). FedEx (FDX) - FedEx shares slipped in afterhours trading amid concerns over declining margins and rising transport costs, driven by higher trucker rates, record diesel prices and driver shortages, which overshadowed stronger than expected earnings and an upgraded profit outlook. Q3 adj. EPS 3.74 (exp. 3.34), Q3 revenue USD 22.9bln (exp. 22.73bln). Execs said results were supported by improved pricing, higher volumes and cost savings. US express delivery margin declined to 6.6% (vs 6.8% Y/Y), reflecting higher trucking costs amid record diesel prices and driver shortages. Increased transportation costs, pilot pay and variable compensation also weighed on profitability, with management expecting greater margin pressure during the Q4 holiday peak. CEO highlighted disciplined cost reductions and profitable growth, with Network 2.0 programme savings of USD 2bln targeted by the end of 2027. Sees Q4 adj. EPS between 6.03-6.63 (exp. 6.39) and Q4 revenue growth of approximately +10% Y/Y, with volume and yield trends expected to remain similar to Q3. Raises FY26 guidance, sees FY26 adj. EPS between 18.00-18.60 (exp. 17.74; prev. saw 16.90-18.10) and FY26 revenue growth of approximately +12% Y/Y (prev. saw +11%). Maintains FY26 capex outlook of USD 3.9bln and expects FY26 adj. free cash flow of approximately USD 4bln. Ford (F) - Ford shares were little changed in afterhours trading as stronger than expected earnings and an improved FY outlook were offset by expectations of flat profitability next year amid persistent commodity inflation, rising logistics costs and pressure on vehicle margins. Q3 adj. EPS 0.49 (exp. 0.41), Q3 revenue USD 49.5bln (exp. 49.08bln), Q3 adj. EBIT USD 2.7bln (vs 2.6bln Y/Y); Ford Blue EBIT -10% Y/Y to USD 1.39bln, reflecting lower volumes from product discontinuations, Middle East conflict disruptions and higher commodity costs. Ford Pro EBIT -16% Y/Y, while Ford Model e losses narrowed to USD 1.1bln (vs 1.4bln Y/Y). CEO Farley highlighted cost reductions, record growth in software services and parts, and progress towards an 8% adj. EBIT margin by 2029. Raises FY26 adj. EBIT guidance, sees FY26 adj. EBIT between USD 10.5-11bln (prev. saw 10-11bln). Maintains FY26 adj. free cash flow view between USD 6-7bln, and capex between USD 9.5-10.5bln. Expects FY26 Ford Blue EBIT of approximately USD 5.5bln, Ford Pro EBIT USD 7bln and Ford Model e losses of USD 4bln. Guidance assumes commodity headwinds approaching USD 2.5bln Y/Y, and USD 1bln in material and warranty cost reductions. Sees FY27 profitability roughly in line with FY26 levels, with inflation expected to create approximately USD 2bln in additional costs. Microsoft (MSFT) - Microsoft shares rose 4.4% in extended US trading after stronger than expected earnings and revenue, driven by robust Azure cloud growth and AI demand, alongside an upbeat cloud outlook, and continued positive free cash flow. Q1 EPS 4.92 (exp. 4.72), Q1 revenue USD 92.3bln (exp. 90.6bln). Operating income USD 45.9bln (exp. 44.1bln), net income USD 36.6bln (exp. 35.1bln); Microsoft Cloud revenue +30% Y/Y to USD 63.9bln (exp. 61.62bln), Azure revenue +48% Y/Y (exp. +44.8%). Commercial RPO +73% Y/Y to USD 677bln; capex totalled USD 39.37bln (exp. 45.93bln), and FCF reached USD 18.6bln. Net gains from OpenAI investments added 0.03 to diluted EPS. Headcount declined 2% Y/Y. CEO Nadella highlighted accelerating AI adoption, with Copilot daily users increasing nearly 50% Q/Q and more than fivefold Y/Y. Sees Q2 revenue between USD 96.0-97.1bln (exp. 95.7bln), Q2 Azure revenue growth between 49-50% Y/Y and Q2 capex exceeding USD 50bln. Lowers 2026 capex outlook to approximately USD 170bln (prev. saw 175bln), reflecting third-party capacity delays, while expecting to remain free cash flow positive in FY27. Oracle (ORCL) - Oracle shares surged on Wednesday in regular trading hours, by over 10%, after the company eased concerns over its heavy AI infrastructure spending by outlining plans to limit additional financing, reduce capex and turn free cash flow positive. At its investor day, Oracle maintained its FY27 outlook, sees FY27 adj. EPS at 8.10 (exp. 8.14) and FY27 revenue of at least USD 90bln (exp. 90.43bln). It sets long-term targets, sees FY30 revenue of at least USD 225bln, representing more than 35% CAGR from FY26, FY30 adj. operating margin of at least 40% and FY30 adj. EPS of at least 21.00. Expects to achieve positive free cash flow in H2 FY28, and sees FY29 free cash flow of at least USD 30bln. Growth is expected to become self-funded beginning FY29, with FY29 net debt to adj. EBITDA below 3.5x. It commits to limiting additional capital raises through FY30 to USD 20bln, ex-refinancing of existing debt, split between USD 10bln in equity and USD 10bln in gross debt. ServiceNow (NOW) - ServiceNow shares plunged almost 19% in US afterhours trading as an underwhelming subscription revenue outlook, weaker than expected bookings and an earnings miss heightened investor concerns about AI disruption, despite growing adoption of its AI products. Q3 adj. EPS 1.00 (exp. 1.02), Q3 revenue USD 4.11bln (exp. 4.09bln). Subscription revenue +21% Y/Y to USD 3.99bln (exp. 3.98bln), current remaining performance obligations (cRPO) +20.5% Y/Y to USD 13.65bln, and total RPO +22% Y/Y to USD 29.7bln. CFO highlighted accelerating enterprise AI adoption, with agentic AI consumption increasing 13-fold Y/Y. Raises year-end AI product annual contract value target to USD 1.7bln (prev. saw 1.5bln). Sees Q4 subscription revenue between USD 4.245-4.255bln, representing growth of up to 23% Y/Y, and Q4 adj. cRPO growth of 18.5% Y/Y (exp. 19%). Narrows FY26 subscription revenue guidance, sees FY26 subscription revenue between USD 15.78-15.79bln (prev. saw 15.76-15.8bln). T-Mobile (TMUS) - T-Mobile shares rose 2% in extended trading after stronger than expected earnings, revenue and postpaid subscriber additions, alongside an improved profit and free cash flow outlook. Q3 EPS 3.22 (exp. 2.89), Q3 revenue USD 23.6bln (exp. 23.1bln). Net income USD 3.46bln, service revenue USD 19.38bln, core adj. EBITDA USD 9.62bln (exp. 9.413bln) and adj. free cash flow USD 5.071bln. Postpaid net account additions 274,000 (exp. 251,917, compared with 396,000 Y/Y), while postpaid account churn was 1.09%. Postpaid ARPA increased to USD 155.73 (vs 149.44 Y/Y). Raises midpoint and narrows FY26 core adj. EBITDA guidance; sees FY26 core adj. EBITDA between USD 37.35-37.45bln (exp. 37.345bln; prev. saw 37.1-37.5bln). Raises lower end of FY26 adj. free cash flow guidance, sees FY26 adj. free cash flow between USD 18.7-18.8bln (prev. saw 18.4-18.8bln) and FY26 postpaid net account additions of approximately 1mln.