Newsquawk Daily European Equity Opening News - 11th November 2025

ASIA

APAC stocks were mostly subdued with the region failing to sustain the positive global risk momentum that had been spurred by US-China trade optimism and US government reopening hopes, while there were few fresh catalysts overnight to fuel the recent rally. ASX 200 faded its early advances as the outperformance in gold stocks and miners was negated by weakness in tech and the top-weighted financial sector following CBA's modest earnings growth, while the improvement in Consumer Sentiment to a 7-year high did little to spur risk appetite. Nikkei 225 initially rallied amid currency weakness and as participants digested earnings results, but eventually wiped out all of its gains as sentiment soured. Hang Seng and Shanghai Comp were pressured amid losses in tech, including Chinese e-commerce giants Alibaba and JD.com, which failed to benefit, despite it being China's Singles' Day, which is the world's largest shopping event, as sales had begun weeks earlier in an effort to boost sluggish spending.

China Autos - China October vehicle sales rose by 8.8% Y/Y (prev. 14.9% increase in September) according to the industry association. (Newswires)

Sony (6758 JT) - 6-month (JPY) net 599bln, oper. profit rose 20.4% Y/Y to 768.9bln, rev. rose 3.5% Y/Y to 5.73tln, Co. will buy back up to 0.59% of its own shares, worth JPY 100bln. (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.71% at 5,662, Dax 40 +1.72% at 23,976, FTSE 100 +1.08% at 9,787, CAC 40 +1.32% at 8,056, FTSE MIB +2.28% at 43,896, IBEX 35 +1.77% at 16,183, PSI +1.56% at 8,315, SMI +1.36% at 12,465, AEX +1.08% at 961

SECTORS: Financials 2.21%, Consumer Disc 1.75%, Industrials 1.71%, Healthcare 1.45%, IT 1.30%, Materials 1.05%, Energy 0.84%, Consumer Stpl 0.45%, Utilities 0.35%, Telecoms -0.16%

FTSE 100

Standard Chartered (STAN LN/ 2888 HK) - Co.’s China securities business has appointed Jim Wang as CEO. (Newswires)

UK BRC - UK BRC Total Sales YY (Oct) 1.6% (Prev. 2.3%); Retail Sales YY (Oct) 1.5% (Prev. 2.0%); BRC Chief said "that retailers were looking to Black Friday to revive demand but warned that Budget decisions on business rates risked undermining fragile confidence". (BRC)

OTHER UK COMPANIES

BROKER MOVES

Croda (CRDA LN) downgraded to Hold from Buy at Jefferies

DAX

Munich Re (MUV2 GY) - Q3 (EUR): EPS 15.48 (exp. 14.95), Profit 2bln (prev. 907mln Y/Y), Insurance Revenue 14.58bln (exp. 15.67bln). Sees FY Insurance Revenue 61bln (prev. guided 62bln), sees Reinsurance Revenue 39bln (exp. 40bln). (Newswires)

OTHER GERMAN COMPANIES

Fraport (FRA GY) - 9M (EUR): Q4 (EUR): Revenue 1.35bln (prev. 1.31bln Y/Y), EBITDA 593.1mln (prev. 483.7mln Y/Y). Affirms guidance. (Fraport)

K+S (SDF GY) - Q3 (EUR): Revenue 879mln (exp. 895.8mln), EBITDA 111mln (prev. 66mln Y/Y). Narrows FY25 EBITDA 570-630mln (prev. guided 560-640mln). Continued high-capacity utilization expected in the global potash market. (K+S)

BayWa (BYW GY) - Co. announced its preliminary results of the subscription offer, with 65% of new shares being accepted. An announcement with the results of the Rump Placement and final take-up of the Subscription offer will be made in the near future. (BayWa)

Nordex (NDX1 GY) - Co. won an order from SSE (SSE LN) for two projects worth 42 MW in Spain. (Newswires)

Tag Immobilien (TEG GY) - 9M (EUR): Adj. EBITDA 230.2mln (prev. 221.8mln Y/Y), FFO I 135.8mln (prev. 130.5mln Y/Y), raises FY25 FFO I guidance to 174-179mln (prev. guided 172-176mln). For FY26 guidance, sees FFO I between 187-197mln and net income from sales Poland between 92-98mln. (Tag Immobilien)

BROKER MOVES

Evonik (EVK GY) downgraded to Underperform from Hold at Jefferies

Lanxess (LXS GY) upgraded to Hold from Underperform at Jefferies

CAC

LVMH (MC FP) - Bloomberg reports that LVMH is ready to open major stores across China in December, and is considering further expansion as the brand is seeing signs of recovery in the region. (Bloomberg)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Adyen (ADYEN NA) - Co. updates its EBITDA margin level to above 55% by 2028 at its investor day. CFO: “By staying close to our customers and maintaining disciplined execution, we see significant potential to further expand our share in a fast-growing market.” To add, co. sees these drivers to drive nearly 20% annual new revenue growth in any given year. (Ayden)

Copper - Codelco copper production fell 7.2% Y/Y in September to 115.6k tons and Escondida copper production rose 16.8% to 118.6k tons, while Collahuasi copper production fell 26% Y/Y to 38k tons.

EU-China / Telecoms - EU reportedly eyes banning Huawei from mobile networks of member countries, according to Bloomberg citing sources. The European Commission is exploring making its 2020 guidance on excluding high-risk telecom vendors legally binding, Bloomberg says Vice President Virkkunen is pushing a requirement for EU states to phase out Huawei and ZTE from mobile networks. (Bloomberg)

INWIT (INW IM) - Q3 (EUR): Revenue 271.1mln (exp. 271mln), EBITDA 247.4mln (exp. 199mln), confirms FY25 guidance. (INWIT)

Leonardo (LDO IM) - Co. says Alessandra Genco steps down as CFO. (Newswires)

Nexi (NEXI IM) - Italy's CDP reportedly opposes the sale of a majority stake in Nexi digital banking solutions to TPG (TPG), according to Reuters

BROKER MOVES

SMI

PSP Swiss Property (PSPN SW) - 9M (CHF): Net income 259.5mln (prev. 255.9mln Y/Y), EBITDA margin 85.2% (prev. 84.9% Y/Y), EPS 5.66 (prev. 4.93 Y/Y), continue to expect EBITDA excluding gains/losses on real estate of around 300mln (prev. 304.9mln Y/Y). (PSP Swiss Property)

US-Swiss Trade - Switzerland is nearing a deal to cut the US tariff on its exports to 15% from 39%, with an agreement possible within two weeks, Bloomberg reports. Negotiations accelerated after Swiss executives met Trump, who directed USTR Greer to intensify talks. Switzerland seeks relief as the initial levy hurt growth and pushed unemployment to a four-year high, the report adds. (Bloomberg)

UBS (UBSG SW) - The co. is delaying the integration of some Credit Suisse clients to its own platform by several months, signalling that the bank could struggle to meet its March deadline. (Newswires)

OTHER SWISS COMPANIES

Galenica (GALE SW) - Co. has successfully placed CHF 250mln of 7-year bonds with a 1.08% annual coupon. (Galenica)

BROKER MOVES

Clariant (CLN SW) downgraded to Underperform from Hold at Jefferies

Givaudan (GIVN SW) upgraded to Buy from Hold at Jefferies

SIG Group (SIGN SW) downgraded to Hold from Buy at Berenberg

SCANDINAVIA

Mandatum (MANTA FH) - Q3 (EUR): EPS 0.09 (exp. 0.07), pretax profit 55.7mln (exp. 41mln), leaves FY25 outlook unchanged. (Mandatum)

Telenor (TEL NO) - Co. expects organic EBITDA growth in the Nordic region in mid-single digits for 2026 but FY26 outlook to be fully released in its Q4 earnings report. (Telenor)

BROKER MOVES

Beijer Ref (BEIJB SS) upgraded to Buy from Hold at Berenberg

Yara (YAR NO) upgraded to Buy from Underperform at Jefferies

US

CLOSES: SPX +1.54% at 6,832, NDX +2.20% at 25,612, DJI +0.81% at 47,369, RUT +0.97% at 2,456.

SECTORS: Technology +2.69%, Communication Services +2.52%, Consumer Discretionary +1.49%, Materials +1.05%, Energy +0.91%, Health +0.76%, Industrials +0.58%, Financials +0.31%, Real Estate -0.11%, Utilities -0.13%, Consumer Staples -0.34%.

Boeing (BA) - Boeing’s 3,200 striking defence workers will vote Thursday on a revised offer that raises the immediate bonus but lowers later payouts, with the core terms unchanged; union leaders continue to seek higher ratification bonuses and retirement contributions, while Boeing warns replacement hiring is under way and says workers could return by Sunday if approved. Separately, Boeing gained FAA approval to start the third TIA phase for the 777-9, the largest certification block, with entry-into-service now pushed to 2027 and delays tied to extensive documentation, The Air Current reports; the prolonged programme and remaining tests contributed to a USD 4.9bln Q3 charge.

C3.ai (AI) - C3 AI shares rose in late Monday trading after Reuters reported the firm is exploring a sale following founder/CEO Siebel’s exit for health reasons, with options including a private capital raise also under review. The process is at an early stage and comes amid its 54% YTD share decline.

CoreWeave (CRWV) - CoreWeave shares slipped 7.7% in extended trading as weaker FY guidance and data-centre delays overshadowed surging revenue and major AI-related contract wins. It reported Q3 EPS at -0.22 (exp. -0.51), revenue USD 1.36bln (exp. 1.28bln). Lowers FY25 revenue to USD 5.05-5.15bln (exp. 5.27bln) and sees FY25 adj. operating income between USD 692-720mln, capex USD 12-14bln with most shifted to Q1. Power capacity delays are set to impact Q4 results. FY26 capex expected to be well over double FY25 levels.

Occidental (OXY) - Occidental shares slipped 0.6% in extended trading as investors focused on Q4 production guidance despite a profit beat driven by higher output, Reuters reports. Q3 adj. EPS 0.64 (exp. 0.49), revenue USD 6.717bln (exp. 6.74bln). CEO cited strong upstream, midstream and marketing performance. Company highlighted the OxyChem sale as a key step to strengthen the balance sheet, boost shareholder returns and refocus on core oil and gas opportunities. Occidental guided Q4 output to 1.44–1.48MMboepd (exp. 1.44MMboepd).

11 Nov 2025 - 06:58- Research Sheet- Source: Newsquawk