Additional European Equity News

Air France (AF FP) - Co. launches an offering of approx. EUR 325mln of bonds due 2028. (Newswires) 

ASR Nederland (ASRNL NA) - Co. receives approval to use its partial internal model for ASR Life. (Newswires) 

Ashtead (AHT LN) - Q2 (USD): Revenue 2.96bln (prev. 2.94bln Y/Y). Reaffirms FY guidance. Primary listing on track to move to NYSE. Seeking to exit certain non-core assets and disposed of UK hoist business in Oct for circa. USD 16mln. (Ashtead) 

British American Tobacco (BATS LN) - FY25 Trading Statement: On track for FY25 delivery; Reaffirming 2026 guidance and announcing a GBP 1.3bln share buy-back. Now expect c.2% revenue and adjusted profit from operations growth for FY25. Early signs of Federal and State enforcement actions tackling U.S. illicit Vapour products support recent Vuse volume and revenue improvement. (British American Tobacco)

Pennon (PNN LN) - Board confirms that Susan will step down from the Board on the 31 December 2025. From 1 January 2026, David Sproul, Chair of Pennon Group, will assume the role of Executive Chair. (Pennon) 

Stellantis (STLAM IM / STLAP FP) - Co. and Bolt partner to advance large-scale development of driverless mobility in Europe. (Newswires) 

Tesco (TSCO) - Sales +4.7% in 12 weeks to Nov 30th Y/Y (Worldpanel) 

Wind Names - US Federal Court vacates Trump executive order pausing wind energy leasing and permitting. (Newswires) 

Aviva (AV/ LN) initiated with Reduce at Kepler Cheuvreux

HelloFresh (HFG GY) downgraded to Underweight from Equal Weight at Morgan Stanley 

Relx (REL LN) upgraded to Buy from Hold at Deutsche Bank

St James Place (STJ LN) initiated with Buy at Kepler Cheuvreux

Wolters Kluwer (WKL NA) upgraded to Buy from Hold at Deutsche Bank 

Volvo AB (VOLVB SS) downgraded to Hold from Buy at Deutsche Bank