Newsquawk Daily European Equity Opening News - 10th July 2025

ASIA

APAC stocks traded with a mostly positive bias following the gains on Wall St although some of the upside was limited as participants digested the latest batch of tariff letters and with underperformance in Japan due to recent currency strength. ASX 200 gained with the index led by strength in mining names due to recent upside in metal prices. Nikkei 225 bucked the trend amid headwinds from a firmer currency and following somewhat ambiguous Japanese PPI data. KOSPI outperformed despite the BoK's widely-expected rate pause, while the central bank's language remained dovish as it maintained the rate cut stance and a majority of members were open to a cut in the three months ahead. Hang Seng and Shanghai Comp were marginally positive in quiet trade with little fresh macro drivers, although China's State Council recently issued a notice on stepping up support for employment and will support enterprises in stabilising jobs

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.34% at 5,444, Dax 40 +1.30% at 24,522, FTSE 100 +0.15% at 8,867, CAC 40 +1.44% at 7,878, FTSE MIB +1.59% at 40,821, IBEX 35 +1.24% at 14,254, PSI +0.75% at 7,792, SMI +0.16% at 11,990, AEX +0.22% at 919

SECTORS: Industrials 1.55%, Healthcare 1.16%, Utilities 0.80%, Energy 0.76%, Materials 0.71%, Financials 0.37%, IT 0.22%, Consumer Stpl 0.13%, Consumer Disc -0.08%, Telecoms -0.28%.

FTSE 100

Barclays (BARC LN) - Co. hired Joseph Lee from HSBC (HSBA LN) as head of high-touch equity sales trading for Asia-Pacific, expanding its staff after a near-decade exit from the business, Bloomberg reports. (Bloomberg)

Energy - UK Governments stake in Sizewell C is expected to be diluted to around 47.5%, via FT. (FT)

Legal & General (LGEN LN) - Blackstone and Legal & General have formed a private credit partnership targeting growth to USD 20bln over five years. Blackstone will originate investment-grade private credit deals for L&G’s annuities business, and develop public-private hybrid credit solutions with L&G’s asset management unit. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

British Land (BLND LN) downgraded to Underperform from Hold at Jefferies

Capricorn Energy (CNE LN) upgraded to Buy from Add at Peel Hunt

Land Securities (LAND LN) downgraded to Underperform from Hold at Jefferies

DAX

Adidas (ADS GY)/Puma (PUM GY) - Cos are refocusing on running shoes to regain market share lost to smaller rivals like Hoka and On Holding, Bloomberg reports. The revival is crucial to offset share price declines and prepare for potential US tariffs impacting key supply chains. (Bloomberg)

Porsche (P911 GY) - Co. expects a EUR 300mln tariff hit to its results as a consequence of absorbing US import tariffs during April and May. (Newswires) previously guided to a low triple-digit million impact

Volkswagen (VOW3 GY) - Co. has halted the export of ID. Buzz EVs to the US, via Handelsblatt citing sources; due to a technical recall and the US tariffs. (Handelsblatt)

OTHER GERMAN COMPANIES

Gerresheimer (GXI GY) H1: Revenue +15.7%, EBITDA +11.8%. Long-term growth outlook remains positive. Subdued demand in cosmetics and oral liquids markets. (Newswires)

Nordex (NDX GY) Q2 Orders: strong order intake of 2.3GW, +82% Y/Y. (Newswires)

Suedzucker (SZU GY) Q1 (EUR): Revenue 2.15bln, EBITDA 96mln. Revenues declined in sugar, speciality products, crop energies and starch but increased in fruit. Confirms FY25/26 forecasts. (Newswires)

BROKER MOVES

CAC

Legrand (LR FP) - Co. is to acquire a majority stake in Cogelec (ALLEC FP), for EUR 29/shr. Acquisition and offer expected in Q4. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

Icade (ICAD FP) downgraded to sell from Neutral at Goldman Sachs

PAN EUROPE

BBVA (BBVA SM) - Co. has received renewal authorisation for its bond programs. (Newswires)

Defence Names - US Secretary of State Marco Rubio is set to meet Russian Foreign Minister Sergei Lavrov during an ASEAN summit (October 26–27th) in Kuala Lumpur as the US prepares to send additional weapons to Ukraine amid ongoing conflict with Russia. (Newswires)

Revolut - Co. is in talks to secure new funding at a USD 65bln valuation, via FT; looking to raise around USD 1bln. (FT)

BROKER MOVES

SMI

Barry Callebaut (BARN SW) 9M Update: Sales volumes 1.6mln/T, -6.3% Y/Y. Cuts annual volume guidance, expects sales volume to fall by 7% Y/Y (prev. guided mid-single-digit % fall); due to "unprecedented market conditions" in cocoa. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +0.61% at 6,263, NDX +0.72% at 22,865, DJI +0.49% at 44,458, RUT +1.07% at 2,252.

SECTORS: Utilities +1.00%, Technology +0.94%, Communication Services +0.93%, Consumer Discretionary +0.74%, Industrials +0.70%, Materials +0.54%, Health +0.43%, Financials +0.30%, Real Estate -0.02%, Energy -0.50%, Consumer Staples -0.55%

Critical Minerals - Canada’s Business Council urges the government to lead in producing and processing strategic minerals for military use, proposing a NATO-backed critical mineral reserve to secure stable supplies amid export restrictions and limited inventories.

Costco (COST) - Costco's June comparable sales (ex-gasoline/FX) showed a rise of 6.2% for the 5-week period (prev. 6.0%); US comps were +5.5% (prev. 5.5%); for the 44-week period, total sales were up 7.7% (prev. 7.9%).

WK Kellogg (KLG) - Ferrero is close to acquiring WK Kellogg in a deal valued at around USD 3bln, according to sources cited by the WSJ. An agreement could be finalised this week, pending final negotiations.

10 Jul 2025 - 06:50- EquitiesGeopolitical- Source: Newsquawk