Newsquawk Daily European Equity Opening News - 23rd October 2025

ASIA

APAC stocks were mostly subdued following the negative handover from Wall St, where sentiment was weighed on by US-China frictions. ASX 200 traded rangebound as participants digested quarterly updates, and with gains in energy and utilities offsetting the weakness in tech and mining. Nikkei 225 underperformed after gapping lower at the open to beneath the 49,000 level despite a weaker currency. Hang Seng and Shanghai Comp were negative with the mainland pressured amid US-China tensions after reports that the Trump admin considers restricting globally-produced exports to China made with or containing US software.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.80% at 5,642, Dax 40 -0.71% at 24,158, FTSE 100 +0.93% at 9,515, CAC 40 -0.63% at 8,207, FTSE MIB -1.03% at 42,210, IBEX 35 +0.09% at 15,782, PSI +0.40% at 8,305, SMI -0.10% at 12,610, AEX -0.06% at 966.

SECTORS: Energy 1.47%, Materials 0.28%, Telecoms 0.24%, Financials 0.22%, Consumer Disc -0.28%, Consumer Stpl -0.30%, Utilities -0.30%, Healthcare -0.32%, Industrials -0.60%, IT -1.84%

FTSE 100

OTHER UK COMPANIES

Wizz Air Holdings Plc (WIZZ LN) - Co. is looking to defer about 100 Airbus (AIR FP) SE aircraft into the next decade, according to Bloomberg. (Bloomberg)

BROKER MOVES

DAX

SAP (SAP GY) - Q3 2025 (EUR) Adj. EPS 1.59, Adj. EBIT 2.57bln (exp. 2.57bln), Cloud revenue rose 22% to 5.29bln in Q3 (exp. 5.31bln), Revenue 9.08bln (exp. 9.15bln). Guidance FY cloud revenue 21.6-21.9bln (prev. 17.14bln in 2024). Non-IFRS operating profit towards the upper end of the outlook range of 10.3-10.6bln (prev. 8.15bln in 2024). FCF 8.0-8.2bln (prev. saw 8.0bln). (Newswires)

OTHER GERMAN COMPANIES

Atoss (AOF GY) - 9M (EUR): Revenue 139.3mln, +11% Y/Y. Sees FY Revenue 190mln (exp. 190.2mln). (Atoss)

BROKER MOVES

Lufthansa (LHA GY) downgraded to Neutral from Buy at Citi

CAC

Carrefour (CA FP) - Q3 2025 (EUR): Revenue 22.61bln (exp. 23.4bln); 2025 targets affirmed CFO. Commentary: Declines to comment on whether political crisis in France political crisis could impact demand in Q4. Grocery demand in France has been robust in September despite political uncertainties. Q/Q, households' spending power is recovering after inflation surge. (Carrefour)

Dassault Systemes (DSY FP) - Q3 (EUR): Revenue 1.46bln (exp. 1.513bln), adj. EBIT 440mln (exp. 456mln), outlook FY revenue growth 4-6%. In addition, Sanofi (SAN FP) will extend partnership with Medidata to continue the development of new therapies with an increased patient experience. (Dassault Systemes)

Kering (KER FP) - Q3 25 (EUR): Total revenue -5% at EUR 3.42bln (exp. -9.6% at 3.31bln). Brand sales: Gucci revenue -15% to EUR 1.34bln (exp. -15.3%). Geographical Sales: Western Europe -7% North America +3% Japan -16% APAC -10%. CFO commentary: Overall China sales remain negative, but we are seeing substantial sequential improvement. Chinese clients respond well to new initiatives, like smaller version of Giglio Gucci handbag YSL and Bottega Veneta saw positive growth in US, Gucci -3% in US in Q3. COO says number one priority in new strategy will be to re-ignite top line and will use every available lever to reduce CapEx Seeing good resilience from high-end customer in US. Things going in the right direction for the business in mainland China. Confirm we'll meet plans to bring down OpEx. H2 gross margins will be in line with H1. (Kering)

Michelin (ML FP) - 9mnth (EUR): Sales 19.3bln, -4.4% Y/Y; Q3 sales 6.25bln (exp. 6.34bln); Estimates at around 500mln impact of tariffs on results over two years. 2026 outlook: SOI expected to increase vs. 2025 (prev. SOI above EUR 4.2bln with op. margin of 14%, at 2023 constant exchange rates). FCF before acquisitions confirmed at EUR 5.5bln cumulated for 2027-2026 period. Co. expects tariffs impact of about EUR 300mln on its P&L in 2025 and EUR 200mln in S1 2026. (Michelin)

Orange (ORA FP) - Q3 (EUR): Revenue 9.99bln, +0.8% Y/Y. EBITDAaL 3.43bln, +3.7% Y/Y. Full-year 2025 EBITDAaL guidance raised to at least 3.5%. (Orange)

Renault (RNO FP) Q3 (EUR): Revenue 11.4bln (exp. 11.5bln), Automotive Revenue 9.81bln (prev. 9.34bln Y/Y); confirms outlook

STMicroelectronics (STM FP) Q3 (USD): Revenue 3.18bln (exp 3.16bln), Op. Income 180mln (exp. 214.4mln); confirming signs of market recovery. Q4: Sees Net Revenue 3.28bln (exp. 3.35bln). Sees Gross Margin 35% (exp. 34.9%). FY25: Sees Net Revenue approx. 11.75bln (exp. 11.8bln) Sees Gross Margin 33.8% (exp. 33.9%). CEO: "Q3 net revenues came slightly above the mid-point of our business outlook range". "executing our company-wide program to reshape our manufacturing footprint and resize our global cost base, which remains on schedule to deliver the targeted savings; and strengthening free cash flow generation.". (STMicroelectronics)

Thales (HO FP) - Q3 (EUR): Sales 4.99bln (exp. 4.86bln), Organic Sales +11.2% (exp. +8.08%). Still sees FY25 Organic Sales +6 to +7% (exp. +6.72%). (Newswires)

OTHER FRENCH COMPANIES

Getlink (GET FP) - Eiffage (FGR FP) to acquire a 7.1% stake in Getlink. (Newswires)

Nexans (NEX FP) - Q3 (EUR): Sales 1.57bln (exp. 1.55bln), confirms FY25 guidance. In other news, Co. agree to buy Electro Cables Inc. to strengthen its position in power-connect in Canada. (Nexans)

Sodexo (SW FP) - FY (EUR): Revenue 24.1bln (exp. 24.1bln), Op. Profit 1.1bln (exp. 1.14bln). FY26 Outlook: Sees Organic revenue growth between +1.5% to +2.5%. Underlying operating profit margin to be slightly lower than Fiscal 2025. (Sodexo)

BROKER MOVES

PAN EUROPE

Bper Banca (BPE IM) - JP Morgan (JPM) has cut its stake to 3% (prev. 4.5%) in the co. (Newswires)

Bankinter (BKT SM) - 9M (EUR): NII 1.66bln (prev. 1.72bln Y/Y), Net Profit 812mln (prev. 731mln Y/Y). (Bankinter)

Bureau Veritas (BVI AV) - Q3 (EUR): Revenue 1.58bln (prev. 1.54bln Y/Y). (Newswires)

BE Semiconductor (BESI NA) - Q3 (EUR): Revenue 132.7mln (exp. 132.4mln), Orders 174.7mln (exp. 168.4mln), Gross Margin 62.2% (exp. 61.2%). Sees Q4 Gross Margin 61-63% (exp. 62.4%). To start EUR 60mln share repurchase programme. (BE Semiconductor)

EU-China / Chip / Automakers - Dutch chipmaker Nexperia's Chinese unit has resumed supplying semiconductors to local distributors, according to sources cited by two people briefed on the matter, according to Reuters. (Reuters)

Geopols - US President Trump says it didn't feel right to have a meeting with Russian President Putin, so he cancelled it and felt it was time for Russia sanctions, adds hopes sanctions won't be on for long. US President Trump says WSJ story on Ukraine being allowed to use long-range missiles deep into Russia is fake news. (Newswires / WSJ)

BROKER MOVES

SMI

Roche (ROG SW) - Q3 (CHF): Revenue 14.9bln (exp. 15.2bln), Pharma Sales 11.57bln (exp. 11.88bln); Sees FY25 Core EPS in high single to low double digit range. Q3: Diagnostics Sales: 3.35bln (exp. 3.42bln) Vabysmo Sales: 996mln (exp. 1.13bln) Ocrevus Sales: 1.68bln (exp. 1.76bln). Outlook: Expects an increase in Group sales in the mid single digit range (CER). Core earnings per share are targeted to develop in the high single to low double digit range (CER). Roche expects to further increase its dividend in CHF. (Roche)

OTHER SWISS COMPANIES

Gurit (GURN SW) - 9M (CHF): Sales 239.9mln, -20.3% in constant FX terms. sales were affected by planned strategic business exits and an overall wait-and-see attitude regarding US tariffs. Reaffirms guidance. (Gurit)

Galencia (GALE SW) - FY (CHF): Sales 2.99bln, +4.7% Y/Y. Galenica now expects sales growth of between 4% and 6%. (Galencia)

Kuehne+Nagel (KNIN SW) - Q3 (CHF): EBITDA 1.7bln, -8% Y/Y. Notes that action is required due to market overcapacity and margin pressure. Launching cost reduction programme of >CHF 200 million p.a.

Partners (PGHN SW) - Co. agrees to exit minority stake in global logistics provider Apex logistics. The transaction values Apex Logistics at an EV of over USD 4bln. (Partners)

BROKER MOVES

SCANDINAVIA

DSV (DSV DC) - Q3 (DKK): Revenue 72bln (exp. 74.4bln), Net Income 2.16bln (exp. 2.56bln). FY Adj. EBIT 19.5-20bln (exp. 19.7bln). (DSV)

Essity (ESSITYB SS) - Q3 (SEK): Sales 34.64bln (exp. 34.56bln), adj. EBITA 5.056bln (exp. 4.861bln), all business areas showed positive organic growth, a cost saving program to bring annual savings of SEK 1bln by the end of 2026, costs of restructuring will be mainly related to reductions in workforce. (Essity)

Evolution (EVO SS) - Q3 (EUR): Revenue 507.1mln (exp. 535.5mln), EPS 1.25 (exp. 1.32). CEO: “Unfortunately, revenue development in Asia is still very far from satisfactory. We continue to fight the cyber criminality that has affected our business there for too long, and during the quarter we didn’t progress as much as we would have wanted”. On EBITDA Margin, says “We are now within our full-year estimate of 66-68 percent, and we expect to stay in this range in the fourth quarter”. (Evolution)

Heineken (HEIN NA) - Expects mid-single-digit organic growth net revenue growth, organic EPS to be in line or better than organic operating profit growth, and will target an additional EUR 400-500mln in annual gross savings. (Heineken)

Huthmaki (HUH1V FH) - Q3 (EUR): EPS 0.56 (exp. 0.58), Sales 970.6mln (exp. 998.5mln), Adj. EBIT 100.3mln (prev. 99.4mln). (Huthmaki)

Kone (KNEBV FH) - Q3 (EUR): Sales 2.76bln (exp. 2.78bln), Adj. EBIT 340.2mln. FY Adj. Sales Growth 3-5% (prev. Guided 2-5%) (Kone)

Nokia (NOKIA FH) - Q3 (EUR): Sales 4.828bln (exp. 4.65bln), adj. operating profit 435mln (exp. 324.3mln), maintains FY25 outlook, operating profit revised to 1.7-2.2bln (prev. guided 1.6-2.1bln), to scale down passive venture fund investments, may make targeted minority investments. CEO: Q4 backlog is stronger than it has been in recent years. (Nokia)

SEB (SEBA SS) - Q3 (SEK): Net Income 7.68bln (exp. 7.8bln), Total Op. Income 18.66bln (exp. 19.17bln), NII 10.42bln (exp. 10.21bln), CET1 Ratio 18.2% (exp. 17.9%). (SEB)

Saipem (SPM IM) - Q3 (EUR): Adj. EBITDA 437mln (exp. 433mln), confirms FY25 guidance. (Saipem)

Swedbank (SWEDA SS) - Q3 (SEK): Total Income 17.1bln (exp. 16.6bln), EPS 7.52 (exp. 6.64), NII 10.8bln (prev. 10.91bln Q/Q). (Swedbank )

Stora Enso (STERV FH) - Q3 (EUR): Sales 2.283bln (exp. 2.334bln), operational EBIT 126mln (exp. 107.5mln), FY EBIT impact estimated to be 120-140mln, forest assets divestment in Sweden to have annual adverse impact of 25mln. (Stora Enso)

Telia (TELIA SS) - Q3 (SEK): Revenue 19.9bln (exp. 19.9bln), EPS 0.6 (exp. 0.56). Upgrades FY FCF 8bln (prev. guided 7.5bln). (Telia)

Volvo Cars (VOLCARB SS) - Q3 (SEK): Revenue 86.4bln (exp. 82.436bln), adj. EBIT 6.3bln, no longer provides guidance for 2025 and 2026, continues to see an increasingly challenging market, demand for plug-in hybrids remains strong. (Volvo)

Unicredit (UCG IM) - CEO Orcel is facing pressure from the board for updates on the dealmaking strategy, following recent investments in several rival financial institutions. (Reuters)

BROKER MOVES

US

Alcoa Corp (AA) EPS -0.02 (exp. 0.04), Revenue 2.99bln (exp. 3.12bln)

International Business Machines Corp (IBM) Q3 2025 (US) Adj. EPS 2.65 (exp. 2.44), Revenue 16.33bln (exp. 16.08bln)

Southwest Airlines (LUV) Q3 2025 (USD): Adj. EPS 0.11 (exp. -0.03), revenue 6.9bln (exp. 6.921bln).

Lam Research Corp (LRCX) Q1 2026 (USD): EPS 1.24 (exp. 1.21), Revenue 5.324bln (exp. 5.20bln)

Quantum - US President Trump's administration is in talks to take equity stakes in quantum computing firms, according to WSJ. (WSJ)

Tesla Inc (TSLA) - Q3 2025 (USD): Adj. EPS 0.50 (exp. 0.55), Revenue 28.1bln (exp. 26.36bln). Adj. EBITDA 4.23bln (exp. 3.89bln). Gross margin 18% (exp. 17.2%) FCF 3.99bln (exp. 1.25bln). Operating income 1.62bln (exp. 1.65bln). Commentary: "We achieved our highest quarterly energy storage deployments, bolstered by the continued ramp of Megafactory Shanghai and another record quarter of Powerwall deployments. Gross profit increased sequentially." "Cybercab, Tesla Semi and Megapack 3 are on schedule for volume production starting in 2026." Guidance: Q4 deliveries seen flat to slightly up Q/Q; full-year 2025 revenue growth seen "modest" growth of 8–10%. Capex to rise to USD 10–11bln for 2025, focused on Cybercab/Semi volume production in 2026. CEO Musk reiterated "millions of autonomous Teslas" by late 2026. (Tesla)

US-China - US President Trump says think will make a deal with Chinese President Xi and think will make a deal on soybeans, adds may even make a deal on nuclear and thinks he will talk to Xi about Russian oil. US President Trump says long meeting scheduled with Chinese President Xi in South Korea and thinks something will work out (Newswires)

23 Oct 2025 - 07:01- Research Sheet- Source: Newsquawk