Newsquawk Daily European Equity Opening News - 24th November 2025

ASIA

APAC stocks were mostly positive following last Friday's advances on Wall St, where sentiment was lifted as dovish comments from Fed's Williams rekindled December rate cut hopes, while 'tremendous' progress was said to have been made during Ukraine peace talks in Geneva on Sunday, although conditions were quiet amid a sparse overnight calendar and with Japanese markets closed for Labor Day. ASX 200 rallied at the open with outperformance in tech and industrials front running the advances, while there were also some M&A related headlines with Qube surging to a record high on Macquarie Asset Management's fresh AUD 11.6bln takeover proposal. Conversely, BHP shares were indecisive and eventually trickled lower after it was reported to have made a renewed approach for Anglo American, which was rejected, prompting BHP to abandon its pursuit again. Hang Seng and Shanghai Comp Chinese markets are mixed with gains led by tech strength, although semiconductor names are pressured, including SMIC, following a report on Friday that US President Trump’s team was internally floating selling NVIDIA H200 chips to China.

DBS Group (D05 SI) - Bloomberg reports that the Co. has revised its proposal to acquire a stake in Alliance Bank Malaysia to 30% after withdrawing an earlier request to buy up to 49%. The initial plan failed to secure central bank approval, as acquisitions above 30% generally require a waiver. (Bloomberg)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.84% at 5,523, Dax 40 -0.78% at 23,096, FTSE 100 +0.13% at 9,540, CAC 40 +0.02% at 7,983, FTSE MIB -0.60% at 42,662, IBEX 35 -1.04% at 15,822, PSI -1.18% at 8,056, SMI +0.62% at 12,620, AEX -0.88% at 927.

SECTORS: Consumer Stpl 1.90%, Telecoms 1.50%, Healthcare 0.83%, Consumer Disc 0.34%, Materials 0.19%, Financials -0.10%, Utilities -0.33%, Energy -0.72%, Industrials -1.46%, IT -3.38%

FTSE 100

Anglo American (AAL LN)/ BHP (BHP AT)/ Teck Resources (TECK) - Bloomberg reports that Anglo American has rejected BHP’s latest takeover proposal, deciding it was not superior to its planned combination with Teck Resources. BHP had held preliminary talks, but is no longer considering a combination and will focus on its existing portfolio. (Bloomberg)

AstraZeneca (AZN LN) - The Co. has announced a USD 2bln manufacturing investment in Maryland. The new capacity at Fredrick and Gaithersburg facilities is to accelerate the production of cancer, rare & chronic disease medicines. In drug development, Harbour BioMed advanced its March 2025 collaboration with AstraZeneca, which focuses on next-generation biotherapeutics such as ADCs and T-cell engagers. AstraZeneca will nominate discovery programmes annually for four years and may license them. Harbour BioMed may receive option fees, milestones and tiered royalties under unchanged financial terms.(AstraZeneca)

BP (BP/ LN) - From an update on the Olympic Pipeline, there is no timeline for restarting the pipeline as the Co. responds to the release of refined products. (Newswires)

UK Budget - CEOs are warning they may cut UK investment if Chancellor Rachel Reeves’ upcoming budget imposes further costs, Bloomberg reports, with firms already under pressure after her previous budget raised National Insurance Contributions and the minimum wage. (Bloomberg)

UK Credit Rating - Moody's reaffirms the UK's AA3 rating with a stable outlook. Moody's state that the stable outlook reflects the broadly balanced risks to economic and fiscal outlook, which are key drivers for the UK's sovereign rating. (Newswires)

UK Trade - The UK abolishes its "de minimis" rules which exclude cheap imports below GBP 135 from paying tariffs, according to Sky News. (Sky News)

OTHER UK COMPANIES

DMGT (DGMO LN) - The Co. is set to buy rival newspaper, The Telegraph, in a deal worth GBP 500mln, according to FT reporting. (FT)

WHSmith (SMWH LN) - The UK accounting regulator is considering whether to formally investigate PWC's auditing of WHSmith, according to FT reports. (FT)

BROKER MOVES

Aston Martin (AML LN) initiated with a Neutral at Goldman Sachs

Standard Chartered (STAN LN) upgraded to Overweight from Equal Weight at Morgan Stanley

DAX

Bayer (BAYN GY) - Bayer said its Phase III OCEANIC-STROKE trial of asundexian met primary efficacy and safety endpoints. Asundexian 50mg once daily reduced ischaemic stroke risk versus placebo, with no increase in ISTH major bleeding, in patients after non-cardioembolic ischaemic stroke or high-risk ischaemic attack, all on antiplatelet therapy. (Bayer) Shares indicated higher by 6.6%

OTHER GERMAN COMPANIES

BROKER MOVES

BMW (BMW GY) initiated with a Buy at Goldman Sachs

Mercedes-Benz (MBG GY) initiated with a Buy at Goldman Sachs

Porsche Ag (P911 GY) initiated with a Neutral at Goldman Sachs

Volkswagen (VOW3 GY) initiated with a Neutral at Goldman Sachs

CAC

Airbus (AIR FP) - The Co. has signed an agreement with Oman to design, manufacture and launch Sultanate's first communications satellite. (Newswires)

BNP Paribas (BNP FP) - Co. has launched its EUR 1.15bln share buyback programme, with purchases starting on November 24th. (BNP Paribas)

EssilorLuxottica (EL FP) - EssilorLuxottica is preparing to buy a 5-10% stake in Giorgio Armani following the founder’s death, Il Sole 24 Ore reports. The eyewear group plans to acquire the stake without seeking an active role or board representation at Armani. (Il Sole 24 Ore)

OTHER FRENCH COMPANIES

Air France-KLM (AF FP) - The Co. has reached a CLA agreement with the workers' union for ground staff. Under the CLA, employees is to get a 3.25% salary increase, one-time payout and flexible hours or early retirement for older staff. (Air France-KLM)

Ubisoft (UBI FP) - The Co. completes Tencent's EUR 1.16bln investment in Vantage studios. Tencent now holds 26.32% economic interest in Ubisoft. (Newswires)

BROKER MOVES

Renault (RNO FP) initiated with a Neutral at Goldman Sachs

PAN EUROPE

A2A (A2A IM) - Co. has started its EUR 5mln share buyback programme. (A2A)

Caixabank (CABK SM) - The Co. has completed its EUR 500mln share buyback programme. (Newswires)

Defence Names - The US Secretary of State Rubio said good progress had been made regarding Ukraine, and none of the outstanding issues are insurmountable. On further commentary, EU diplomats reportedly came out of Ukraine talks in Geneva strengthened, via Politico citing diplomats. (Newswires/ Politico) Rheinmetall (RHM GY) shares -4.4%, Renk (R3NK GY) -4.4%, Hensoldt (HAG GY) -4.8% in pre-market indications

European Airlines - Portugal has received three expressions of interest for a minority stake in state-owned airline TAP, according to Parpublica. While potential investors weren’t named, Air France-KLM (AF FP), Lufthansa (DLA GY) and IAG (IAG LN) have publicly confirmed submitting letters of intent.

Italy Credit Rating - Moody's has upgraded Italy's rating to BAA2 and changes its outlook to stable. Moody's state that the upgrade reflects a consistent track-record of political and policy stability. (Newswires)

Stellantis (STLAM IM/STLAP FP) - Stellantis may fully exit industrial automation firm Comau, handing full control to majority owner One Equity Partners, Corriere della Sera reports. One Equity bought most of Italy-based Comau last year, and Stellantis can sell its remaining 49.9% stake from 2027, with both sides holding options to trigger a deal. (Corriere della Sera)

BROKER MOVES

Ferrari (RACE IM) initiated with a Buy at Goldman Sachs

Stellantis (STLAM IM/STLAP FP) initiated with a Neutral at Goldman Sachs

SMI

UBS Group (UBSG SW) - A former Swiss minister Christoph Blocher said UBS is too risky for Switzerland to shoulder alone and should be split into a domestic unit and a US-focused one, Bloomberg reports. He said shareholders could receive a share in each entity and argued the state cannot bear the bank’s current risk. To add, the Co.'s CEO hopes that the inheritance tax initiative is not approved and adds that the bank is working bark to remain successful being based in Switzerland. (Bloomberg/ Newswires)

OTHER SWISS COMPANIES

Julius Baer (BAER SW) - The Co. announced that its AUM has reached a record CHF 520bln by October 31st. To add, the Co. has decided to manage down its income-producing residential and commercial real estate book, worth CHF 700mln, as they are not aligned with its refocused strategy and revised risk appetite framework. For its FY25 outlook, the Co. expects its IFRS net profit will be lower than its FY24 IFRS profit. On Board changes, Victoria Mclean is to become CCO, effective February 2026. (Julius Baer)

Sandoz (SDZ SW) - Co. has launched Afqlir in Europe, which will provide an affordable treatment option for patients with retinal diseases. (Sandoz)

SGS (SGSN SW) - The Co. has signed an agreement to buy Information Quality, building the Co.'s capabilities in Australia and the acquisition being fully aligned with Strategy 27. The deal is expected to close in early 2026. (SGS)

BROKER MOVES

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +0.98% at 6,603, NDX +0.77% at 24,240, DJI +1.08% at 46,245, RUT +2.80% at 2,370.

SECTORS: Communication Services +2.15%, Health +2.11%, Materials +2.10%, Consumer Discretionary +1.74%, Real Estate +1.30%, Industrials +1.20%, Financials +1.09%, Consumer Staples +0.77%, Energy +0.52%, Technology +0.07%, Utilities +0.01%

AI Company Issuance - Amazon, Alphabet, Meta and Oracle have issued nearly USD 90bln of investment-grade bonds since early September to fund AI build-outs, more than in the prior 40 months, the WSJ reports. The surge has pressured markets as investors struggle to absorb the supply, the report adds. (WSJ)

Alibaba (BABA) - Alibaba’s relaunched Qwen AI app surpassed 10mln downloads in its first week, boosting its effort to rival ChatGPT. Alibaba shares rose in Hong Kong after revealing the figures, following the unification of its iOS and Android AI apps under the Qwen brand. (Bloomberg)

Barrick Mining (B) - Barrick Mining is close to agreeing with Mali’s government to resolve a two-year dispute that shut its Loulo-Gounkoto gold mine, Bloomberg reports. A deal would end a conflict that has weighed on Barrick for over a year. (Bloomberg)

FedEx (FDX)/ UPS (UPS) - UPS and FedEx are seeking more freighters after the MD-11 was indefinitely grounded following a November 4th crash in which an engine detached and 14 people died, Bloomberg reports. The ban affects a key part of their air-cargo fleets during the peak holiday season and may extend beyond it, complicating peak-season operations. UPS has 26 MD-11s, about 9% of its fleet, and FedEx had 28 in service, about 4%. (Bloomberg)

Healthcare Insurers - President Trump criticised Obamacare insurers as “big, fat, rich” companies that have “made trillions,” urging Congress to redirect subsidies to patients instead, the WSJ reports. Republicans want to shift subsidies away from some of the frailest companies, highlighting a stark contrast between healthcare politics and investor sentiment. (Newswires)

Merck (MRK) - Merck said the US FDA approved Keytruda and Keytruda Qlex with Padcev as neoadjuvant and then adjuvant therapy for adults with muscle-invasive bladder cancer who cannot receive cisplatin. The approvals mark the first PD-1 inhibitor plus ADC regimens for this group. (Merck)

Pershing Square (PSH) - Bill Ackman is preparing an IPO of Pershing Square Capital, which manages about USD 21bln, as early as Q1 2026, FT reports. He has informed some investors and begun talks with advisers about the potential early-2026 listing, the report says. (FT)

US Banks - Several major banks, including JPMorgan Chase, Citi and Morgan Stanley, are assessing a data breach at vendor SitusAMC that may have exposed sensitive residential mortgage information, the NYT reports. SitusAMC, which works with hundreds of lenders, notified law enforcement, and the FBI is investigating but sees no operational impact to banking services. (NYT)

US-Switzerland - The US general tariff on Swiss imports could fall from 39% to 15% in early December after a preliminary agreement reached on November 14th, Reuters reports. Swiss Economy Minister Parmelin said detailed talks are imminent, and Switzerland may seek further exemptions beyond those already secured. (Reuters)

24 Nov 2025 - 07:06- Research Sheet- Source: Newsquawk