Newsquawk Daily European Equity Opening News - 24th June 2025

ASIA

APAC stocks traded firmer across the board with the region coat-tailing gains from Wall Street, which initially stemmed from Iran's "symbolic" strike on a US base in Qatar—de-escalatory in nature given the clear effort to minimise casualties and collateral damage. Sentiment was further boosted at the resumption of futures trading after US President Trump announced a ceasefire between Israel and Iran, although the Iranian Foreign Minister later clarified that there was no "agreement", but Iran would stop attacking if Israel also halts. ASX 200 was bolstered by most sectors, although energy producers and gold miners bore the brunt of the slide in oil and gold. Nikkei 225 gains and tested the 39k mark to the upside amid broader market optimism, although gains were somewhat capped by gradual JPY strength. Hang Seng and Shanghai Comp conformed to the broader tone across the market amid optimism surrounding the Israel-Iran ceasefire alongside the step-down in tensions with the US.

China Refiners - China’s oil refiners are reducing crude purchases amid weak domestic demand and geopolitical price volatility, Bloomberg reports. Independent processors, or teapots, are less active in the spot market for discounted crude from US-sanctioned producers like Iran and Russia, affecting their usual supply sources and profitability, the report adds.

Samsung (SSNLF) - Samsung will reportedly unveil new foldable smartphones and Galaxy devices with AI features at its Unpacked event on July 9th in New York, marking “the next evolution” of its Galaxy phone lineup.

EUROPEAN CLOSES

CLOSES: DAX: -0.33 % at 23,273, FTSE 100: -0.14 % at 8,762, CAC 40: -0.69 % at 7,538, Euro Stoxx 50: -0.23 % at 5,222, AEX: +0.91 % at 917, IBEX 35: -0.01 % at 13,843, FTSE MIB: -0.96 % at 38,856, SMI: -0.53 % at 11,835, PSI: -0.47 % at 7,410

SECTORS: Utilities 1.18%, IT 0.99%, Telecoms 0.66%, Consumer Disc 0.04%, Energy -0.13%, Consumer Stpl -0.32%, Industrials -0.45%, Materials -0.48%, Healthcare -0.62%, Financials -0.86%

FTSE 100

AstraZeneca (AZN LN) - AstraZeneca announced US accelerated approval of Datroway for EGFR-mutated NSCLC after prior EGFR and platinum-based therapies, based on response data from TROPION-Lung05 and supported by TROPION-Lung01. Continued approval may depend on confirmatory trial outcomes. (Newswires)

Rio Tinto (RIO AT/RIO LN) - Co. and Hancock Prospecting will invest USD 1.61bln to develop Hope Downs 2 iron ore project in Western Australia's Pilbara region. (Newswires)

Telecoms / BT (BT/ LN) - CityFibre is reportedly set to secure close to GBP 2bln in fresh capital to help the Co. continue expanding its reach. (Bloomberg)

OTHER UK COMPANIES

BROKER MOVES

Tate (TATE LN) initiated with Neutral at UBS

DAX

German Energy - Germany’s LNG terminals have increased imports significantly, but much of the fuel is being exported to Austria, the Czech Republic, Hungary, and Ukraine. Consequently, Germany’s domestic gas storage levels remain low despite the surge in LNG arrivals at its four floating terminals, Bloomberg reports. (Bloomberg)

OTHER GERMAN COMPANIES

BROKER MOVES

BMW (BMW GY) downgraded to Underperform from Neutral at BNP Paribas

CAC

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Geopolitics / Middle East - Risk was supported on Wall Street following Iran's "symbolic" strike on a US base in Qatar—de-escalatory in nature, given the clear effort to minimise casualties and collateral damage. Sentiment was further bolstered US President Trump announced a ceasefire agreement between Iran and Israel, effective 05:00 BST. Travel Names seen broadly higher; Lufthansa (LHA GY) +3.6% in pre-market trade

BBVA (BBVA SM) - Spain has tightened its requirements on BBVA's takeover bid for Sabadell (SAB SM), according to Vanguardia. Following the Council of Ministers meeting the Economy Minister is reportedly set to announce conditions that may affect credit policies, commercial, financial, consumer rights and employment policies. Analysts, who have been cited in the piece, suggest that BBVA will have to conduct a thorough assessment to see if it is even financially viable to proceed with the takeover bid, if those policies are implemented. (Vanguardia)

BMPS (BMPS IM) - The FT writes that the European Commission are examining the Italian Government’s sale of BMPS, amid claims that large investors were sidelined from the bidding process (FT). Separately, the ECB has cleared BMPS' proposed takeover offer for Mediobanca (MB IM), according to Reuters citing sources.

Grifols (GRF SM) - Bloomberg, citing a court case, writes that Grifols paid a higher price to buy blood plasma from an entity linked to its controlling family than from third-party suppliers. (Bloomberg)

Saipem (SPM IM) - Awarded contract from EniLive, valued around EUR 155mln. (Newswires)

Mediobanca (MB IM) - Co. is to present a set of financial targets to 2028 on June 27, to give investors a clearer picture to compare with BPMS proposition. (Newswires)

BROKER MOVES

SMI

OTHER SWISS COMPANIES

BROKER MOVES

Holcim (HOLN SW) upgraded to Overweight from Equal Weight at JPMorgan

SCANDINAVIA

Novo Nordisk (NOVOB DC/NVO) - Co. says Ozempic receives EU recommendation in peripheral arterial disease, cementing the broad benefits of Semaglutide for people with type 2 diabetes and comorbidities European Commission expected to implement Ozempic label update in two months. Files for Ozempic label expansion in US, decision expected Q4 2025. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.96% at 6,025, NDX +1.06% at 21,856, DJI +0.89% at 42,582, RUT +1.11% at 2,133

SECTORS: Energy -2.51%, Health +0.11%, Communication Services +0.85%, Technology +1.01%, Financials +1.21%, Materials +1.22%, Utilities +1.26%, Industrials +1.29%, Consumer Staples +1.30%, Real Estate +1.49%, Consumer Discretionary +1.75%.

Nvidia (NVDA) - CEO has begun selling shares under a plan allowing up to USD 865mln; He sold 100k worth USD 14.4mln between June 20-23, following a 10b5-1 plan adopted in March, and disclosed last month in Nvidia’s quarterly report. (Newswires)

Tesla (TSLA) - US regulators are reviewing incidents involving Tesla robotaxis allegedly violating traffic laws during their first paid rides in Austin. NHTSA is collecting information but has not launched a formal probe, Bloomberg reports. Separately, Tesla has been sued by the family of three people killed in a 2024 Model S crash in New Jersey, alleging the Autopilot and Full Self-Driving features had a defective design, Reuters reports; the lawsuit cites failure to warn and improper lane keeping and braking. (Reuters)

24 Jun 2025 - 06:50- Research Sheet- Source: Nesquawk