EUROPEAN OPEN: EVK GY reportedly to reject BAS GY EUR offer; BAYN GY wins St. Louis Roundup trial; AZN LN, SAN FP beats; ACA FP net income misses; NWG LN revenue miss, PBT beat; BP/ LN earnings top expectations

• TECH: Intel (INTC) shares plunged by almost 23% in extended trading after weaker than expected revenue, free cash flow, and profit guidance, driven by prolonged PC market weakness, memory shortages and disruption at its Israeli factory, overshadowed stronger quarterly earnings and robust data centre demand. SanDisk (SNDK) shares edged lower in extended US trading as weaker than expected operating cash flow and investor concerns over the sustainability of AI spending outweighed strong quarterly earnings, upbeat guidance and a stock split announcement. Nvidia (NVDA) is in talks to provide credit guarantees for an Nscale (NSCL) data centre facility that Anthropic (ANT) plans to use in West Virginia, equipped with Nvidia chips, according to The Information; the guarantees could amount to billions of dollars.
• COMMUNICATIONS: Universal Music Group (UMG NA) reported stronger than expected quarterly earnings and revenue, driven by robust subscription growth, higher wholesale pricing, rising subscriber numbers and strong physical music demand across key markets, alongside continued growth in advertising-supported streaming.
• CONSUMER CYCLICAL: Amazon (AMZN) shares fell 7% in extended trade after higher than expected AI infrastructure spending, deteriorating free cash flow and slowing e-commerce and advertising growth overshadowed accelerating AWS revenue, which nevertheless fell short of heightened investor expectations. Starbucks (SBUX) shares edged lower as weaker-than-expected revenue, disappointing international comparable sales, and expectations of slowing North American sales growth outweighed stronger quarterly earnings and robust US sales performance. Volkswagen’s (VOW3 GY) Audi supervisory board is scheduled to hold an extraordinary meeting on Friday afternoon to discuss a planned US factory and the circumstances surrounding CEO Dollner’s recent appearance with US President Trump, DPA reports citing sources. Rivian (RIVN) shares rallied by over 8% in extended trading after reporting a smaller than expected quarterly loss, driven by robust demand for its new R2 SUV, alongside an upgraded FY vehicle delivery outlook. Puma (PUM GY) reported better-than-expected quarterly sales and improved gross margins, although revenue remained under pressure from business reset measures and weaker consumer demand; narrowed FY operating profit view, and reduced planned capex.
• FINANCIALS: Credit Agricole (ACA FP) reported weaker than expected net income, higher credit risk costs and below-forecast capital ratio, though revenue was stronger than expected, and it noted solid performance in French retail and large-customer banking. NatWest (NWG LN) revenue slightly missed expectations, as did net interest income and net interest margins, though it saw a modest pre-tax profit beat and a stronger capital ratio; reaffirmed FY guidance. Axa (CS FP) reported higher gross written premiums and revenues, driven by growth across its Property & Casualty and Life & Health businesses; reaffirmed FY outlook. Capgemini CAP FP) reported quarterly revenue growth and increased bookings, and upgraded its FY revenue growth outlook, reflecting improved business momentum.
• ENERGY: BP (BP/ LN) reported stronger than expected quarterly earnings, revenue and cash flow, alongside lower net debt, although its production outlook reflected ongoing Middle East disruptions, weather-related impacts and asset divestments; will prioritise excess cash flow for settling Deepwater Horizon liabilities.
• HEALTHCARE: Bayer (BAYN GY) won a St. Louis Roundup trial after a jury rejected cancer claims from three plaintiffs, Bloomberg reports. The verdict follows a US Supreme Court ruling limiting certain Roundup lawsuits. Bayer faces approximately 65K pending cases and has proposed a USD 7.25bln settlement. Roundup litigation has already cost the company over USD 11bln. Evonik (EVK GY) reportedly plans to reject BASF’s (BAS GY) improved EUR 11bln takeover offer of EUR 24/shr, viewing the proposal too low and undervaluing the speciality chemicals group, FT reports citing sources; a formal statement could follow in the coming days. AstraZeneca (AZN LN) reported stronger than expected quarterly earnings and revenue, supported by multiple new drug approvals, positive late-stage clinical trial results and a promising pipeline of potential blockbuster medicines; reaffirmed FY guidance. Sanofi (SAN FP) reported stronger than expected quarterly earnings and revenue, driven by robust Dupixent demand, successful new medicine launches and disciplined cost management; vaccine sales weakened; upgraded its FY outlook. Gilead (GILD) shares rose 2.3% in afterhours trading as stronger than expected quarterly earnings and revenue, driven by robust HIV portfolio sales, supported an upgraded FY product sales outlook, overshadowing a wider projected adjusted loss.

• EVENTS: EU-Canada summit continues.
• DATA: In Europe, flash Q3 Eurozone GDP is expected to rise 0.2% Q/Q (prev. 0.6%), and the annual rate by 1.1% Y/Y (prev. 1.2%); unemployment is seen unchanged at 6.4%. Regional CPI metrics are expected from Germany (exp. 0.1% M/M, prev. 0.6%) with the annual rate easing to 3.0% Y/Y (prev. 3.3%), while HICP is seen rising 0.1% M/M (prev. 0.6%) and easing to 3.1% Y/Y (prev. 3.3%). In North America, US Q3 employment cost index (exp. 0.8% Q/Q, prev. 0.9%), with wages (exp. 0.8% Q/Q, prev. 0.9%); Chicago PMI (prev. 58.8) is also due. In Canada, August GDP is seen rising 0.2% M/M (prev. 0.0%).
• CENTRAL BANKS: Fed's Hammack (voter) and Cook (voter) will give remarks to explain their hawkish FOMC dissents this week; Fed's Musalem (2028 voter) speaks at the Shadow Open Market Committee, and Fed's Daly (2027 voter) gives opening remarks at a San Fran Fed conference. ECB chief economist Lane speaks on AI and the economy; the ECB will also publish its Survey of Professional Forecasters and Survey of Monetary Analysts. The BoE Decision Maker Panel and Agents' summary of business conditions will be released. In Turkey, the CBRT minutes are due.
• CRA: Morningstar DBRS potentially reviews Spain (A high).
• ENERGY: Baker Hughes reports weekly rig counts (prev. oil 460, gas 132, total 603).
• EARNINGS: Notable earnings due today include: ExxonMobil (XOM), AbbVie (ABBV), Chevron (CVX), General Dynamics (GD), Regeneron (REGN), Colgate-Palmolive (CL), Dominion Energy (D), Exelon (EXC), Kenvue (KVUE), Cboe (CBOE).

This is a broad European open wrap rather than a single catalyst, so the historical read is about how these sessions tend to trade: a dense earnings tape in which stock-specific moves dominate index direction, with the heavier repricing usually in names where guidance, rather than the print, has disappointed. The notable pattern here is the tech complex, where strong headline numbers have been punished when capital expenditure and cash flow run against elevated AI spending expectations; in past episodes of this kind, that framing has weighed on the AI-linked peer set and the semis complex more than on the broad tape. The Evonik and BASF report is a classic early-stage approach rejection, and rejections on price grounds of this sort have historically been an opening position rather than an end state, with the follow-ons being any formal statement, shareholder commentary, and whether the bidder signals willingness to move. The Bayer verdict is one data point in a long litigation arc where individual trial outcomes have moved the shares sharply but the liability overhang has only resolved through aggregate settlement mechanics. Into the session, the calendar is heavy on the second-tier side: flash Eurozone GDP, German CPI, the US employment cost index, and a slate of Fed speakers explaining recent dissents, a combination that in similar weeks has kept front-end pricing sensitive to the wage data and the tone of the dissenters rather than to the growth prints.