Newsquawk Daily European Equity Opening News - 21st November 2025

ASIA

APAC stocks traded lower across the board as the sharp Wall Street selloff reverberated through the region despite the absence of fresh catalysts. ASX 200 was dragged down by all sectors, with gold and mining leading declines; tech held up relatively better alongside defensive names. Nikkei 225 slipped at the open, pressured by mining and metals, while financials found some relief as yields eased off highs. No move was seen on the budget, which came in line with expectations. Hang Seng and Shanghai Comp both opened softer but recovered to trade firmer, though still reflecting the cautious global tone.

Foxconn (2317 TT) - The Co.’s VisionBay AI unit says it plans to deploy 27MW using GB300 (NVDA) chips in the first half of 2026. This will be Taiwan’s largest advanced GPU cluster and the first GB300 AI datacenter in APAC. To add, the Co. is to collaborate with OpenAI to strengthen US manufacturing across the AI supply chain. OpenAI to have early access to evaluate Foxconn's systems and option to purchase them. (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.33% at 5,560, Dax 40 +0.63% at 23,308, FTSE 100 +0.21% at 9,528, CAC 40 +0.34% at 7,981, FTSE MIB +0.62% at 42,918, IBEX 35 +0.63% at 15,989, PSI +0.98% at 8,152, SMI +0.16% at 12,550, AEX +0.17% at 935.

SECTORS: Industrials 0.78%, Energy 0.70%, Utilities 0.58%, IT 0.51%, Financials 0.48%, Consumer Stpl 0.09%, Healthcare 0.04%, Consumer Disc 0.02%, Materials -0.25%, Telecoms -0.58%

FTSE 100

GSK (GSK LN) - The Co.'s subsidiary, Tesaro, has begun litigation against Anaptysbio over a breach of an existing licensing agreement regarding oncology treatment Jemperli. This breach allows Tesaro to terminate the current license agreement and obtain a perpetual licence to dostarlimab. This comes after Anaptysbio accused Tesaro of not fulfilling certain requirements of its licensing agreement. (GSK)

Unilever (ULVR LN) – The Times reports that the Co. is said to be considering selling off its “heritage” brands including, Marmite, Colman’s and Bovril, as it aims to cut costs. (The Times)

UK Energy - Ofgem lifted the January-March 2026 energy price cap by 0.2% (exp. -1.0%); amounts to an increases of c. GBP 0.28/month for households. (Newswires)

UK Steel – Western governments are moving ahead with plans to build a joint defence against cheap steel from China, according to the FT citing industry experts. (FT)

UK Tech – UK’s Secretary of State for Science, Innovation and Technology said the Government would offer guaranteed payments to British start-ups which produce AI hardware, aiming to assist sectors such as financial services/life sciences. (FT)

UK Budget – Bloomberg writes that Chancellor Reeves still needs to raise as much as GBP 30bln, and may need to make smaller changes to policy after U-turning on income tax. (Bloomberg)

OTHER UK COMPANIES

BROKER MOVES

Experian (EXPN LN) upgraded to Buy from Neutral at Citi

Kingfisher (KGF LN) initiated with Add at Peel Hunt

DAX

Mercedes-Benz (MBG GY) - CrowdStrike (CRWD) CEO Kurtz has acquired a 15% stake in Toto Wolff's ownership entity of the Co.'s Petronas F1 team, according to CNBC. (CNBC)

Siemens Energy (ENR GY) - The CEO said the Co. is to expand its power transformer and gas turbine production capacity by 30-50% by 2028, with a turnaround in wind business to be the biggest profit lever in 2026. Adds that smaller deals are better to strengthen its supply chain, rather than major acquisitions. (Siemens Energy)

OTHER GERMAN COMPANIES

CTS Eventim (EVD GY) - Q3 (EUR): Group revenue 854.2mln (prev. 825.2mln Y/Y), group adj. EBITDA 137.3mln (prev. 120.7mln Y/Y). (CTS Eventim)

Lufthansa (LHA GY) - The Co.'s Technik division has been commissioned by Boeing (BA) for technical support on the German navy P-8A Poseidon aircraft. (Newswires)

BROKER MOVES

CAC

Renault (RNO FP) - The Co. scaling back its ambitions in electric charging by lowering its targets regarding charging points for EVs, according to Les Echos. (Les Echos)

Sanofi (SAN FP) - The Co., alongside Bristol Myers Squibb (BMY), have been sued by Texas AG for alleged failure to disclose that Plavix does not work effectively for some patients. (Newswires)

Veolia (VIE FP) - Co. to buy Clean Earth from Enviri for an enterprise value of US 3bln, with the expectation of US revenue to reach EUR 6.3bln following the deal. (Veolia)

OTHER FRENCH COMPANIES

Eiffage (FGR FP) - Co. has won a second contract worth EUR 68mln for the construction of infrastructure for the Madrid street circuit. (Eiffage)

BROKER MOVES

PAN EUROPE

Ackermans & van Haaren (ACKB BB) - 9M (EUR): Total turnover 3.1bln (prev. 2.99bln Y/Y), offshore energy turnover 1.67bln (prev. 1.50bln Y/Y), confirms FY25 outlook. (Ackermans & van Haaren)

Bankinter (BKT SM) - The Co. has announced the early redemption of securities on January 17th, 2026. Payment date will be postponed to January 19th. (Newswires)

Italian Banks - The European Commission is set to issue formal warning to Italy over ‘golden power’ rules. (FT)

Terna (TRN IM) - The Co. has signed an ESG-linked credit facility for EUR 200mln. (Terna)

UMG (UMG NA) - The Co. has been included in a multi-company AI licencing deal with Klay, in which Klay will help improve music experiences for fans. (Newswires)

BROKER MOVES

SMI

Nestle (NESN SW) - Sanjay Bahadur, Executive Vice President and Head of Group Strategy and Business Development, will retire at the end of December 2025. (Nestle)

UBS (UBSG SW) - Co. has completed its 2025 share buyback programme. (UBS)

OTHER SWISS COMPANIES

SGS (SGSN SW)- The Co. has bought a majority stake in French startup, Sami. SGS expects this stake will generate at least CHF 600mln in additional revenue by 2027 compared to 2023. (SGS)

BROKER MOVES

SCANDINAVIA

Carlsberg (CARLB DC) - Co. has announced multiple long-term power purchasing agreements that will supply renewable electricity across the Nordics. (Carlsberg)

Kinnevik (KINVB SS) - The Co.'s CEO Georgi Ganev is set to leave. He will remain CEO for 12 months or if a replacement is found. (Kinnevik)

Kongsberg Gruppen (KOG NO) - Martin Wien Fjell has accepted the CFO position at the Co. following the proposed demerger of Kongsberg Maritime. (Kongsberg Gruppen)

BROKER MOVES

US

CLOSES: SPX -1.56% at 6,539, NDX -2.38% at 24,054, DJI -0.84% at 45,752, RUT -1.82% at 2,305.

SECTORS: Consumer Staples +1.11%, Real Estate -0.37%, Utilities -0.52%, Health -0.62%, Financials -0.90%, Energy -1.07%, Communication Services -1.07%, Materials -1.62%, Industrials -1.70%, Consumer Discretionary -1.73%, Technology -2.66%

Argentina, US Banks - JPMorgan (JPM), Bank of America (BAC), and Citigroup (C) shelved a planned USD 20bln bailout for Argentina, and are discussing a smaller short-term loan to cover about USD 4bln due in January, WSJ reports. The move follows earlier US Treasury support, including a USD 20bln currency swap, aimed at backing President Javier Milei’s reform agenda. (Newswires)

Citigroup (C) - Citi announced a CFO transition, will shift CFO duties from Mark Mason to Gonzalo Luchetti in March 2026, with Mason becoming Executive Vice Chair. Retail Banking and US Citigold will move into the Wealth unit under Kate Luft, while US Consumer Cards becomes standalone under Pam Habner. Citi cites leadership alignment ahead of an investor day. (Citi)

Copart (CPRT) - Shares fell 3.6% in extended trading. Q1 EPS 0.41 (exp. 0.39), Q1 revenue USD 1.16bln (exp. 1.18bln). Services revenue rose 0.6% Y/Y to USD 991.8mln, while vehicle sales revenue increased 1.7% to USD 163.2mln. Management cited weak demand and falling used-car values as headwinds. (Newswires)

Elastic NV (ESTC) - Elastic’s stock dropped almost 13% as investors fixated on its overall loss doubling from the prior year, heightening concerns about its profitability amid already nervous sentiment toward tech and AI-linked shares. On an adjusted basis, Q2 adj. EPS was 0.64 (exp. 0.58), Q2 revenue USD 423mln (exp. 418.12mln). CEO said Q2 was outstanding, with beats across all metrics and broad-based strength, noting AI is positively impacting the business and highlighting Elastic’s differentiation in search, AI, observability, and security. Sees Q3 adj. between EPS 0.63–0.65 (exp. 0.60) and revenue USD 437–439mln (exp. 429.94mln). Sees FY26 adj. EPS between 2.40–2.46 (cons. 2.35), and lifts revenue guidance to USD 1.715–1.721bln (exp. 1.71bln; prev. saw 1.697–1.703bln). (Newswires)

Gap (GAP) - Gap shares rose 5.7% in extended trading after stronger-than-expected comparable sales driven by its viral denim campaign, reduced discounting and continued customer demand despite wider macro pressure. It reported Q3 EPS 0.62 (exp. 0.59), Q3 revenue USD 3.9bln (exp. USD 3.9bln). SSS: company-wide comparable sales +5% (exp. +3.1%), Gap brand +7% (exp. +3.2%), Old Navy +6% (exp. +3.8%), Banana Republic +4% (exp. +3.2%). Its Q3 gross margin was 42.4% (-30bps Y/Y) with merchandise margin -70bps, including an estimated +190bps net tariff impact, while underlying merchandise margin expanded on higher average unit retail. CEO said results exceeded expectations, marking a seventh straight quarter of positive comps, with momentum across Old Navy, Gap and Banana Republic, adding that strong Q3 and quarter-to-date trading support a higher FY outlook. For FY25, Gap now sees net sales growth 1.7–2% (exp. USD 15.31bln), operating margin of around 7.2% including an estimated 100–110bps tariff impact (raised from 6.7–7.0%), net interest income of around USD 20mln (prev. saw ~USD 15mln), CapEx between USD 500–550mln, and around 35 net store closures; it now expects an effective tax rate around 28% (prev. saw around 27%). (Newswires)

GE HealthCare (GEHC) - GE HealthCare will acquire Intelerad for USD 2.3bln, expanding into outpatient and ambulatory care, complementing its inpatient footprint. The deal will be funded via cash and debt. GE HealthCare said Intelerad will add USD 270mln of revenue in its first FY. (GE HealthCare)

Intel (INTC)/ TSMC (TSM) - Intel CEO Lip-Bu Tan rejected claims that new hire Lo Wen-jen brought TSMC trade secrets to Intel, stressing respect for others’ IP. Taiwanese reports alleged Lo, who retired from TSMC earlier this year before joining Intel, took proprietary knowhow shortly before leaving. (Bloomberg)

Intuit (INTU) - Shares rose 3.4% in extended trading after it reported stronger-than-expected results. It reported Q1 EPS 3.34 (exp. 3.09) on revenue of USD 3.89bln (exp. USD 3.76bln); Q1 Global Business Solutions revenue rose 18% to USD 3.0bln, with Online Ecosystem revenue +21% to USD 2.4bln; excluding Mailchimp, these grew 20% and 25% respectively. Consumer revenue increased +21% to USD 894mln. CEO said it delivered an exceptional quarter as it advances its AI-driven expert platform and highlighted new 'done-for-you' innovations across the portfolio. For Q2, it sees EPS between 3.63-3.68 (exp. 3.84) and revenue of USD 4.52–4.56bln (exp. USD 4.46bln). It reaffirmed its FY26 EPS outlook between 22.98-23.18 (exp. 23.16), and revenue between USD 21.00-21.19bln, and maintained its segment guidance. (Newswires)

21 Nov 2025 - 07:07- MetalsResearch Sheet- Source: Newsquawk