유럽 개장: CEO 관련 추가 의혹 속 NVDA 하락; Hon Hai 3분기 이익 예상 상회; SIE GY 4분기 매출 예상 상회, SHL GY 배분 확정; RR/ LN 15억 파운드 자사주 매입 발표; MRK GY 2026회계연도 매출 및 EBITDA 전망 상향; HLAG GY EBITDA 가이던스 상향

EUROPEAN OPEN: European equities opened with gains, despite a rebound in oil, and as the USD approaches a YTD highs. European stocks are shrugging off the tech downside amid a potential ouster of Nvidia’s CEO, which has pressured Nasdaq futures and weighed on Asian tech. On the reopen after the Veterans Day holiday, long-dated US Treasuries gained as Nvidia turmoil spurred haven demand, while shorter-dated maturities fell on hawkish Fed expectations, flattening the curve. Money markets are fully discounting a Fed rate hike of at least 25bps at the December confab, with around 10% chance of a jumbo 50bps move. There is a heavy slate of Fedspeakers today, with Barr (voter), Williams (voter), Hammack (2026 voter), Goolsbee (2027 voter), Daly (2027 voter) and Schmid (2028 voter) all due to deliver remarks. Gold has slipped beneath USD 4,000/oz, declining for a third straight session, as hot US inflation and hawkish Fed commentary strengthened the case for a December rate hike. In FX, Japan’s top currency official Atsushi Mimura warned that the JPY’s rapid depreciation towards 160 vs the USD could prompt renewed intervention. The currency has come under renewed pressure in recent days amid rising Fed rate hike expectations. Crude futures rose in the European pre-market after Iran’s IRGC reported explosions affecting two supertankers in the Strait of Hormuz; it claimed the vessels were carrying a combined total of more than 4mln barrels of oil, and were on fire. The upside comes despite overnight reports that US VP Vance is considering face-to-face talks with Iranian security official Rezaei; meanwhile, US envoys Kushner and Witkoff are scheduled to meet Russian President Putin today, following recent trilateral talks in Abu Dhabi. Brent starts the European day above USD 93/bbl, while WTI is near USD 87/bbl. Analysts also note that Middle Eastern production has recovered despite unresolved US-Iran tensions, with OPEC’s MOMR on Wednesday noting that Saudi output surged 26% in October, while Iraq also reached a wartime high. In Europe, France may back Spain’s Pablo Hernandez de Cos as next ECB president, the FT reports. A potential leadership deal would give Germany the chief economist post and France the markets portfolio, with Laurence Boone a leading French candidate. EU leaders will discuss nominations in Dublin on Friday, although Dutch contender and former ECB member Klaas Knot remains in contention. In German fiscal news, Germany’s CDU/CSU and SPD coalition agreed to postpone sugary drink and plastic packaging taxes until 2028, retain benefits for low-income children and shelve broader electricity-tax cuts; the compromise clears the way for the 2027 budget, although delayed levies would have raised over EUR 2bln annually. The 2027 budget can still comply with constitutional borrowing limits, supported by approximately EUR 4bln in remaining reserves; however, tapping this buffer would make budgets from 2028 onwards significantly harder to balance. In the UK, GDP grew 0.7% Q/Q in Q3 (exp. 0.7%; prev. 0.5%) and 1.9% Y/Y (exp. 1.9%; prev. 1.4%); September output rose 0.2% M/M (exp. flat), with annual growth of 2.1% (exp. 1.9%). Business services and AI-related spending supported growth. The data points to a UK economy that has proved more resilient than expected from the Iran-war energy shock. Analysts say that the stronger growth increases pressure on the BoE to raise rates again in December, however, inflation approaching 5% and rising household energy bills threatens consumption ahead. Elsewhere, the RICS house price balance fell to -36 in October (exp. -34; prev. -34 revised). Expected sales over the next 12 months dropped to -17, their weakest since July 2023, while surveyors anticipate house prices declining 1% over the coming year. Mortgage rates near 6% continue to weigh on demand. STOCK SPECIFICS: TECH: Nvidia (NVDA) shares fell 7.8% after allegations involving further affairs by CEO Jensen Huang; the board is meeting to consider his removal. Elsewhere, Axios reports that President Trump authorised another crackdown on companies diverting Nvidia AI chips to China, while Democratic senators sought records and a national-security briefing on Nvidia exports. Hon Hai Precision Industry (2317 TT/HNHPF) Q3 net profit +34% Y/Y at TWD 77.5bln (exp. 70.3bln), Q3 revenue TWD 3.02tln (vs 2.06tln Y/Y). AI server demand and strong sales of Apple’s (AAPL) premium iPhone Duo and iPhone 18 supported results, alongside sustained Nvidia (NVDA) shipments and hyperscaler investment. Chairman Young Liu targets 50% of the global AI server market within two years and gross margins of approximately 10% through higher-value components; also expects strong revenue growth Y/Y in Q4. CoreWeave (CRWV) shares slid by almost 8% in extended US trading on a report that it plans to raise at least USD 4bln through an IG loan; the chip- and contract-backed financing could launch next week, with indicative yields of between 7.0-7.5%. INDUSTRIALS: Siemens (SIE GY) reported Q4 net income of EUR 2.16bln (prev. 1.80bln), and revenue of EUR 23.7bln (exp. 23.44bln); FY26 revenue rose 8% to EUR 83.4bln, with record orders of EUR 108bln. It targets up to 11% FY27 comparable revenue growth, proposes a EUR 5.50/shr dividend; it confirmed plans to distribute a 34.1% stake in Siemens Healthineers (SHL GY) to shareholders, equivalent to one Healthineers share for every two Siemens shares. Elsewhere, China is reportedly accelerating domestic gas turbine development to challenge GE Vernova (GEV), Siemens (SIE GY) and Mitsubishi Heavy Industries (MHVIY) as AI-driven demand creates global shortages, and comes as major suppliers face delivery delays exceeding five years. BAE Systems (BA/ LN) reported strong operational and financial performance YTD, with orders secured totalling GBP 33bln; confirmed its FY26 outlook, and said it remains well positioned for continued growth over the medium term. Rolls Royce (RR/ LN) confirmed it remains on track to meet its FY26 guidance, citing strong progress this year and continued defence demand across established and new programmes. It announced an accelerated interim share buyback of GBP 1.5bln, and plans to revisit its medium-term targets alongside FY results in February. Hapag Lloyd (HLAG GY) reported Q3 revenue of USD 6.9bln (prev. 5.5bln Y/Y), EBITDA of USD 1.7bln (prev. 866mln Y/Y), and net profit of USD 1bln (prev. 172mln Y/Y); higher freight rates and terminal growth supported earnings. It raised FY26 EBITDA guidance to USD 4.6-5.0bln and EBIT guidance to USD 2.0-2.4bln. Poste Italiane (PST IM) reported Q3 revenue of EUR 3.32bln (exp. 3.32bln), adj. EBIT of EUR 910mln (exp. 866mln), adj. net profit of EUR 629mln (exp. 598mln); confirmed its FY26 adj. EBIT guidance of EUR 3.4bln, and adj. net profit of EUR 2.3bln, and announced an interim dividend of EUR 0.43/shr (+7.5% Y/Y). Adecco (ADEN SW) reported Q3 revenue of CHF 6bln (prev. 5.77bln Y/Y), adj. EBITA of CHF 213mln (exp. 195.3mln), and a gross margin of 18.9% (prev. 19.2% Y/Y); cost discipline supported profitability despite margin pressure. It plans to reorganise into three divisions from January 2027, targeting CHF 75mln in additional annual savings by Q3 2027. CONSUMER CYCLICALS: Of note for automakers, the EU and UK are considering delaying 10% tariffs on electric vehicles due from 1st January 2027 as regional battery supply chains lag, the FT reports; Brussels is weighing a one-year postponement or a two-year compliance-offset scheme. Burberry (BRBY LN) reported H1 revenue GBP 1.09bln (prev. 1.03bln), adj. operating profit of GBP 62mln (exp. 44mln); Q2 comp sales rose 4% (exp. 3%), driven by US and Chinese demand, particularly Gen Z shoppers. Wholesale revenue increased 17%, ahead of guidance, with FY27 growth projected at 10-12%. FINANCIALS: Allianz (ALV GY) reported Q3 operating profit of EUR 4.71bln (exp. 4.20bln), and net profit of EUR 2.784bln (exp. 2.506bln). 9-month operating profit rose to EUR 14.1bln (prev. 13.1bln Y/Y). Asset management and property-casualty supported earnings, while FY26 operating profit guidance was raised to EUR 16.4-18.6bln (prev. saw 16.4-18.4bln). HSBC Group (HSBA LN) is exploring plans to give its Singapore operations greater autonomy and reduce reliance on China and Hong Kong, Bloomberg reports. The initiative, internally named Project Sirena, aims to diversify risks across its Asian business. Munich Re (MUV2 GY) final Q3 profit EUR 1.74bln (exp. 1.62bln); its property and casualty reinsurance combined ratio rose to 80% (prev. 62.7% Y/Y); it raised FY26 profit guidance to EUR 6.6bln (prev. saw 6.3bln). Delfin is open to supporting strategic expansion at Generali (ARZGY), where it owns roughly 10%, but is not preparing its own proposal, Bloomberg reports. Family disputes over Chairman Francesco Milleri’s strategy and a EUR 30bln takeover approach from Czech billionaire Michal Strnad threaten its investment ambitions. HEALTHCARE: Merck KGaA (MRK GY) reported Q3 adj. net income of EUR 450mln (prev. 898mln Y/Y), revenue of EUR 5.63bln (exp. 5.46bln), EBITDA before special items of EUR 1.68bln (exp. 1.61bln). Prior-year gains affected comparisons. It raised FY26 revenue guidance to EUR 21.5-21.9bln (prev. saw 21.0-21.8bln), EBITDA to EUR 6.2-6.4bln (prev. saw 5.9-6.3bln), marking the third guidance upgrade this year. Pfizer (PFE) and Blackstone Life Sciences (BX) agreed a co-funding deal providing up to USD 1.5bln through 2028 for berobenatide, an investigational monthly GLP-1 obesity treatment. Roche (ROP SW) plans to market giredestrant as Wilserdly, with FDA decisions due 30th November and in December. Zealand Pharma (ZEAL DC) reported 9-month revenue of DKK 4.53bln (prev. 9.15bln Y/Y), net income of DKK 3.47bln (prev. 6.83bln Y/Y); narrowed its FY26 net operating expense guidance to DKK 2.7-3.0bln (prev. saw 2.7-3.3bln). It also noted that petrelintide has entered into Phase 3 with Roche (ROP SW), while Boehringer Ingelheim targets 2027 regulatory filings for survodutide. DAY AHEAD: EVENTS: US envoys Kushner and Witkoff are in Moscow today to meet with Russian President Putin, following trilateral Russia-Ukraine peace talks in Abu Dhabi this week. DATA: In North America, weekly US initial jobless claims (exp. 191K, prev. 189K) and continuing claims (exp. 1.72mln, prev. 1.718mln), existing home sales (prev. 3.99mln) and October Treasury budget statement (prev. USD -27bln) are due; In Canada, building permits (prev. 8.8% M/M). CENTRAL BANKS: There is a heavy slate of Fedspeakers today: Barr (voter) will speak on AI and inequality; Williams (voter) will participate on a panel; Hammack (2026 voter), Schmid (2028 voter), Goolsbee (2027 voter) and Daly (2027 voter) are also due. From the ECB, President Lagarde (no text expected) and ECB Vice President Vujcic (no text expected) will deliver remarks. Riksbank’s Thedéen, Bunge and Seim also speak. SUPPLY: US auctions USD 25bln of 30yr bonds; UK sells GBP 4bln of 2033 debt; Italy offers EUR 5-5.75bln of 2029 and 2033 BTPs, and EUR 1-1.5bln of 2046 BTPs. ENERGY: DoE weekly energy inventories are released today. EARNINGS: Notable corporates reporting today include: Cisco (CSCO), Applied Materials (AMAT), Nebius (NBIS), Cerebras Systems (CBRS).