Newsquawk Daily European Equity Opening News - 11th December 2025

ASIA

APAC stocks were ultimately subdued after failing to sustain the early positive momentum from the dovishly perceived FOMC where the Fed lowered rates by 25bps to between 3.50-3.75%, as expected, but with a less hawkish tilt than what Wall Street had anticipated, although much of the gains were eventually wiped out as a slump in Oracle post-earnings stoked tech and AI-related concerns. ASX 200 eked mild gains but with upside limited by the latest jobs data, which showed a surprise contraction in jobs that was solely due to a drop in full-time work. Nikkei 225 reversed its opening gains and more amid pressure from a firmer currency and as AI-exposed stocks were hit, including SoftBank. Hang Seng and Shanghai Comp gradually retreated with the mainland not helped by another liquidity drain by the PBoC, while trade-related uncertainty lingered, with China said to have held urgent discussions with major domestic tech firms on Wednesday about whether to permit purchases of NVIDIA’s H200 processors.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.16% at 5,709, Dax 40 -0.22% at 24,110, FTSE 100 +0.14% at 9,656, CAC 40 -0.37% at 8,023, FTSE MIB -0.25% at 43,465, IBEX 35 +0.17% at 16,763, PSI -0.89% at 8,019, SMI -0.09% at 12,919, AEX -0.35% at 944.

SECTORS: Healthcare 0.52%, Consumer Stpl 0.37%, Financials 0.32%, Materials 0.03%, Telecoms -0.04%, Consumer Disc -0.05%, Industrials -0.10%, IT -0.54%, Utilities -0.74%, Energy -0.80%

FTSE 100

Diageo PLC (DGE LN) - Diageo opened its new Guinness attraction in London’s Covent Garden, two years late but ahead of incoming CEO Dave Lewis. The site cost GBP 73mln, and includes a microbrewery, restaurants, a gift shop and bars serving the stout. (Bloomberg)

Ex-dividends – Associated British Foods (ABF LN) will trade without entitlement to its latest dividend payout. (dividenddata)

UK Pharma / GSK (GSK LN) – GSK CEO said that the US is the best country to invest in, adding that she would not “shy away” from GSK’s plans to invest in the region. (BBC)

UK Retail – Sky News reports that fast food chain LEON announced cost-cutting measures, which could lead to job cuts of over 1,100 staff; the Co. blamed Chancellor Reeve’s recent tax measures, describing them as “unsustainable”. (Sky News)

OTHER UK COMPANIES

BROKER MOVES

B&M (BME LN) downgraded to Neutral from Buy at Citi

Experian (EXPN LN) resumed with an Overweight at JP Morgan

Lloyds (LLOY LN) downgraded to Neutral from Outperform at BNP Paribas

RS Group (RS1 LN) upgraded to Overweight from Neutral at JP Morgan

Sainsbury's (SBRY LN) upgraded to Outperform from Neutral at BNP Paribas

Serco (SRP LN) resumed with Neutral at JP Morgan

DAX

SAP (SAP GY) - Oracle (ORCL) shares plunged by over 11% in extended trading after revenue missed expectations and investors questioned its heavy AI-related spending and rising debt despite strong demand and large new commitments. See US section below for details

OTHER GERMAN COMPANIES

Carl Zeiss Meditec (AFX GY) – FY (EUR): Revenue 2.32bln (exp. 2.2bln), EPS 1.61 (exp. 1.58). For fiscal year 2025/26, Carl Zeiss Meditec expects revenue to increase by a mid-single-digit percentage based on current exchange rates. (Carl Zeiss Meditec)

Fraport (FRA GY) – Nov Passengers +4% Y/Y at 4.8mln passengers. Cargo volumes +4.8% Y/Y. (Fraport)

BROKER MOVES

CAC

EssilorLuxottica (EL FP) - Co. is to work with Fondazione Chips-IT to further strengthen leadership in smart eyewear by advancing application-specific chip development within chips-IT's open-hardware environment. (EssilorLuxottica)

Sanofi (SAN FP) - Sanofi’s Qfitlia and Cablivi approved in China, expanding care for rare diseases. Qfitlia, the first antithrombin-lowering therapy for hemophilia, can offer consistent protection with as few as six injections a year. (Sanofi)

OTHER FRENCH COMPANIES

BROKER MOVES

Eutelsat (ETL FP) upgraded to Hold from Sell at Deutsche Bank

PAN EUROPE

Akzo Nobel (AKZA NA) - AkzoNobel completes the sale of AkzoNobel India to JSW Group. (Akzo Nobel)

ENI (ENI IM) – Co. to discuss preliminary financial statements on February 25, 2026, and present the strategic plan 2026-2029 on March 19, 2026. (Newswires)

Orsted (ORSTED DC), Engie (ENGI IM) - Engie and CIP are competing for Orsted’s European onshore wind business, according to Bloomberg. Final bids are expected this week, and the assets may be valued at about EUR 1bln+. (Bloomberg)

Stellantis (STLAM IM/ STLAP FP) - Two heirs of the billionaire Peugeot dynasty, Robert and Xavier Peugeot, are openly competing for a director seat at Stellantis NV, Bloomberg reports. The unprecedented contest highlights the family’s waning influence at the troubled automaker. (Bloomberg)

BROKER MOVES

Ferrari (RACE IM) upgraded to Outperform from Neutral at BNP Paribas

SMI

Roche (ROG SW) – Co. expands mass spectrometry menu with antibiotic drug monitoring CE mark approval, offering the industry’s broadest in vitro diagnostic menu. (Roche)

OTHER SWISS COMPANIES

Flughafen Zurich (FHZN SW) - Co. reports November passengers at 2.35mln, +7.1% Y/Y. (Flughafen Zurich)

Galderma (GALD SW) - Announced the first patient enrolment for its phase II study investigating the efficacy and safety of nemolizumab in treating patients living with Chronic Pruritus of Unknown Origin (CPUO). (Galderma)

SGS (SGSN SW) - Gilbert Ghostine is to be proposed as new Chair of the Board of Directors following the announcement that Calvin Griede is to step down at the next Annual General Meeting on 26th March, 2026. (SGS)

BROKER MOVES

SCANDINAVIA

Novo Nordisk (NOVOB DC) - Cautious mention in Bloomberg, which notes that Novo Nordisk's shares have fallen more than 50% in 2025 amid disappointing clinical trial results, multiple profit warnings and rising obesity-drug competition, erasing gains made after its Wegovy treatment was approved in 2021. The slump leaves the company trading as if the earlier weight-loss-drug surge never happened. (Bloomberg)

Zealand Pharma (ZEAL DC) – Co. outlines Metabolic Frontier 2030 strategy to become a generational biotech leader in obesity and metabolic health. Zealand Pharma targets five launches, +10 clinical pipeline programs, and industry-leading cycle times from idea to clinic by 2030. OTR to receive initial USD 20mln and also eligible for total consideration up to USD 2.5bln. (Zealand Pharma)

BROKER MOVES

Yara (YAR NO) upgraded to Neutral from Underperform at Bank of America

US

CLOSES: SPX +0.67% at 6,887, NDX +0.42% at 25,776, DJI +1.05% at 48,058, RUT +1.32% at 2,560

SECTORS: Utilities -0.11%, Consumer Staples 0.00% (unch), Technology +0.05%, Real Estate +0.06%, Communication Services +0.13%, Energy +1.11%, Financials +1.13%, Health +1.45%, Consumer Discretionary +1.52%, Materials +1.77%, Industrials +1.84%.

Adobe (ADBE) - Adobe shares initially rose after it projected annual revenue and profit ahead of expectations on strong demand for its design tools and growing monetisation of its generative AI offerings, but finished the extended trading session down 0.9%. It reported Q4 EPS 5.50 (exp. 5.40), Q4 revenue USD 6.19bln (exp. 6.11bln). Q4 subscription revenue +12% Y/Y to USD 5.96bln, with Business Professionals & Consumers +15% Y/Y to USD 1.72bln and Creative & Marketing Professionals +11% Y/Y to USD 4.25bln. CEO said results highlight Adobe’s growing role in the global AI ecosystem and rapid adoption of AI-driven tools, noting expectations for double-digit ARR growth in FY2026. Sees Q1 EPS between 5.85–5.90 (exp. 5.67), Q1 revenue between USD 6.25–6.30bln (exp. 6.23bln); Q1 Business Professionals & Consumers subscription revenue seen between USD 1.74–1.76bln, Creative & Marketing Professionals subscription revenue seen between USD 4.30–4.33bln. For FY26, sees EPS between 23.30–23.50 (exp. 23.30), revenue between USD 25.90–26.10bln (exp. 25.87bln); FY Business Professionals & Consumers subscription revenue seen between USD 7.35–7.40bln; FY Creative & Marketing Professionals subscription revenue seen between USD 17.75–17.90bln; ending ARR growth +10.2% Y/Y.

Coca-Cola (KO) - The beverage maker announced a CEO succession plan; insider Henrique Braun was named CEO, replacing James Quincey; Braun will take over on 31st March, and Quincey will become executive chairman.

Oracle (ORCL) - Shares plunged by over 11% in extended trading after revenue missed expectations and investors questioned its heavy AI-related spending and rising debt despite strong demand and large new commitments. It reported Q2 adj. EPS of 2.26 (exp. 1.64), revenue USD 16.1bln (exp. 16.19bln). Q2 Cloud revenue +34% Y/Y to USD 8.0bln, with IaaS +68% to USD 4.1bln, SaaS +11% to USD 3.9bln, Fusion Cloud ERP +18% to USD 1.1bln and NetSuite ERP +13% to USD 1.0bln. Q2 RPO +15% Q/Q and +438% Y/Y to USD 523bln, supported by major commitments from Meta (META) and NVIDIA (NVDA), with # database revenue +817% Y/Y. Executives highlighted a USD 2.7bln gain from the Ampere stake sale, reiterated moves to chip and cloud neutrality, and cited accelerating AI-driven demand. Sees Q3 EPS between 1.70–1.74 (exp. 1.72), and Q3 revenue growth of +19–21%, with cloud revenue growth of +40–44%. For FY26, revenue view maintained at USD 67bln (exp. 66.98bln), with FY26 capex raised to USD 50bln (prev. saw 35bln); Oracle also noted it expects to need over USD 100bln to fund its AI growth plans.

11 Dec 2025 - 07:00- Research Sheet- Source: Newsquawk