Newsquawk Daily European Equity Opening News - 12th November 2025

ASIA

APAC stocks traded mixed with the region indecisive amid light fresh catalysts and as participants digested earnings. ASX 200 was rangebound with upside limited as strength in the commodity-related sectors was offset by weakness in tech, telecoms, consumer discretionary and financials, while the latest Home Loans data from Australia firmly topped estimates. Nikkei 225 swung between gains and losses and traded on both sides of the 51,000 level in the absence of any key data and following a slew of earnings, including from SoftBank, which is pressured despite reporting a 191% rise in 6-month net, as it also announced a 4-for-1 stock split and that it offloaded its entire stake in NVIDIA. Hang Seng and Shanghai Comp were mixed despite the PBoC's Q3 monetary policy implementation report, in which it reiterated to implement an appropriately loose monetary policy and strengthen the transmission of policy, while an NDRC official recently noted private investment has slowed down this year, and there are challenges in private investment but also flagged a plan to support private investment to flow to high-value service sectors.

JD.com (JD) - JD reported record Singles’ Day sales, with orders up nearly 60% and shoppers rising 40%, despite China’s deflationary pressures. The company did not disclose transaction values but said sales growth surpassed last year’s 20% increase in shoppers during the annual online shopping event.

Foxconn (2317 TT) - Q3 (TWD) Net Income 57.7bln (exp. 50.4bln), Op. Profit 70.5bln (exp. 63bln) Q4: Expects revenue for cloud and networking products to see strong growth Y/Y. Expects revenue for computing products to fall Y/Y. AI Server Revenue in Q4 exp. to increase Q/Q. 2025: Expects 2025 rev. for smart consumer electronics to be flattish Y/Y (prev. guided "strong growth") Expects 2025 for computing products to slightly decline Y/Y (prev. guided "slightly decline").

US-China Semiconductors - China’s government is intervening to allocate output from Semiconductor Manufacturing International Corp. amid acute shortages caused by US chip export restrictions, WSJ reports. Authorities are prioritising supply for Huawei Technologies to support domestic AI development as Chinese firms struggle with limited access to advanced semiconductors.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.15% at 5,697, Dax 40 +0.06% at 24,139, FTSE 100 +0.04% at 9,760, CAC 40 -0.53% at 8,157, FTSE MIB -0.09% at 43,202, IBEX 35 -0.72% at 16,034, PSI +0.73% at 8,446, SMI -0.10% at 12,301, AEX +0.64% at 982

SECTORS: Healthcare 2.94%, Energy 2.21%, Consumer Disc 1.81%, Materials 1.51%, Telecoms 1.35%, Consumer Stpl 1.15%, Financials 1.12%, Industrials 0.57%, IT 0.48%, Utilities 0.01%

FTSE 100

Standard Chartered (STAN LN) - Co. to partner with Finmo to integrate global currency accounts and API-driven treasury connectivity. (Standard Chartered)

UK Banks - UK banks push for easing of capital rules to counter surge in private credit; HSBC (HSBA LN) and Barclays (BARC LN) tell House of Lords committee that they are losing ground to US rivals, via Financial Times. (FT)

UK Politics - Downing Street has launched an extraordinary operation to protect UK PM Starmer amid fears among the PM’s closest allies that he is vulnerable to a leadership challenge in the wake of the Budget, according to The Guardian's Crerar. (The Guardian)

OTHER UK COMPANIES

BROKER MOVES

DAX

Brenntag (BNR GY) - Q3 (EUR): Revenue 3.72bln (exp. 3.765bln), Operating EBITA 947mln (prev. 281mln Y/Y), sees FY25 operating EBITA guidance towards the lower end of 0.95-1.05bln range. (Brenntag)

Bayer (BAYN GY) - Q3 (EUR): Sales 9.66bln (exp. 9.79bln), Adj. EBITDA 1.51bln (exp. 1.29bln), Core EPS 0.57 (exp. 0.33). Confirms FY Outlook. CEO said “Overall, in a pivotal year, we’re in a strong position to deliver the 2025 Group guidance we upgraded last quarter”. (Bayer)

Infineon (IFX GY) - Q4 (EUR) Revenue 3.94bln (exp. 3.91bln), EPS 0.18 (exp. 0.36); Sees Q1 Revenue 3.6bln (exp. 3.74bln). "Growth momentum in the automotive, industrial and consumer markets remains modest. Many customers are proceeding cautiously and placing short-term orders". "On the other hand, global investment in AI infrastructure is continuing to rise rapidly and we expect considerable growth in demand for our leading power supply solutions for AI data centers". "We are significantly increasing our target and expect to generate revenue of around EUR 1.5bln in this area in the 2026 fiscal year. By the end of the decade, Infineon’s addressable market will reach EUR 8-12bln". Other Metrics: Total Segment Profit: 717mln (exp. 725.3mln) Segment Result Margin: 18.2% (exp. 18.5%). Other Guidance: Sees 1Q Segment Result Margin Mid-To-High Teens. Sees 2026 Revenue Moderately Higher vs 2025. Sees 2026 Segment Result Margin In High-Teens Range.

RWE (RWE GY) - 9M (EUR): Adj. EBITDA 3.48bln, -13% Y/Y. Still Sees FY Adj Net Income 1.30bln-1.80bln (exp. 1.54bln), Sees FY Adj. EBITDA 4.55bln-5.15bln (exp. 4.74bln). (Newswires)

Mercedes (MBG GY) - Mercedes Formula 1 chief executive Toto Wolff is in advanced talks to sell part of his stake to CrowdStrike (CRWD) CEO Kurtz, according to FT

OTHER GERMAN COMPANIES

E.On (EOAN GY) - 9M (EUR): Adj. Net Income 2.30bln (exp. 2.2bln), Revenue 57.5bln (prev. 56.3bln Y/Y). Affirms guidance. (Newswires)

Nordex (NDX1 GY) - Co. has received an order from Denkerwulf for 123MW in Germany, with a 20 year contract to maintain all turbines. (Nordex)

BROKER MOVES

Hensoldt (HAG GY) downgraded to Neutral from Overweight at JP Morgan

CAC

LVMH (MC FP) - Co.’s watches division is to acquire a minority stake in Swiss manufacturer La Joux-Perret. (LVMH)

OTHER FRENCH COMPANIES

Spie (SPIE FP) - Signs an agreement to acquire PIK AG, strengthening expertise in Audiovisual Systems in Germany. (Spie)

BROKER MOVES

PAN EUROPE

A2A (A2A IM) - 9M (EUR): Revenue 10.17bln, +12% Y/Y; EBITDA 1.73bln, -4% Y/Y; confirms FY25 guidance. (A2A)

ABN Amro (ABN NA) - Q3 (EUR): NII 1.58bln (exp. 1.59bln), net fee and commission income 561mln (exp. 548mln), net profit 617mln (exp. 594mln), CET1 14.8% (exp. 14.6%); announced that the co. has reached an agreement with Blackstone (BX) to buy NIBC worth around 960mln, which is to be completed by H1’26. (ABN Amro)

China-Spain - China is willing to import more high quality Spanish products and are to cooperate in emerging fields such as new energy, digital economy and AI. To add, the two countries are to explore LATAM markets. (Xinhua)

Leonardo (LDO IM) - Co. has fully exercised subscription rights related to remaining stake in Avio at EUR 20.37/shr. (Leonardo)

Recordati (REC IM) - 9M (EUR): Revenue 1.96bln, +12.2% Y/Y. EBITDA 743.9mln, +11.8% Y/Y. Expects to deliver FY25 results in-line with guidance, but at lower half of range, citing challenging macro environment. (Recordati)

Voestalpine (VOE AV) - H1 (EUR): Revenue 7.6bln (prev. 8bln Y/Y), EBITDA 722mln (prev. 718mln Y/Y), confirms FY25 EBITDA outlook between 1.4-1.55bln. (Voestalpine)

BROKER MOVES

Ferrari (RACE IM) initiated with Overweight at JP Morgan

SMI

Alcon (ALC SW) - Q3 (USD): Sales 2.59bln, +6% Y/Y, Diluted EPS 0.48 (prev. 0.53 Y/Y). Full-year 2025 guidance maintained. (Alcon)

OTHER SWISS COMPANIES

Sandoz (SDZ SW) - Co. has signed a global license agreement to have exclusive worldwide commercial rights to breast cancer biosimilar Pertuzumab, excluding certain Asian countries. (Sandoz)

Swiss Life Holdings (SLHN SW) - 9M (CHF): Fee income 1.91bln (prev. 1.88bln Y/Y), direct investment income 3.13bln (prev. 3.08bln Y/Y). (Swiss Life Holdings)

BROKER MOVES

SCANDINAVIA

Aker (AKER NO) - Aker, through APG Invest AS, commits to subscribe for NOK 1.3bln in the private placement, to acquire parts of the non-voting PPI shares issued to SBB for NOK 4.1bln, and to exchange 3.9mln ordinary shares in PPI for an equal number of non-voting shares in PPI from SBB. (Aker)

Equinor (EQNR NO) - Co. has said that the operationship of Peregrino has been transferred to Prio. (Equinor)

FLSmidth (FLS DC) - Q3 (DKK): Revenue 3.45bln (exp. 3.63bln), EBITDA 556mln (exp. 597mln), revises FY25 revenue guidance to around 14.5bln (prev. guided 14.5-15bln). (FLSmidth)

ISS (ISS DC) - Co. has signed a contract with the UK government worth an annual value of approximately DFF 300mln. (ISS)

BROKER MOVES

US

CLOSES: SPX +0.21% at 6,847, NDX -0.31% at 25,533, DJI +1.18% at 47,928, RUT +0.11% at 2,458

SECTORS: Technology -0.72%, Industrials +0.01%, Utilities +0.05%, Consumer Discretionary +0.19%, Financials +0.42%, Communication Services +0.45%, Materials +1.07%, Real Estate +1.08%, Consumer Staples +1.20%, Energy +1.29%, Health +2.33%.

AMD (AMD) - Co. sees gross margin between 55-58% (exp. 54% for FY25); feels good about continued gross margin expansion, while it removes China from revenue guidance, signalling a strategic shift. Sees EPS of more USD 20 in next 3-5 years. Sees operating profit margin above 35%. Unveils strategy to lead the USD 1tln compute market and accelerate the next phase of growth. Says data centre segment accounts for 47% of total business, growing significantly faster than other divisions.

Eli Lilly (LLY), CVS Health (CVS), Novo Nordisk (NOVOB DC) - Eli Lilly will drop CVS Health’s drug benefit plan for employees after CVS stopped covering its weight-loss drug in favour of Novo Nordisk’s rival treatment. From January 1st, Lilly employees will move to pharmacy benefit coverage through Rightway, a privately held pharmacy benefit manager.

FedEx (FDX) - FedEx said fiscal Q2 adj. EPS will exceed last year’s 4.05, above analyst expectations of 4.02, easing investor concerns over holiday demand and trade volatility. CFO said profit will rise Y/Y as operational improvements continue through the peak shipping season.

General Motors (GM) - Co. wants part makers to pull supply chains from China, according to Reuters citing sources. (Reuters)

12 Nov 2025 - 06:51- Exclusive- Source: Newsquawk