EUROPEAN OPEN: NOVOB DC open to direct NYSE listing; DGE LN appoints WPP LN's Wilson as CFO; JD/ LN notes 'tough' trading, backs FY27 guidance; GLEN LN signs USD 1bln Nth Cycle offtake agreement; IBE SM reportedly prepares East Anglia Two stake sale

EUROPEAN OPEN:

• European equities start the midweek session with gains. Overnight, APAC stocks were mixed following a similar handover from the US. Chinese AI stocks fell after a report that regulators opened a data security probe into DeepSeek and Moonshot AI, resulting in Z.AI, MiniMax and Alibaba declining; Xiaomi and Tencent also fell amid concerns that Beijing could intensify scrutiny of the AI sector.
• Gold fell to USD 4,335/oz as traders weighed US-Iran diplomacy against concerns over further Fed tightening; some Fed officials have this week warned that price pressures could remain persistent. Copper fell after a six-day rally, as traders weighed Fed tightening risks and a stronger USD; nickel, aluminium and zinc also fell.
• Oil extended losses for a sixth day as Saudi Arabia moved to restart its East-West pipeline, and the US reported progress in talks with Iran. Bloomberg notes that Brent put-option volume has surged to a record roughly 764K contracts as traders increased bearish bets amid easing supply disruptions and signs of diplomatic progress.
• President Trump thinks a settlement will be reached with Iran, noting US officials met the Iranian delegation for three hours in a productive meeting, with another scheduled soon. Trump said there is momentum for a deal, though warned there will be a point when it’s too late, adding that the US may attack if it sees activity at Pickaxe Mountain. Separately, an Iranian diplomatic source said a meeting between Iran President Pezeshkian and US President Trump on the sidelines of the UNGA is not on the agenda; Trump had earlier said he was open to meeting Pezeshkian.
• Elsewhere, UK PM Burnham said he pressed President Trump on tariffs, and that Trump understands the UK’s position on the Falklands.
• In European energy, France will provide EUR 450mln of targeted fuel aid, extending support for low-income drivers and industries including fishing and farming. The EUR 100 payment scheme will run through December, and expand to 5.5mln beneficiaries (from 3mln). The French government also said fuel supplies are sufficient for two months.
• In ECB-speak, after the European close on Tuesday, ECB’s Nagel said persistently high energy prices could require rates to move into mildly restrictive territory. He warned of possible second-round inflation effects through wages, and said the ECB must remain vigilant. Nagel added that the TPI can only address monetary policy transmission issues, not fiscal challenges.
• On the docket today: flash global S&P PMI data for September; SARB policy announcement; UN Meetings include the Trump-Sharif meeting, Senior Iranian leaders-GCC meeting, and Iranian President’s address. Speakers include ECB’s Vujcic, Cipollone and Lane, Fed’s Barr. Supply from Germany and the US.

STOCK SPECIFICS:

• HEALTHCARE: Novo Nordisk (NOVOB DC) CEO told the FT that the company is open to upgrading its US listing from an ADR to a direct NYSE listing, adding that he sees advantages to such a move. AstraZeneca (AZN LN) said Trixeo was approved in the EU as a maintenance treatment for asthma in patients aged 12 years and older. Roche (ROP SW) said its Phase III IMAgINATION study of sefaxersen in adults with primary IgA nephropathy met its primary endpoint.
• CONSUMER DEFENSIVE: Diageo (DGE LN) confirmed the appointment of WPP’s (WPP LN) Joanne Wilson as CFO; she is expected to join sometime in 2027.
• CONSUMER CYCLICAL: Of note for automakers, Chinese automakers captured nearly 12% of European new vehicle sales in August, accounting for one in four hybrid sales, and one in three plug-in hybrids, according to Dataforce; battery and hybrid demand rose 27%, lifting the overall market 4.6%. Chinese brands reached 6.4% share in Germany and over 20% in the UK. JD Sports (JD/ LN) H1 2026/27 revenue GBP 5.90bln (exp. 5.9bln), pretax profit GBP 241mln, and adj. PBT GBP 282mln (exp. 279mln); organic sales -0.7%, LFL sales -2.8%; backed its FY27 guidance.
• ENERGY: Iberdrola (IBE SM) is reportedly preparing to sell up to 49% of its East Anglia Two project, valued at around EUR 5bln, according to Expansion.
• MATERIALS: Glencore (GLEN LN) signed a USD 1bln offtake agreement with Nth Cycle, under which Nth Cycle will supply lithium and other critical minerals recovered from recycled batteries.
• TECH: Adyen (ADYEN NA) named Niclas Neglen as CFO, effective 1st February 2027; added that there are no changes to its existing financial objectives.
• FINANCIALS: Of note for UK banks, global banking executives warned that a UK windfall tax or higher sector taxes could lead banks to divert investment away from the UK, according to the FT.
• REAL ESTATE: Of note for the UK property sector, Senior Labour politicians called for closing the UK’s “six-plus” stamp duty rule after Quadrature Capital co-founder Suneil Setiya bought a GBP 275mln mansion with five flats, FT reports.
• NOTABLE BROKER UPDATES: BP (BP/ LN) upgraded at JPMorgan; Valeo (FR FP) upgraded at Jefferies

DAY AHEAD:

• EVENTS: US President Trump will host arrival ceremony for Chinese President Xi at 18:00EDT/23:00BST. The UN General Assembly continues: President Trump meets Pakistan’s PM Sharif on the sidelines, Iranian President Pezeshkian addresses the floor. Senior Iranian leaders hold talks with Oman, Qatar and Gulf counterparts.
• DATA: In Europe, Eurozone flash PMI is expected to see the composite at 51.7 (prev. 52.0), services at 51.5 (prev. 51.6), and manufacturing at 52.6 (prev. 52.7); UK composite is expected at 52.0 (prev. 52.5), and services at 52.0 (prev. 52.5); Germany composite is seen at 51.8 (prev. 51.8), and services at 50.0 (prev. 49.7); France composite is seen at 49.1 (prev. 48.5), and services at 48.4 (prev. 48.0); US flash composite at 55.2 (prev. 56.0), services at 56.0 (prev. 56.5) and manufacturing at 53.6 (prev. 53.9). Weekly US MBA mortgage applications data are also due (prev. -4.1%; 30-year rate prev. 6.97%).
• CENTRAL BANKS: ECB’s Lane (dovish) delivers a lecture (slides released); ECB’s Cipollone gives panel remarks (slides released); ECB’s Vujcic (neutral) participates in a fireside chat; Fed’s Barr (neutral) speaks on housing; Fed’s Goolsbee (2027 voter) will give a podcast interview. South Africa’s SARB expected to hike 25bps to 7.25%.
• SUPPLY: US sells USD 70bln of 5yr notes, USD 28bln of 2yr FRNs, and conducts a 20–30 year liquidity support buyback announcement. Germany auctions EUR 2bln of 2047, and 2056 debt.
• ENERGY: EIA releases weekly energy inventories; afterhours on Tuesday, API data reportedly showed headline crude stocks posting a surprise build of +1.8mln bbls (exp. -0.6mln), Cushing building by +2.1mln bbls, gasoline stocks posting a surprise draw of -2.2mln bbls (exp. +0.2mln), and distillate inventories posting a larger than expected draw of -2.2mln bbls (exp. -0.5mln).