European Pre-Market Summary 5th November 2026: Earnings back in focus, Maersk lifts FY guidance once again.

Q3 Earnings

Deutsche Telekom (DTE GY): adj. EBITDAaL beat. Affirms guidance. EUR 2bln buyback.
ArcelorMittal (MT NA): Revenue miss, EBITDA beat. Crude Steel Production higher Y/Y. Affirms guidance. Ukraine charge and impairments totalling over USD 1bln during the period.
Commerzbank (CBK GY): Revenue, Operating Profit and NII miss, Net Income beat. Maintains FY Net Income guidance.
Maersk (MAERSKB DC): Strong Q3, upgrades FY guidance once again.
Qiagen (QIA GY): Sales beat, adj. EPS in-line. Suspended guidance while the EQT transaction pends.

9M Earnings

Rheinmetall (RHM GY): Metrics higher Y/Y. Cuts FY sales guidance.
Veolia (VIE FP): Revenue & EBITDA higher Y/Y. FY26 outlook confirmed.
Leonardo (LDO IM): Metrics higher Y/Y. Affirms FY outlook.

H1 Update

BT (BT/A LN): adj. EBITDA and Revenue lower Y/Y. Outlook confirmed.

M&A

AstraZeneca (AZN LN): USD 10bln offer to acquire Rhythm Pharmaceuticals for USD 124/shr last month, WSJ reports.
ABB (ABBN SW): China has blocked SoftBank’s USD 5.4bln acquisition of ABB’s robotics division over supply chain security concerns, and despite the deal receiving Chinese competition clearance in February, the FT reports.

What our morning note said

EU Market Open, 5 Nov, 06:44 UTC · what it led with

US President Trump said it was "largely true" that Republicans lost the midterms because of the Iran war, while he said he is not replacing War Secretary Hegseth.

DXY remained subdued post-Midterms alongside lower yields; USTs and Bunds extend gains as lower oil eases inflation concerns.

Headlines that moved markets

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

"We are interested in the diplomatic track, but without making concessions", Al Arabiya citing an Iranian diplomatic source.

WTI crude+0.8%

"Washington has approved the draft memorandum of understanding that the Qatari delegation presented to Iran yesterday", Al-Araby Al-Jadeed reports citing sources close to the mediation team.

WTI crude−3.6%

Qatari mediators expect feedback from the US and Iran within 36 hours on a new proposal to advance talks, according to an official briefed on the talks cited by Reuters.

WTI crude−1.6%

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European Pre-Market Summary 5th November 2026: Earnings back in focus, Maersk lifts FY guidance once again.

Q3 Earnings

9M Earnings

H1 Update

M&A

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