Newsquawk Daily European Equity Opening News - 10th December 2025

ASIA

APAC stocks were mostly subdued amid cautiousness ahead of today's Fed policy decision and dot plots, while the region also digested the latest Chinese inflation data. ASX 200 was flat as weakness in tech, industrials, energy, health care and financials was counterbalanced by resilience in miners, materials and resources. Nikkei 225 initially rallied to above the 51,000 level following recent currency weakness, but then reversed course as yields briefly edged higher on BoJ rate hike risks. Hang Seng and Shanghai Comp retreated following mixed inflation data, which showed CPI Y/Y accelerated to its highest in almost two years, but PPI was softer-than-expected and showed a worsening deflation in factory gate prices. There were also several trade-related dampeners, including reports that China's US soybean purchases are falling short of targets, while it was also reported that China is set to limit access to NVIDIA's H200 chips despite export approval from US President Trump, and that chips exported to China will undergo a special security review.

Chinese Inflation - Chinese CPI MM (Nov) -0.1% vs. Exp. 0.2% (Prev. 0.2%); YY (Nov) 0.7% vs. Exp. 0.7% (Prev. 0.2%); PPI YY (Nov) -2.2% vs. Exp. -2.0% (Prev. -2.1%). (Newswires)

TSMC (TSM) - TSMC reported November revenue of TWD 343.61bln (-6.5% vs October’s 367.47bln, but +24.5% Y/Y). Revenue for the first 11 months of 2025 was +32.8% at TWD 3.47tln, with the sequential dip tied to seasonal softness and inventory adjustments across smartphone and PC supply chains.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.16% at 5,716, Dax 40 +0.53% at 24,172, FTSE 100 -0.03% at 9,642, CAC 40 -0.69% at 8,053, FTSE MIB +0.33% at 43,575, IBEX 35 +0.13% at 16,735, PSI -1.33% at 8,091, SMI -0.31% at 12,941, AEX +0.21% at 947.

SECTORS: Financials 0.57%, Consumer Stpl 0.18%, Telecoms -0.13%, Industrials -0.15%, Materials -0.29%, Utilities -0.32%, IT -0.43%, Consumer Disc -0.56%, Energy -0.63%, Healthcare -0.68%

FTSE 100

AstraZeneca (AZN LN) - The Times reported an undisclosed family office related to the CEO of AstraZeneca, has reportedly increased concerns related to conflicts of interest/governance at the Co. (The Times)

Anglo American (AAL LN) - Teck Resources shareholders approved the merger with Anglo American; cleared with a 2/3rd majority. (Newswires)

Diageo (DGE FP) - Co. spokesperson says that there will be impact to the supply of Guinness over the Christmas, in relation to the union strikes in Belfast. (Newswires)

HSBC (HSBA LN) - Co. appoints Jason Henderson as US CEO. (HSBC)

Shell (SHEL LN) - Co. expects Whale and Perdido offshore platforms to resume production by the end of the day after shutdown of Hoover offshore oil pipeline system. Elsewhere, is in advanced talks to buy LLOG exploration offshore for more than USD 3bln, according to Reuters, citing sources. (Newswires / Reuters)

OTHER UK COMPANIES

Frasers (FRAS LN) - Mikey Ashley has pledged roughly GBP 670mln worth of shares as collateral for a loan from HSBC (HSBC LN). (Newswires)

BROKER MOVES

B&M European (BME LN) downgraded to Hold from Buy at Deutsche Bank

Kingfisher (KGF LN) downgraded to Sell from Hold at Deutsche Bank

Sainsbury (SBRY LN) upgraded to Buy from Hold at Deutsche Bank

DAX

Porsche SE (PAH3 GY) - Co. says Lutz Meschke to step down from Cos. board

OTHER GERMAN COMPANIES

Delivery Hero (DHER GY) - In a letter to shareholders, the Co. said it had been evaluating strategic options, incl. enhancing capital structure/allocation measures. Adds that it may pursue the measures, but no decision has yet been made. (Newswires) Shares -7% in pre-market trade

Nordex (NDX1 GY) - Nordex Group and Alliant Energy team up to increase manufacturing jobs and wind production in Iowa. (Nordex)

BROKER MOVES

Continental (CON GY) downgraded to Equal Weight from Overweight at Barclays Shares -2% in pre-market trade

Fraport (FRA GY) downgraded to Neutral from Outperform at BNP Paribas

Gerresheimer (GXI GY) downgraded to Underperform from Neutral at BNP Paribas

Hochtief (HOT GY) upgraded to Outperform from Neutral at BNP Paribas

Heidelberg Materials (HEI GY) downgraded to Underweight from Equal Weight at Morgan Stanley

Sartorius (SRT3 GY) upgraded to Outperform from Neutral at BNP Paribas

Siemens Healthineers (SHL GY) downgraded to Neutral from Outperform at BNP Paribas

CAC

Airbus (AIR FP) - Co. secured its first order of its H160 helicopter in Australia. (Airbus)

French stocks - French lawmakers back spending part of social-security budget, via Bloomberg. (Bloomberg)

LVMH (MC FP) - CGT Union at LVMH Champagne Houses says calling for further limited strike action on Thursday to demand bonuses. (Newswires)

OTHER FRENCH COMPANIES

Eurazeo (RF FP) - Co. to acquire a minority stake in Water Direct; terms undisclosed. (Newswires)

JC Decaux (DEC FP) - Carrefour (CA FP), Carmila, Unlimitail and JCDecaux join forces to accelerate the development of retail media across Carrefour and Carmila sites in France and Spain. (JC Decaux)

BROKER MOVES

Michelin (ML FP) downgraded to Add from Buy at Alpha Value

Vinci (DG FP) downgraded to Neutral from Outperform at BNP Paribas

PAN EUROPE

Aegon (AGN NA) - CMD 2025: Achieving all financial targets for 2025. Announces new EUR 400mln share buyback program to be split evenly between the first and the second half of 2026. Estimated one-time implementation cost of relocation of around EUR 350mln to be incurred between H2'25 and H1'28. (Aegon)

ASR Nederland (ASRNL NA) - Lard Friese steps down from co's Supervisory Board. (ASR Nederland)

Eni (ENI IM) - Eni announced a gas discovery in the Kutei Basin in Indonesia. Elsewhere, the Italian competition authority opened a probe into ACEA by Plenitude, which is a unit of Eni. (Newswires)

Telefonica (TEF SM) - El Economista reported that Telefonica has proposed an additional 5% cut to its workforce reduction plan. (El Economista)

BROKER MOVES

ACS (ACS SM) upgraded to Outperform from Neutral at BNP Paribas

SMI

Temenos (TEMN SW) - Announces a new share buyback of up to CHF 100mln; to commence on Dec 11, 2025. (Temenos)

OTHER SWISS COMPANIES

BROKER MOVES

Holcim (HOLN SW) downgraded to Equal Weight from Overweight at Morgan Stanley

Straumann (STMN SW) upgraded to Outperform from Underperform at BNP Paribas

SCANDINAVIA

Clas Ohlson (CLASB SS) - Q2 (SEK): Sales 3.01bln (exp. 3.01bln), EPS 4.85 (exp. 4.98). Notes that "We have had a good start with an organic sales increase of 6 per cent in November, where we see that customers appreciate the breadth of our offering with both products for Christmas preparations and Christmas gifts for the whole family". (Clas Ohlson)

Storebrand (STB NO) - CMD 2025: Target for return on equity increased from 17% for 2028 (prev. guided 14%). Ambition to achieve double-digit annual growth in dividends up to and including 2028. Ambition to buy back NOK 2 billion in own shares in 2026, and annual buybacks of NOK 1.5 billion thereafter up to and including 2030. (Storebrand)

BROKER MOVES

Vestas (VWS DC) upgraded to Buy from Reduce at Kepler Cheuvreux

US

CLOSES: SPX -0.10% at 6,840, NDX +0.16% at 25,669, DJI -0.37% at 47,561, RUT +0.24% at 2,527.

SECTORS: Energy +0.69%, Consumer Staples +0.38%, Technology +0.17%, Consumer Discretionary +0.16%, Communication Services +0.12%, Utilities +0.01%, Materials -0.06%, Financials -0.39%, Real Estate -0.61%, Industrials -0.73%, Health -0.98%.

Citigroup (C) - Citigroup CFO Mark Mason said Q4 investment banking fees should rise by mid-20s percentage Y/Y, while markets revenue is set to fall by low-to-mid single digits. He and incoming CFO Gonzalo Luchetti reported resilient US consumers and solid spending, and the bank aims to lower transformation expenses as restructuring progresses.

Eli Lilly (LLY) - Eli Lilly will spend USD 6bln on a Huntsville, Alabama manufacturing plant to boost production of its experimental obesity pill orforglipron and other drugs, CNBC reports. Construction is due to start in 2026 and finish in 2032. The investment, part of broader US expansion plans, will create 450 permanent and 3,000 construction jobs.

GE Vernova (GEV) - GE Vernova lifted its share repurchase authorisation to USD 10bln (from USD 6bln), with USD 3.3bln spent as of 3rd December, and doubled its quarterly dividend to USD 0.50/shr. FY25 revenue is trending toward the upper end of its USD 36–37bln guidance range (exp. 37.3bln), and it raised its FY25 FCF outlook to USD 3.5–4.0bln (from USD 3.0–3.5bln). CEO said the group is in the early chapters of “an incredible value creation opportunity”, highlighting momentum into 2026. Sees FY26 revenue between USD 41–42bln (exp. 41.3bln), FCF of USD 4.5–5.0bln, and an adj. EBITDA margin of 11–13%. By 2028, it now expects USD 52bln of revenue (raised from USD 45bln) and a 20% adj. EBITDA margin, with cumulative free cash flow of at least USD 22bln. CFO cited a large, growing backlog and stronger pricing, noting a commitment to returning at least one third of cash generation to shareholders.

Nvidia (NVDA) - Nvidia chips permitted for export to China will face a special US security review before shipment, WSJ reports. Sending them from Taiwan to the US and then to China would give the government a 25% cut of sales. The measure reflects national-security pressure on the Trump administration after approving the controversial exports, the report adds. Separately, Reuters says that Nvidia has developed optional location verification software for its GPUs, using confidential computing and telemetry to indicate where chips operate, first for Blackwell and possibly later Hopper and Ampere. The move follows US calls to curb smuggling, including alleged attempts to bring more than USD 160mln of Nvidia chips to China.

Mastercard (MA) - MasterCard raised its quarterly dividend +14% to USD 0.87/shr, and approved a new share repurchase programme of up to USD 14bln, replacing its prior USD 12bln programme which had USD 4.2bln remaining.

10 Dec 2025 - 06:59- Research Sheet- Source: Newsquawk