Newsquawk Daily European Equity Opening News - 22nd September 2025

ASIA

APAC stocks traded mixed after sentiment from Wall Street initially reverberated to the region before dissipating. Chinese markets failed to benefit from the phone call between US President Trump and Chinese President Xi on Friday, with some citing a lack of concrete progress. ASX 200 was lifted by the metals and mining sector, with gold names spearheading the upside following the recent rise in the yellow metal, offsetting underperformance in energy names. Nikkei 225 was boosted at the open amid a softer JPY and as the index digested Friday commentary from BoJ Governor Ueda, with the BoJ’s surprise ETF and J-REIT selling seen as too incremental to impact markets. Focus now turns to the LDP election as the 12-day official campaign period began ahead of the October 4th polls. KOSPI was supported amid Samsung Electronics shares surging ~5% after clearing the NVIDIA hurdle for 12-layer HBM3E supply. Hang Seng and Shanghai Comp initially bucked the trend and failed to benefit from upbeat mood elsewhere, with traders unconvinced despite the “productive” Trump-Xi call, although the mainland later eked mild gains. Meanwhile, US lawmakers made a rare visit to China on Sunday in an effort to stabilise ties. Overnight, the PBoC maintained its LPRs as expected and injected CNY 300bln via 14-day reverse repo after an eight-month hiatus. In Hong Kong, participants brace for a “Super” typhoon with Hong Kong airport weighing a 36-hour closure, according to Bloomberg.

NVIDIA (NVDA) - Nvidia supplier Ibiden (4062 JT) to expand IC substrate output amid AI boom, according to Nikkei; CEO said Ibiden expects FY2025 demand for the substrates tied to generative AI servers to "nearly double from the previous year." (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.05% at 5,460, Dax 40 -0.12% at 23,645, FTSE 100 -0.12% at 9,217, CAC 40 -0.01% at 7,854, FTSE MIB +0.01% at 42,312, IBEX 35 +0.92% at 15,314, PSI -0.29% at 7,704, SMI +0.60% at 12,121, AEX -0.36% at 930.

SECTORS: Healthcare 0.36%, Utilities 0.29%, Financials 0.22%, Materials -0.01%, Consumer Stpl -0.17%, Industrials -0.19%, Consumer Disc -0.46%, IT -0.58%, Telecoms -0.76%, Energy -0.89%

FTSE 100

Anglo American (AAL LN) - Canada's Finance Minister said Canada will take a close look at the Teck-Anglo deal and make sure it will benefit the country. (Newswires)

Vodafone (VOD LN) - Co. has picked both Ericsson (ERICB SS) and Nokia (NOKIA FH) for a GBP 2bln contract to expand its network across the UK; Bloomberg writes that Ericsson won slightly more of the contract; Ericsson confirmed a SEK 12.5bln partnership with Vodafone. (Bloomberg / Newswires)

OTHER UK COMPANIES

BROKER MOVES

Legal & General (LGEN LN) upgraded to Outperform from Neutral at BNP Paribas

Mondi (MNDI LN) upgraded to Buy from Hold at Investec

DAX

Porsche SE (PAH3 GY) - Adj. group result in Porsche Automobil Holding, expected between EUR 0.9-2.9bln (prev. guided 1.6-3.6bln). Non-cash impairment of c. EUR 3bln at Volkswagen does not affect group result. Adj. of earnings forecast has no impact on liquidity of Porsche SE Group. Porsche SE confirms its forecast for net debt of Porsche SE Group as of 31st December 2025, which is expected to be between EUR 4.9-5.4bln. CEO said new strategy will require substantial investment and they will expand offering of combustion engine models. Have observed a drop in demand for high-priced EVs, which means a delay of the EV rollout. Restructuring is going to be a "tough and long road". Outlook reflects 15% US auto import tariffs as of August 1st. It could take additional weeks before US auto tariffs fall as envisaged. They are counting on more flexibility in the EU regarding the planned ban of combustion engine autos from 2035. (Newswires)

Porsche (P911 GY) - Cuts guidance, citing increased costs and provisions amidst a product lineup revamp; cuts EBITDA margin; auto cash flow margin left unchanged: Sees FY revenue between EUR 37-38bln (exp. 37.22bln), automotive EBITDA margin forecast 10.5-12% (prev. +14.5-16.5%), and a slightly positive return on sales of up to 2% (prev. +5-7%). Intends to propose a dividend for the 2025 financial year that would significantly exceed its communicated medium-term dividend policy of approximately 50% of IFRS profit. However, in terms of the actual amount, such a dividend distribution would be significantly lower than that of the previous year. Final decisions by the relevant committees regarding the dividend amount are still pending. (Newswires)

Volkswagen (VOW3 GY) - Co. will recognize a non-cash impairment charge of around EUR 3bln on goodwill allocated to Porsche Business segment. One-off effect of around EUR -2.1bln on the group's operating result in FY 25. Two factors will have a negative effect of around EUR 5.1bln on VOW3 GY's FY25 operating result. Now expects operating return on sales in range of 2-3% (prev. 4-5%, exp. 4.78%) in 2025. (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

French stocks - France's sovereign debt rating downgraded to AA by Morningstar DBRS. (Newswires)

Safran (SAF FP) - Co. enters deal with investment services provider for a tranche of share buyback for cancellation; Safran will repurchase its own shares for a maximum amount of EUR 500mln. (Newswires)

Sanofi (SAN FP) - FDA 3-month extension on NDA review for tolebrutinib. (Newswires)

Vinci (DG FP) / Gatwick Airport - The UK has approved a second runway at the airport; this will be a GBP 2.2bln expansion project, which will help to increase the number of flights by 100k a year. (Sky News)

OTHER FRENCH COMPANIES

Ipsen (IPN FP) - Ipsen’s LANTIC Phase II in aesthetics delivers a first-in-class, differentiated long-acting clinical profile for IPN10200, enabling the initiation of Phase III. (Ipsen)

BROKER MOVES

PAN EUROPE

Airline cyber-attack - Multiple European airports have said a suspected cyber-attack has impacted them, according to Sky News. (Sky News) easyJet (EZJ LN) said it does not expect to be affected by the attack. (Newswires)

BBVA (BBVA SM) - Board has decided to improve the consideration offer for Banco Sabadell (SAB SM); now offers one BBVA share for every 4.8376 ordinary shares of Sabadell, plus EUR 0.70 cash (prev. 5.5483). Board is to amend the offer by improving consideration offered with a change in its nature, become an entirely exchange consideration. Yields both further improvements to offer consideration and extension of acceptance period. Adds that the new offer does not include a cash component. (Newswires)

Packaging names / Mondi (MNDI LN) / Smurfit WestRock (SWR LN) - WSJ reported that cardboard box demand has been sliding. (WSJ)

Italian Banks - Italian Economy Minister Giorgetti said "Banks are aware of the type of help the State has provided them with public guarantees. When the government is in need, there must be a minimum level of reciprocity". (Newswires) This is reiteration of previous commentary

Stellantis (STLAM IM/STLAP FP) - Co. said they detected unauthorised access to a third-party service provider’s platform that supports North American customer service operations; Notifying the appropriate authorities and informing affected customers. Immediately activated incident response protocols and initiated a comprehensive investigation. (Newswires)

BROKER MOVES

Ahold Delhaize (AD NA) upgraded to Buy from Hold at Jefferies

SMI

Novartis (NOVN SW) - CEO said the Co. has upped its stockpiles of pharmaceuticals in the US, in anticipation of policy-changes made by US President Trump. "It will likely take three to four years to get there. But I estimate that we can make significant shifts within the next two years, for example, to carry out some of the final filling and packaging in the U.S.", adding that this should help reduce the impact of tariffs. (Newswires)

Roche (ROG SW) - Positive phase III results show Roche’s giredestrant significantly improved progression-free survival in ER-positive advanced breast cancer. evERA met its co-primary endpoints; giredestrant plus everolimus demonstrated significant benefit in ITT and ESR1-mutated populations in post-CDK inhibitor setting, compared with standard of care plus everolimus. (Newswires)

OTHER SWISS COMPANIES

Gurit (GURN SW) - Appoints Viktor Bernhardt as CFO; effective December 1st, 2025. (Newswires)

BROKER MOVES

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +0.49% at 6,664, NDX +0.70% at 24,626, DJI +0.37% at 46,315, RUT -0.77% at 2,449

SECTORS: Energy -1.28%, Real Estate -0.47%, Consumer Staples -0.25%, Health -0.15%, Industrials +0.21%, Financials +0.22%, Materials +0.22%, Consumer Discretionary +0.34%, Communication Services +0.51%, Utilities +0.65%, Technology +1.19%.

Apple (AAPL) - Co. rushes to boost production of cheaper iPhone 17, The Information reports Apple increases iPhone 17 standard model production by 30-40%. Consumers favour the USD 799 iPhone 17 over pricier Pro models. Standard iPhone 17’s value and China factors drive strong demand. (Newswires)

Oracle (ORCL) / Meta (META) - Oracle is said to be in talks with Meta (META) on USD 20bln AI cloud computing deal, Bloomberg reports. (Bloomberg)

Pharma - US President Trump reportedly considering a website to help shop for cheaper drugs, via Bloomberg. (Bloomberg)

22 Sep 2025 - 06:58- MetalsResearch Sheet- Source: Newsquawk