Newsquawk Daily European Equity Opening News - 20th November 2025

ASIA

APAC stocks surged across the board, buoyed by a strong performance in the tech sector following NVIDIA’s solid earnings and guidance, while CEO Huang dismissed concerns of an AI bubble, stating, “We see something different.”ASX 200 held near highs, supported by strength in tech and gold sectors. Nikkei 225 surged at the open and reclaimed 50,000+ levels as NVIDIA boosted tech stocks, though it pulled back from highs amid ongoing US-China tensions and fiscal concerns and as JGB yields continued climbing. Hang Seng and Shanghai Comp both opened firmer but lagged peers, with China struggling to capitalise on NVIDIA’s performance amid the US/China AI race. Some modest upside was seen on reports that China is reportedly mulling new property stimulus with mortgage subsidies, according to Bloomberg sources. Meanwhile, the PBoC held LPRs steady as expected.

Lenovo (0992 HK) - Lenovo’s quarterly revenue rose 15% to USD 20.45bln, slightly above expectations, driven by Windows 11 (MSFT) adoption and growth in its server and intelligent-devices businesses amid strong AI demand. It reported Q2 net income USD 512mln (vs USD 409mln Y/Y), Q2 revenue USD 20.45bln (vs USD 17.85bln Y/Y). The Group posted double-digit Y/Y revenue growth across all major business units and geographies, with AI-related revenue rising 13ppt Y/Y to 30% of total, driven by high-double-digit AI server growth and triple-digit increases in AI PCs, smartphones and services. Management said the results reflect strategic clarity, operational excellence and innovation, adding that the AI market is shifting from infrastructure build-out to more human- and enterprise-centric phases, creating new opportunities in devices, hybrid infrastructure and tailored solutions. The company reiterated its commitment to its Hybrid AI strategy and continued investment to support long-term returns. (Lenovo)

Xiaomi Corp. (1810 HK) - Xiaomi said its EV business has turned profitable faster than peers and now expects to deliver over 400k cars in 2025. It aims to reach 350,000 units this week, with CEO Lei Jun announcing the updated target and marking the 500,000th vehicle produced. (Bloomberg)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.13% at 5,541, Dax 40 +0.10% at 23,204, FTSE 100 -0.47% at 9,507, CAC 40 -0.18% at 7,954, FTSE MIB -0.44% at 42,651, IBEX 35 +0.39% at 15,889, PSI -0.57% at 8,073, SMI +0.51% at 12,545, AEX +0.26% at 933.

SECTORS: IT 0.76%, Materials 0.53%, Telecoms 0.22%, Healthcare 0.07%, Financials -0.01%, Consumer Disc -0.11%, Consumer Stpl -0.14%, Industrials -0.19%, Energy -0.90%, Utilities -1.40%

FTSE 100

BAE Systems (BA/ LN) - GlobalFoundries (GFS) and BAE Systems collab on semiconductors for space. (Newswires)

BP (BP/ LN) - Co. has shut down its Olympic Pipeline following a fuel leak. (Newswires)

HSBC (HSBA LN) - Steve Hughes is to take over as CEO and Head of Banking in Australia and New Zealand from January 1st, 2026, as Antony Shaw steps down. (HSBC)

Standard Chartered (STAN LN) - Standard Chartered consolidated nearly 100 software apps using AI, including merging 55 IT-incident systems into one and replacing 40 programmes for tasks from pension management to employment contracts with a single super app, CFO said. (Bloomberg)

UK Budget - FT reports that UK Chancellor Reeves is reportedly under scrutiny by Labour MPs, who is urging her to reduce the scope of a “mansion tax”, suggesting that a GBP 1.5mln threshold would be too low with some members opting for a GBP 2mln threshold. (FT)

UK Gambling Companies - UK gambling firms, including William Hill’s parent Evoke plc (EVOK LN), warned they may close shops and cut jobs if Chancellor Rachel Reeves raises taxes, and customers would face worse odds. Evoke CEO said the company plans to adjust odds to offset higher taxes. (Bloomberg)

Vodafone (VOD LN) – Chief said that the Co. is looking to sell its AI, Cloud, Intelligence and Cyber Security services to help boost dividends. (FT)

OTHER UK COMPANIES

BROKER MOVES

DAX

Bayer (BAYN GY) - The FDA has accelerated the approval of sevabertinib for non-squamous non-small cell lung cancer. (Newswires)

Siemens Healthineers (SHL GY) - The FDA is aware that the Co. has sent all affected customers an urgent correct letter for 3 Tesla (TSLA) MRI systems. (Newswires)

OTHER GERMAN COMPANIES

Hypoport (HYQ GY) - Co. has begun its EUR 10mln share buyback programme. (Hypoport)

BROKER MOVES

CAC

BNP Paribas (BNP FP) - Co. has announced a new EUR 1.15bln share buyback programme for November 2025. The Co. has raised its target CET1 ratio to 13% by 2027 and confirms ROTE target of 13% by 2028. (BNP Paribas)

Credit Agricole (ACA FP) - Co. has closed a USD 100mln financing agreement with Banco do Brasil (BBAS3 BR). The Brazilian lender says the financing is to be used for green projects. (Newswires)

OTHER FRENCH COMPANIES

Euronext (ENX FP) - Co. says the voluntary share exchange tender offer to buy ATHEX Group has been successful. (Newswires)

Getlink (GET FP) - The VOA has informed Eurotunnel of its plan to increase the rateable value by around 200% used as the basis for calculating Eurotunnel's Business rates. This charge would amount to a total of EUR 26mln in 2025. (BusinesssWire)

Valeo (FR FP) - Co. has confirmed its FY25 sales, adj. EBITDA, and operating margin guidance and revised its 2025 FCF to above EUR 550mln. To add, the Co. has announced Elevate 2028 in which they expect sales to be between EUR 22-24bln and operating margin between 6-7% in 2028. (Valeo)

BROKER MOVES

PAN EUROPE

Akzo Nobel (AKZA NA) - Artisan Partners, an Axalta (AXTA) shareholder, has urged shareholders to say no to the proposed deal with Akzo Nobel, according to Reuters citing a letter. The shareholder has criticised Axalta’s sudden shift from share buybacks, as well as AkzoNobel’s weaker earnings record. Artisan said it is open to other buyers, however. (Reuters)

China-Exposed Stocks - China reportedly mulls new property stimulus with mortgage subsidies, according to Bloomberg sources. (Bloomberg)

Copper Names - "As the busy period for Chinese manufacturing draws to a close, copper consumption has largely disappointed with run rates at fabricators plumbing multiyear lows for the season", according to Bloomberg. (Bloomberg)

Chip Names - NVIDIA (NVDA) shares soared 5.1% after market, whilst CEO Huang dismissed concerns of an AI bubble, stating, “We see something different.”

European Trade - European Commission will present a list of sectors it wishes to be exempt from US tariffs to US Commerce Secretary Lutnick and USTR Greer, via Politico citing sources; includes medical devices, wines, spirits, beers & pasta. (Politico)

Orlen (PKN PW) - Q3 (PLN): Net profit 2.14bln (exp. 3.4bln), revenue 61.0bln (exp. 68.17bln). (Orlen)

PZU Group (PZU PW) - Q3 (PLN): Net profit 2.0bln (exp. 1.61bln), insurance revenue 7.90bln (exp. 7.83bln), operating profit 5.12bln (exp. 4.45bln). (PZU)

UMG (UMG NA) - The Co., alongside Sony Music (6758 JT) and Warner Music Group (WMG), have licensed their works to AI music startup Klay. (Bloomberg)

Wolters Kluwer (WKL NA) - Co. has completed to purchase of Libra Technology. (Wolters Kluwer)

BROKER MOVES

Caixabank (CABK SM) upgraded to Overweight from Neutral at JP Morgan

Poste Italiane (PST IM) initiated with a Neutral at Goldman Sachs

SMI

Julius Baer (BAER SW) - Co. is to replace Swiss IT system with Temenos (TEMN SW) product, according to Reuters citing sources. (Newswires)

Novartis (NOVN SW) - Co. announces plans to build flagship manufacturing hub in North Carolina. To add, Novartis has raised its peak sales for kisqali to USD 10bln (prev. USD 8bln+) and scemblix to a USD 4bln (prev. USD 3bln+), also sees sales growth of 5-6% CC CAGR for 2025-26. On the acquisition of Avidity Biosciences, it is expected to close in H1'26. (Newswires/Novartis)

OTHER SWISS COMPANIES

Avolta (AVOL SW) - Co. has been awarded two 10-year contracts at Dulles International Airport, adding over 700mt of retail and dining space in the new 14-gate concourse. It is scheduled to open in late 2026. (Avolta)

BROKER MOVES

Swiss Re (SREN SW) downgraded to Reduce from Add at Alphavalue

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +0.38% at 6,642, NDX +0.56% at 24,641, DJI +0.10% at 46,139, RUT -0.04% at 2,348

SECTORS: Technology +0.93%, Communication Services +0.72%, Materials +0.46%, Financials +0.42%, Industrials +0.36%, Consumer Discretionary +0.05%, Health -0.14%, Consumer Staples -0.61%, Real Estate -0.79%, Utilities -0.81%, Energy -1.30%

FedEx (FDX) - FedEx CEO Raj Subramaniam said global trade and supply-chain shifts driven by technology and geopolitical risks will endure, creating more regional patterns. He said the industrial economy will change more slowly, and once transformed, these structures are hard to reverse. (Bloomberg)

NVIDIA Corp (NVDA) Q3 2026 (USD): Adj. EPS 1.30 (exp. 1.24), Revenue 57.00bln (exp. 54.41bln), Q4 Revenue view 63.7-66.3bln (exp. 62.2bln). Data centre revenue 51.2bln (exp. 48.3bln). Gaming revenue 4.3bln (exp. 4.4bln). Gross margin 73.4% (exp. 73.5%, prev. guided 73-74%). Commentary: "Blackwell sales are off the charts, and cloud GPUs are sold out". Guidance: Q4 Revenue view 63.7-66.3bln (exp. 62.2bln). GAAP and non-GAAP gross margins are expected to be 74.8% and 75.0%, respectively, plus or minus 50bps. GAAP and non-GAAP operating expenses are expected to be approximately USD 6.7bln and USD 5.0bln, respectively. GAAP and non-GAAP other income and expense are expected to be an income of approximately USD 500mln, excluding gains and losses from non-marketable and publicly-held equity securities. Earnings Call Highlights: CEO on AI bubble: CEO Huang says there has been a lot of talk about an AI bubble but "we see something different." CFO on China: Will continue to cooperate on China. Sizeable purchase orders for H20 AI chip never materialised in the quarter due to geopolitical issues and the increasingly competitive market in China. Not expecting data-center-compute revenue from China in Q4. CEO Comments: NVIDIA has done a really good job in terms of planning and supply chains. NVIDIA will continue to do stock buybacks. More successful this year vs last year. CFO Comments: Still in early innings. Reiterates visibility into USD 500bn Blackwell and Rubin revenue. Cloud services are sold out. Demand continues to exceed expectations. Note: NVIDIA (NVDA) CEO Huang's full interview on Fox Business to be released on Thursday at 15:00 EST/ 20:00 GMT. Separately, US Commerce Department plans to approve export of 70,000 advanced AI chips to UAE and Saudi Arabia, according to WSJ sources; Export deal includes approval for NVIDIA's (NVDA) GB300 or equivalent chips. (NVIDIA)

Palo Alto Networks (PANW) - Shares slipped by 3.7% in extended trading, despite top- and bottom-line beats in the quarter, as its results and outlook failed to excite investors, and after it unveiled a new AI-focused deal where it will acquire Chronosphere for USD 3.35bln in cash. It reported Q1 adj. EPS of 0.93 (exp. 0.89), Q1 revenue of USD 2.5bln (exp. 2.46bln). Management highlighted strong performance across metrics, citing platformisation wins and strategic acquisitions supporting its AI-era positioning, with continued operating efficiency and 30%+ operating margin. For Q2, sees adj. EPS between 0.93–0.95 (exp. 0.46), revenue between USD 2.57–2.59bln (exp. 2.58bln), Next-Generation Security ARR USD between 6.11–6.14bln, RPO between USD 15.75–15.85bln (+21–22% Y/Y). It raised FY26 adj. EPS outlook to between 3.80–3.90 (exp. 3.80) and FY26 revenue view to between USD 10.5–10.54bln (exp. 10.52bln), sees FY26 Next-Generation Security ARR USD 7.00–7.10bln, and RPO of USD 18.6–18.7bln. It announced it will acquire Chronosphere for USD 3.35bln in cash and replacement equity to expand its observability capabilities for AI-era workloads; Chronosphere has over USD 160mln ARR, growing triple digits. The deal, subject to regulatory approvals, is expected to close in H2 of FY2026. (Palo Alta)

Paramount Skydance (PSKY) - Co. has reportedly spoken to Middle East funds regarding investing in Warner Bros. Discovery (WBD), according to WSJ citing sources; PSKY to submit bid of approx. USD 23.50/shr this week.

US-Canada - US Ambassador Pete Hoekstra said Canada and the US could still reach a tariff-reducing trade deal despite President Trump halting talks after a diplomatic dispute. He told manufacturers in Ottawa that earlier progress had been made and discussions should resume, though timing is unclear.

20 Nov 2025 - 06:58- Geopolitical- Source: Newsquawk