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EUROPEAN OPEN: DTG GY Q3 adj. EBIT beat; IAG LN Q3 operating income miss; STM GY cuts medium-term targets; INGA NA to auction data centre loans; BMPS IM Q3 operating income beat; BAMI IM raises dividend; PIRC IM reaffirms FY26 targets

Newsquawk Staff ·

STOCK SPECIFICS

  • INDUSTRIALS: Daimler Truck (DTG GY) Q3 adj. EBIT EUR 1.12bln (exp. 1.11bln), Q3 industrial revenue EUR 11.64bln. Unit sales +26.3% Y/Y to 91,260 (exp. 87,391), new orders +10.5% Y/Y to 71,168 (vs 64,412 Y/Y). Reported strong volume growth and improved profitability in North America, alongside higher revenue and adj. EBIT at Mercedes-Benz Trucks. Reaffirms FY26 guidance. IAG (IAG LN) Q3 adj. operating income EUR 1.73bln (exp. 1.8bln), Q3 revenue EUR 9.74bln (exp. 9.74bln). Passenger load factor 88% (exp. 88.7%). CEO highlighted a positive outlook for the remainder of FY26 and the beginning of FY27, supported by measures being implemented across the business. Reaffirms FY26 operating margin guidance. Stabilus (STM GY) Q4 adj. EBIT EUR 28.9mln (vs 34mln Y/Y), Q4 revenue EUR 302.1mln (vs 316mln Y/Y); it identified a goodwill impairment charge of approximately EUR 67mln, attributable to its Americas business following weaker-than-expected demand in parts of the region. Updates medium-term targets to reflect changing market conditions; sees FY30 revenue of approximately EUR 1.5bln, and FY30 adj. EBIT margin between 12-15%.
  • FINANCIALS: ING Groep (INGA NA) is reportedly auctioning approximately USD 500mln in data centre loans, including debt linked to Vantage Data Centers, CyrusOne and the OpenAI-SoftBank-Oracle Stargate project, Bloomberg reports; the portfolio comprises 12 loans. Bids are due by 19th November. Euronext (ENX FP) Q3 adj. EBITDA EUR 364.2mln (exp. 346mln), Q3 revenue EUR 547mln (exp. 524.6mln). Authorises a EUR 350mln share buyback programme. Lowers FY26 underlying expenses outlook; sees FY26 underlying expenses of EUR 760mln (prev. saw 770mln). BMPS (BMPS IM) Q3 net operating income EUR 1.02bln (exp. 965mln), Q3 revenue EUR 1.99bln (exp. 1.98bln). Net interest income EUR 1.11bln. The bank is proceeding with its analysis of Intesa Sanpaolo’s (ISP IM) offer; elsewhere, Italy’s antitrust authority has reportedly accepted commitments proposed by Intesa Sanpaolo in relation to BMPS, according to La Repubblica. Banco BPM (BAMI IM) 9-month net income EUR 1.53bln (vs 1.51bln Y/Y), 9-month revenue EUR 4.67bln (+2.1% Y/Y). Net interest income remained flat Y/Y at EUR 2.33bln, while net income +1.3% Y/Y. Raises interim dividend to EUR 0.50/shr (prev. 0.46). Reaffirms FY26 net income outlook, sees FY26 net income above EUR 1.95bln. Japan GPIF reported a Q3 investment return -1.7%, its first quarterly loss in six quarters. Performance was weighed down by declining global bond prices and yen appreciation, with the dollar falling more than 3% against the yen during the quarter; maintains a strategic portfolio allocation of approximately 25% across each of its four asset classes. Bank of America (BAC) CEO said it remains on track to meet its 2026 financial targets. It expects net interest income growth of 8% in 2026, and at least 8% in 2027, exceeding its 5-7% medium-term target. YTD EPS rose 19% excluding a regulatory charge, while return on tangible common equity reached 16%.
  • CONSUMER CYCLICAL: Pirelli (PIRC IM) 9-month adj. EBIT EUR 840.8mln (vs 835mln Y/Y), 9-month revenue EUR 5.28bln (+1.6% Y/Y). Adj. EBIT +0.7% Y/Y, while adj. EBIT margin declined to 15.9% (vs 16.1% Y/Y). Reaffirms FY26 targets, subject to no further deterioration in external conditions. Approved a new Euro Medium Term Note programme worth EUR 2bln.
  • CONSUMER DEFENSIVE: Monster Beverage (MNST) shares fell 2.5% in extended US trading despite stronger than expected quarterly revenue and robust international sales growth, as earnings merely met expectations while the company continues investing heavily in marketing and new product launches.
  • TECH: Cloudflare (NET) shares surged by almost 13% in extended trading following stronger than expected quarterly earnings and revenue, driven by accelerating AI adoption and robust demand for networking and cybersecurity services, and it also upgraded its guidance. Akamai Technologies (AKAM) shares rose 2.3% in extended US trading after stronger than expected quarterly earnings and profitability, supported by momentum in Security and Cloud Infrastructure Services and growing AI cloud adoption, though its revenue fell short and it issued weaker than expected guidance. Lam Research (LRCX) announced a USD 25bln share repurchase authorisation, supplementing its existing programme. Lyft (LYFT) shares fell 6.5% in extended US trading following a surprise quarterly loss, caused by a driver-classification legal settlement, weaker-than-expected revenue, and disappointing rider and trip numbers. Silver Lake and Saudi Arabia’s Public Investment Fund have held talks to acquire Unity Software (U), discussing a valuation of approximately USD 25bln, according to Reuters. Major investors are said to be sceptical that Anthropic (ANT) can achieve its targeted USD 1.5tln IPO valuation following an AI-related market sell-off, WSJ reports; one investor suggested a valuation nearer USD 1tln, while the planned USD 100bln fundraising could shrink to USD 80bln or even face delays.

DAY AHEAD

  • EVENTS: Today is the deadline for ECB Presidential nominations.
  • DATA: In Europe, Eurozone retail sales are seen easing to 0.6% Y/Y (prev. 0.8%). In North America, US October nonfarm payrolls (exp. 65K, prev. 29K), with the unemployment rate seen unchanged at 4.2% (see below for preview). Preliminary University of Michigan sentiment is seen at 48.0 (prev. 48.0), with 1-year inflation expectations at 4.7% (prev. 4.7%) and 5-10-year at 3.6% (prev. 3.5%); US consumer credit (prev. USD 8.28bln) is also due. In Canada, employment change is expected to show the addition of 14K jobs (prev. -68.3K), and the unemployment rate is seen unchanged at 6.5% (prev. 6.5%); Ivey PMI is also due (exp. 57.5, prev. 58.2).
  • CENTRAL BANKS: Fed’s Williams (voter) speaks at an ECB event; Fed’s Musalem (2028 voter) participates in a moderated discussion; Fed’s Bowman (voter) will speak on supervision and regulation. BoJ Governor Ueda delivers the IMF Michel Camdessus Central Banking Lecture. BoE’s Pill (hawk) participates in the National MPC Agency briefing; ECB’s Lane joins a fireside chat.
  • CRA: Potential reviews from Fitch on Greece (BBB), Morningstar DBRS on Germany (AAA).
  • ENERGY: Baker Hughes reports weekly rig counts (prev. oil 462, gas 103, total 603).
  • EARNINGS: Notable earnings reports due today include: Moderna (MRNA), Humana (HUM), Vistra (VST), PPL (PPL), Franklin Templeton (BEN), Charter Communications (CHTR), Under Armour (UAA).
  • PREVIEW - US NONFARM PAYROLLS (13:30GMT/08:30EST): The US economy is expected to add 65k nonfarm payrolls in October, up from 29k in September and above the 12-month average of 41k. The unemployment rate is expected to hold at 4.2%, although the Chicago Fed’s final estimate points to a modest decline from September’s unemployment rate. Average hourly earnings are seen rising 0.3% M/M (prev. 0.1%), although the annual rate is expected to ease to 2.9% from 3.0%, which would be its first sub-3% reading since May 2021. Labour market proxies have been largely positive: initial and continuing claims both fell between the survey windows, ADP’s private payrolls beat expectations and Challenger reported the lowest October job cut total since 2023. Challenger’s data also showed hiring plans picking up, albeit driven by seasonal roles, while Revelio’s data pointed to a slowdown in job growth. Business surveys were mixed but consistent with expansion: ISM manufacturing employment slipped but remained in expansionary territory, while ISM services employment rose further into expansion. Consumer confidence data showed the labour market differential widening, with expectations for jobs six-months ahead becoming less pessimistic. In terms of Fed policy, the October statement and Chair Warsh’s comments after the confab suggested rates would rise at a measured pace, with money markets pricing an approximately 83% chance of a 25bps FOMC rate rise in December. Analysts suggest that if the October jobs data is consistent with consensus expectations, it will allow the Fed to remain focused on inflation.

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