Newsquawk Daily European Equity Opening News - 24th July 2025

ASIA

APAC stocks mostly extended on gains following the positive handover from Wall St and as recent trade developments continued to underpin risk sentiment. ASX 200 lacked conviction and lagged behind regional peers with heavy losses seen in gold miners after a drop in the precious metal, while participants also digested several quarterly production updates. Nikkei 225 continued its rally and briefly breached the 42,000 level to the upside as the euphoria from the US-Japan trade agreement lingered and with the electrical equipment manufacturers leading the advances, although the index has since pulled back from today's best levels. Hang Seng and Shanghai Comp were higher with little fresh catalysts to derail the recent positive momentum and following some optimistic comments from US Treasury Secretary Bessent ahead of next week's US-China talks in Sweden in which he stated that they are in a very good place with China right now and are back on track with China negotiations, while he also seemingly suggested they could do a rolling 90-day deadline when asked about the tariff deadline with China.

SK Hynix (000660 KS) - Q2 (KRW) net profit 7.0tln (exp. 7.1tln), oper. profit 9.2tln (exp. 9.0tln), rev. 22.2tln (exp. 20.6tln). Says: Q2 DRAM average selling price up low-single % vs Q1. Q2 NAND average selling price down high-single % vs Q1. Low likelihood of sharp memory demand corrections in 2H, given stable customer inventory levels and demand growth. Q3 DRAM shipments to rise low-to-mid single % vs Q2. Sees limited increase in Q3 NAND shipments vs Q2. Maintains plan to double HBM sales YoY. 2025 capex expected to increase from previous plans. Proactive investment needed this year to ensure timely support for HBM customers, in 2026. Increasing competition among big tech companies to enhance inference of AI models would lead to higher demand for high-end memory.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.00% at 5,343, Dax 40 +0.73% at 24,217, FTSE 100 +0.42% at 9,061, CAC 40 +1.37% at 7,850, FTSE MIB +1.33% at 40,697, IBEX 35 +0.11% at 14,057, PSI -0.37% at 7,718, SMI +1.51% at 12,074, AEX +0.77% at 908

SECTORS: Healthcare 2.48%, Consumer Disc 2.28%, Industrials 1.78%, Financials 1.23%, Energy 1.14%, Materials 1.14%, Consumer Stpl 0.45%, Telecoms -0.01%, IT -1.85%, Utilities -2.47%

FTSE 100

BP (BP/ LN) - BP's Castrol unit gets One Rock Capital Partners bid whilst most suitors drop, via Bloomberg. (Bloomberg)

Rio Tinto (RIO LN) - Co. and Enami sign a binding agreement for Salares Altoandinos Lithium Project in Chile; to buy 51% interest worth USD 425mln. To close by H1'26. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

DAX

Deutsche Bank (DBK GY) - Q2 (EUR): Net Revenue 7.80bln (exp. 7.69bln), Pretax Profit 2.42bln (exp. 2.08bln), CET1 Ratio (end-2025) essentially flat; Reaffirms FY ROTE target above 10%. (Newswires) Shares +2.2% in pre-market trade

Deutsche Telekom (DTY GY) - T-Mobile’s shares rose +5% after-hours as profit and sales beat expectations (details in the US section below). Note: Deutsche Telekom holds a 51% stake in T-Mobile US.

QuantumScape (QS), Volkswagen (VOW3 GY) - QuantumScape expanded its battery deal with VW's battery company PowerCo, adding up to USD 131mln in funding over two years. PowerCo gains the rights to produce 5GWh of QSE-5 cells annually and license future QS tech, supporting pilot line industrialisation.

OTHER GERMAN COMPANIES

Atoss Software (AOF GY) - H1 (EUR): EBIT 31mln (prev. 29.7mln Y/Y), Revenue 92.1mln (prev. 42mln Y/Y). (Newswires)

BROKER MOVES

CAC

Air Liquide (AI FP) - Co. to invest more than EUR 500mln in aims for decarbonisation efforts; project ends to be operational by end-2027. (Newswires)

BNP Paribas (BNP FP) - Q2 (EUR): Revenue 12.58bln (exp. 12.54bln, prev. 12.27bln Y/Y), Op. Expenses 7.23bln (prev. 7.18bln Y/Y), FICC 1.41bln (exp. 1.2bln), Net Income 3.26bln (exp. 3.13bln) CET1 12.5% (exp. 12.5%). 2025 Guidance: Net Income to exceed 12.2bln (exp. 11.95bln). (Newswires)

Dassault Systemes (DSY FP) - Q2 (EUR): EPS 0.30 (exp. 0.35), Revenue 1.52bln (exp. 1.55bln). Guides Q3 EPS 0.29-0.30 (exp. 0.35), Revenue 1.485-1.535bln. (Newswires)

STMicroelectronics (STM FP) Q2 2025 (USD): EPS 0.06 (exp 0.10), Revenue 2.77bln (exp. 2.72bln), Gross Profit 0.93bln (prev. 0.84bln), Gross Margin 33.5% (prev. 33.4%), Operating Margin -4.8% (prev. 0.1%), Net -97mln (prev. 56mln). Q3 Guidance: Revenue 3.17bln (exp. 3.16bln). Gross Margin 33.5% (exp. 35.4%); "...Q3 gross margin will be negatively impacted by about 140 basis points, mainly from currency effect and, to a lesser extent, the start of non-recurring cost related to our manufacturing reshaping program". Commentary: "While we expect Q3 revenues to show a solid sequential growth enabling a continued year-over-year improvement, we are still operating amid an uncertain macroeconomic environment. Given these external factors, our priorities remain supporting our customers, accelerating new product introductions, and executing our company-wide program to reshape our manufacturing footprint and resize our global cost". Notes that Q3 outlook does not include any impact of potential further changes to global trade tariffs compared to current situation. (Newswires)

Pernod Ricard (RI FP) - India to sell its Imperial Blue Business division to Tilaknagar Industries; upon closing deal, will be immediately and meaningfully accretive to co.'s India OM and net sales growth rate

OTHER FRENCH COMPANIES

Eurazeo (RF FP) - H1 (EUR): Management Fees 210.7mln (prev. 204.4mln Y/Y). AuM 36.8bln, +4% Y/Y. (Newswires)

Getlink (GET FP) - H1 2025 (EUR): Revenue 739mln (exp. 732mln). Affirms FY EBITDA guidance. (Newswires)

Gecina (GFC FP) - H1 (EUR): EBITDA 294.6mln (prev. 2.63bln Y/Y). Confirms 2025 outlook. (Newswires)

Ipsos (IPS FP) - H1 (EUR): Revenue 1.15bln, +0.7% Y/Y. Confirms 2025 outlook. (Newswires)

BROKER MOVES

PAN EUROPE

Bankinter (BKT SM) Q2 2025 (EUR): Net Profit 272mln (prev. 201mln Y/Y), NII 560mln (prev. 578mln Y/Y). (Newswires)

Banco BPM (BAMI IM) - Co. acknowledges recent UniCredit's (UCG IM) withdrawal. To assess strategic options and growth opportunities. Targets Net Profit of EUR 2.15bln by 2027. (Newswires)

BE Semiconductor (BESI NA) - Q2 (EUR): Revenue 148.1mln (exp. 161mln), Orders 128mln -3% Q/Q. Q3: Revenue exp. to decline 5-15% Q/Q; notes that Q3 orders are exp. to significantly increase vs Q2'25. Anticipates increased orders for AI-related data centre applications from both global IDMS and Asian subcontractors. Early signs of recovery in mainstream assembly. (Newswires)

Repsol (REP SM) - Q2 (EUR): Adj. Net Income 702mln (exp. 471mln), Revenue 14.1bln (exp. 14.3bln Q/Q). Completes buyback programme. Announces new EUR 350mln share buyback; to remain in force until December 30.(Newswires)

Moncler (MONC IM) - H1 25 (EUR): Revenue 1.23bln (exp. 1.23bln), Net profit 153.5mln (exp. 149mln), EBIT 225mln (exp. 222mln). Executive says current sales trend still weak, Q2 and Q3 most exposed to tourist flows. Group implemented very slight price increases for H2 2024 and H1 2025 to offset additional US tariffs. (Newswires)

Sabadell (SAB SM) - Q2 (EUR): NII 1.21bln, Net Profit 486mln, CET1 Ratio 13.56%. Upgrades 2025 ROTE guidance to 14.5%. 2027: Sees NII 3.9bln. (Newswires)

Saipem (SPM IM) - H1 25 (EUR): Adj. EBITDA 764mln, Orders 4.3bln, Revenue 7.2bln. (Newswires)

Trade - US President Trump said they will have straight, simple tariffs of between 15% and 50% on countries, while he added the US is in serious talks with the EU and if they agree to open up to US businesses, US will let them pay lower tariffs. Reports noted that the US and the EU were closing in on a trade deal with a 15% tariff rate, albeit this is yet to be officially confirmed, and White House Trade Adviser Navarro said to take the reports with a pinch of salt. (Newswires)

BROKER MOVES

SMI

Nestle (NESN SW) - H1 2025 (CHF): Revenue 44.2bln (exp. 44.7bln); guidance confirmed despite factoring in increased headwinds. Commentary "In Vitamins, Minerals and Supplements (VMS), we have launched a strategic review of our underperforming mainstream and value brands, including Nature’s Bounty, Osteo Bi-Flex, Puritan’s Pride, and US private label, which may result in the divestment of these brands" "We are simplifying our organization and digitally transforming our end-to-end processes...". H1 (Cont.) Underlying Operating Profit 7.28bln (prev. 7.8bln). Gross Profit Margin 46.6% (prev. 47.2%). Net 5.06bln (exp. 5.6bln). EPS 1.97 (exp. 2.16). FCF 2.3bln (exp. 3.97bln). 2025 Guidance: 2025 guidance maintained, despite factoring in increased headwinds. Organic sales growth expected to improve compared to 2024, strengthening over the year as we continue to deliver on our growth plans. UTOP margin expected to be at or above 16.0%, as we invest for growth; includes negative impact from tariffs currently in place and current foreign exchange rates. Despite heightened risks from continuing macroeconomic and consumer uncertainties, we remain committed to investing for the medium term.

Roche (ROG SW) - H1 2025 (CHF): Sales 30.9bln (exp. 30.8bln), EPS 11.08 (exp. 10.45). Q2: Sales 15.5bln (exp. 15.45bln), Pharma. Sales 12.04bln (exp. 11.8bln). Confirms 2025 outlook Core Op. Profit +11%, driven by higher sales and effective cost management. Expects to increase the dividend.

OTHER SWISS COMPANIES

Galderma (GALD SW) - H1 (USD): Revenue 2.45bln (exp. 2.38bln). Boosts guidance: Net Sales growth 12-14% (prev. guided 10-12%). (Newswires)

Kuehne und Nagel International (KNIN SW) - Q2 (CHF): Revenue 6.14bln (exp. 6.45bln), EBIT 342mln (exp. 359mln). Notes that Profits in H1 were impacted by negative currency effects of 3%. Now expects EBIT 1.45-1.65bln. (Newswires)

Sulzer (SUN SW) - HY (CHF): Sales 1.74bln, +6.3% Y/Y. Confirms guidance. (Newswires)

BROKER MOVES

SCANDINAVIA

Huhtamaki (HUH1 FH) - Q2 2025 (EUR): Revenue 1.01bln (exp. 1.03bln), adj. EPS 0.63 (exp. 0.61), adj. EBIT 103mln (exp. 103mln). Confirms guidance for 2025. (Newswires)

BROKER MOVES

Stora Enso (STERV FH) upgraded to Accumulate from Reduce at Inderes

US

AI - US President Trump signed AI executive orders to fast-track big projects and to turn America into an AI export powerhouse.

Alphabet (GOOG) - Alphabet’s shares rose in extended trading after profit and sales beat expectations on strong cloud/ad growth, and AI spending rose. Initially, shares fell due to CapEx guidance boost, despite the solid quarter, but the company ended afterhours up 2.4%. Q2 EPS 2.31 (exp. 2.16), Q2 revenue USD 96.43bln (exp. 93.85bln); Q2 cloud revenue USD 13.624bln (exp. 13.14bln), Q2 ad revenue USD 71.34bln (exp. 69.64bln), Q2 search revenue USD 54.19bln. Sees FY Capex at about USD 85bln (prev. saw 75bln; exp. 73.31bln); CEO said capex growth is vital to meet Cloud demand, noting Gemini has over 450mln monthly active users, and its AI mode exceeds 100mln MAUs in the US and India. Google Cloud added over 85,000 new enterprise customers in Q2, up nearly 28% Q/Q. Server deployment pace improved but supply remains tight. Continues to see strong performance in YouTube as well as subscriptions offerings. Said AI was positively impacting every part of its business.

T-Mobile (TMUS) - T-Mobile’s shares rose after-hours as profit and sales beat expectations; guidance was raised on stronger customer growth and outlook. Q2 EPS 2.84 (exp. 2.67), Q2 revenue USD 21.13bln (exp. 21.03bln). Sees FY postpaid net additions of 6.1-6.4mln (exp. 5.94mln), and sees FY adj. FCF between USD 17.6-18bln (prev. saw 17.5-18bln). Plans to close UScellular (USM) deal and become one team on August 1st.

Tesla (TSLA) - Tesla’s revenue dropped in Q2, with CEO Musk warning of rough quarters ahead; shares fell 5.4% in extended trading. Q2 adj. EPS 0.40 (exp. 0.41), Q2 revenue USD 22.5bln (exp. 22.09bln. Total automotive revenues USD 16.66bln (exp. 16.24bln). Q2 gross margin 17.2% (exp. 16.5%), operating cash flow USD 2.5bln (exp. 2.5bln), FCF USD 146mln (exp. 708mln). Plans for new vehicles launching in 2025 remain on track, with initial production of a more affordable model in H1 2025. Cybercab aims for volume production in 2026 using its “unboxed” manufacturing strategy. Despite macroeconomic uncertainty, the company continues significant CapEx and R&D investments while maintaining a strong balance sheet. CEO Musk expects autonomous ride-hailing to cover about half of the US population by year-end. Said regulatory approvals are sought for robotaxis in key US states and supervised full self-driving in the Netherlands and China. European sales should rise once FSD is approved. CFO forecasts CapEx above USD 9bln for 2025.

IBM (IBM) - IBM’s shares fell 5.0% in extended trading after profit and sales beat expectations, but software revenue missed, overshadowing strength in mainframes and consulting. Q2 EPS 2.80 (exp. 2.65), Q2 revenue USD 16.98bln (exp. 16.58bln), Q2 software revenue USD 7.39bln (exp. 7.49bln), missing due to weak transaction processing. Q2 infrastructure beat with USD 4.14bln (exp. 3.81bln). Sees FY FCF at USD 13.5bln (exp. 13.56bln, prev. saw about 13.5bln), and still sees FY25 constant currency revenue growth of at least 5%.

ServiceNow (NOW) - ServiceNow’s shares rose 7.2% afterhours following results beat and guidance raise, driven by strong AI-driven growth. Q2 adj. EPS 4.09 (exp. 3.58), Q2 revenue USD 3.22bln (exp. 3.12bln). Q2 subscription revenue USD 3.11bln (exp. 3.03bln). Sees Q3 subscription revenue guidance 3.26–3.27bln (exp. 3.20bln), and sees FY subscription revenue between USD 12.78–12.80bln (exp. 12.66bln).

24 Jul 2025 - 06:58- Research Sheet- Source: Newsquawk