Additional European Equity News

Gold Prices - Gold may exceed USD 5,000/oz next year, with JPM Private Bank’s Alex Wolf seeing USD 5,200–5,300 by end-2026, driven chiefly by emerging-market central bank buying. 

Informa (INF LN) - Trading update: Sees double-digit earnings growth in 2025 and reaffirms FY guidance. To add, the  GBP 350mln share buyback programme is continuing. (Informa)

Porsche (PAH3 GY) - 9M (EUR): Result after tax 1.24bln (prev. 2.48bln Y/Y), sees FY25 adj, result after tax between 0.9-2.9bln and net debt between 4.9-5.4bln. (Porsche Se) 

Vodafone (VOD LN) - H1 (EUR): Revenue 19.6bln (prev. 18.3bln Y/Y), Operating profit 2.16bln (prev. 2.38bln Y/Y), sees FY Adj. EBITDA AL at the high end of 11.3-11.6bln range; to introduce a new progressive dividend policy with an expected increase of 2.5% for this financial year. To add, co. has started its 500mln share buyback programme. (Vodafone) 

BBVA (BBVA SM) reinstated with a Buy at Goldman Sachs; analysts expect continued strong core revenue growth

Lundbeck (HLUNB DC) downgraded to Underperform from Hold at Jefferies

Roche (ROG SW) upgraded to Hold from Sell at Deutsche Bank