Newsquawk Daily European Equity Opening News - 21st October 2025

ASIA

APAC stocks took their cues from the rally on Wall Street as the focus remained on US-China trade with some optimism following US President Trump's comments in which he stated that China has been respectful of them and although he continued to tout a November 1st deadline for additional tariffs, he also reaffirmed that he will be meeting with Chinese President Xi and thinks they will reach a 'fantastic deal'. ASX 200 climbed to a fresh record high with the advances led by the mining and resources sectors after Australia and the US signed a critical minerals agreement, and with mining giant BHP gaining following its quarterly production update. Nikkei 225 rallied and briefly approached to near the 50k level before fading some of the gains, while attention was on the PM vote in parliament where Abe-protege Takaichi was elected to become Japan's first female PM, and which is seen to potentially delay or slow the BoJ hiking rates. Hang Seng and Shanghai Comp were higher amid the hopes for an improvement in US-China trade relations and with the ongoing plenum where China is to map out its next five-year plan.

BHP Group (BHP) - BHP’s Q1 copper output rose 4% Y/Y, driven by increased production at Chile’s Escondida mine, while iron ore output remained steady. The miner continues to prioritise copper as a key growth area amid stable performance across other operations.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.35% at 5,683, Dax 40 +1.93% at 24,291, FTSE 100 +0.52% at 9,404, CAC 40 +0.39% at 8,206, FTSE MIB +1.52% at 42,392, IBEX 35 +1.46% at 15,828, PSI +0.71% at 8,325, SMI -0.18% at 12,622, AEX +1.10% at 966.

SECTORS: IT 2.67%, Industrials 1.61%, Consumer Disc 1.00%, Materials 0.99%, Financials 0.83%, Healthcare 0.76%, Energy 0.31%, Utilities 0.23%, Telecoms 0.13%, Consumer Stpl -0.05%

FTSE 100

HSBC Holdings (HSBA LN) - HSBC has appointed former NatWest (NWG) executive David Lindberg as CEO of its UK business, effective December 8th. Lindberg previously led NatWest’s Retail Banking division and has held senior roles at major Australian banks. The appointment follows HSBC’s ongoing restructuring and cost-cutting efforts in its UK operations. (HSBC)

Reckitt (RKT LN) - Long-term study shows that Guaifenesin helps patients with chronic bronchitis. (Reckitt)

UK Growth - UK Chancellor Reeves will announce the government is cutting red tape for businesses in an attempt to boost growth. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

Whitbread (WTB LN) downgraded to Add from Buy at Alpha Value

DAX

Deutsche Bank (DBK GY) - Co. and hedge fund Carronade Capital are trying to block a USD 10bln restructuring deal agreed between Irish billionaire Paul Coulson and Ardagh Group’s bondholders. (FT)

German Energy - Germany’s plan to expand gas-fired power capacity could face delays after clean-tech startup 1Komma5° filed a complaint with the European Commission. The company, backed by Hamilton Lane and CalSTRS, argues the 20-gigawatt gas project misuses subsidies and conflicts with climate goals, potentially hindering Germany’s energy transition strategy. (Bloomberg)

Mercedes-Benz (MBG GY) - Canadian BEV drivers gain access to Tesla supercharger, to introduce North American standard ports in late 2025. (Mercedes-Benz)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Eurofins Scientific (ERF FP) - Q3 (EUR): Revenue 1.80bln (prev. 1.72bln Y/Y), 9M organic revenue growth of 4.0%, on track for solid FY growth and margin expansion, confirms FY objectives; states that FX rate would have worsened reported revenue if rate at end of Q3 held for whole of FY25. (Eurofins)

OTHER FRENCH COMPANIES

Atos (ATO FP) - CEO said that there are no M&A planned until Sept 2026, but will then accelerate in 2027 and 2028. (Newswires)

Edenred (EDEN FP) - Q3 (EUR): Revenue 667mln (exp. 651.8mln). Affirms guidance. (Edenred)

Getlink (GET FP) - Q3 (EUR): Revenue 472mln (exp. 480mln), confirms 2025 EBITDA target of 780-830mlln. (Getlink)

Valeo (FR FP) - Co. won a contract to supply Dual Inverter Solution to Chinese automakers; no terms. (Newswires)

BROKER MOVES

Ubisoft (UBI FP) downgraded to Underweight from Neutral at Cantor Fitzgerald

PAN EUROPE

ASML (ASML NA) - TrendForce reports that AMIES has emerged as a Chinese lithography equipment manufacturer, which lessens China’s reliance on ASML. (TrendForce)

Critical Minerals - White House Fact Sheet on Critical Minerals Deal with Australia stated that both governments are to invest over USD 3bln in the next six months and recoverable resources are estimated at USD 53bln.

Intesa Sanpaolo (ISP IM) - Co. ends EUR 2bln buyback programme. (Intesa Sanpaolo)

Stellantis (STLAM IM/STLAP FP) - CEO announced 400 new hires in Italy and confirms plans to ramp up output in Italy. In addition, warns that EU rules to cut carbon emissions need to be changed to support car production. (Newswires)

Vidrala (VID SM) - Co. announces capital increase of EUR 1.7mln. (Vidrala)

BROKER MOVES

Bankinter (BKT SM) upgraded to Equal Weight from Underweight at Barclays

SMI

DBV Technologies (DBV), Nestle (NESN SW) - DBV Technologies is gaining investor attention after Nestle’s peanut allergy treatment failed, as rising food allergies drive demand for alternatives. The company is developing therapies aimed at protecting individuals from severe reactions, offering hope to patients and families seeking safer management options for peanut allergies. (Bloomberg)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Husqvarna (HUSQB SS) - Q3 (SEK): EBIT 141mln (exp. -371mln) , EPS -0.02 (exp. -0.77), sales 9.204bln, noted strong growth in professional segment and watering segment, demand was subdued for residential handheld, hand tools and petrol-powered wheeled products. (Husqvarna)

Ratos (RATOB SS) - Q3 (SEK): Sales 4.17bln (exp. 4.34bln), EPS 1.2 (exp. 1.15). CEO said “The quarter was characterised by generally subdued demand as a result of geopolitical uncertainty, trade policies, and the business cycle”. (Ratos)

Tele2 (TEL2A SS) - Q3 (SEK): EPS 1.86 (exp. 1.96), Revenue 5.6bln (exp. 7.46bln). Affirms guidance. (Tele2)

Var Energi (VAR NO) - Q3 (USD): Total Income 2.14bln (prev. 1.84bln Q/Q). Avg. Q4 production exp. Approx. 430k boepd. (Var Energi)

BROKER MOVES

US

CLOSES: SPX +1.07% at 6,735, NDX +1.30% at 25,141, DJI +1.12% at 46,707, RUT +1.95% at 2,500

SECTORS: Communication Services +1.52%, Materials +1.24%, Industrials +1.19%, Financials +1.15%, Technology +1.14%, Real Estate +1.08%, Health +1.07%, Consumer Discretionary +1.00%, Energy

Steel Dynamics (STLD) - Q3 EPS 2.74 (exp. 2.64), Q3 revenue USD 4.83bln (exp. 4.80bln); operating income rose +33% and adj. EBITDA +24% sequentially. Profit rose as lower scrap raw material costs offset weaker steel prices. CEO Millett highlighted record steel shipments of 3.6mln tons and expects strong US demand for steel and aluminium amid improving trade stability and policy clarity.

Zions Bancorp (ZION) - Zions Bancorporation shares rose 1.6% after hours after the bank said a large quarterly loss stemmed from a few faulty loans rather than broad credit stress. Q3 adj. EPS 1.48 (exp. 1.46), NII +8% at USD 672mln, NIM 3.28% (prev. 3.03%), net charge-offs USD 56mln (exp. 20.8mln). Provision for credit losses was USD 49mln (exp. 26.4mln), primarily due to two large related C&I loans. CEO says credit results marred by a USD 50mln charge-off, a USD 10mln specific reserve established against the approximate remaining balance; excluding this loss, remaining net charge-offs were at USD 6mln, or 4bps of average loans on an annualised basis.

21 Oct 2025 - 06:53- Research Sheet- Source: Newsquawk