Newsquawk Daily European Equity Opening News - 10th September 2025

ASIA

APAC stocks followed suit to the mostly positive handover from Wall St, where the major indices shrugged off large downward job revisions and geopolitical escalation, to approach record levels. ASX 200 eked mild gains as outperformance in financials, tech and telecoms atoned for the losses in the mining and materials sectors. Nikkei 225 edged higher despite the recent hawkish source reports that the BoJ sees some chance of hiking this year, despite the political situation, with some officials even said to view that a hike could be appropriate as early as October. Hang Seng and Shanghai Comp gained with the Hong Kong benchmark led higher by strength in tech, while the mainland lagged after deflationary CPI data and with US President Trump said to have asked the EU to hit China and India with 100% tariffs to pressure Russian President Putin.

Foxconn's (2317 TT) - Zhengzhou facility is near full capacity on Apple (AAPL) iPhone 17 production with nearly 200,000 workers on double shifts, according to China Securities Times. (China Securities Times)

TSMC (2330 TT) - Aug (TWD): Revenue 335.8bln (prev. 323.3bln M/M). (Newswires)

US-India Trade - India and US officials are likely to have an exchange of trade delegations soon and an in-person meeting later in September, according to CNBC-TV18. (CNBC-TV18)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.09% at 5,368, Dax 40 -0.31% at 23,733, FTSE 100 +0.23% at 9,243, CAC 40 +0.19% at 7,749, FTSE MIB +0.68% at 42,008, IBEX 35 +0.14% at 15,024, PSI -0.86% at 7,688, SMI -0.23% at 12,284, AEX +0.33% at 908.

SECTORS: Energy 1.35%, Telecoms 0.82%, Financials 0.45%, Materials 0.39%, IT 0.32%, Consumer Disc -0.01%, Healthcare -0.09%, Utilities -0.19%, Industrials -0.51%, Consumer Stpl -0.60%

FTSE 100

Deliveroo (ROO LN) - Co. says EU antitrust, Italian FDI, and EU FSR conditions satisfied for DoorDash (DASH) deal. (Newswires)

Shell (SHEL LN) - Turkey's Botas signs a 3yr LNG deal with Shell for a total of 2.4BCM to be delivered to Turkey. (Newswires)

Unilever (ULVR LN) - Ben & Jerry's co-founder says idea to hive off brand from Unilever a 'serious proposition' and valued brand at USD 1.5-2.5bln. (Newswires)

UK Budget - UK PM Starmer’s "Budget board" is set to meet weekly and has been tasked with coordinating pro-growth policies in the run-up to the November 26 Budget and with keeping business and City leaders engaged, according to officials cited by the FT. (FT)

OTHER UK COMPANIES

BROKER MOVES

Anglo American (AAL LN) upgraded to Hold from Sell at Berenberg

Haleon (HLN LN) upgraded to Buy from Neutral at Goldman Sachs

Tritax Big Box (BBOX LN) reinstated with Overweight at JPMorgan

DAX

SAP (SAP GY) - Shares +2% in pre-market trade. US peer Oracle (ORCL) shares soared 28.4% after-market despite underwhelming earnings but amid impressive guidance.

OTHER GERMAN COMPANIES

Deutsche Boerse (DB1 GY) - Europe’s largest bond-futures exchange Eurex launched a futures contract for EU debt, aiming to boost trading liquidity and potentially lower the bloc’s borrowing costs. Analysts at Citigroup and Commerzbank view Eurex’s contract as more likely to gain investor adoption compared with a similar product introduced by Intercontinental Exchange (ICE) last year, Bloomberg reported.

Nordex (NDX1 GY) - Co. received an order for nearly 48 MW for a project in Austria. (Newswires)

BROKER MOVES

BASF (BAS GY) upgraded to Buy from Neutral at Citi

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

CAC

Alstom (ALO FP) - Alstom to supply NJ Transit with extra 200 rail cars; for total of EUR 1bln. (Newswires)

French Stocks - French President Macron appoints Sebastien Lecornu as new PM, according to BFM. (Newswires) French central bank sees Q3 growth of 0.3%. unchanged from August estimate. (Newswires)

Sanofi (SAN FP) - Tzield approved in China as first disease-modifying therapy for adult and pediatric patients with stage 2 type 1 diabetes. (Sanofi)

OTHER FRENCH COMPANIES

Atos (ATO FP) - Co. plans to cut 135 jobs in France; consultations to start on Sept. 16. (Newswires)

Rubis (RUB FP) - H1 (EUR): Revenue 3.27bln. 2025 guidance reiterated. (Newswires)

BROKER MOVES

Pernod Ricard (RI FP) downgraded to Underweight from Equal Weight at Morgan Stanley

PAN EUROPE

AEX - AEX index expands to Top 30 constituents as of Sept 22; CVC (CVC NA), JDE Peets (JDEP NA), InPost (INPST NA), WDP (WDP NA) and Just Eat Takeaway (TKWY NA) are now included. (Newswires)

Australia-EU - Australia and EU reportedly to start initial talks over the Horizon Europe EU funding programme. (Newswires)

China-exposed Stocks - US President Trump asks the EU to hit China and India with 100% tariffs to pressure Russian President Putin, according to FT. (FT) Chinese CPI YY (Aug) -0.4% vs. Exp. -0.2% (Prev. 0.0%); MM (Aug) 0.0% vs. Exp. 0.1% (Prev. 0.4%). Chinese PPI YY (Aug) -2.9% vs. Exp. -2.9% (Prev. -3.6%). (Newswires)

Defence Stocks - Polish Army says as a result of Russia’s attack on Ukrainian territory, there was an unprecedented violation of Polish airspace by drone-type objects. Army says this was an act of aggression that posed a real threat to the safety of citizens. Polish and allied assets radar-tracked several objects.Some of the drones that entered Polish airspace were shot down. Efforts are underway to search for and locate the possible crash sites of these objects. (Newswires) Separately, US President Trump says he is not thrilled about Qatar's strike by Israel, and he will give a full statement on Wednesday when asked about the Middle East, adds will have a call with Russian President Putin this week or early next week. (Newswires)

EDP (EDPR PL) - Closes asset rotation deal for 300 MWAC solar and 92 MW storage portfolio in the US. Total EV for 100% of portfolio amounts to USD 0.6bln. (Newswires)

Inditex (ITX SM) - H1 (EUR): EBIT 3.57bln (exp. 3.56bln), Revenue 18.4bln (exp. 18.5bln); for 2025, expects a stable gross margin +/- 50bps; sees around -4% currency impact on sales (prev. guided -1%) Dividend: FY24 final dividend of EUR 0.84/shr will be paid on November 3. Notes that the pace of sales growth picked up in August. (Newswires)

Pharma Stocks - US President Trump announced a crackdown on pharma ads on TV and social media and signs a memo requiring pharma ads to disclose all risks. (Newswires)

Puig (PUIG SM) - H1 (EUR): Profit 275mln, +79% Y/Y. Says that part of the profit increase was due to extraordinary costs linked to the stock market flotation last year. Reconfirms 2025 guidance. (Newswires)

BROKER MOVES

Randstad (RAND NA) downgraded to Underweight from Equal Weight at Morgan Stanley

SMI

OTHER SWISS COMPANIES

Baloise (BALN SW) - H1 (CHF): Net Income 275.9mln, +25.9% Y/Y, Business Volume 5.24bln (prev. 5.29bln Y/Y). Expects merger with Helvetia (HELN SW) to take place in late 2025; anticipates that the integration will generate annual synergies of around CHF 350mln before taxes. Cash remittance is exp. to rise substantially, and dividend capacity is likely to increase. (Newswires)

Galderma (GALD SW) - Launches Alastin in China. (Newswires)

BROKER MOVES

SCANDINAVIA

Clas Ohlson (CLASB SS) - Q1 (SEK): EPS 3.21 (prev. 3.20 Y/Y), EBIT 278mln (prev. 203mln Y/Y). (Newswires)

Novo Nordisk (NOVOB DC) - Co. cuts FY25 EBIT +4-10% (prev. guided +10-16%), due to one off restructuring costs of DKK 8bln; Raises depreciation DKK 21bln (prev. guided 17bln); to cut 9k jobs (approx. 12% of total). Expects an estimated one-off negative impact of around 6pp on FY op. profit growth at constant exchange rate in 2025. (Newswires)

BROKER MOVES

Adecco (ADEN SW) upgraded to Equal Weight from Underweight at Morgan Stanley

US

CLOSES: SPX +0.27% at 6,513, NDX +0.33% at 23,840, DJI +0.43% at 45,711, RUT -0.55% at 2,382

SECTORS: Materials -1.57%, Industrials -0.65%, Real Estate -0.08%, Technology +0.01%, Consumer Discretionary +0.09%, Consumer Staples +0.39%, Financials +0.46%, Energy +0.54%, Health +0.60%, Utilities +0.71%, Communication Services +1.64%.

Apple (AAPL) - Apple shares slipped 1.5% in regular trading hours after its event where it unveiled the iPhone 17 lineup, including the slim 5.6mm iPhone Air at USD 999, the entry-level iPhone 17 at USD 799, and the iPhone 17 Pro at USD 1,099 with 256GB. All run iOS 26 with Liquid Glass design. New AirPods Pro 3 cost USD 249, Apple Watch SE 3 at USD 249, Series 11 at USD 399, Ultra 3 at USD 799, available September 19th.

Broadcom (AVGO) - Broadcom set a USD 120bln+ four-year AI revenue target for CEO Hock Tan, tying performance stock units to achieving AI revenue goals from fiscal 2028-2030 and continued service through 2030. The board said the award incentivises Tan to lead Broadcom’s AI-driven growth and execute strategies in a highly competitive technology industry.

Citi (C) - CFO expects revenue higher than guided USD 84bln for FY25; expenses would also be higher than USD 54.3bln guided and expects impact from neutral to positive on earnings. Will continue to buyback stock. Expects to be ready for the Banamex IPO by end of the year, but market conditions and regulatory approvals may delay it to 2026. (Newswires)

GameStop (GME) - Q2 2025 (USD): Adj. EPS 0.25 (exp. 0.16), Revenue 972mln (exp. 823.25mln). (Newswires)

Fed's Cook - A judge has temporarily blocked President Trump from removing Fed Governor Lisa Cook, allowing her to remain in office while contesting allegations of mortgage fraud. The ruling enables Cook to participate in the Fed’s September 16-17th confab.

JPMorgan (JPM) - CEO Dimon thinks the economy is weakening, and whether that is on the way to recession or just weakening they do not know; big revision in BLS benchmark payroll data - CNBC interview. (CNBC)

Meta (META) - CFO says user growth is hitting saturation in many developed markets, but Co. is growing users globally across Facebook, Instagram and WhatsApp; significant headroom remains in select markets not yet close to saturation - GS conference. (Newswires)

Microsoft (MSFT) - Co. is to buy AI from Anthropic in shift from OpenAI, according to The Information. Microsoft’s Office 365 Copilot software will be partly powered by Anthropic models. Microsoft will pay Anthropic for the models through Amazon Web Services, which hosts them. (The Information)

Nvidia (NVDA) - Nvidia-backed Reflection AI is raising about USD 1bln at a valuation of up to USD 5.5bln, FT reports, nearly ten times its USD 545mln valuation six months ago. Nvidia’s venture arm will invest at least USD 250mln, alongside Lightspeed, Sequoia and DST Global. (Newswires)

Oracle (ORCL) - Oracle shares surged 31% in post-market trading after issuing a bullish cloud outlook that boosted AI infrastructure hopes, with Oracle's performance also lifting other AI-linked stocks, including Nvidia (NVDA) and Asian chip suppliers. Q1 adj. EPS 1.47 (exp. 1.48), Q1 revenue USD 14.9bln (exp. 15.02bln). Q1 cloud revenue +28% Y/Y at USD 7.2bln. Q1 total Remaining Performance Obligations +359% Y/Y to USD 455bln after four multi-billion dollar contracts, with cloud revenue expected to grow 77% to USD 18bln in FY26 and reach USD 144bln in five years. CTO Larry Ellison highlighted 1,529% Q1 MultiCloud database growth and announced the upcoming Oracle AI Database launch, which will launch next month at Oracle AI World. Sees Q2 EPS between 1.61-1.65 (exp. 1.62), sees Q2 revenue +12-14%, sees Q2 cloud revenue +32-36%; FX seen having a 0.03 positive impact on EPS, and a 1% positive effect on revenue. Raises FY26 capex view, sees USD 35bln.

Synopsys (SNPS) - Synopsys shares fell 19% afterhours following Q3 results and its FY25 guidance miss. Q3 adj. EPS 3.39 (exp. 3.75), revenue USD 1.740bln (exp. 1.77bln). IT business underperformed due to China export restrictions, major foundry challenges, and roadmap/resource decisions; CEO highlights Ansys acquisition as transformational. Sees Q4 EPS between 2.76-2.80 (exp. 4.14), Q4 revenue between USD 2.230-2.260bln (exp. 2.59bln). FY25 EPS seen between 12.76-12.80 (exp. 14.58), and FY25 revenue between USD 7.030-7.060bln (exp. 10.48bln).

10 Sep 2025 - 06:57- Geopolitical- Source: Newsquawk