Additional European Equity News - 20th October 2026

Anglo American (AAL LN) - Q3 Production Report: Copper Production 175k tonnes (prev. 184k tonnes Y/Y), Premium Iron Ore Production 13.8mln tonnes (prev. 14.3mln tonnes Y/Y). Decline in copper production was primarily driven by unprecedented weather events in Chile, and processing lower-grade stockpile ore at Collahuasi. CEO: "Operational performance was resilient across the business, continuing our momentum from the first half of the year despite extreme winter weather in Chile. We are on track to meet our 2026 guidance, supported by the planned improvement in copper ore grades in the fourth quarter." (Anglo American)

Bunzl (BNZL LN) - Q3 Trading Statement: Group revenue grew 3.1% while underlying revenue grew 3.7%, supported by both inflation, reflective of year-on-year product cost increases, and volume growth, which continues to be driven by a strong performance in the North America Distribution business. Reiterates FY26 outlook. (Bunzl)

Enagas (ENG SM) - 9M 2026 (EUR): Recurring Net Profit 195.8mln (prev. 206.9mln Y/Y), Revenue 696.7mln (prev. 711.2mln Y/Y), EBITDA 491.5mln (prev. 505.9mln Y/Y). Targets FY26 EBITDA of around 620mln and recurring net profit of 235mln. (Enagas)

Metso (METSO FH) - Co. agrees to acquire Italbronze, no terms disclosed. (Metso)

Plus500 (PLUS LN) - Co. agrees to buy Guru, accelerating its growth strategy in Latin America. (Plus500)

Swiss Watch Exports - 11.7% Y/Y (prev. 9.1%) Of note for Richemont (CFR SW), Swatch (UHR SW)

UniCredit (UCG IM), Societe Generale (GLE FP) - UniCredit agrees to repurchase its securities-services business from Societe Generale, Reuters reports citing sources. (Reuters)

Zegona Communications (ZEG LN) - Co. COO Samuelson unexpectedly dies. (Zegona)

Bankinter (BKT SM) upgraded to Buy from Hold at Jefferies

Ferrovial (FER SM) downgraded to Hold from Buy at Deutsche Bank

Koninklijke KPN (KPN NA) upgraded to Overweight from Equal Weight at Barclays

Sabadell (SAB SM) upgraded to Equal Weight from Underweight at Barclays

Santander (SAN SM) downgraded to Hold from Buy at Jefferies

Taylor Wimpey (TW/ LN) upgraded to Neutral from Sell at Goldman Sachs

Telefonica (TEF SM) downgraded to Underweight from Equal Weight at Barclays

Telia (TELIA SS) upgraded to Overweight from Equal Weight at Barclays

Vodafone (VOD LN) downgraded to Underweight from Equal Weight at Barclays