Newsquawk Daily European Equity Opening News - 21st October 2026

APAC stocks were mostly firmer as after-hours strength in AI names, following Super Micro Computer's upbeat guidance and SpaceX's earnings call, offset the mixed lead from Wall Street, where the Nasdaq 100 lagged on AI-debt concerns. ASX 200 was little changed amid a busy morning of company updates, including NEXTDC's FY27 guidance cut, while Goldman Sachs shifted to expecting a 25bps RBA hike in November after hawkish remarks from RBA's Hauser. Nikkei 225 gained on the AI-led strength in US after-hours trade, shrugging off softer-than-expected exports and a wider-than-expected trade deficit. KOSPI outperformed and triggered a sidecar as KOSPI 200 futures jumped 5%, rebounding after Tuesday's sharp slide. Hang Seng and Shanghai Comp were lower with the latter reversing earlier opening gains, while CAICT data showed a 22.9% Y/Y drop in China's September smartphone shipments and CATL was in focus after its Q3 miss.

Japanese Trade - Trade Balance (Sep) -536.6B vs. Exp. -181B (Prev. -1111.9B); Exports (Sep YY) 16.7% vs. Exp. 20.1% (Prev. 19.3%); Imports (Sep YY) 18.9% vs. Exp. 19.6% (Prev. 28.0%).

Samsung Electronics (005930 KS), SK Hynix (000660 KS) - Cos are reportedly upgrading China factories to produce more advanced memory chips to meet AI demand and counter growing competition from Chinese rivals, according to Reuters sources. (Reuters)

CLOSES: Euro Stoxx 50 -0.33% at 6,125, Dax 40 -0.05% at 25,307, FTSE 100 -0.29% at 10,733, CAC 40 -0.38% at 7,838, FTSE MIB -0.03% at 49,071, IBEX 35 +0.28% at 19,092, PSI -0.67% at 9,331, SMI +0.76% at 14,478, AEX -0.68% at 1,134.

GSK (GSK LN) - Co. announces that the US FDA has approved Hibsago for the treatment of chronic hepatitis B. (GSK)

OTHER UK COMPANIES

BROKER MOVES

Standard Chartered (STAN LN) upgraded to Overweight from Equal Weight at Barclays

Adidas (ADS GY) - Prelim. Q3 2026 (EUR): Operating profit 1.01bln (exp. 0.77bln), Sales 7.25bln (exp. 7.11bln), Gross Margin 54.3% (prev. 51.8% Y/Y). Raises FY26 operating profit guidance to around EUR 2.5bln (prev. 2.3bln), including EUR 200mln in tariff refunds and plans to re-invest EUR 100mln in Q4. (Adidas)

Deutsche Boerse (DB1 GY) - Q3 2026 (EUR): Adj. EPS 3.28 (exp. 3.11), Revenue 1.63bln (exp. 1.60bln). Raises FY26 outlook, net revenue above 6.5bln (prev. above 6.4bln), EBITDA around 3.9bln (prev. above 3.8bln), treasury result above 800mln (prev. above 700mln). (Deutsche Boerse)

OTHER GERMAN COMPANIES

BROKER MOVES

BNP Paribas (BNP FP) - Belgium's government faces internal pressure to sell its 5.7% stake in BNP Paribas, valued at approximately EUR 5.4bln, according to Bloomberg. A sale is not expected imminently and would likely follow other divestments, including a planned 20% Belfius stake sale by year-end. (Bloomberg)

Bureau Veritas (BVI FP) - Q3 2026 (EUR): Revenue 1.57bln (exp. 1.55bln). Confirms FY26 outlook. (Bureau Veritas)

Carrefour (CA FP) - Q3 2026 (EUR): Revenue 22.7bln (exp. 22.71bln, prev. 22.6bln Y/Y). Lowers FY26 guidance: Recurring operating income margin growth of 0-15bps (prev. +25bps), adj. EPS stable to slightly higher Y/Y (prev. high single-digit growth), net FCF to decline slightly (prev. slight growth), citing deteriorating consumption trends and operating conditions in France. Reaffirms FY26 cost-savings target of EUR 1bln, but is reducing its investments in France until the end of the year and is now targeting annual CAPEX of EUR 1.6bln (prev. 1.7bn). Commentary: In Europe, consumer momentum remained solid, despite a rebound in headline inflation driven by higher energy costs, which weighed on household purchasing power, while food inflation remained contained. (Carrefour)

Eurofins Scientific (ERF FP) - Q3 2026 (EUR): Revenue 1.91bln (exp. 1.90bln). 9M: Revenue 5.61bln (prev. 5.42bln Y/Y), Organic growth of 3%. Confirms its mid-term and FY27 objectives. (Eurofins Scientific)

EssilorLuxottica (EL FP) - Q3 2026 (EUR): Revenue 7.5bln (exp. 7.33bln), Revenue ex-FX +7.2% (exp. +6.3%). Other Revenue Metrics: Direct to Consumer revenue +10.6%, comparable-store sales +6.8%, Professional Solutions +3.4%, myopia management +24%, wearables revenue +20%. Sales by Region: North America +4.7%, EMEA +7.5%, Asia-Pacific +15.7%, Latin America +7.1%. Outlook: Plans to deliver a solid growth of its total revenue and a broadly aligned growth of the adjusted operating profit over the next five years. (EssilorLuxottica)

Michelin (ML FP) - 9M 2026 (EUR): Revenue 19.2bln, +1% Y/Y at constant FX. Reaffirms FY26 guidance. (Michelin)

Thales (HO FP) - Co. CEO sees significant growth opportunities in Japan and potential partnerships with Japanese companies as the country expands its defence industry. (Nikkei)

OTHER FRENCH COMPANIES

Edenred (EDEN FP) - Q3 2026 (EUR): Total revenue 725mln (exp. 709mln), LFL Revenue -1.2% (exp. -2.6%). Affirms FY26 guidance. (Edenred)

Klépierre (LI FP) - 9M 2026 (EUR): EBITDA 813.8mln (prev. 772mln Y/Y). Raises FY26 EBITDA guidance to at least 1.165bln, net current cash flow per share to 2.83 (+4% Y/Y).

Vivendi (VIV FP) - Q3 2026 (EUR): Revenue 77mln (prev. 68mln Y/Y). (Vivendi)

BROKER MOVES

Carrefour (CA FP) downgraded to Equal Weight from Overweight at Morgan Stanley

Legrand (LR FP) upgraded to Buy from Neutral at Goldman Sachs

Akzo Nobel (AKZA NA) - Q3 2026 (EUR): Revenue 2.54bln (exp. 2.64bln), Adj. EBITDA 388mln (exp. 392.5mln), Adj. Operating Profit 297mln (exp. 297mln). FY26 outlook: Adj. EBITDA expected around EUR 1.47bln, reflecting approximately EUR 100mln improvement in constant currencies.

ASML (ASML NA) - Elon Musk says ASML and other chipmaking equipment suppliers have accelerated deliveries for Tesla (TSLA) and SpaceX's (SPCX) Terafab semiconductor project to meet aggressive timelines. (Newswires)

BBVA (BBVA SM) - Morningstar DBRS upgrades long-term senior issuer rating by one notch to AA (low) from A (high); outlook revised to Stable from Positive. (Morningstar DBRS)

EQT (EQT SS), Qiagen (QIA GY) - EQT is in advanced talks to acquire Qiagen, having submitted an offer of more than USD 50/shr, according to Bloomberg sources. The source added that KKR (KKR) has also submitted a bid. (Bloomberg)

Randstad (RAND NA) - Q3 2026 (EUR): Revenue 6.12bln (exp. 5.98bln), EBITA 196mln (prev. 153mln Y/Y), Operating Profit 177mln (prev. 136mln Y/Y), Net Income 110mln (prev. 83mln Y/Y). Guides Q4 2026 gross margin to be broadly stable sequentially and operating expenses are expected to be slightly higher sequentially. (Randstad)

BROKER MOVES

Alcon (ALC SW) - Alcon acquired Neurotech Pharmaceuticals for USD 550mln, expanding its retina portfolio with ENCELTO, an FDA-approved treatment for adults with MacTel. Additional payments may be due upon commercial milestones. Alcon expects the acquisition to be modestly accretive to net sales growth and slightly dilutive to core diluted EPS in 2027, becoming accretive thereafter. (Alcon)

Sika (SIKA SW) - Co. agrees to buy the adhesives business of Resonac, no terms disclosed. (Sika)

OTHER SWISS COMPANIES

Flughafen Zurich (FHZN SW) - Co. changes the executive board at Zurich Airport. COO Tschudin will leave the company and Naef is appointed as CCO. (Flughafen Zurich)

BROKER MOVES

DKSH (DKSH SW) upgraded to Outperform from Neutral at BNP Paribas

DSV (DSV DC) - Q3 2026 (DKK): Revenue 80.7bln (exp. 75.9bln), gross profit 20.3bln (exp. 20.2bln), adj. EBIT 6.61bln (exp. 6.44bln), net income 3.02bln (exp. 2.7bln). Narrows FY26 adj. EBIT guidance to DKK 24-25bln (prev. 23.5-25.5bln), including expected Q4 property disposal gains. Announces share buybacks of up to DKK 1.5bln. (DSV)

Dnb Bank (DNB NO) - Q3 2026 (NOK): Total Income 21.7bln (exp. 21.1bln), NII 15.5bln (prev. 16bln Y/Y), Pre-tax Operating Profit 12.53bln (prev. 13.35bln Y/Y), Profit 9.84mln (prev. 10.68bln Y/Y). (DNB Bank)

Elisa Corporation (ELISA FH) - Q3 2026 (EUR): Revenue 651mln (exp. 561.2mln), Adj. EBIT 131mln (exp. 134.6mln), Adj. EBITDA 210mln (exp. 210.5mln). Affirms FY26 guidance. The discontinuation of PSTN has a EUR 2mln negative impact on EBITDA. (Elisa)

Husqvarna (HUSQB SS) - Q3 2026 (SEK): Sales 9.01bln (exp. 9.11bln), Adj. EBIT -246mln (exp. 24.8mln). Net sales weakness primarily driven by continued weakness in Europe. Says near-term headwinds are expected to remain. (Husqvarna)

Orion (ORNBV FH) - Raises FY26 outlook (EUR): Net sales 2.07-2.14bln (prev. guided 2.00-2.10bln), operating profit 730-790mln (prev. guided 650-750mln), driven by stronger-than-expected royalty income growth, which is expected to continue for the remainder of the year. (Orion)

Ringkjobing Landbobank (RILBA DC) - Q3 2026 (DKK): Total Core Income 1.1bln (exp. 1.09bln), Net Profit 617mln (prev. 562mln Y/Y). Guides FY26 net profit at the upper end of the DKK 2.2-2.5bln range. (Ringkjobing Landbobank)

SKF (SKFB SS) - Q3 2026 (SEK): EPS 3.74 (exp. 3.81), Revenue 17.5bln (exp. 23.17bln), Adj. EBIT 2.85bln (exp. 2.94bln). Expects Q4 organic sales growth from continuing operations to strengthen somewhat Y/Y, with market conditions similar to Q3, although elevated volatility continues to create uncertainty. (SKF)

Storebrand (STB NO) - Q3 2026 (NOK): Operating Profit 1.16bln (prev. 1.09bln Y/Y), Insurance result 895mln, +28% Y/Y. CEO: "Well on track to deliver on the 2028 targets of NOK 7bln in group profit and 17% ROE." (Storebrand)

Svenska Handelsbanken (SHBA SS) - Q2 2026 (SEK): Total Income 14bln (exp. 14bln), Operating profit 7.35bln (prev. 6.68bln Y/Y), NII 10.05bln (prev. 10.58bln Y/Y). (Svenska Handelsbanken)

Thule (THULE SS) - Co.'s Board of Directors has received a request for an Extraordinary General Meeting for election of the Board of Directors, following which the Chairman has resigned, with immediate effect. (Thule)

Var Energi (VAR NO) - Q3 2026 (USD): Total Income 3.57bln (exp. 3.49bln), EBIT 2.21bln (prev. 1.07bln Y/Y). FY26 production guidance around 390k BOEPD, development capex USD 2.5-2.7bln, exploration spend USD 250-300mln and abandonment spend around USD 200mln. (Var Energi)

Vestas (VWS DC) - Co. secures a 27 MW order for six V163-4.5 MW turbines, with deliveries expected to begin in late 2027 and commissioning scheduled for 2028. (Vestas)

Wihlborgs Fastigheter (WIHL SS) - 9M 2026 (SEK): Rental Income 3.48bln (prev. 3.24bln Y/Y), Income from property management 1.60bln (prev. 1.48bln Y/Y). Profit 1.54bln (prev. 1.37bln Y/Y). (Wihlborgs Fastigheter)

BROKER MOVES

CLOSES: SPX +0.28% at 7,713, NDX -0.13% at 29,490, DJI +1.02% at 52,497, RUT +1.67% at 2,774

SECTORS: Communication services -0.89%, Technology -0.34%, Industrials flat, Energy +0.18%, Consumer staples +0.28%, Materials +0.31%, Consumer discretionary +0.72%, Financials +1.14%, Utilities +1.15%, Real estate +1.7%, Health +2.34%.

Interparfums (IPAR) - Interparfums reported Q3 revenue of USD 430mln (exp. 423.84mln), with YTD sales rising 1%. Strong European sales offset weaker US operations following exceptional Q2 growth. The Middle East conflict represented a 1% headwind in Q3, and 2% over nine months. The company said it is preparing major product launches and new brand additions for 2027.

Netflix (NFLX) - Netflix shares fell 5.6% in extended trading after it reported its slowest revenue growth in three years, and issued a weaker Q4 outlook, citing slower advertising growth, plateauing viewership and intensifying competition. Q3 EPS 0.87 (exp. 0.82), Q3 revenue USD 14.6bln (exp. 12.87bln). Management said retention remains healthy across all regions and recent price increases have performed in line with expectations. US engagement was solid, but still has room to improve. Ended Q3 with USD 15.3bln of gross debt, and USD 8.2bln of cash and cash equivalents, with USD 22.3bln remaining under its share repurchase authorisation. Sees Q4 EPS of 0.67 (exp. 0.73) and Q4 revenue at USD 13.44bln (exp. 13.52bln). Sees FY26 revenue of USD 51.1bln (exp. 51.21bln; prev. saw 51.0-51.4bln), operating margin 31.5%, and operating income growth of more than 20%; FY26 advertising revenue is now expected at approximately USD 2.7bln (vs approx USD 3.0bln previously), due to a slower rollout of some advertising product capabilities. Management expects strong revenue growth and aims to sustain double-digit revenue growth in 2027.

SpaceX (SPCX) - SpaceX shares rose 9.3% in extended trading after a sharp increase in AI revenue drove a swing to profit, while stronger-than-expected Starlink growth and formal merger discussions with Tesla added to the upside. Q3 EPS 0.35 (exp. 0.16), Q3 revenue +161% Y/Y at USD 14.575bln (exp. 13bln). Execs said growth was driven by Connectivity and an inflection in the Super Intelligence business. Starlink reached 13.6mln consumer subscribers, with 11,100 satellites in orbit; SpaceX completed 113 launches YTD through September, and delivered 1,517 tonnes to orbit. Management said it expects roughly 2.5-3GW of compute online by end-2026 and is targeting at least 13GW by end-2027, while Starship is expected to reach weekly launches in H1 2027 and potentially twice-weekly launches in H2. Sees Q4 capex between USD 35-40bln and Q4 gross margin broadly consistent with Q2. Sees Q1 revenue between USD 33-37bln.

SpaceX (SPCX), Tesla (TSLA) - SpaceX/Tesla CEO Musk said SpaceX and Tesla have formed independent special committees to discuss a potential merger, though no terms have been agreed and there is no guarantee of a transaction.

Super Micro Computer (SMCI) - Shares surged almost 17% in extended trading after it sharply raised its Q1 outlook on stronger AI platform demand, and also lifted its gross margin guidance. Sees Q1 net sales between USD 18.5-19.5bln (exp. 14.99bln; prev. saw 14.5-15.5bln), driven primarily by increased demand for AI platforms. Sees Q1 adj. gross margin between 12.0-12.5% (prev. saw 10.4%-10.8%), primarily reflecting customer and product mix.

United Airlines (UAL) - United Airlines shares fell after quarterly earnings missed expectations and Q4 profit guidance came in below consensus, outweighing strong revenue trends across premium, loyalty, cargo and business travel. Q3 adj. EPS 2.54 (exp. 2.58), Q3 revenue USD 17.9bln (exp. 17.88bln). Capacity +1.3% Y/Y, TRASM +15.9%, CASM +17.3% and CASM-ex +7.8%. Premium revenue +17% Y/Y, Basic Economy +16%, loyalty +17%, cargo +23% and contracted business revenue +26%, economy cabin unit revenue +17%. Trailing 12-month net leverage was 2.4x, with total debt, finance lease obligations and other financial liabilities of USD 26.4bln. CEO Kirby said results demonstrated the resilience of United’s strategy of building a brand-loyal airline. Sees Q4 adj. EPS between 0.50-1.50 (exp. 1.75), operating revenue growth above 20% Y/Y and accelerating unit revenue growth Q/Q; every USD 0.01 change in fuel price equates to approximately 0.025 of quarterly EPS impact. Sees FY26 adj. capex around USD 7.5bln.

This is a standard European pre-open digest, and the read-through follows the usual sequence for such wraps: the overnight APAC handoff sets the opening tone, the US after-hours prints set the single-name gap risk, and the morning's European earnings determine whether the session broadens or narrows. The overnight lead is constructive but mixed: AI-complex strength in US extended trade, with Super Micro's raised guidance and SpaceX's print, against a softer Nasdaq close and a Netflix miss, a pattern that has tended to favour semis and AI-supply-chain names at the European open while leaving media and ad-exposed names heavy. The KOSPI sidecar after the prior session's slide is the kind of mechanical stabiliser that historically dampens follow-through selling rather than reversing the underlying move. On the single-stock calendar, the guidance raises at Adidas, Deutsche Boerse and DSV sit against cuts at Carrefour and weakness at Husqvarna and SKF, a consumer-versus-industrial split that has been a recurring tell for the European tape: positive surprises clustered in exporters and financial infrastructure, negative ones in domestic consumption. The EQT approach for Qiagen with a rival bidder in the frame is the session's principal M&A catalyst, and competitive two-bidder situations have typically been resolved through price tension in the target rather than the acquirers. The follow-ons worth noting are any confirmation or denial from the parties, the RBA repricing after the hawkish commentary feeding into the rates-sensitive complex, and whether the AI after-hours bid survives the cash open given how often extended-hours leadership has faded by the European afternoon.