Newsquawk Daily European Equity Opening News -14th November 2025

ASIA

APAC stocks were pressured following the sell-off stateside, where tech was hit on valuation and China AI race concerns, while sentiment was also not helped by recent hawkish-leaning Fed rhetoric and mixed Chinese activity data. ASX 200 was dragged lower by weakness in tech and with nearly all sectors in the red aside from energy. Nikkei 225 dipped beneath the 51,000 level and was among the worst performers amid earnings results and tech woes. Hang Seng and Shanghai Comp declined with participants digested the recent data releases, including mixed activity data in which Industrial Production disappointed and Retail Sales marginally topped estimates, but both showed a slowdown from the previous, while Chinese House Prices continued to contract. Nonetheless, the downside in the mainland was somewhat cushioned with China pledging to expand domestic demand and stabilise trade.

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.

SECTORS: Materials -0.01%, Healthcare -0.10%, Utilities -0.19%, Telecoms -0.22%, Financials -0.38%, Energy -0.40%, Consumer Stpl -0.58%, Consumer Disc -0.75%, IT -0.82%, Industrials -1.76%

FTSE 100

Rio Tinto (RIO LN) – Co.’s Kennecott operation has signed a 15-year VPPA with TerraGen for renewable energy at its new wind farm in Texas. (Rio Tinto)

OTHER UK COMPANIES

Aston Martin (AML LN) – Co.’s Chair is reportedly explored a buyout of the carmaker with Saudi's PIF. However, Aston Martin said the co. was not in talks with PIF about being taken private. (FT) PIF holds around a 20% stake in the Co.

BROKER MOVES

DAX

Allianz (ALV GY) – Q3 (EUR): Operating profit 4.43bln (exp. 4.28bln), core net income 2.9bln (exp. 2.66bln), sees FY25 operating profit outlook in the upper-end of FY outlook range at least 17bln. (Allianz)

Adidas (ADS GY)/Puma (PUM GY) - Under Armour and Stephen Curry ended their 13-year partnership immediately, leaving Curry Brand independent and free to seek a new retail partner, while UA refocuses on its core business and continues with its restructuring plan. Under Armour will still release the Curry 13 in February 2026, with further colourways and apparel through October 2026. Under Armour expanded its fiscal 2025 restructuring plan, adding USD 95mln in actions tied to the Curry Brand separation, contract terminations, impairments and severance, lifting total expected charges to up to USD 255mln. It reiterated fiscal 2026 basketball revenue of USD 100mln-120mln and does not expect a significant financial impact from the Curry Brand separation. (UA)

Deutsche Bank (DBK GY) - CEO Christian Sewing is expected to raise profitability targets while maintaining his existing strategy of retail cost cuts and selective investment bank spending, with a new three-year plan due on Monday, Bloomberg reports. (Bloomberg)

Siemens Energy (ENR GY) – Q4 (EUR): Net income 236mln (exp. 337mln), revenue 10.4bln (exp. 8.97bln), raises its mid-term targets for FY28 and FY26 outlook in line with expectations. (Siemens)

Volkswagen (VOW3 GY) – Co.’s supervisory board has delayed the approval of investment package. (Bild)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

Alstom (ALO FP) - H1 (EUR): Sales 9.059bln (prev. 8.775bln Y/Y), adj. EBIT 580mln (prev. 515mln Y/Y), received orders 10.47bln (prev. 10.95bln Y/Y), raises FY organic sales outlook to above 5% (prev. guided 3-5%). (Alstom)

Eiffage (FGR FP) - 9M (EUR): Revenue 18.32bln (prev. 16.98bln Y/Y), contracting revenue 15.28bln (prev. 14.02bln Y/Y). (Eiffage)

Ubisoft (UBI FP) - Co. has postponed results and has requested Euronext to halt trading from November 14. (Ubisoft)

BROKER MOVES

PAN EUROPE

Enel (ENEL IM) 9M (EUR): Adj. EBITDA 17.262bln, Revenue 59.702bln, Net income 5.236bln, Adj. net income 5.703bln; raises FY adj. net guidance above prior range. CFO says the group is waiting for Italian ministerial decree needed to approve extension of distribution grid license. (Enel)

Iberdrola (IBE SM) – Co. is to increase its investments in the Basque Country by 50% between 2025 and 2028, resulting in a total economic impact for the area reaching EUR 12bln by 2028. (Iberdrola)

Leonardo (LDO IM) - Co. signed a contract with Chaiseri Defense Systems to supply its advanced Battle Management System and integration support for upgrading the Royal Thailand Army’s Stryker situational awareness, with Chaiseri providing installation, training and sustainment services as part of the partnership. (Newswires)

Repsol (REP SM) – Co. is said to consider a merger of its USD 19bln upstream unit with APA Corp (APA). (Bloomberg)

BROKER MOVES

SMI

Richemont (CFR SW) - H1 (EUR): Sales 10.6bln (exp. 10.42bln), operating profit 2.4bln (exp. 2.19bln), Americas were up by double-digits in both Q1 and Q2 while APAC sales declined. (Richemont)

Swiss Re (SREN SW) – 9M (USD): Net income 4.04bln (prev. 2.18bln Y/Y), insurance revenue 32.0bln (prev. 33.7bln Y/Y), on track to meet FY25 net income target. (Swiss Re)

OTHER SWISS COMPANIES

Sonova (SOON SW) – H1 (CHF): Revenue 1.815bln (exp. 1.83bln), EBITA 284.5mln (exp. 307mln), confirms FY25/26 outlook. (Sonova)

BROKER MOVES

SCANDINAVIA

Bavarian Nordic (BAVA DC) – Anne Louise Eberhard is appointed as the new Chair as Luc Debruyne steps down. (Bavarian Nordic)

Kesko (KESKOB FH) – October sales (EUR): Total sales 1.20bln, +6.9% M/M; Car trade sales 127.1mln, +3.3% M/M; grocery trade sales 586.1mln, +3.6% M/M. (Kesko)

Novo Nordisk (NOVOB DC) - Co. reportedly faces a minority-shareholder backlash over a board overhaul driven by its controlling foundation, with investors split between governance concerns and support for a more aggressive obesity-drug strategy ahead of a vote on new board appointments on Friday, Reuters reports. Subsequently, Mikael Dolsten has withdrawn his candidacy for a place on the Board. (Reuters/Novo Nordisk)

Orkla (ORK NO) – Q3 (NOK): Revenue 17.9bln (exp. 17.82bln), adj. EPS 1.85 (exp. 1.76), pretax profit 2.0bln (exp. 2.26bln). (Orkla)

Saab (SAABB SS) - CEO confirms talks with Ottawa and Bombardier for the Gripen fighter jet production. (Newswires)

BROKER MOVES

US

CLOSES: SPX -1.64% at 6,739, NDX -2.05% at 24,993, DJI -1.65% at 47,457, RUT -2.78% at 2,383.

SECTORS: Consumer Discretionary -2.73%, Technology -2.37%, Communication Services -1.74%, Industrials -1.52%, Utilities -1.40%, Real Estate -1.31%, Financials -1.30%, Materials -0.75%, Health -0.02%, Consumer Staples unchanged, Energy +0.31%.

Applied Materials (AMAT) - Shares fell 4.3% in extended trading, despite top- and bottom-line beats in Q1 along with solid guidance, as it sees weaker China spending in 2026 on tighter US curbs, while some analysts were focussed on declining sales and earnings. It reported Q4 EPS of 2.17 (exp. 2.10), Q4 revenue at USD 6.8bln (exp. 6.67bln). CEO highlighted sustained AI-driven investment and leadership across key technology inflections. China sales fell to the mid-20% range as foreign rivals keep supplying restricted customers, but overall WFE spending is expected to accelerate in H2 2026. Expects China equipment spending to weaken in 2026 after tighter US export curbs cut access to memory and legacy chip markets, though AI-driven memory demand should offset part of the hit. Sees Q1 EPS between 1.98-2.38 (exp. 2.15), and Q1 revenue 6.35-7.35bln (exp. 6.8bln). For FY26, expects revenue to see a USD 600mln drag.

Apple (AAPL), OpenAI - A US judge allowed X Corp’s antitrust lawsuit accusing Apple and OpenAI of conspiring to monopolise smartphone and generative AI chatbot markets to proceed, saying the ruling does not address the merits. Apple and OpenAI deny wrongdoing, arguing Apple’s OpenAI partnership is non-exclusive and rival chatbots remain available.

Cidara (CDTX), Merck (MRK) - Merck is close to acquiring Cidara Therapeutics at a premium to its USD 3.3bln market value, with a deal announcement possible on Friday, according to the FT. Terms are unclear but could include cash and milestone payments. Cidara recently received breakthrough therapy status for its influenza drug CD388.

Estee Lauder (EL) - Estee Lauder announced a minority investment in Mexican luxury fragrance brand XINU, its first investment in a Latin American brand. The investment was made through Estee Lauder’s New Incubation Ventures. XINU was founded in 2017 and is known for sustainable design and sensorial retail spaces.

Warner Bros. Discovery (WBD), Paramount Skydance (PSKY), Comcast (CMCSA), Netflix (NFLX) - Paramount, Comcast and Netflix are preparing nonbinding first-round bids for Warner Bros. Discovery by the November 20th deadline, with the auction aimed to conclude by year-end, according to the WSJ.

14 Nov 2025 - 06:58- Fixed IncomeResearch Sheet- Source: Newsquawk