Newsquawk Daily European Equity Opening News - 23rd October 2026

APAC stocks were mostly negative following the weak lead from Wall St, where a deepening of the tech rout had spurred a flight to quality, while geopolitical concerns linger following reports that the US and Israel have drawn up plans for renewed strikes on Iran, which could be implemented following the US midterm election. ASX 200 was dragged lower by weakness in mining, materials, resources and tech stocks, although the downside was stemmed by some resilience in consumer discretionary, financials, real estate and utilities, while preliminary PMI data was uninspiring, with all main figures in contraction territory. Nikkei 225 briefly retreated beneath the 62,000 level with notable weakness in tech and mining stocks, while the latest inflation data from Japan mostly matched estimates and showed an acceleration from the previous, with headline and core readings back above the 2% price target. KOSPI underperformed as the tech sell-off rolled over into Asia, and with SK Hynix also not helped after it pulled the plug on plans to list its Solidigm unit on the Nasdaq due to regulatory and market volatility concerns. Hang Seng and Shanghai Comp were mixed as the Hong Kong benchmark rebounded from an early dip with the help of resilience in China's top EV makers, while the mainland initially conformed to the mostly downbeat mood.

BYD (1211 HK) - US military says it has banned BYD vehicles from a base in Japan because of unacceptable and unmitigable risks. (Newswires)

SK Telecom (017670 KS) - Co's data centre unit is in talks with investors for a USD 350bln buildout, according to Bloomberg. (Bloomberg)

SK Hynix (000660 KS) - Co. cancels its plans to list Solidigm on the Nasdaq with an announcement expected soon, according to Hankyung. (Hankyung)

CLOSES: Euro Stoxx 50 -1.96% at 6,086, Dax 40 -1.10% at 25,362, FTSE 100 -0.30% at 10,721, CAC 40 -1.39% at 7,811, FTSE MIB -2.54% at 48,381, IBEX 35 -2.11% at 18,916, PSI -1.46% at 9,238, SMI -0.06% at 14,544, AEX -1.10% at 1,130

UK GfK - UK GfK Consumer Confidence (Oct) -24 vs. Exp. -15 (Prev. -13). (GfK)

UK Budget - UK Chancellor Healey to raise taxes on retiring entrepreneurs, The Telegraph reports. (The Telegraph)

OTHER UK COMPANIES

BROKER MOVES

OTHER GERMAN COMPANIES

BROKER MOVES

Accor (AC FP) - Q3 2026 (EUR): Revenue 1.5bln (exp. 1.4bln); raises FY26 EBITDA guidance to 1.27-1.29bln (prev. guided 1.26-1.29bln), and FY26 RevPar 'upper end' of +2-2.5% range (prev. +2-2.5%). (Accor)

Kering (KER FP) - Q2 2026 (EUR): Revenue 3.35bln (exp. 3.38bln), Gucci revenue 1.29bln (exp. 1.29bln). Key Metrics: North America Revenues +2%, APAC -5%; Gucci NA revenue -1%, APAC -6%. Gucci comp. revenue -6% (exp. -4.8%). Fashion & leather goods comp. revenue -3% (exp. -2.4%). Jewellery comp. revenue +11% (exp. +12.2%). Eyewear comp. rev. +4% (exp. +2.3%). Commentary/Guidance: Confirms its objective of improving its recurring operating margin in 2026. Gucci sales from the directly operated retail network declined by 9% on a comparable basis. Demand remains under pressure in the Middle East. CFO: Improving FY profit margin remains objective. Saint Laurent continued to grow in Q3. Have reduced store footprint by 105 locations this year, aiming for 125 closures by year-end. Co. says traffic remains the main constraint; fashion and leather goods retail sales fell 4% comp., a sequential slowdown reflecting a more challenging environment, less support from Gucci and lower summer traffic, especially in mainland China. Will not improve H2 margin vs. H1 margin this year. In a very uncertain environment at the moment. October trading is broadly in line with Q3 trends. (Kering)

L'Oreal (OR FP) - Q3 2026 (EUR): Sales 11.56bln (exp. 11.23bln), Adj. LFL revenue +7.7% (exp. +5.43%); 2026 outlook: sees another year of growth in sales and profit. CEO says China market slowed a tiny bit in Q3 but maintained growth rate, favoured by dynamic premium segment; climb of GLP1 use is having impact on Beauty product consumption. (L'Oreal)

Vinci (DG FP) - 9M 2026 (EUR): Order Intake 49.6bln (prev. 46.9bln Y/Y), Group Sales 55.95bln (prev. 54.25bln Y/Y). Very solid financial position 2026 guidance confirmed, excluding the impact of a possible increase in the TEITLD 1 , currently being reviewed by the French parliament. (Vinci)

OTHER FRENCH COMPANIES

Ipsos (IPS FP) - Q3 2026 (EUR): Revenue 636.2mln (exp. 646.3mln). Cuts FY26 organic growth outlook to 1.2-1.5% (prev. guided 2%). In Asia-Pacific, organic growth reached 4.3% in the third quarter and 2.8% over the first nine months of the year. Good performance in China continues, supported by momentum among both large local and international clients. (Ipsos)

Rexel (RXL FP) - Q3 2026 (EUR): Sales 5.45bln (exp. 5.22bln). Significant sequential acceleration driven by North America, notably the US. Raises 2026 outlook: Same day sales growth +7% (prev. guided +5%), current adjusted EBITA margin of at least 6.4% (prev. guided 6.2%). (Rexel)

Sodexo (SW FP) - FY 2026 (EUR): Revenue 24bln (exp. 23.8bln, prev. 24.1bln Y/Y). Affirms guidance. (Sodexo)

Unibail-Rodamco-Westfield (URW FP) - Q3 2026 (EUR): Tenant Sales +5.2% Y/Y, LFL turnover +2.4% Y/Y. "are on track to achieve our FY-2026 AREPS guidance and pay a cash distribution of €5.50 per share". (Unibail-Rodamco-Westfield)

Valeo (FR FP) - Q3 2026 (EUR): Sales 4.9bln (exp .5.02bln). FY Outlook: Sales 20-21bln (exp. 20.5bln). Confirms outlook. Valeo is targeting second-half operating margin and free cash flow equivalent to those of the first half. (Valeo)

BROKER MOVES

Eni (ENI IM) - Q3 2026 (EUR): Adj. EBIT 6bln (exp. 3.63bln). Co. has resolved to distribute an extraordinary dividend of EUR 0.46/shr, and boost its buyback programme by 12%. A strategic contract to relaunch production at the giant Junin 5 field in Venezuela has been signed, materially enhancing future upstream growth options. (Eni)

Signify (LIGHT NA) - Q3 2026 (EUR): Sales 1.36bln, comparable sales -3.4% (prev. -3.9% Y/Y). Adj. EBITA 145mln (prev. 136mln Y/Y). Co. says, "despite continuing market weakness, we sequentially strengthened our profitability, reflecting disciplined pricing and strong cost management". Co. confirms its outlook. (Signify)

BROKER MOVES

Galderma (GALD SW) - Galderma’s Relfydess (relabotulinumtoxinA) receives approval in China for frown lines. (Galderma)

Sika (SIKA SW) - 9M 2026 (CHF): Sales 8.71bln (8.58bln Y/Y), EPS 5.52 (prev. 5.42 Y/Y), EBITDA 1.68bln (prev. 1.64bln Y/Y). Affirms guidance. (Sika)

OTHER SWISS COMPANIES

BROKER MOVES

Evolution (EVOL SS) - Q3 2026 (EUR): Revenue 526.1mln (exp. 528mln), EPS 1.31 (prev. 1.25 Y/Y), Adj. EBITDA 345mln (prev. 336.9mln Y/Y). (Evolution)

Kemira (KEMIRA FH) - Q3 2026 (EUR): Revenue 708.9mln (exp. 719.1mln). Sees FY Outlook: Revenue 2.6-3bln (exp. 2.8bln), Adj. EBITDA 400-500mln (exp. 458.9mln). (Kemira)

Norsk Hydro (NHY NO) - Q3 2026 (NOK): Adj. EBITDA 9.08bln (prev. 5.99bln Y/Y). Higher all-in metal prices and higher alumina prices contributed positively in the quarter, along with improved earnings in Recycling and Extrusions. The strong performance was partially offset by higher anode and energy costs in Aluminium Metal, increased energy costs in Bauxite & Alumina due to gas supply disruptions. (Norsk Hydro)

Saab (SAABB SS) - Q3 2026 (SEK): Orders 65.8bln (exp. 56.4bln), Sales 20.6bln (exp. 20bln), EBIT 1.95bln (exp. 1.9bln). (Saab)

Tomra Systems (TOM NO) - Q3 2026 (EUR): Revenue 366mln (exp. 348.6mln), Adj. EBITA 47mln (exp. 42.2mln). (Tomra Systems)

Volvo Cars (VOLCARB SS) - Q3 2026 (SEK): Adj. EBIT -3.7bln (exp. -758mln), Revenue 66.9bln (exp. 73.7bln), EBIT Margin -8.4% (prev. 7.4% Y/Y). The result reflects a further deteriorating external environment, led by market developments in China and the US. Results were also impacted by a negative revaluation of SEK 1.1bln in CAFE credits due to legislation changes in the US. CEO says, "we continue to operate in a very tough environment with strong external challenges: de-globalisation, hypercompetition and climate change". China: In China, Volvo Cars and other legacy premium brands faced hypercompetition from new Chinese alternatives, as well as severe pricing pressure. As a result, Volvo Cars' revenues in China fell by almost 50% Y/Y. In response to the result, Volvo Cars aims to reduce an additional SEK 5 billion in indirect spend and variable costs, on top of earlier cost programmes it successfully completed. (Volvo Cars)

Volvo (VOLVB SS) - Q3 2026 (SEK): Sales 119.5bln (exp. 124.9bln), Adj. Op. Income 14.7bln (exp. 14.9bln). CEO: "We maintained good profitability". (Volvo)

BROKER MOVES

Metso (METSO FH) upgraded to Buy from Hold at Danske Bank

Metso (METSO FH) upgraded to Buy from Hold at SEB

Nordic Semiconductor (NOD NO) upgraded to Buy from Hold at SEB

Var Energi (VAR NO) downgraded to Sell from Hold at Danske Bank

CLOSES: SPX -1.43% at 7,646, NDX -2.90% at 28,959, DJI +0.02% at 52,867, RUT -0.17% at 2,776

SECTORS: Communication services -3.00%, Technology -3%, Consumer discretionary -1.71%, Industrials -0.91%, Energy -0.74%, Materials +0.33%, Real estate +0.92%, Financials +1.18%, Health +1.33%, Utilities +1.98%, Consumer staples +3.11%.

Bloom Energy (BE) - Q3 2026 (USD): Adj. EPS 0.94 (exp. 0.69), Revenue 1.24bln (exp. 1.06bln). Adj. operating income 285.7mln (exp. 169.7mln) Gross margin 33.8%. Outlook FY outlook adj. EPS 3.10–3.40 (exp. 2.71) FY outlook adj. gross margin 34% FY outlook revenue 4.4–4.6bln (exp. 4.12bln). (Bloom Energy)

Western Digital (WDC) - Q1 2027 (USD): Adj. EPS 4.64 (exp. 4.08), Revenue 4.38bln (exp. 4.14bln) Gross margin 57.8%. Raised quarterly cash dividend by 17% to USD 0.175/shr. Outlook Q2 revenue 5.1bln (exp. 4.57bln). Q2 adj. EPS 5.80 (exp. 4.84). Q2 adj. gross margin 60.5%. (Western Digital)

A daily European opening wrap of this kind is a digest rather than a single event, and its trading content sits in the parts, not the whole. The dominant thread is a US-led tech de-rating rolling through APAC, with the defensive rotation visible in the sector breakdown (staples and utilities leading, communication services and technology lagging), a sequencing that in past episodes of this kind has persisted for several sessions before either broadening into a wider risk-off move or stalling at the mega-cap complex. On the single-stock tape the pattern is classic late-cycle dispersion: luxury remains bifurcated, with L'Oreal beating on like-for-like while Kering's Gucci comparable again missed and management flagged traffic, not pricing, as the constraint; European autos face the same China hypercompetition and pricing pressure that has repeatedly surfaced in this peer set, with Volvo Cars' China revenue collapse and fresh cost cuts the latest instance. Eni's large beat plus extraordinary dividend and enlarged buyback fits the established integrated-oil playbook of converting upstream windfalls into shareholder returns, and the Venezuela upstream contract is the kind of option value that reprices slowly. The geopolitical overlay, reported US-Israel strike planning on Iran, is the sort of headline that has historically shown up first in crude and insurance costs rather than equities. The follow-ons are whether the tech rout deepens in the US session, the rest of the European earnings slate, and any confirmation or denial on the Iran reporting.