Newsquawk Daily European Equity Opening News - 12th September 2025

ASIA

APAC stocks were mostly higher following the gains on Wall St, where the major indices climbed to record highs after a jump in Initial Jobless claims further boosted Fed rate cut pricing. ASX 200 edged higher with outperformance in Real Estate, Miners, Materials & Financials spearheading the advances as Fed rate hike expectations boost global risk sentiment. Nikkei 225 extended on record highs and approached closer towards the 45,000 level despite little fresh pertinent drivers. Hang Seng and Shanghai Comp traded mixed with tech leading the gains in Hong Kong after it was reported that Alibaba (9988 HK) and Baidu (9888 HK) are using internally designed chips for training AI models are to adopt their own AI chips in a major shift for Chinese tech, while the mainland lagged amid frictions, with the US reportedly to urge G7 to impose high tariffs on China and India over Russian oil purchases.

Meituan (3690 HK) - Co. rolled out a new AI agent app that seeks to boost its food delivery and local services business, according to Bloomberg. (Bloomberg)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.49% at 5,388, Dax 40 +0.26% at 23,693, FTSE 100 +0.78% at 9,298, CAC 40 +0.80% at 7,824, FTSE MIB +0.89% at 42,432, IBEX 35 +0.59% at 15,308, PSI +0.33% at 7,755, SMI +0.62% at 12,294, AEX +0.47% at 906

SECTORS: Materials 1.04%, Industrials 1.04%, Consumer Disc 0.87%, Financials 0.58%, Healthcare 0.41%, Telecoms 0.34%, Consumer Stpl 0.23%, Utilities 0.06%, IT -0.17%, Energy -0.42%

FTSE 100

Anglo American (AAL LN), Teck Resources (TECK) - The proposed Anglo American–Teck Resources merger hinges on resolving operational issues at Teck’s Quebrada Blanca copper mine in Chile’s Atacama desert and integrating it with Anglo’s neighbouring operations, while managing partnerships at Collahuasi, a site not controlled by Anglo, Bloomberg notes. (Bloomberg)

MMG (1208 HK) / Anglo American (AAL LN) - Co. is confident it will receive EU approval for a USD 500mln deal to buy Anglo American’s nickel assets, according to FT. (FT)

Marks & Spencer (MKS LN) - Sky News reports that Rachel Higham, the chief digital and tech officer, is leaving the Co. following the recent cyber attack. (Sky News)

UK Date Centres - OpenAI and NVIDIA (NVDA) are to announce billions in UK data centre projects, according to Bloomberg. (Bloomberg)

UK Financials - The EU’s banking regulator is set to outline an equivalence framework allowing European banks to count UK covered bonds in their emergency liquidity buffers on the same basis as domestic debt, Bloomberg reports. The European Banking Authority will release the roadmap, with the European Commission expected to approve the changes.

OTHER UK COMPANIES

BROKER MOVES

SSP (SSPG LN) upgraded to Buy from Hold at Berenberg

WH Smith (SMWH LN) downgraded to Hold from Buy at Berenberg

DAX

Rheinmetall (RHM GY) - CEO has called for more investment in low-cost anti-drone capabilities, via FT. Elsewhere, Kyiv's Defence Minister said to build a shell production plant in Ukraine. (FT/Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

Hannover Re (HNR1 GY) upgraded to Buy from Neutral at UBS Shares +2.1% in pre-market trade

CAC

Euronext (ENX FP) - Co. to be included in the CAC 40 index, and Teleperformance (TEP FP) to be excluded; effective from September 22nd. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

Eutelsat (ETL FP) initiated with Sell at Stifel Nicolaus

Legrand (LR FP) initiated with Hold at Stifel Nicolaus

PAN EUROPE

Ryanair (RYA ID) - Co. is prepared to cut another 1mln more seats from Spain by next summer, via the FT. This comes after the Co. already reduced 1 million seats, citing increased charges from airport operator Aena (AENA SM). (Newswires)

Salvatore Ferragamo (SFER IM) - CFO Pierre La Tour is leaving the Co., effective September 26th. (Newswires)

Sabadell (SAB SM) - Co. reiterated that the BBVA (BBVA SM) offer does not adequately reflect value. (Newswires)

Trade - US is to urge G7 to impose high tariffs on China and India over Russian oil purchases, according to FT. (FT)

BROKER MOVES

SMI

Helvetia (HELN SW) / Baloise (BALN SW) - Helvetia secures further approvals for merger with Baloise; exp. to close December 2025. (Newswires)

Temenos (TEMN SW) - H1 25 (USD): Revenue 497.9mln, +10% Y/Y, EBIT 181.1mln, +21% Y/Y. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

Novartis (NOVN SW) downgraded to Sell from Neutral at Goldman Sachs

SCANDINAVIA

Aker (AKER NO) - Merger between Aker Horizons and AKH Holdco is complete. (Newswires)

Kesko (KESKOB FH) - Aug Sales EUR 1.1bln, +3.1% Y/Y. (Newswires)

BROKER MOVES

Telenor (TEL NO) downgraded to Hold from Buy at Deutsche Bank

US

CLOSES: SPX +0.85% at 6,587, NDX +0.60% at 23,993, DJI +1.36% at 46,108, RUT +1.83% at 2,422

SECTORS: Energy -0.04%, Technology +0.18%, Communication Services +0.18%, Utilities +0.49%, Consumer Staples +0.95%, Industrials +0.96%, Financials +1.67%, Real Estate +1.68%, Consumer Discretionary +1.70%, Health +1.73%, Materials +2.14%.

Adobe (ADBE) - Adobe shares finished extended trading with gains of 3.3% following a Q3 earnings beat, and guidance raise. Q3 adj. EPS 5.31 (exp. 5.18), Q3 revenue USD 5.99bln (exp. 5.90bln). AI-influenced ARR surpassed USD 5bln in the quarter, and AI-first ARR already exceeds its USD 250mln year-end target. Exec said 99% of Fortune 100 firms have used AI in its apps, with nearly 90% of top 50 enterprise accounts adopting GenStudio, Firefly or Acrobat AI Assistant; it also said that 70% of AEP customers use its AI assistant, calling AI its biggest opportunity in decades. Sees Q4 adj. EPS between 5.35-5.40 (exp. 5.34), and sees Q4 total revenue between USD 6.075-6.125bln (exp. 6.08bln). For the FY, raises its view, sees adj. EPS between 20.80-20.85 (exp. 20.64, prev. saw 20.50-20.70), and now sees FY revenue between USD 23.65-23.70bln (exp. 23.55bln, prev. saw 23.5-23.6bln).

American Airlines (AAL) - CFO says looks like October is going to be better than September, via MS Conference. (Newswires)

Boeing (BA) - CEO says don't think they have fully turned, but are turning; have inflationary pressures coming in from the supply chain - MS conference. (Newswires)

Microsoft (MSFT) - Microsoft plans to expand its infrastructure to train proprietary AI models aimed at competing with OpenAI, Anthropic, and others. Consumer AI chief said the company will make “significant investments” in its own computing clusters to support model development, signalling a shift toward more in-house AI capabilities.

Paramount Skydance (PSKY) - Co. prepares Ellison-Backed Bid for Warner Bros. Discovery (WBD), according to WSJ citing sources; the majority of the planned bid for Warner will be made up of cash

Warner Bros. Discovery (WBD), Paramount Skydance (PSKY) - The recently merged Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, covering its cable networks and movie studio, WSJ reports. Comes as Warner is restructuring into two divisions, a legacy cable TV unit and streaming plus studios.

US Deficit - US tariff revenue hit a record USD 30bln in August (+296% Y/Y), driven by President Trump’s tariff hikes, while the federal budget deficit reached USD 345bln, the third-highest on record for the fiscal year, and 15% wider Y/Y.

12 Sep 2025 - 06:55- Research Sheet- Source: Newquawk