Newsquawk Daily European Equity Opening News - 18th November 2025

ASIA

APAC stocks extended losses throughout the session following a similar lead from Wall Street, which had seen heavy losses on Monday. Overall newsflow in APAC hours was quiet, although tech stocks were among the laggards in the region. ASX 200 showed a clear defensive bias across its sectors, with tech the hardest hit. No obvious reaction was seen to the RBA minutes, which largely emphasised uncertainty and data-dependence. Nikkei 225 edged lower after the open and eventually surrendered the 49,000 level, falling as much as 3% intraday. Several additional factors on top of the global risk aversion could've exacerbated losses, including woes surrounding Japan–China relations and the recent JPY and long-end JGB weakness. Several Japanese officials verbally intervened throughout the session but failed to sway the index meaningfully. KOSPI lagged as the index joined the global stock rout, following the prior day's outperformance. Hang Seng and Shanghai Comp opened in the red and initially conformed to regional losses, with Hong Kong underperforming the Mainland amid its tech exposure.

China Rare Earths - China’s rare-earth product exports fell to 6,173 tonnes in October, the lowest since June, as Beijing and Washington continue negotiating supply terms under their trade truce. The category, dominated by rare-earth magnets crucial to EVs, defence and high-tech industries, shows signs of tightening amid ongoing talks. (Bloomberg)

Pegatron (4938 TT) - Strengthens AI infrastructure collaboration with Together AI and 5C for NVIDIA (NVDA) GB300 NVL72 and HGX B200 liquid-cooled rack deployment in US data centres

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.85% at 5,645, Dax 40 -1.24% at 23,579, FTSE 100 -0.24% at 9,675, CAC 40 -0.63% at 8,119, FTSE MIB -0.52% at 43,767, IBEX 35 -1.06% at 16,173, PSI -0.04% at 8,247, SMI -0.39% at 12,586, AEX -0.69% at 945.

SECTORS: Utilities 0.73%, Energy 0.43%, Healthcare 0.25%, Telecoms -0.11%, Consumer Stpl -0.28%, Industrials -0.66%, Materials -0.87%, IT -0.91%, Financials -0.94%, Consumer Disc -1.58%

FTSE 100

BP (BP/ LN) - The Olympic Pipeline has resumed the release of refined products and has partially restored part of the system after the co. shut its pipelines after the discharge on Sunday. (Newswires)

GSK (GSK LN) - The co. is to work with Fleming Initiative to target AMR with advanced AI, with GBP 45mln of funding to be allocated to six new research programmes. (GSK)

HSBC (HSBA LN) - HSBC’s board is divided over candidates to succeed outgoing chair Mark Tucker, with directors disagreeing about whether shortlisted contenders are sufficiently qualified. The leadership is struggling to reach consensus as it seeks a suitable replacement. (FT)

Rio Tinto (RIO LN) - Co. reduces production at Yawun alumina refinery to extend operational life; production set to decline by 1.2mln tonnes annually; to cut Yawun refinery output by 40% in 2026. Elsewhere, Co. is imposing surcharges on aluminium shipments it sells to the US, according to Bloomberg News. (Newswires)

UK Banks - UK Chancellor Reeves reportedly mulling launching a last-minute raid on banking profits in the budget, according to The Telegraph. In other news, The BoE plans only limited easing of ring-fencing rules, resisting lenders’ push for major reform, Reuters reports. It may allow shared services and simple derivatives within ring-fenced units while preserving core protections. Final proposals will be presented with the finance ministry in 2026. Additionally, the UK will raise its bank deposit insurance cap from GBP 85,000 to GBP 120,000 on December 1st, surpassing the GBP 110,000 level proposed earlier (Telegraph/Reuters/PRA)

OTHER UK COMPANIES

Big Yellow Group (BYG LN) - H1 (GBP): Revenue 105.1mln (prev. 103mln Y/Y), EBITDA 74.3mln (prev. 70.9mln Y/Y), LFL occupancy 78.2% (prev. 80.5% Y/Y), FY earnings growth will be impacted from the one-off receipt of GBP 4mln due to insurance proceeds from the Cheadle Fire. (Big Yellow Group)

Intermediate Capital Group (ICG LN) - H1 (GBP): Fee income 333.6mln (prev. 286.6mln Y/Y), AUM 124bln (prev. 106.3bln Y/Y), dividend 0.277 (prev. 0.263 Y/Y). (ICG)

BROKER MOVES

Flutter Entertainment (FLTR LN) initiated with an Overweight at Wells Fargo; analysts highlight that following the recent sell-off, there is now "compelling valuation”.

Rolls Royce (RR/ LN) initiated with Outperform at RBC

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

Adidas (ADS GY) initiated with an Outperform at CICC

Fraport (FRA GY) downgraded to Neutral from Buy at Goldman Sachs

CAC

Airbus (AIR FP) - Emirates will not order Airbus’s A350-1000 for now, with President Tim Clark insisting on improved durability and performance from its Rolls-Royce (RR/ LN) engines before reconsidering. Clark will review upgraded engines once they fly from 2028. The remarks come a day after Emirates ordered 65 more Boeing (BA) 777X jets. (Bloomberg)

Amundi (AMUM FP) - Targets by 2028 (EUR): net inflows above 300bln, EPS above 7.00, cost/income ratio below 56%, payout ratio above 65%. In other news, the co. has bought a 9.9% stake in ICG as it forms a strategic and equity partnership with ICG. (Amundi)

Credit Agricole (ACA FP) - Targets by 2028 (EUR): net income above 8.5bln, ROTE above 14%, cost/income ratio below 55%, 50% payout in cash with an interim dividend payout from 2026. (Credit Agricole)

OTHER FRENCH COMPANIES

ADP (ADP FP) - Group traffic (Oct) 32.4mln, +5.0% M/M; Paris Airport traffic (Oct) 9.3mln, +2.4% M/M. (ADP)

Rubis (RUI FP)- The French Competition Authority has fined the co. for a total amount of EUR 64.24mln due to anti-competitive practices in the supply, storage and distribution of fuels in Corsica. The co. has firmly denied the alleged practices. In other news, the co. has announced a EUR 8bln share buyback programme. (Rubis)

TechnipFMC (TE FP)/ Eni SpA (ENI IM) - TechnipFMC won a USD 250-500mln iEPCI contract from Eni for the deepwater Maha project in Indonesia, marking Eni’s first use of Subsea 2.0 technology in the country. The development will tie back to the Jangkrik FPU and builds on prior regional collaborations. The award was booked in Q2 2025. (TechnipFMC)

BROKER MOVES

PAN EUROPE

Akzo Nobel (AKZA NA) - The co. has combined with Axalta in an all-stock deal. This comes following earlier Bloomberg reports that the two co.'s could seal a deal as soon as Tuesday. (Bloomberg)

ams-OSRAM (AMS NA) - Q3 (EUR): Revenue 835mln (exp. 849.2mln), Adj. EBITDA 166mln (exp. 166.7mln), Adj. EPS 0.27 (exp. 0.10). CEO says, “we are delivering a stronger second half in terms of top-line, bottom-line and cash flow, despite the weaker US Dollar and higher raw material prices”. Guides Q4 Revenue 790-890mln (exp. 880mln). Confirms 2025 outlook. Expects the seasonal peak in Q4 with strong automotive aftermarket sales for its traditional auto lamps business. (asm-OSRAM)

Crypto - Bitcoin’s fall sub USD 89,600 has pushed US spot Bitcoin ETF investors into collective losses. Glassnode estimates the average ETF cost basis at roughly that level, meaning the recent breach leaves most new ETF buyers underwater after the earlier rally that drew them into the market. (Newswires)

Italian Banks - Italy is to hold onto its residual 5% MPS stake while the bank integrates MedioBanca (MB IM), and then counting on merger deal to cut it, according to Reuters sources; Italian government's preferred partner for MPS is Banco BPM (BAMI IM). (Reuters)

European Steel - UK reportedly considers options to retaliate against Europe over steel tariffs, according to Bloomberg citing sources. (Bloomberg)

BROKER MOVES

SMI

ABB (ABBN SW) - The co. has raised its annual EBITA margin target to 18-22% (prev. 16-19%) and its ROCE target to above 20% (prev. above 18%). The co. also reiterates its capital allocation principles and aims at paying a rising sustainable DPS over time. (ABB)

Roche (ROG SW) - Giredestrant becomes the first oral SERD to show superior invasive disease-free survival in early breast cancer. At interim analysis, giredestrant demonstrated a statistically significant and clinically meaningful benefit versus standard-of-care endocrine monotherapy. (Roche)

UBS (UBSG SW) - UBS O-Conner co-heads, Trelles and Wasson, have opted to not accept jobs at Cantor, the co. has told investors. To add, Gregory Najarian has been appointed as portfolio manager of the fund, effective immediately. (Newswires)

Zurich Insurance (ZURN SW) - In a presentation, the co. says they are on track to deliver on its 2025-27 targets. (Zurich Insurance)

OTHER SWISS COMPANIES

Barry Callebaut (BARN SW) - The co. has entered an agreement with Notco AI to implement AI in chocolate recipe development. (Barry Callebaut)

BROKER MOVES

SCANDINAVIA

Skanska (SKAB SS) - The co has raised its financial target for construction to an operating margin above 4.0% (Newswires)

BROKER MOVES

US

CLOSES: SPX -0.91% at 6,672, NDX -0.83% at 24,800, DJI -1.18% at 46,590, RUT -1.96% at 2,341

SECTORS: Communication Services +1.13%, Utilities +0.84%, Health -0.04%, Real Estate -0.57%, Consumer Staples -0.59%, Consumer Discretionary -0.80%, Industrials -1.03%, Technology -1.43%, Materials -1.53%, Energy -1.87%, Financials -1.93%

Amazon’s (AMZN) - US dollar bond sale drew roughly USD 80bln of demand, according to Reuters. Amazon (AMZN) set the size of its US dollar bond offering at USD 15bln, according to Bloomberg. (Newswires)

Apple (AAPL) - Apple’s iPhone 17 models lifted October smartphone sales in China by 37%, giving Apple a 25% market share for the first time since 2022, according to Counterpoint Research, as steady yearly upgrades are appealing to consumers, backing CEO Tim Cook’s forecast of renewed growth in the region this quarter. Separately, Apple industrial designer Abidur Chowdhury, who helped create and present the iPhone Air, has left the company for an AI startup, Bloomberg reports, adding that his departure is notable given his growing prominence within Apple’s design team and marks another setback for the group. (Bloomberg)

Google (GOOGL) expands access to Gemini in Google Vids. (Newswires)

Tesla (TSLA) - Tesla reported three new Robotaxi crashes in Austin, bringing the total to seven despite low mileage and onboard supervisors, Electrek reports. Incidents involved a backing car, a cyclist and an animal. The report also said that Tesla continues to heavily redact NHTSA crash reports, withholding the narrative section and obscuring how incidents occurred or who was at fault, unlike other companies reporting to the NHTSA. (Electrek)

18 Nov 2025 - 07:04- Research Sheet- Source: Newsquawk