Newsquawk Daily European Equity Opening News - 1st December 2025

ASIA

APAC stocks began the new month mixed, with participants cautious as they digested the weak Chinese PMI data. ASX 200 was dragged lower by weakness in healthcare, telecoms, financials and tech, while sentiment was also not helped by disappointing Chinese PMI data and weaker-than-expected Australian Gross Company Profits and Business Inventories. Nikkei 225 slipped beneath the 50k level amid a firmer currency and risks of a BoJ rate hike in December, while there were hawkish-leaning comments from BoJ Governor Ueda, who said that they will consider the pros and cons of raising rates at the December meeting. Hang Seng and Shanghai Comp were kept afloat despite the discouraging Chinese PMI data, in which the headline official Manufacturing PMI continued to show a decline in factory activity at 49.2 (exp. 49.2) and Non-Manufacturing disappointed with a surprise contraction at 49.5 (exp. 50.0), while RatingDog Manufacturing PMI missed estimates at 49.9 (Exp. 50.5).

Chinese Yuan - Russia will begin taking orders on 2nd December for its first yuan-denominated sovereign bond, comprising domestically traded 3.2yr and 7.5yr notes. Interfax reported targeted coupons of 6.25%–6.5% for the shorter tranche, and a 7.5% cap for the longer one, supporting China’s efforts to elevate the yuan’s global role, Bloomberg said.

Chinese Data - Chinese NBS Manufacturing PMI (Nov) 49.2 vs. Exp. 49.2 (Prev. 49.0); Non-Mfg PMI (Nov) 49.5 (Prev. 50.1)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.35% at 5,673, Dax 40 +0.25% at 23,828, FTSE 100 +0.27% at 9,721, CAC 40 +0.29% at 8,123, FTSE MIB +0.32% at 43,357, IBEX 35 +0.06% at 16,372, PSI -0.14% at 8,111, SMI +0.15% at 12,851, AEX +0.38% at 943

SECTORS: Energy 1.02%, Materials 0.76%, IT 0.61%, Industrials 0.31%, Consumer Disc 0.28%, Telecoms 0.21%, Utilities 0.20%, Consumer Stpl 0.17%, Financials 0.09%, Healthcare -0.07%

FTSE 100

BP (BP/ LN) - Co. said the Olympic pipeline-initiated restart procedures after completing repairs. (Newswires)

HSBC (HSBA LN) - Co. announced a strategic partnership to enhance and accelerate use of generative AI across the bank. (HSBC)

NatWest (NWG LN) - Co. is reportedly in talks to sell its 85% stake in Cushon to Willis Towers Watson (WTW), according to Reuters citing sources; deal could be valued at more than GBP 150mln. (Reuters)

UK Growth - UK PM Starmer will outline his growth mission after budget tax rises during a speech on Monday. (Newswires)

OTHER UK COMPANIES

Greggs (GRG LN) – The Times writes that Singapore's Lauro Asset Management is pushing Greggs to cut “tens of millions of pounds” of annual costs; the activist investor reportedly fears that Greggs may be subject to a reduced takeover bid. Elsewhere, investor Silchester took a 5% stake in the Co. (The Times / Newswires)

BROKER MOVES

Compass (CPG LN) upgraded to Outperform from Sector Perform at RBC

easyJet (EZJ LN) downgraded to Underweight from Neutral at JP Morgan

Johnson Matthey (JMAT LN) upgraded to Overweight from Neutral at JP Morgan

Jet 2 (JET LN) downgraded to Neutral from Overweight at JP Morgan

DAX

OTHER GERMAN COMPANIES

E.ON (EOAN GY) - E.ON's chief urged Germany to slow the expansion of wind and solar power, warning that the country’s electricity grids are struggling to cope with the rapid growth in renewable capacity. In an interview with Suddeutsche Zeitung, he said the system is reaching its physical limits in several regions, leading to higher household costs as grid operators are increasingly compensating curtailed wind and solar facilities. (Suddeutsche Zeitung)

Hugo Boss (BOSS GY) - Frasers Group no longer supports Stephan Sturm, Chairman of Supervisory Board; intends to exert influence on composition of supervisory board of Hugo Boss AG. (Newswires)

BROKER MOVES

CAC

Airbus (AIR FP) - Co. ordered an immediate software change on significant number of A320 jets. Action followed an incident showing that intense solar radiation may corrupt data critical to the functioning of the A320-Family Flight Controls. US Transportation Secretary Duffy said they have been in close contact with Airbus about the software update recall for the A320 and the airlines that use them, as well as noted that travellers should not expect any major disruptions. It was also reported that Airbus was revising down the number of jets affected by the most time-consuming A320 repairs, while American Airlines said planes impacted by the Airbus glitch have been fixed. (Newswires)

Stellantis (STLAP FP / STLAM IM) - The FT, citing a union presentation, writes that car production is set to drop in France by 11% over the coming three years. (FT)

OTHER FRENCH COMPANIES

Vallourec (VK FP) – CFO Bibert to step down; Delbreuve appointed new CFO, effective from December 1st. (Vallourec)

BROKER MOVES

Air France (AF FP) upgraded to Overweight from Neutral at JP Morgan

Bureau Veritas (BVI FP) downgraded to Underperform from Sector Perform at RBC

PAN EUROPE

BPost (BPOST BB) - Co. adapts its tariffs for 2026. New rates represent an average increase of around 6% vs 2025. (BPost)

Philips (PHIA NA) - At RSNA 2025, Philips launched Verida, its first detector-based spectral CT powered by AI, aiming to lower system noise, improve image quality and speed workflow. Royal Philips also unveiled BlueSeal Horizon, a 3.0T MRI platform featuring the industry’s first helium-free 3.0T magnet. (Philips)

TomTom (TOM2 NA) - Co. initiates a EUR 15mln share buyback program; to repurchase approx. 2.20% of its issued share capital, within a limit of 10%. (TomTom)

BROKER MOVES

Telefonica (TEF SM) resumed with Neutral at Citi

SMI

Swatch (UHR SW) - The FT writes that activist investor Steven Wood has called the governance at Swatch, “worst-in-class” and pushes for a number of changes. (FT)

OTHER SWISS COMPANIES

Sandoz (SDZ SW) - Sandoz Group AG has announced the launch of its denosumab biosimilars, Wyost and Jubbonti, in Europe. These biosimilars provide affordable treatment options for cancer-related bone diseases and osteoporosis. Approved by the European Commission, Wyost and Jubbonti cover all indications of their reference medicines, Xgeva and Prolia. (Sandoz)

BROKER MOVES

AMS Osram (AMS SW) downgraded to Underweight from Neutral at JP Morgan

Baloise (BALN SW) - Co. and Helvetia confirm the completion of 5 December 2025 for their merger. (Baloise)

SGS (SGSN SW) downgraded to Underperform from Sector Perform at RBC

SCANDINAVIA

Swiss Inheritance - Swiss voters overwhelmingly rejected the proposal for a 50% inheritance tax for the super-rich, according to FT. (FT)

Tieto (TIETO FH) - Co. to sell Bekk Consulting in Norway to Axcel, a private equity firm. Divestment is exp. during Q1’26. (Newswires)

BROKER MOVES

Novo Nordisk (NOVOB DC) initiated with Underperform at Jefferies

US

Disney (DIS) - Disney’s Zootopia 2 earned USD 272mln in China, marking the country’s second-biggest foreign-film opening and the largest since 'Avengers: Endgame'. Ticketing platform Maoyan projects the local box office could hit as much as CNY 4.26bln (around USD 600mln).

US Black Friday - Black Friday retail sales (ex-autos) rose +4.1% Y/Y (vs 2024’s +3.4% increase), according to Mastercard's (MA) SpendingPulse data. The figures, covering online and in-person purchases and are unadjusted for inflation, indicate continued US consumer spending despite economic concerns on the day after Thanksgiving. (Mastercard)

CLOSURES

US Indices: SPX +0.54% at 6,849, NDX +0.78% at 25,435, DJI +0.61% at 47,716, RUT +0.58% at 2,500

US Sectors: Energy +1.32%, Consumer Discretionary +0.90%, Communication Services +0.73%, Utilities +0.72%, Financials +0.71%, Industrials +0.57%, Consumer Staples +0.56%, Technology +0.52%, Materials +0.51%, Real Estate +0.40%, Health -0.50%

01 Dec 2025 - 06:59- Research Sheet- Source: Newsquawk