Newsquawk Daily European Equity Opening News - 22nd October 2025

ASIA

APAC stocks were mostly subdued following the mixed handover from the US, where participants digested a mixed bag of earnings releases, and precious metals slumped, with a historic drop seen in gold following the recent record-setting rally. ASX 200 retreated with heavy losses in the mining sector after gold prices fell by the most since 2013 and which was its largest one-day dollar value drop on record. Nikkei 225 briefly dipped beneath the 49,000 level with early pressure seen following mixed trade data, although the index gradually pared its early losses as participants also reflected on the new Takaichi-led government, with the PM instructing the cabinet to compile a package of steps to cushion the blow from the rising cost of living. Hang Seng and Shanghai Comp were subdued following a slew of recent trade-related rhetoric, including from US President Trump, who reiterated 155% tariffs on China from November 1st and that he will meet with Chinese President Xi in two weeks, but then also commented that maybe that meeting won't happen.

Trade - US President Trump reiterates November 1st tariffs on China will be about 155% and that higher tariffs on China won't be sustainable for them. US President Trump says maybe the meeting with Chinese President Xi won't happen. (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.11% at 5,687, Dax 40 +0.37% at 24,349, FTSE 100 +0.25% at 9,427, CAC 40 +0.64% at 8,259, FTSE MIB +0.60% at 42,648, IBEX 35 -0.39% at 15,767, PSI -0.64% at 8,272, SMI -0.04% at 12,630, AEX +0.02% at 967.

SECTORS: Consumer Disc 0.71%, Industrials 0.57%, Energy 0.46%, Financials 0.27%, IT 0.27%, Telecoms 0.23%, Utilities 0.22%, Healthcare -0.06%, Materials -0.50%, Consumer Stpl -0.53%

FTSE 100

BP (BP/ LN) - Wind venture with Jera Co. to pause US operations and lay off staff as clean energy resources face pressure from the Trump Administration. (Newswires)

GSK (GSK LN) - Alector said its experimental drug to slow the progression of a rare form of dementia has failed in a late stage trial; it showed no clinical benefit in slowing disease progression. (GSK)

Rio Tinto (RIO LN) - Reuters reports that the Co. is mulling an asset-for-equity swap with Chinalco; sources said the move would free up the Co. to restart buybacks and strategic deals. (Reuters)

Smith & Nephew (SN/ LN) - Co. announced a multi-year extension of its partnership with UFC, and remains UFC’s preferred sports medicine technology partner. (Smith & Nephew)

UK Budget - UK Chancellor Reeves targets tax partnerships in crackdown on UK’s wealthy with Reeves preparing a crackdown on lawyers, accountants, doctors and other professionals who use tax partnerships, according to FT. In other news, UK Chancellor Reeves has vowed to smooth the path to further BoE interest rate cuts with Budget measures aimed at curbing inflation and easing the cost of living, according to FT. (FT)

OTHER UK COMPANIES

ITV (ITV LN) - Liberty Global halves its stake in ITV, to sell 191mln shares to investors representing 5% of ITV. (Newswires)

BROKER MOVES

IAG (IAG LN) upgraded to Buy from Neutral at Goldman Sachs

DAX

Adidas (ADS GY) - Q3 25 (EUR): Sales 6.63bln (exp. 6.7bln). Raises FY outlook; operating profit seen at 2.0bln (prev. 1.7-1.8bln), currency-neutral revenues are now expected to increase by around 9% (prev. increase at a high-single-digit rate). Raised guidance citing brand momentum and tariff mitigation. (Adidas)

Mercedes-Benz (MBG GY) - Co. is closely monitoring developments on Nexperia and are in contact with relevant stakeholders; due to high degree of complexity and volatility, it is difficult to make reliable forecasts at this time. (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Airbus (AIR FP) - Co. says has opened a second final assembly line in Tianjin, China. Elsewhere, China Commerce Minister met with Airbus CEO and said will actively resolve concerns about development in China. (Newswires)

Kering (KER FP) - Co. to continue reducing its debt following its sale of its beauty business to L’Oreal. (Kering)

LVMH (MC FP) - LVMH is exploring a sale of its 50% stake in Fenty Beauty, co-owned by pop star Rihanna, Reuters reports. Fenty generated around USD 450mln in net sales in 2024, and could be valued between USD 1-2bln. (Reuters)

L'Oreal (OR FP) - Q3 25 (EUR): Revenue +4.2% (exp. +4.9%) at 10.33bln, growth in North Asia turned positive for first time in two years, standing at 0.5% at end of September; North Asia comp sales +4.7% (exp. +3.22%). Says China has stabilised and we see a slight uptick in consumer confidence; travel retail remains in negative territory in Asia; estimates China beauty market grew by c. 3% in Q3. Gaining share in China in Luxury, below market in consumer products where competition is fiercer. LFL Sales by region: Europe +4.1%, North America +1.4%, North Asia +4.7%. (Newswires) Shares -6% in pre-market trade

Sanofi (SAN FP) - Sanofi's efdoralprin alfa met all primary and key secondary endpoints in alpha-1 antitrypsin deficiency emphysema phase 2 study. It demonstrated a statistically significant greater mean increase in functional AAT levels within normal range as measured by trough concentrations at steady state compared to those receiving weekly plasma-derived augmentation therapy at week 32. (Sanofi)

OTHER FRENCH COMPANIES

Ipsen (IPN FP) - Q3 (EUR): Revenue 915mln (exp. 894.3mln), 2025 total sales growth outlook near 10% (prev. 7.0% Y/Y). 2025 core operating margin of near 35% (prev. greater than 32%). Elsewhere, Ipsen is to acquire ImCheck Therapeutics, expanding its leadership in oncology. Shareholders of Ipsen will receive EUR 350mln payment on a cash- and debt-free basis; along with milestones, potential consideration is up to EUR 1bln. (Ipsen)

Worldline (WLN FP) - Q3 2025 (EUR): Revenue 1.15bln (exp. 1.1bln); revised FY25 adj. EBITDA view to 830-855mln (prev. 825-875mln). Co. is in exclusive talks with Shift4 (FOUR) for the divestment of Worldline North America; divestment corresponds to around EUR 70mln in cash proceeds and is expected to close in Q1 2026. (Newswires)

BROKER MOVES

PAN EUROPE

Akzo Nobel (AKZA NA) - Q3 (EUR): Revenue 2.55bln (exp. 2.56bln), adj. EBITDA 385mln (exp. 386mln), expects to deliver FY25 adj. EBITDA of 1.48bln; sale of Akzo Nobel India is on track to close in December 2025. Notes of a net hit by EUR 300mln provision related to court case. (Akzo Nobel)

Bawag (BG AV) - 9M (EUR): Net Profit 218.5mln, +23% Y/Y. NII 460mln, +43% Y/Y. CET1 Ratio 14.1%. Raises FY25 guidance to “outperform” (Newswires)

EU-China - Germany and France are supporting a push to discuss China’s increasingly restrictive trade measures at an EU leaders’ summit in Brussels on Thursday, according to Bloomberg citing sources. (Bloomberg)

Defence Names - Airbus (AIR FP), Thales (HO FP) and Leonardo (LDO IM) are nearing an agreement on the merger of their space businesses, according to FT. (FT)

Heineken (HEIA NA) - Q3 (EUR): Revenue 8.712bln (exp. 7.28bln), organic beer volume -4.3% (exp. -4.52%), cuts adj. operating profit growth outlook to low end of 4-8% range. (Heineken)

Iberdrola (IBE SM), Endesa (ELE SM) and Naturgy (NTGY SM) - Co. reportedly agreed to seek an extension of the Almarez nucelar plant's lifespan and are working on formal request to the energy ministry, according to Reuters citing sources. (Reuters)

Pharma - US pharma price probe raises threat of new drug tariffs, according to FT. "Donald Trump’s administration is stepping up attacks on US trading partners over drug pricing, preparing a new probe that would lay the ground for a fresh barrage of tariffs." (FT)

Stellantis (STLAM IM/STLAP FP) - Jeep factory halted for three weeks after aluminium plant fire, according to Bloomberg. (Bloomberg)

UniCredit (UCG IM) - Q3 (EUR) Revenue 6.17bln (exp. 6bln), Net Income 2.66bln (exp. 2.4bln), NII 6.17bln, +0.3% Y/Y ; affirms guidance. (UniCredit)

BROKER MOVES

SMI

Novartis (NOVN SW) - Novartis announced that Cosentyx met the primary endpoint and all secondary endpoints in the Phase III REPLENISH trial. Cosentyx demonstrated statistically significant and clinically meaningful sustained remission vs placebo at Week 52 in adults with polymyalgia rheumatica. Elsewhere, announced the expiration of the waiting period of Tourmaline Bio tender offer. (Novartis)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Aker BP (AKRBO NO) - Q3 (USD): Revenue 2.6bln (exp. 2.508bln), raised FY production guidance to 410-425 mboepd. (Aker BP)

Boliden (BOL SS) - Q3 (SEK): Revenue 22bln (exp. 23.6bln), EPS 8.07 (exp. 6.32), Adj. EBIT 2.75 (exp. 2.62). Notes that “Copper grade in Aitik at an all-time low, but full year grade guidance is unchanged”. (Boliden)

DNB (DNB NO) - Q3 (NOK): Total Income 22.7bln (exp. 22.6bln), NII 16bln (exp. 16.1bln), Total Income 22.7bln (exp. 22.6bln). Announced a new buyback program of up to 14.8mln shares. (DNB)

Handelsbanken (SHBA SS) - Q3 (SEK): Total Income 14.1bln (exp. 14.1bln), EPS 3 (exp. 2.9), NII 10.5bln. (Newswires)

Storebrand (STB NO) - Q3 (NOK): Op. Result 1.09bln, +16% Y/Y. EPS 3.08 (prev. 3.12 Y/Y). Co. says “are well positioned to reach our 2025 target”. (Storebrand)

SSAB (SSABB SS) - Q3 (SEK): Revenue 23bln (exp. 23.5bln), EPS 1.49 (exp. 1.45). (Newswires)

BROKER MOVES

Getinge (GETIB SS) upgraded to Buy from Hold at Nordea

US

CLOSES: SPX -0.01% at 6,735, NDX -0.06% at 25,127, DJI +0.47% at 46,925, RUT -0.52% at 2,487.

SECTORS: Consumer Discretionary +1.32%, Industrials +0.88%, Health +0.21%, Financials -0.13%, Technology -0.15%, Energy -0.20%, Consumer Staples -0.34%, Real Estate -0.35%, Materials -0.70%, Communication Services -0.85%, Utilities -0.99%.

Alphabet (GOOG), Anthropic - Anthropic is in talks with Google on a potential multibillion-dollar cloud deal, which would provide the AI company with additional computing power. The agreement, not yet finalised, would allow Anthropic to access Google’s tensor processing units to accelerate machine learning workloads. Google is already an investor in and a cloud provider for Anthropic.

DraftKings (DKNG) - DraftKings is acquiring predictions platform Railbird to prepare for the launch of its new mobile platform, DraftKings Predictions, CNBC reports. The platform will allow trading on outcomes in finance, culture, and entertainment. DraftKings will leverage Railbird’s team and technology while ensuring compliance with state regulations, particularly around sports event contracts. DKNG shares were up +4.5% in afterhours trading.

Drug Prices - The Trump administration plans a Section 301 investigation into foreign drug pricing, potentially leading to new tariffs to pressure countries to “equalise” medicine costs, FT reports. The move targets nations paying less than the US and could reignite global trade tensions, especially over weight-loss drugs like Ozempic (NVO).

Netflix (NFLX) - Netflix shares fell over 6% in extended trading after a Q3 profit miss, hit by a Brazilian tax dispute, but sales were in line and it had its best-ever ad sales quarter. Q3 EPS 5.87 (exp. 6.97), Q3 revenue USD 11.51bln (exp. 11.51bln), operating margin 28% (exp. 31.5%) impacted by a USD 600mln Brazilian tax dispute. Q3 free cash flow USD 2.7bln (vs 2.2bln Y/Y), and raised its FY25 FCF view to about USD 9bln (from 8-8.5bln). It had its best-ever ad sales quarter, sees steady engagement growth, remains focused on organic expansion, and has no interest in legacy media acquisitions. Sees Q4 EPS at 5.45 (exp. 5.43), and Q4 revenue of USD 11.96bln (exp. 11.9bln). FY25 revenue USD 45.1bln (prev. saw 44.8-45.2bln, exp. 45.03bln), operating margin 29% (prev. 30%). Netflix expects to more than double advertising revenue in 2025, citing strong growth across 12 ad markets, expanded ad tech capabilities through its Netflix Ads Suite, and new DSP integrations with Amazon and AJA. The company reported doubled US upfront commitments and increasing advertiser confidence.

Texas Instruments (TXN) - Shares fell 8.6% in extended trading after the semiconductor maker issued a soft forecast for the next quarter. It reported Q3 EPS of 1.48 (exp. 1.48), which includes a 0.10 reduction for items that were not in its original guidance; Q3 revenue +14% Y/Y at USD 4.74bln (exp. 4.62bln), with growth across all end markets. The company signalled a slowdown in the semiconductor recovery, issuing a weak Q4 outlook, reflecting softer demand for analogue chips despite earlier signs of stabilisation in the broader chip market. Sees Q4 EPS between 1.13-1.39 (exp. 1.41), and sees Q4 rev. between USD 4.22bln-4.58bln (exp. 4.50bln).

Vale (VALE) - Vale reports Q3 iron ore production of 94.4mln metric tons, up 3.8% Y/Y; pellets production 8mln metric tons, down 22.8% Y/Y; copper production 90,800 tons, up 5.7% Y/Y; nickel production 46,800 tons, down 0.6% Y/Y.

22 Oct 2025 - 06:59- MetalsExclusive- Source: Newsquawk