FT : Real Madrid seeks more than €4bn in damages from Uefa over Super League deb

Real Madrid seeks more than €4bn in damages from Uefa over Super League debacle
Club plans claim after court upholds ruling that governing body abused position by blocking breakaway competition

Real Madrid is planning to seek more than €4bn in damages from Uefa for alleged losses it suffered after European football’s governing body blocked proposals for a controversial Super League.

The Spanish football club believes it has lost out on revenues of between €4.5bn and €4.7bn since Uefa vetoed the European Super League plan in 2021, according to documents produced by experts hired by Real Madrid.

The figures, seen by the Financial Times, take into account lost matchday, broadcast and commercial revenues at Real Madrid, one of the driving forces behind the Super League proposals.

One person close to the club said it was planning to shortly file a claim for damages of more than €4bn in the courts.

Real Madrid’s assessment comes after Uefa — alongside La Liga and RFEF, the Spanish football league and national governing body respectively — lost an appeal at the provincial court of Madrid on Wednesday.

It upheld a ruling by Madrid’s commercial court that Uefa abused its dominant competitive position by vetoing plans four years ago for the breakaway Super League, which would have upended European club football.

The original proposal for the Super League was for a 20-team league in which 15 clubs, including Real Madrid, were granted permanent member status.

The plan collapsed within 72 hours of being made public after widespread opposition from football fans and politicians.

A22 Sports Management, the company behind the Super League, rebranded the proposed competition as the “Unify League” in December, adding that they now favoured open competition involving more clubs.

Real Madrid said the court ruling confirmed that Uefa “seriously breached” EU competition law and that the judgment “paves the way for substantial claims to compensate for the damages suffered by the club”.

The EU’s Court of Justice ruled in December 2023 that Uefa had acted unlawfully in threatening to impose sanctions on players and clubs for joining the proposed Super League.

As well as being the governing body for European football, Uefa also operates tournaments, including the elite Champions League, which would have been severely undermined by the formation of the Super League. Real Madrid has won the Champions League a record 15 times.

Uefa said the ruling by the provincial court of Madrid “does not validate the abandoned ‘super league’ project announced in 2021” or “undermine” the new rules it has since adopted for authorising new competitions.

“These rules ensure that any cross-border competitions are assessed on objective, transparent, non-discriminatory and proportionate criteria,” it added.

Uefa said it would review the court judgment before deciding on any further steps.

Two people familiar with the case said Uefa could appeal against the ruling at the Spanish supreme court.

That would force Real Madrid to postpone any claim for damages until a resolution was found, one of the people said.

La Liga president Javier Tebas hit back at Real Madrid, in his latest battle with the most successful club in the competition’s history.

“This ruling does not in any way represent an endorsement of the Super League or any other format,” he said.

>>> US After Hours Summary: Some big tech names reported - GOOG +6% is higher; E

After Hours Summary: Some big tech names reported - GOOG +6% is higher; EBAY -7.6%, META -7.6%, KLAC -3.7%, MSFT -3.7% trade lower; FMC -24.9%, CMG -15.6%, TMDX -11.4%, CVNA -8.8%, PI -8.8% also lower

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: GKOS +20.3%, GH +17.6%, MDXG +16%, ALGN +15.8% (also announces ClinCheck Live Plan), EBS +15.1%, MAX +13.4% (also authorizes new $50 mln share repurchase program), CHRW +12.1% (also authorizes new $2 bln share repurchase program), LXU +10.9%, FORM +9.9%, CALX +8.8%, VRRM +8.5%, VIAV +8.4%, MCW +8.1%, BHC +7.6%, GOOG +6%, JOE +6% (also increases dividend), ROG +5.8%, RWT +5.6%, GRBK +5.2%, JBSS +4.5% (also special dividend of $1.00/share), TS +4.4%, COHU +4.2%, SNCY +4%, WEX +3.6%, NOW +3.5% (also approves 5-for-1 stock split; also expands strategic collaboration with FDX Dataworks), VAL +3.2%, AWK +3.1%, TTMI +3.1%, CVI +2.6%, SUI +2.2%, MKL +2%, STAG +1.7%, PSA +1.6%, UDMY +1.6%, MORN +1.5% (also authorizes new $1 bln share repurchase program), PRU +1.3%, TENB +1.3%, EPR +1.2%, ESS +1.2%, FIBK +1.2%, COKE +1.1%, RIG +0.9%, RSI +0.9%, UDR +0.8%, OPK +0.7%, IRT +0.5%, TYL +0.4%, EQIX +0.3%, MAA +0.3%, PFS +0.1%

Companies trading higher in after hours in reaction to news: TECX +22.6% (reports Phase 1b results for TX45), FDX +0.5% (NOW and FDX Dataworks announce expanded strategic collaboration), DINO +0.5% (expansion of its Midstream refined products footprint), SMMT +0.5% (stock offering by selling shareholders), WVE +0.4% (Activin E data from its INLIGHT clinical trial of WVE-007), CENX +0.2% (Jamalco joint venture resumes production following landfall of Hurricane Melissa), ADEA +0.1% (Federal Court of Canada issues favorable judgment), KO +0.1% (Barron's positive note), PG +0.1% (Barron's positive note), EA +0.1% (About 20 banks are involved in financing EA buyout, according to Bloomberg)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: FMC -24.9% (also President stepping down, reduces dividend sharply), SFM -21.4%, WOLF -19.6%, CMG -15.6%, TMDX -11.4%, CVNA -8.8%, PI -8.8%, EBAY -7.6%, META -7.6%, MEOH -7.3%, EHC -6.6%, ALSN -5.8%, KRG -5.6% (also increases dividend), SPOK -5.5%, MUSA -5% (also names new CEO; also authorizes new $2 bln share repurchase program and raises dividend), STEM -4.8%, RRX -4.6% (also CEO to step down), KLAC -3.7%, MSFT -3.7%, MGM -3.6%, ASTL -3.5% (also CEO to retire, names new CEO and new CFO), MC -3.2%, CDE -3.1%, BIO -3%, TNK -3%, AGI -2.8%, BBIO -2.8%, TDOC -2.8%, ETD -2.4%, MELI -2.4%, DVA -2%, PPC -2%, EXR -1.9%, NTGR -1.8%, ARE -1.8%, PBI -1.6% (also increases dividend), AM -1.4%, AR -1.3%, CBZ -1.1%, EQX -1.1%, VTR -1.1%, THG -0.8%, AVB -0.7%, CP -0.7%, CP -0.7%, BLX -0.5%, SBUX -0.4%, WAY -0.3%, CGNX -0.2% (also increases dividend), CSL -0.2% (also increases share repurchase target to $1.3 bln for the full year), AEM -0.1%, WHD -0.1%, PGRE -0.1%

Companies trading lower in after hours in reaction to news: NTLA -18.2% (FDA places clinical hold on 2 Phase 3 trials), CLF -9.4% ($75 mln stock offering; also files mixed securities shelf offering), SVRA -2.1% (stock offering; also $75 million royalty funding agreement), MNMD -1.9% (stock offering), CLSK -0.6% (files prospectus supplement for sale by shareholder), TSLA -0.6% (robotaxis involved in repeated crashes, NHTSA report shows — Electrek), AMSF -0.2% (special cash dividend of $1.00/share), WMT -0.1% (Barron's positive note), GBTG -0.1% (stock offering by selling shareholders)

FT : Mittal joint venture says it has stopped buying Russian oil

Mittal joint venture says it has stopped buying Russian oil
Statement follows FT reporting on crude purchases that had been transported on sanctioned vessels

Steel tycoon Lakshmi Mittal’s energy joint venture in India has said it has stopped buying Russian crude oil, shortly after the FT reported the company had bought almost $280mn of oil that was transported on sanctions-listed vessels.

HPCL-Mittal Energy said on Wednesday it “had already taken the decision to suspend further purchases of Russian crude” in response to “new restrictions on imports of crude oil from Russia by the US, EU and UK”.

The group, usually known as HMEL, is a joint venture between part of the Mittal group and Hindustan Petroleum Corporation Limited, an Indian state company.

The FT reported earlier on Wednesday that HMEL’s Guru Gobind Singh Refinery in Punjab, a major oil refinery, had received at least four shipments since July that had been transported most of the way from Murmansk on US-sanctioned vessels.

The new US sanctions, announced last week, targeted Rosneft and Lukoil, Moscow’s two leading oil producers, as part of an effort to apply pressure to Russian President Vladimir Putin over the war in Ukraine.

The move is set to hit Indian refiners in particular, since the country became the biggest buyer of seaborne Russian crude when other markets closed to the product following the full-scale invasion of Ukraine.


The White House has been increasingly keen to prevent India from buying Russian crude in an effort to heighten pressure on the Kremlin’s war machine.

Washington doubled tariffs on Indian imports to 50 per cent in August, citing the country’s record in “directly or indirectly importing Russian Federation oil”.

HMEL joins a growing list of India’s major refiners that have had to shift away from Russian oil.

Reliance Industries, owned by Asia’s richest man, Mukesh Ambani, has said it will “recalibrate” its imports, although it did not explicitly state that it will stop buying Russian oil.

Reliance, which runs the world’s largest refinery, said last week it was “fully committed” to applying sanctions and would adapt its “refinery operations to meet the compliance requirements”.

Indian Oil, a major state refiner, has subsequently specified that it would not “absolutely” stop buying Russian oil but would avoid purchases from sanctioned entities.

The FT reported this week that the sanctioned vessels took the four shipments of oil as far as the Gulf of Oman. To disguise their role in the process, the shipments were then passed to a vessel that had not been hit by US sanctions for the final leg of the journey to the Indian port of Mundra.

The vessel, the Samadha, made this short run four times.

To hide this process, the ships coming from Russia switched off their transponders, while the Samadha used its to broadcast a false position.

Customs filings show that the oil was purchased from Varda LLC, a St Petersburg oil supplier.

HMEL said that, since the cargo is supplied “on a delivered-at-port basis”, it was not aware of “details of other ships that crude may have been transported on, nor any attempts by those ships to conceal their position to pick up crude from sanctioned vessels”.

The company added that it complied with Indian law, with all shipments subject to “due diligence and compliance procedures” including “KYC [know your customer], sanctions screening, vessel history and prior port clearance”.

A former senior US sanctions official said they would expect Indian companies and officials would be worrying that “a story like this would create political will” in the US to take even harder action against New Delhi.

Reuters : Italy is ready to amend golden powers to appease EU, sources say

Italy is ready to amend golden powers to appease EU, sources say

  • EU set to move against Italy over golden powers
  • Decision is expected on November 12-13
  • Parties are negotiating to defuse conflict

ROME, Oct 29 (Reuters) - Italy has told the European Commission it is ready to make some changes to its so-called "golden power" rules aimed at shielding companies in strategic sectors, sources said, as the EU prepares disciplinary steps over the matter.

Brussels is set to act against the way Rome uses the golden powers to set conditions on bank mergers, as part of a push to remove obstacles to the creation of larger financial groups across Europe.

Italian and EU officials are already negotiating over how Rome can amend its legislation without radically distorting it, two sources with direct knowledge of the talks said, speaking on condition of anonymity because negotiations are private.

Rome's prime concern is to maintain the principle, which has been confirmed by some Italian court rulings, that the government has the right to defend its national interest in business matters.

Economy Minister Giancarlo Giorgetti and the EU Commissioner for Financial Services Maria Luis Albuquerque, opens new tab discussed the issue last week in Rome, the sources said.

An EU spokesperson declined to comment.

Reuters reported this month that the EU was preparing to order Italy to withdraw a government decree that set conditions on UniCredit's (CRDI.MI), opens new tab bid for smaller lender Banco BPM (BAMI.MI), opens new tab.

The bid eventually failed, with UniCredit in July blaming the government's intervention for its decision to drop the takeover. Among several prescriptions, Italy told UniCredit it had to halt activities in Russia by early 2026.

Brussels also wants to challenge Rome's overall golden power legislation through a separate infringement procedure to be started through a letter of formal notice.

The college of EU commissioners is expected to make a decision on the dual-track move against Italy around November 12-13.

In exchanges with Rome, the Commission said significant corporate mergers should be vetted at the EU level to prevent member states from taking unjustified measures, the sources said.

While the government is willing to amend its overall golden power legislation, it remains to be seen whether it will comply with the request to drop the terms set for the UniCredit-BPM deal, or else challenge the EU move before a judge.

Italy told the EU the legitimacy of these conditions was largely upheld by a July court ruling which confirmed the key request for UniCredit to exit Russia, the sources added.

A decision stating that Rome's prescriptions are unlawful would potentially expose the state to billions of euros in damage claims by UniCredit, Reuters has previously reported.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • TER +19.8%, BE +19.4%, ZEUS +14.8%, CSGS +14.7%, BBNX +11.9%, CNC +10%, TEL +8.7%, WKEY +8.1%, NBR +8.1%, JOBY +7.5%, NGD +7%, STX +6.6%, AMRZ +5.3%, HRZN +5.2%, ZWS +5.1%, NTB +4.1%, ST +4%, MSA +4%, OTIS +4%, PAAS +3.9%, CGAU +3.9%, RNR +3.6%, HURN +3.6%, MIR +3.2%, SAN +3.2%, RGTI +3.1%, ARMN +3%, BFST +3%, MUX +3%, FLS +3%, ORN +2.9%, UMBF +2.4%, CPAC +2.3%, SCCO +2.3%, AROC +2.1%, EXE +2.1%, TCMD +2%, AKR +2%, BKNG +2%, KIDS +2%, BRX +1.9%, LOGI +1.8%, COHR +1.6%, PPTA +1.5%, GSK +1.5%, DB +1.4%, OII +1.3%, BXP +1.2%, APAM +1.1%, LFUS +1%
  • Gapping down:
    • LRN -39.3%, VRNS -30.2%, AKBA -30.1%, AVTR -15.2%, GNRC -14.7%, TYGO -14.2%, GIC -12%, FDP -9.8%, CZR -8.9%, FCF -8.5%, ENPH -8.3%, AVR -7.9%, MOD -7.4%, RNST -7.3%, UCTT -6.3%, RYI -5.6%, MDLZ -5%, MTH -4.3%, CWH -3.2%, MPTI -3%, NBIX -3%, KLIC -2.9%, BTSG -2.9%, CSGP -2.8%, TX -2.7%, FER -1.8%, UBS -1.7%, ESI -1.6%, CHE -1.4%, TTRX -1.3%, UNF -1.2%, MFIN -1.2%, ROL -1.2%, CAKE -1.2%, HIW -1.2%, LSTR -1.1%, MORN -1%

>>> Europe : Brokers Upgrades & Downgrades - 29th of October 2025 V2(+)

>>> Up
* FinecoBank Raised to Overweight at Barclays; PT 25 euros
* Legal & General Raised to Reduce at AlphaValue/Baader
* Nokian Renkaat Raised to Buy at SEB Equities; PT 10 euros
* Orion Raised to Accumulate at Inderes; PT 66 euros
* Telecom Argentina ADRs Raised to Equal-Weight at Morgan Stanley

>>> Down
* 2020 Bulkers Cut to Hold at ABG; PT 145 kroner
* Brookfield Infrastructure Cut to Hold at Jefferies; PT $37
* DBV Tech Cut to Hold at Portzamparc; PT 1.74 euros (+)
* EDP Renovaveis Cut to Hold at HSBC; PT 13.40 euros
* Ferrovial Cut to Neutral at Oddo BHF; PT 51.70 euros
* Geberit Cut to Sell at AlphaValue/Baader
* Himalaya Shipping Cut to Hold at ABG; PT 85 kroner
* Iberdrola Cut to Sell at DZ Bank; PT 16.20 euros (+)
* Kesla Cut to Sell at Inderes; PT 2.40 euros
* Mapfre Cut to Neutral at Grupo Santander; PT 4.15 euros (+)
* Nokia Cut to Sell at Inderes; PT 5 euros
* Nokia Cut to Neutral at Grupo Santander; PT 6.55 euros (+)
* Novartis Cut to Sell at Intron Health; PT 90 Swiss francs
* R&S PT cut from 34.70 to 31.70 CHF at Octavian (+)
* Royal Caribbean PT Cut to $325 from $400 at TD Cowen
* Schouw Cut to Hold at SEB Equities; PT 690 kroner
* SUSS MicroTec Cut to Sell at DZ Bank; PT 22 euros (+)
* Symrise Cut to Sell at Van Lanschot Kempen; PT 70 euros
* Vetoquinol Cut to Hold at TP ICAP Midcap; PT 88 euros (+)
* Wartsila Cut to Sell at OP Corporate Bank; PT 25 euros (+)

>>> Initiation
* Air Liquide ADRs Rated New Outperform at BNPP Exane; PT $49
* Brickability Group Rated New Buy at Canaccord; PT 106 pence (+)
* Capita Rated New Hold at Berenberg; PT 350 pence
* Daqo New Energy ADRs Rated New Buy at Mirae Asset Securities (+)
* Franchise Brands Rated New Buy at Investec; PT 192 pence (+)
* Hansa Biopharma Rated New Buy at Jefferies; PT 100 kronor (+)
* Hellenic Telecom Rated New Overweight at Morgan Stanley
* Hexagon Rated New Neutral at SB1 Markets; PT 125 kronor
* Mears Rated New Buy at Berenberg; PT 550 pence
* SMG Swiss Marketplace Group Rated New Equal-Weight at Barclays
* Tkms AG Rated New Neutral at Oddo BHF; PT 80 euros
* Zotefoams Reinstated Buy at Canaccord; PT 600 pence (+)

>>> Call
* Barclays Strategists See Decent Set Up for Year-End Equity Rally (+)

>>> What to look at today - 29th of October 2025

Stocks advanced on optimism that artificial intelligence will continue to drive profits at megacap technology companies reporting earnings this week, and growing bets on a Federal Reserve interest-rate cut. Asian shares rose 0.4%, with the tech sector outperforming. Japan and South Korea led the gains - yet, in both the Nikkei 225 and the Kospi, losers outnumbered winners. Similarly, almost 400 components declined in the S&P 500 index, even though the gauge gained a modest 0.2% to close at an all-time high. Asian chip-related stocks such as SK Hynix Inc. and Advantest Corp. jumped Wednesday after strong earnings. Nvidia Corp.’s shares surged more than 8% in Asian trading on the alternative platform Blue Ocean, signaling further gains when trading starts in New York. That came after President Donald Trump said he plans to speak with Chinese leader Xi Jinping about the company’s Blackwell chip. Futures for the S&P 500 and the Nasdaq 100 indexes extended their gains on Trump’s comments.
With five big tech companies — representing roughly a quarter of the US equity benchmark — set to report earnings between Wednesday and Thursday, investors will soon gauge whether the billions poured into computing infrastructure will keep flowing and ultimately deliver returns. Adding to the week’s momentum, Fed officials are poised to announce their rate decision on Wednesday, with Wall Street largely betting on a quarter-point cut. The technology sector remains the key focus of market participants. Over Wednesday and Thursday, Microsoft Corp., Alphabet Inc., Meta Platforms Inc., Amazon.com Inc. and Apple Inc. will all report results. The so-called ‘Magnificent Seven’ group is projected to deliver profit growth of 14% in the third quarter, according to data compiled by Bloomberg Intelligence.  That’s nearly twice the 8% expected profit growth for the broader S&P 500, but it also would be the slowest pace since the first quarter of 2023. In other corners of the market, the yen gained after US Treasury Secretary Scott Bessent weighed in on the Bank of Japan’s policy space, which fueled rate-hike bets. A gauge of the dollar edged higher after two days of declines. Oil held a three-day drop amid mounting signs of oversupply, while gold inched up after three days of losses. Trading in Hong Kong was closed for a holiday. Meanwhile, Trump said he expects to lower tariffs the US imposed on Chinese goods over the fentanyl crisis and speak with Xi about Nvidia, as leaders of the world’s biggest economies seek to ease tensions in a meeting on Thursday. The Wall Street Journal reported Tuesday Trump was considering cutting the 20% tariff to 10% on Chinese goods over fentanyl. Also buoying sentiment were bets the Fed will cut rates Wednesday, with traders hoping for clarity as to when officials will stop shrinking the central bank’s portfolio of securities. Bets have grown they may end quantitative tightening as soon as this month. Expectations are set for two things from this week’s Fed meeting — officials will lower rates by a quarter percentage point and Chair Jerome Powell will offer little guidance as a growing divide among policymakers blurs the path ahead. US After Hours TER +21.8%, BE +19.1%, NBR +10.6%, ZWS +5.8%, STX +4.3% higher on earnings; LRN -37.6%, VRNS -32.1%, ENPH -9.6%, MOD -8.8% lower on earnings

Nikkei +2.17% Hang Seng Closed CSI +1.08% Shanghai +0.61% Shenzen +1.16%

Eur$ 1.1633 CNH 7.0997 CNY 7.1007 JPY 152.09 GBP 1.3251 CHF 0.7942 RUB 78.8633 TRY 41.9593 WTI$ 60.09 -0.12% Gold 3,953 +0.01% BTC 112,855 -0.01% ETH 4,017 +0.87%

S&P +0.24% Nasdaq +0.43% EuroStoxx -0.07% FTSE -0.02% Dax -0.20% SMI

Macro :
- Billionaire investor Paul Tudor Jones says 2 things could pave the way for an 'explosive' stock rally bigger than 1999
- Hurricane Melissa Heads Toward Cuba After Lashing Jamaica
- High Frequency Trading Triggers a Showdown Over a London Rooftop
- China Blows Past Record for Europe Car Sales on Hybrid, EV Gains
- Copper Hits Record High as Mine Disruptions Add to Supply Risks

Keep an eye on :
- AC FP : Jabal Omar in Pact With Accor Group to Manage Hotels in Mecca
- ADS GY : Adidas 3Q Gross Profit Meets Estimates
- ADYEN NA : Adyen’s Revenue Beats Estimates on Growth From Existing Clients
- AED BB : Aedifica FY EPRA Profit Forecast Meets Estimates
- ALMB DC : Alm Brand 3Q Pretax Profit Beats Estimates
- AAD GY : Amadeus Fire 9M Revenue EU277.2M Vs. EU337.7M Y/y
- AAPL US : Apple Plans to Upgrade Displays in MacBook Air and iPad Lineup
- ASM NA : ASM Intl 3Q Orders Misses Estimates, ASM Intl Sees FY Sales at Constant Exchange Rates About +10%
_ AML LN : Aston Martin 3Q Revenue Misses Estimates
- AVIO IM : Avio Holder Leonardo Offers About 2.6m Shares
- BAS GY : BASF Plans to Buy Back Up to €1.5b of Shares Until June 2026
- BAS GY : BASF 3Q Adjusted Ebitda Beats Estimates
- BIC FP : BIC Cuts FY Net Sales Ex-FX Forecast
- BA US : Boeing’s 777X Charge Risks Overshadowing Cash Gains: Preview
- BKNG US : Booking 3Q Gross Bookings Beats Estimates: Snapshot
- CARM FP : Carmila Holder Offers Shares About 3.2m Shares: Terms
- CLIMEB SS : Climeon Offers SEK20 million Class B Shares via Vator Securities, Climeon Offering of 8.49m Shares Prices at SEK3.40/Share
- CRBN NA : Corbion 9M Organic Revenue +1.2% Vs. +2.6% Y/y
- CSGS US : NEC Corp. to Acquire CSG Systems International for $2.9b
- DBV FP : DBV Tech 3Q Loss per Share 24C, Est. Loss/Shr 32C
- DMZ US : Bain’s Reported A$4B Purchase of Domino’s is Unlikely: Jefferies
- DWS GY : DWS 3Q Adjusted Cost to Income Ratio Beats Estimates, DWS Draws €10 Billion as Clients Keep Piling Into Passive Funds
- EPROB SS : Electrolux Professional 3Q Net Sales Miss Estimates
- LLY US : Lilly partners with NVIDIA to build the industry's most powerful AI supercomputer, supercharging medicine discovery and delivery
- EMEIS FP : Emeis 3Q Revenue EU1.48B
- ELE SM : Endesa 9M Net Income EU1.71B Vs. EU1.40B Y/y
- EQNR NO : Equinor 3Q Adj Oper Income After Tax Misses Estimates (1)
- FER SM : Ferrovial 9M Revenue EU6.91B Vs. EU6.64B Y/y
- FGP LN : FirstGroup to Appeal If Manchester Train Service Rejected: FT
- FORTUM FH : Fortum 3Q Adjusted Operating Profit Misses Estimates
- FORTUM FH : Fortum Invests €85m to Retrofit Heat, Power Plant in Poland
- GLZN LN : Glencore 9M Own-Source Copper Production 583,500 Tons
- GSK LN : GSK 3Q Revenue Beats Estimates
- JYSK DC : Jyske 3Q EPS DKK23.18
- AAA FP : Lambda to Build AI Factory in Missouri
- LDO IM : Italian Defense Firm Leonardo to Sell Part of Its Avio Stake
- LOGN SW : Logitech 2Q Sales Meet Estimates
- MMT FP : M6 3Q Revenue Misses Estimates
- MELE BB : Melexis 3Q Gross Margin Misses Estimates
- MBG GY : Nissan to End Production at Mexico Mercedes Joint Plant: Nikkei
- MBG GY : Mercedes 3Q Cars Sales Miss Estimates, Mercedes Confirms Guidance, to Start €2 Billion Share Buyback
- MONC IM : Moncler 3Q Revenue Beats Estimates, Moncler ADRs Fall Despite Stone Island-Driven Revenue Beat
- MDLZ US : Mondelez Cuts FY Adjusted EPS Forecast
- NESTE FH : Neste 3Q Adjusted Ebitda Beats Estimates
- NEL NO : Nel 3Q Order Book Misses Estimates
- NFE US : New Fortress Energy Mulls UK Restructuring Instead of Chapter 11
- 7201 JP : Nissan to End Production at Mexico Mercedes Joint Plant: Nikkei
- NOD NO : Nordic Semiconductor 3Q Ebitda Misses Estimates
- NOKIA FH : Nvidia to Invest $1 Billion in Nokia in AI Networking Push
- 005380 KS : Nvidia CEO Prepares to Unveil AI Deals With Samsung, Hyundai
- OMV AV : OMV 3Q Clean CCS Operating Profit Beats Estimates
- OUT1V FH : Outokumpu 3Q Adjusted Ebitda Misses Estimates
- ORSTED DC : Worley, Orsted Sign Services Pact for Power Generation Assets
- PHNX LN : Phoenix in talks to raise more than £1bn to bolster its pensions buyout business - FT
- PKTM SW : Pierer Mobility Calls Shareholder Vote to Change Name to Bajaj
- TPEIR GA : Watch Piraeus Bank on Deal to Transfer €0.25b NPE Portfolio
- POSTI FH : Posti Group Maintains FY Guidance in ‘Challenging’ Market
- PUB FP : Publicis to Buy Singapore Meme Creator in Social Media Push
- RDC GY : Redcare Pharmacy NV 3Q Revenue Meets Estimates
- RED SM : Redeia 3Q Net Income EU120.4M Vs. EU139.4M Y/y
- RHM GY : German start-ups set for deal on kamikaze drones with Rheinmetall
- SAN SM : Santander 3Q Net Income Beats Estimates
- SHOT SS : Scandic 3Q Net Sales Meet Estimates
- SKFB SS : SKF 3Q Adjusted Operating Profit Beats Estimates
- SOP FP : Sopra Steria 3Q Revenue Misses Estimates
- STMN SW : Straumann 3Q Revenue Meets Estimates
- SWECB SS : Sweco 3Q Operating Profit Beats Estimates
- TEL NO : Telenor 3Q Adjusted Ebitda Meets Estimates (1)
- TEMN SW : Temenos Boosts FY Non-IFRS Ebit Forecast
- TSLA US : Tesla’s Cybercab Backup Plan: Selling It With a Steering Wheel
- TMO US : Thermo Fisher Nears Takeover of Clario at About $10b Value: FT
- 8TRA GY : Traton Sees FY Adj. Oper Margin Low End of 6% to 7%, Est. 6.12%
- UBSG SW : UBS 3Q Net Income Beats Estimates
- UBSG SW : UBS Attracted $38 Billion of Net New Assets in Wealth
- UBSG SW : UBS to Appeal Swiss Court Decision on AT1 Writedown
- VALMT FH : Valmet 3Q Net Sales Meet Estimates

>>> Europe : Brokers Upgrades & Downgrades - 29th of October 2025

>>> Up
* FinecoBank Raised to Overweight at Barclays; PT 25 euros
* Legal & General Raised to Reduce at AlphaValue/Baader
* Nokian Renkaat Raised to Buy at SEB Equities; PT 10 euros
* Orion Raised to Accumulate at Inderes; PT 66 euros
* Telecom Argentina ADRs Raised to Equal-Weight at Morgan Stanley

>>> Down
* 2020 Bulkers Cut to Hold at ABG; PT 145 kroner
* Brookfield Infrastructure Cut to Hold at Jefferies; PT $37
* EDP Renovaveis Cut to Hold at HSBC; PT 13.40 euros
* Ferrovial Cut to Neutral at Oddo BHF; PT 51.70 euros
* Geberit Cut to Sell at AlphaValue/Baader
* Himalaya Shipping Cut to Hold at ABG; PT 85 kroner
* Kesla Cut to Sell at Inderes; PT 2.40 euros
* Nokia Cut to Sell at Inderes; PT 5 euros
* Novartis Cut to Sell at Intron Health; PT 90 Swiss francs
* Royal Caribbean PT Cut to $325 from $400 at TD Cowen
* Schouw Cut to Hold at SEB Equities; PT 690 kroner
* Symrise Cut to Sell at Van Lanschot Kempen; PT 70 euros

>>> Initiation
* Air Liquide ADRs Rated New Outperform at BNPP Exane; PT $49
* Capita Rated New Hold at Berenberg; PT 350 pence
* Hellenic Telecom Rated New Overweight at Morgan Stanley
* Hexagon Rated New Neutral at SB1 Markets; PT 125 kronor
* Mears Rated New Buy at Berenberg; PT 550 pence
* SMG Swiss Marketplace Group Rated New Equal-Weight at Barclays
* Tkms AG Rated New Neutral at Oddo BHF; PT 80 euros

>>> Call