European Equity pre-Market Summary - 27th August 2026: Upbeat US earnings follow through to European equities

• Chipmakers, ASML (ASML NA) +1.5%, Infineon (IFX GY) +2.2%: Strong Nvidia earnings and FY28 guidance that beat estimates.
• Software, SAP (SAP GY) +1.5%: Upbeat CrowdStrike and Salesforce earnings, with Q2 metrics beat estimates and raised its FY guidance.

• Pernod Ricard (RI FP) -3.0%: FY revenue missed estimates and guidance sales growth at the low end of its range due to US market softness.
• Delivery Hero (DHER GY) +1.4%: Q2 metrics beat and raises its FY26 guidance.
• Prudential (PRU LN): H1 figures rose Y/Y and announces an additional USD 300mln of share buybacks.

• Givaudan (GIVN SW) -1.4%: Downgraded to Underweight from Equal Weight at Morgan Stanley
• Deutshce Telekom (DTE GY) -0.7%: Downgraded to Hold from Buy at Kepler Cheuvreux

The numbers after the Co. & ticker are the pre-market indication via Tradegate

Pre-market summaries of this kind follow a familiar rhythm: the overnight US read-across sets the sectoral tone, and European earnings then determine whether that tone survives contact with domestic prints. The Nvidia-to-ASML-and-Infineon transmission is the standard semis playbook, where a beat and raised guidance from the US bellwether lifts the European equipment and chip complex through the supply-chain read-across rather than through anything idiosyncratic, and the same mechanism carries enterprise software results into SAP. Historically these gaps hold where the US driver reflects broad demand rather than a single customer dynamic, and fade where the follow-on US session reverses. On the domestic prints, Pernod's miss on US softness fits the established pattern for spirits names with American exposure, where guidance anchored at the low end of a range has tended to weigh beyond the session itself as estimates reset. Broker downgrades at the open, Givaudan and Deutsche Telekom here, typically move the single name at the margin but rarely set the tape. The tells for the session are whether the semis strength broadens past the direct read-across names and how the Pernod print reads across to the wider beverages and luxury-adjacent complex.