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1. GRANOLAS are back.

There’s been a change of leadership in the European market since the summer.

Among the most dramatic shifts is the rapidly improving sentiment toward large-cap high-quality names, a switch that’s supporting the broader market. The trend has accelerated in October, drawing much of its impetus from the so-called GRANOLAS, a Goldman Sachs basket of European companies with a strong competitive advantage in their respective sectors. The group accounts for 18% of the Stoxx 600 and comprises GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L’Oreal, LVMH, AstraZeneca, SAP and Sanofi.

With the dollar stabilizing and trade deals in place, some of Europe’s industry leaders appear cheap for what they have to offer. “Quality was generally out of favor as a factor and GRANOLAS in particular,” say Goldman Sachs strategists including Guillaume Jaisson. “But we still see many of the GRANOLAS as offering defensive traits with structural growth, supported by consensus expectations for double-digit EPS growth.”

2. Amazon outage pours salt on Europe’s tech wound.

An outage at one of Amazon’s data centres in the U.S. state on Monday affected not only global platforms like Snapchat and Reddit but large European groups like Lloyds Banking Group and Vodafone, according to monitoring site Downdetector.

It tells European corporate leaders something they already know – depending on U.S. Big Tech companies has become a critical vulnerability. With a market share of 30%, AWS is the global leader in cloud provision, followed by Microsoft Azure with 20% and Google Cloud with 13%, according to Synergy Research. This competitive dominance gives them scale that makes them cheaper – but makes it harder for relative European minnows like OVHCloud to meaningfully threaten the collective 65% heft of the “big three” in their backyard.

3. China's dominance in the rare earth supply chain.

4. Copper’s next leg higher is just a matter of time.

Copper’s price floor is rising as power grid upgrades, AI era electricity needs, defense and energy security collide with slowing mine growth. A string of high-profile mine disruptions has dominated the bullish narrative and fueled the recent rally. Outages at major operations have tightened short-term supply and reminded traders how fragile production can be as deposits get deeper and more costly to access.

5. TSMC expects AI-related revenue to double in 2025 and grow about 45% annually for the next five years.

TSMC is the 9th most valuable company on the planet, and the foundry behind NVIDIA’s AI accelerators and Apple’s iPhone chips. It’s the beating heart of the global semiconductor supply chain, the critical bridge between chip design dreams and production reality. Taiwan Semiconductor Manufacturing Company (TSMC) CEO C.C. Wei summed up the moment in his Q3 remarks, calling AI chip demand ”insane.”

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