Newsquawk Daily European Equity Opening News -13th November 2025

ASIA

APAC stocks followed suit to the mixed performance in the US, with little fresh catalysts as the government shutdown ended. ASX 200 was pressured amid underperformance in the tech, real estate and energy sectors, while stronger-than-expected jobs data from Australia did little to inspire a turnaround. Nikkei 225 was choppy as participants reflected on recent earnings releases and firmer-than-expected PPI data. Hang Seng and Shanghai Comp were mixed with strength in pharmaceuticals offset by weakness in energy and tech, while Chinese press noted that brokerage firms expect China's A-share market to continue to gain in 2026, with earnings growth anticipated to be around 4.7% next year.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.17% at 5,793, Dax 40 +1.22% at 24,381, FTSE 100 +0.12% at 9,911, CAC 40 +1.04% at 8,241, FTSE MIB +0.80% at 44,793, IBEX 35 +1.39% at 16,616, PSI +1.21% at 8,294, SMI +0.80% at 12,803, AEX -0.21% at 969.

FTSE 100

BP (BP/ LN) - Co. is reportedly in talks with Stonepeak over the sale of Castrol, according to Reuters citing sources. (Newswires)

Flutter (FLTR LN) - Q3 2025 (USD): adj. EPS 1.64 (exp. 0.68), revenue USD 3.79bln (exp. 3.86bln). CEO cited continued US and International momentum. Flutter cut FY25 guidance after customer-friendly sports results were hit Q3, with net loss widening on impairments and Boyd payment: group revenue now expected at USD 16.69bln, with adj. EBITDA 2.915bln, down USD 570mln and USD 380mln from prior but still implying 19% and 24% Y/Y growth. Exec added that Q4 has started well on an underlying basis. Elsewhere, FanDuel and CME Group (CME) will launch the FanDuel Predicts app in December, offering regulated prediction markets on sports and financial benchmarks; users can trade event contracts on indices, commodities, crypto and economic indicators, with sports markets available only in non-betting states. ADR shares fell 7% in extended trading after the world's largest sports betting and gambling company reported an earnings beat, but missed revenue expectations, and it cut guidance.

Glencore (GLEN LN) - Co. and Hillhouse plan to take cornerstone stakes in Chuangxin Industries’ Hong Kong IPO, signalling confidence in the Chinese aluminium smelter amid rising metal prices. (Bloomberg)

Rio Tinto (RIO LN) - Co. has mothballed its USD 2.95bln Jadar lithium project in Serbia, placing it into care and maintenance to cut costs and prioritise nearer-term opportunities under its new CEO, Bloomberg reports. (Bloomberg)

UK Budget -Officials working for the UK Chancellor have asked the OBR to take into account measures on energy bills, rail fares and other forms of regulated prices in the upcoming budget forecasts, via Bloomberg citing sources; intended to provide extra fiscal space via lower inflation.

UK Housing - UK RICS House Price Balance (Oct) -19% vs Exp. -14% (Prev. -15%). (RICS)

OTHER UK COMPANIES

BROKER MOVES

Auto Trader (AUTO LN) downgraded to Neutral from Buy at BofA

Intertek Group (ITRK LN) initiated with an Add at Peel Hunt

Unite Group (UTG LN) initiated with an Outperform at Oddo Securities

DAX

Deutsche Telekom (DTE GY) – Q3 (EUR): Revenue 28.935bln (exp. 28.825bln), adj. EBITDA AL 11.115bln (exp. 11.104bln), Germany revenues 6.347bln (exp. 6.422bln), sees FY25 adj. EBITDA AL around 45.3bln (prev. guided more than 20bln), 2025 dividend to be set at 1.00/shr (prev. 0.90/shr). To add, co. announced a share buyback of up to EUR 2bln planned for 2026. (Deutsche Telekom)

Merck (MRK GY) – Q3 (EUR): Adj. EPS 2.32, +0.9% Y/Y; net sales 5.3bln, +1.0% Y/Y, confirms FY25 guidance with EBITDA guided to 6.0-6.2bln. (Merck)

Siemens (SIE GY) – Q4 (EUR): Revenue 21.43bln (exp. 21.43bln), net income 1.84bln (exp. 2.18bln), proposes a dividend of 5.35/shr (prev. 5.20/shr in 2024). For FY26, expects comparable revenue growth of 6-8%, basic EPS of 10.40-11.00. CEO: “FY25 net income was at a record for a third consecutive year”. In addition, the co. is in talks with GE Vernova (GEV) to supply gas turbines for the reconstruction of Syria’s energy sector, according to Reuters citing sources. In other news, CEO said the direct spin-off of Healthineers is first of its kind and waiting for approval from tax authorities. (Siemens)

Volkswagen (VOW3 GY) - JV with Rivian is progressing in terms of a shared EV electrical and software platform and may eventually sell the technology to other automakers, while currently prioritising models for both companies and exploring scalability with third parties. (Bloomberg/Volkswagen)

OTHER GERMAN COMPANIES

Delivery Hero (DHER GY) - Q3 (EUR): Segment revenue 3.734bln (prev. 3.234bln Q/Q), GMV 12.18bln (prev. 12.25bln Q/Q), confirms FY25 guidance. (Delivery Hero)

Hapag-Lloyd (HLAG GY) – 9M (EUR): Revenue 14.35bln (prev. 14.06bln Y/Y) , EBITDA 2.49bln (prev. 3.30bln Y/Y), sees FY25 EBITDA between 2.8-3.2bln (prev. guided 2.5-3.4bln) . Co. is to invest in up to 22 new ships in smaller vessel classes. (Hapag-Lloyd)

Renk (R3NK GY) – Q3 (EUR): Revenue 308mln (exp. 312mln), adj. EBIT 52mln (prev. 43mln Q/Q), confirms FY25 guidance. (Renk)

BROKER MOVES

DHL (DHL GY) downgraded to Equal Weight from Overweight at Morgan Stanley, PT 47 (prev. 45).

Kuene & Nagel (KNIN GY) upgraded to Equal Weight from Underweight at Morgan Stanley, PT CHF 159 (prev. 184)

RWE (RWE GY) downgraded to Reduce from Hold at Kepler Cheuvreux

CAC

BNP Paribas (BNP FP) - A US judge rejected BNP Paribas’s attempt to overturn a USD 20.75mln verdict over its role in funding Sudan’s abusive regime, ruling that alleged misconduct by opposing counsel was “serious” but did not affect the fairness of the trial. (Newswires)

Carrefour (CA FP) - Saade family is to take a 4% stake in the co. after Penisula concluded its sale of its stake. (Newswires)

Engie (ENGI FP) - Co. has signed a 9-year energy supply deal with Astrazeneca (AZN LN) to power its Texas manufacturing plant. (Engie)

TotalEnergies (TTE FP) - Co. is considering selling some renewable energy assets in Asia to help to reduce debt, according to Bloomberg. (Bloomberg)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Generali (G IM) – 9M (EUR): Net profit 3.22bln (exp. 3.15bln), operating result 5.94bln (exp. 5.93bln), gross written premiums 73.08bln (exp. 71.60bln). (Generali)

Poste Italiane (PST IM) – Q3 (EUR): Revenue 3.18bln (exp. 3.18bln), net income 603mln (exp. 571mln), adj. EBIT 856mln (exp. 827mln), reaffirms FY25 adj. EBIT and net profit outlook. (Poste Italiane)

Sabadell (SAB SM) – Q3 (EUR): NII 1.20bln (exp. 1.21bln), net profit 414mln (exp. 439mln), CET1 13.74% (exp. 13.64%), reaffirms FY25 guidance. (Sabadell)

Wienerberger (WIE AV) – 9M (EUR): Revenue 3.52bln (prev. 3.39bln Y/Y), Operating EBITDA 584mln (prev. 602mln Y/Y). (Wienerberger)

BROKER MOVES

SMI

Novartis (NOVN SW) - GanLum malaria drug outperformed existing treatments in trials and was effective against drug-resistant strains; the therapy combines new compound ganaplacide with lumefantrine, developed with Medicines for Malaria Venture. (Novartis)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Saab (SAABB SS) – Co. has received a SEK 510mln order from Carl-Gustaf, with deliveries scheduled for 2026-28. (Saab)

Telenor (TEL NO) – Co. is to transfer its managed IoT operations from its Nordic markets to its specialised IoT unit to launch a global IoT powerhouse. (Telenor)

Zealand Pharma (ZEAL DC) – Q3 (DKK): Revenue 49.6mln (exp. 28mln), sees FY25 operating expenses between 2.0-2.3bln. (Zealand Pharma)

BROKER MOVES

Vestas (VWS DC) downgraded to Hold from Buy at Berenberg

US

CLOSES: SPX +0.08% at 6,852, NDX -0.06% at 25,517, DJI +0.68% at 48,255, RUT -0.26% at 2,452.

SECTORS: Health +1.36%, Financials +0.91%, Materials +0.76%, Technology +0.25%, Utilities +0.24%, Industrials +0.09%, Consumer Staples -0.22%, Real Estate -0.77%, Consumer Discretionary -1.05%, Communication Services -1.18%, Energy -1.42%.

Cisco (CSCO) - Cisco shares jumped 7.3% as upbeat earnings, strong guidance, and USD 1.3bln in AI-related orders signalled accelerating demand for its networking products. Q1 adj. EPS 1.00 (exp. 0.98), revenue USD 14.9bln (exp. 14.78bln). Q1 RPO up 7% to USD 42.9bln. CEO cited strong start to FY26 and rising AI-driven demand, noted that total product orders grew 13% Y/Y across all geographies and markets, highlighting momentum with hyperscalers, and said it was on track for its strongest year after launching the new Cisco Unified Edge platform. Q2 adj. EPS seen between 1.01-1.03 (exp. 0.99), revenue between USD 15-15.2bln (exp. 14.64bln), gross margin 67.5-68.5%, op. margin 33.5%-34.5%; said its margin and EPS guidance reflects the estimated impact of tariffs under current trade policy. FY26 adj. EPS view raised to 4.08-4.14 (exp. 4.04), and revenue seen at USD 60.2-61bln (exp. 59.68bln).

US Shutdown - The House voted 222–209 to pass a bipartisan Senate-brokered funding package, ending the 43-day federal shutdown. Six Democrats joined Republicans to advance the bill (they opposed lapsed healthcare subsidies), while two Republicans opposed it. The short-term funding bill was sent to President Trump, who signed it to reopen government, restoring full-year funding for agriculture, the FDA, veterans’ affairs and congressional operations, with other agencies funded through January 30th. The White House ordered federal employees to return to work on Thursday after Trump signed the bill; around 600,000 workers had been furloughed. DATA IMPACT: Reuters notes that while economic data will soon resume, some gaps may be permanent, with the White House indicating October employment and CPI reports might never be issued, and offered no schedule for other delayed releases. Bloomberg noted that the BLS plans to publish an updated calendar for delayed data releases, though no dates are yet confirmed, and added that it is increasingly likely the BLS will forgo issuing an October CPI report altogether.

13 Nov 2025 - 07:05- Research Sheet- Source: Newsquawk