Newsquawk Daily European Equity Opening News - 13th October 2025

ASIA

APAC stocks began the week in the red as the region reacted to last Friday's Trump tariff threats and the subsequent Wall St sell-off, although US equity futures rebounded due to the softer tone from Trump over the weekend, while Japanese markets were shut for a holiday. ASX 200 was dragged lower by underperformance in tech, energy, telecoms and defensives, while gold miners are at the other end of the spectrum after prices rebounded back above the USD 4,000/oz level to touch fresh record highs. KOSPI retreated amid tech weakness, and with index heavyweight Samsung Electronics pressured after it was hit by a USD 445.5mln jury verdict for infringing wireless communication patents. Hang Seng and Shanghai Comp were pressured following the flare-up of US-China trade frictions on Friday after US President Trump threatened massive tariffs on China and announced to impose a 100% additional tariff on China from November 1st, before softening his tone over the weekend, while participants digested the latest Chinese trade data, which showed both exports and imports topped forecasts.

Chinese Data - Trade Balance (USD) (Sep) 90.45B vs Exp. 98.96B (Prev. 102.33B); Exports YY (Sep) 8.3% vs Exp. 6.0% (Prev. 4.4%); Imports YY (Sep) 7.4% vs Exp. 1.5% (Prev. 1.3%)

Chinese Tariffs - China customs spokesperson says US measures on shipping fees are a typical show of unilateralism and protectionism, adds China’s countermeasures are necessary and are defensive actions. (Newswires)

Chinese Autos - China Auto Industry Body says China sold 2.3mln passenger cars in September which was up 6.6% M/M. (Newswires)

US-China, China Stocks - Citigroup (C) and JPMorgan (JPM) recommend investors pivot toward defensive Chinese stocks amid rising US-China trade tensions. Citi favours domestic yield plays, while JPMorgan highlights banks with strong earnings and dividend records as safer bets amid potential tariff risks.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -1.75% at 5,527, Dax 40 -1.40% at 24,267, FTSE 100 -0.86% at 9,427, CAC 40 -1.53% at 7,918, FTSE MIB -1.74% at 42,048, IBEX 35 -0.69% at 15,477, PSI -0.73% at 8,170, SMI -0.89% at 12,497, AEX -1.87% at 940.

SECTORS: Utilities 0.40%, Consumer Stpl 0.32%, Telecoms -0.35%, Financials -0.84%, Industrials -1.37%, Healthcare -1.44%, Materials -1.78%, Consumer Disc -2.00%, Energy -2.78%, IT -3.17%

FTSE 100

AstraZeneca (AZN LN) - President Trump announced a deal with AstraZeneca to lower consumer drug prices in exchange for tariff relief, marking the second major White House agreement with a pharmaceutical company aimed at reducing healthcare costs for Americans. AstraZeneca will offer significant discounts across its prescription drug portfolio. (AstraZeneca)

UK Budget - UK PM Starmer has ordered a last-minute rewrite of the UK government’s flagship planning bill as he attempts to boost growth and patch up the public finances ahead of the November Budget, via FT. Elsewhere, UK Chancellor Reeves is bumping up her plans for tax increases and spending cuts in the November Budget in order to create billions of pounds of additional fiscal “headroom” for the Treasury against future economic shocks, according to FT. It was separately reported that UK Chancellor Reeves is reportedly eyeing up a GBP 7bln tax raid on pensions in a desperate bid to plug a black hole in the Budget, with experts warning that Reeves could push up taxes both on pension contributions paid by working people, and on withdrawals by retirees, according to the Express. Meanwhile, The Telegraph reported that Chancellor Reeves has signalled that wealthier households will be asked to “contribute more” in her Budget next month. (FT / Express / The Telegraph)

OTHER UK COMPANIES

Tritax Big Box REIT (BBOX LN) - Sky News reports that Blackstone is close to an agreement to sell nearly GBP 1bln of logistics assets to Tritax; sources suggested that details were yet to be finalised, though a deal could be announced within a few days. (Sky News)

BROKER MOVES

M&G (MNG LN) upgraded to Buy from Hold at Berenberg

Aviva (AV/ LN) re-initiated with an Outperform at RBC

Fresnillo (FRES LN) upgraded to Hold from Reduce at HSBC

DAX

OTHER GERMAN COMPANIES

PSI Software (PSAN GY) - Co. enters into an agreement with Warburg Pincus; Warburg has announced its intention to make a public takeover offer for all outstand shares. Cash offer price of EUR 45/shr. (EQS) Last Closed: EUR 33.20/shr

BROKER MOVES

CAC

French stocks - Lecornu was re-appointed as French PM on Friday and has been tasked with forming a French government. Furthermore, French PM Lecornu said they must end the French political crisis and that improving French public accounts remains a priority, while he added that no one will be able to avoid the necessity of restoring France's public finances and that all the issues raised during the consultations held in recent days will be open to parliamentary debate. It was also reported that the French Presidency announced a new government on Sunday with Laurent Nunez named as Interior Minister, Roland Lescure renamed as Finance Minister and Jean-Noel Barrot renamed as Foreign Minister.

OTHER FRENCH COMPANIES

BROKER MOVES

Legrand (LR FP) upgraded to Buy from Underperform at Jefferies; analysts cite the co.’s increasing data centre exposure for the upgrade.

Rexel (RXL FP) initiated with a Hold at Jefferies

PAN EUROPE

Autos / Mercedes (MBG GY), Ford (F), Renault (RNO FP), Nissan (7201 JT) - The BBC reports that a major lawsuit against carmakers is set to begin on Monday; the companies have been accused of cheating emissions tests. (BBC)

Leonardo (LDO IM) - Leonardo's subsidiary Leonardo DRS (DRS) has launched SAGEcore, a software platform integrating AI, advanced sensors, and edge computing; the platform is designed for tactical edge operations, enabling real-time situational awareness and decision-making. Elsewhere, Il Fatto Quotidiano reported that Leonardo and Rheinmetall (RHM GY), in a JV, have won a EUR 700mln order from the Italian army. (Newswires)

Novo Nordisk (NOVOB DC) - Co. discontinued its cell therapy R&D efforts. Co. is now in the process of identifying partners with right capabilities and manufacturing capacity to further develop innovations. (Novo Nordisk) Context: Co. has been trying to find a cure for type 1 diabetes, as the Ozempic maker continues to slash headcount to focus on lucrative areas of obesity and diabetes treatment

Trade - US President Trump announced on Friday that the US is to impose a tariff of 100% on China beginning on November 1st, which will be over and above any tariffs that they are currently paying, while US export controls on critical software will also start on November 1st. US President Trump posted on Sunday, “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”. (Truth Social)

UCB (UCB BB) - Results published in Neurology highlight a 95% reduction in risk of death with pyrimidine nucleos(t)ide therapy in patients with thymidine kinase 2 deficiency (TK2d). The results indicated that pyrimidine nucleoside and/or nucleotide therapy may reduce risk of death and can impact functional outcomes in patients with TK2d.1. (UCB)

BROKER MOVES

ASML (ASML NA) PT raised to EUR 780 (prev. 660) at Jefferies

Heineken (HEIA NA) downgraded to Add from Buy at AlphaValue

SMI

Roche (ROG SW) - Co. to present more than 30 abstracts across more than 10 cancer types at ESMO 2025. Giredrestrant phase III trial shows positive results in breast cancer. Tecentriq phase III trial shows significant improvements in bladder cancer. Alecensa phase III ALINA study reinforces standard of care in NSCLC. (Roche)

Tecan (TECN SW) - Q3 sales increased by mid-single-digit percentage, affirms FY25 and mid-term outlook. (Tecan)

UBS (UBSG SW) - Jefferies said its exposure to bankrupt auto parts maker First Brands is limited to USD 43mln in receivables and USD 2mln in loans via its Point Bonita fund, saying any losses are readily absorbable. First Brands, with USD 11.6bln in liabilities, is currently facing a US DoJ probe. Elsewhere, Morgan Stanley’s (MS) asset management arm has sought to withdraw part of its investment from Jefferies’ Point Bonita Capital fund, which holds around one-quarter of its 3bln USD trade-finance portfolio in receivables linked to bankrupt auto parts maker First Brands, according to Bloomberg. (Newswires / Bloomberg)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

Straumann (STMN SW) upgraded to Neutral from Buy at Goldman Sachs

US

CLOSES: SPX -2.71% at 6,553, NDX -3.49% at 24,222, DJI -1.90% at 45,480, RUT -3.01% at 2,395

SECTORS: Technology -3.97%, Consumer Discretionary -3.29%, Energy -2.80%, Communication Services -2.31%, Industrials -2.22%, Financials -2.16%, Materials -1.82%, Health -1.49%, Real Estate -1.12%, Utilities -0.44%, Consumer Staples +0.25%.

Qualcomm (QCOM) - China’s regulator said Qualcomm admitted it failed to notify authorities when it completed its acquisition of Israel’s Autotalks in June, despite prior warnings. The State Administration for Market Regulation has launched an antitrust investigation. Separately, Qualcomm CEO Amon met with Indian PM Modi to discuss AI, innovation, and skilling; Modi highlighted Qualcomm’s commitment to India’s semiconductor and AI initiatives, praising the country’s talent and scale for developing transformative technologies.

US-China, Boeing (BA) - President Trump said the US may impose export controls on Boeing plane parts in response to China’s rare earth export limits. Boeing has 222 jets on order in China, representing less than 5% of its backlog, so any financial impact is expected to be small. China’s COMAC C919 production has also been slowed by US export restrictions.

13 Oct 2025 - 07:00- Research Sheet- Source: Newsquawk