European Pre-Market Summary 22nd October 2026: European bourses set for a weak open; SAP, Nokia, Nestle report strong results, whilst Hermes disappoints

Newsquawk Staff · 22 Oct 2026, 06:32 UTC

Earnings

SAP (SAP GY), +1.4%: Co. reported a beat on its Q3'26 Revenue metric, with Adj. Op. Profit also a touch above the consensus. Co. lifted its FY cloud revenue outlook to the upper end of its existing range. In the earnings call, management said AI was the main driver of customers' cloud migration in Q3.
Nokia (NOKIA FH): Co. reported a beat on its Q3'26 Revenue and Adj. Op Profit amidst strong AI related sales. The Co. also maintained its FY outlook.
Roche (ROP SW): Co. reported a beat on its Q3'26 Sales metric and reaffirmed its FY26 outlook. Strong results were backed by solid demand across its pharma and diagnostics units, and as currency-related headwinds subsided.
Nestle (NESN SW), +1.8%: Co. reported a beat on its Q3'26 Sales and Organic Growth figures, whilst also reaffirming its FY26 guidance. Co. also announced it had deconsolidated its Russian business.
Barclays (BARC LN), -0.8%: Reported Q3'26 results, whereby Revenue rose from the prior, whilst Adj. PBT was a touch short of expectations. The Co. announced a share buyback worth GBP 500mln and says that the Co. is on track to achieve its 2026 and 2028 targets.
Hermes (RMS FP), -2%: Reported +4% growth in Q3'26. Co. confirms its ambitious goal for revenue growth at constant exchange rates, despite the economic, geopolitical and monetary uncertainties around the world.
Puig (PUIG SM) - Q3 2026 (EUR): Revenue 1.39bln (prev. 1.30bln Y/Y), +5.6% LFL.
BE Semiconductor (BESI NA), +3.2% - Q3 2026 (EUR): Revenue 283.4mln (prev. 132.7mln Y/Y), orders 342.6mln (prev. 174.7mln Y/Y). Announces initiation of EUR 100mln share buyback programme.

Broker Moves

Commerzbank (CBK GY) downgraded to Equal Weight from Overweight at Barclays

What our morning note said

EU Market Open, 22 Oct, 05:43 UTC · what it led with

APAC stocks were pressured and extended on losses throughout the session as AI and semiconductor names were sold, despite the gains on Wall Street.
The Hang Seng and KOSPI led the declines, while the BoK held rates as expected.

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Headlines that moved markets

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

Fed’s Waller (voter) says more rate hikes are likely needed to tame inflation, but there is flexibility over the pace and hikes do not need to be consecutive.
DXY+0.1%
Japan's GPIF didn't discuss allocation at its September meeting, Bloomberg reports.
USD/JPY+0.1%
Japanese FX Official Mimura says they are closely watching to see if markets take the clear message they are giving at face value. Not satisfied with or reassured by recent JPY action.
USD/JPY−0.5%

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