Autos, Defence and Drugs: A Week of Big Prints

Thursday brings a cluster of high-profile European and Asian earnings. Rheinmetall posts quarterly results today, with the German defence group riding one of the strongest run-rates in the sector. Siemens Healthineers also reports this morning. Swiss Re releases numbers from Zurich.

In auto earnings, Polestar reports today. ORTEX alt-data shows Dutch car registrations running 68% below the same quarter last year, a dataset that leads Polestar revenue by 60 days with a strong measured fit. German car data tells a different story: registrations there are running 32% ahead year-on-year across all three months of the quarter. The mix makes this print harder to call than most. Polestar's cost to borrow stands at 184% APR, reflecting the shorts watching closely.

Renault also reports today. Austrian car registrations, which lead its revenue by 32 days, are running 6% above last year. Dutch registrations, however, are down 21%.

Honda Motor is due Friday. Japanese car registrations lead Honda revenue by 65 days with a strong fit, and they are running 10% below the same quarter last year across all three months.

On the index radar, the MSCI World November review announces Wednesday. Moderna is the largest expected addition, with $6.9 billion of forced buying projected. SharkNinja's S&P 500 inclusion probability jumped to 64% overnight, up from 39% yesterday. No confirmed IPOs are scheduled in the next seven days.

Spain's HICP inflation hit 4.9% in October, the highest October reading in three years. That adds to the macro backdrop for European reporters this week.