European Pre-Market Summary 10th November 2026: Earnings remain in focus, Ferrexpo stops production

Q3 Earnings

Henkel (HEN3 GY): Revenue in-line. FY26 Organic Sales guidance midpoint beat.
K+S (SDF GY): adj. EBITDA & Revenue beat. Narrows FY26 EBITDA guidance, due to supply-side constraints.

Q4 Earnings

Infineon (IFX GY): Revenue in-line, adj. EPS & Gross Margin higher Y/Y. Q1 Revenue guide miss. FY27 Revenue guide beat. Dividend increase. CEO: "expect a significant increase in revenue and profitability in fiscal year 2027"

H1 Earnings

Vodafone (VOD LN): Revenue beat, adj. EBITDAaL Organic Growth higher Y/Y. Upgrades FY27 adj. EBITDAaL and adj. FCF guidance.

Pharmaceutical

Roche (ROP SW): Updated Phase Ib/IIa Brainshuttle™ AD study data for trontinemab demonstrating rapid amyloid removal dynamics and changes in key biomarkers.
Bayer (BAYN GY): FDA has approved SUNHARBO (asundexian), 50 mg tablets, a first-in-class, once daily, Factor XIa inhibitor indicated in combination with antiplatelet therapy to reduce the risk of stroke in adults with NIHSS or TIA.

Reports/Updates

BT (BT/A LN): Co. will not launch its partnership with SpaceX's (SPCX) Starlink, following on from the controversy surrounding signal failures in Ukraine, FT reports.
Ferrexpo (FXPO LN): Following Ukrainian electricity damage, it has been decided to temporarily stop production.

What our morning note said

EU Market Open, 10 Nov, 06:50 UTC · what it led with

US President Trump said he had an excellent conversation with Qatar's PM and that US military action against Iran seems unlikely at this point; reports suggest a Qatari-Pakistani proposal has revived US-Iran negotiations.

APAC stocks traded higher as the tech rebound continued following Wall St's broad rally; European equity futures point to a positive open.

Headlines that moved markets

FX headlines from our feed, and what the market did next.

Iranian President Pezeshkian says the Supreme Leader has granted the government some authority on dialogue, ISNA reports.

EUR/USD+0.1%

ECB policymakers see a December rate hike followed by a pause; New ECB staff estimates show the rise in bond yields cutting growth by a cumulative 100bps and inflation by 90bps in 2027-28 vs the September baseline, according to reports, citing sources.

EUR/USD−0.1%

ECB President Lagarde (Q&A) says policymakers believe they are in a good position to wait for incoming information. The situation they are in could have warranted a hike.