Newsquawk Daily European Equity Opening News - 24th October 2025

ASIA

APAC stocks were mostly higher as the region took impetus from the rebound on Wall St, where energy names were underpinned amid surging oil prices and with the improved risk sentiment also facilitated by confirmation of a Trump-Xi meeting for next Thursday. ASX 200 lagged as gains in tech were offset by weakness in defensives and the top-weighted financials sector. Nikkei 225 rallied at the open and reclaimed the 49,000 status alongside a weaker currency, while the latest CPI data from Japan printed mostly in line with forecasts but showed an acceleration in the headline and core figures. Hang Seng and Shanghai Comp conformed to the upbeat mood following confirmation of a Trump-Xi meeting next week, although gains were capped as it was also reported that the US is to probe China's 2020 trade deal compliance, while an investigation could be announced on Friday.

China - China's state planner head says will expand economic policy space during the next five years, will prevent improper government intervention in the economy and will increase coordination of macroeconomic policies. China Head of Office of Financial Economic Affairs Commission says will pursue higher quality and reasonable economic growth during 2026 to 2030 and will pursue a growth model driven by domestic demand and consumption

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.49% at 5,667, Dax 40 +0.28% at 24,219, FTSE 100 +0.67% at 9,579, CAC 40 +0.23% at 8,226, FTSE MIB +0.41% at 42,382, IBEX 35 +0.07% at 15,792, PSI +0.58% at 8,354, SMI -0.40% at 12,564, AEX +0.82% at 974

SECTORS: Energy 2.70%, IT 1.14%, Industrials 0.75%, Materials 0.62%, Consumer Disc 0.26%, Financials 0.22%, Utilities 0.22%, Consumer Stpl -0.37%, Healthcare -0.56%, Telecoms -0.76%

FTSE 100

HSBC (HSBA LN) - Top wealth executive Trista Sun is set to leave the bank, according to a memo. (Newswires)

GSK (GSK LN) - Co. says Blenrep has been approved by US FDA for use in treatment of relapsed/refractory multiple myeloma; showed a 51% reduction in risk of death and tripled median. Interim efficacy and safety data as first line treatment expected in early 2028. (GSK)

UK GfK - UK GfK Consumer Confidence (Oct) -17.0 vs. Exp. -20.0 (Prev. -19.0)

OTHER UK COMPANIES

BROKER MOVES

DAX

Volkswagen (VOW3 GY) - UAW union says Volkswagen workers in Chattanooga have announced a strike authorisation vote for October 28th and 29th. (Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

MTU Aero Engines (MTU GY) PT raised to EUR 500 (prev. EUR 470) at Jefferies; analysts suggest recent Q3 metrics are indicative of strong spare parts drop-through.

CAC

Safran (SAF FP) - Q3 (EUR): Revenue 7.85bln (exp. 7.59bln), adjusts FY25 outlook with revenue growth of 11-13% (prev. low-teens). (Safran)

Sanofi (SAN FP) - Q3 (EUR) EPS 2.3 (exp. 2.26), Revenue 12.4bln (exp. 12.7bln), Business EPS 2.91 (exp. 2.65); guidance unchanged. Dupixent sales: 4.2bln (exp. 3.985bln). Pharma launches increased sales by 57.1%. (Sanofi)

Vinci (DG FP) - 9M (EUR): Total Revenue 54.25bln (prev. 52.30bln Y/Y), Order Intake 46.9bln (prev. 48.4bln Y/Y). (Vinci)

OTHER FRENCH COMPANIES

Bollore (BOL FP) - Q3 (EUR): Total Revenue 630mln (prev. 809mln Y/Y). (Bollore)

JCDecaux (DEC FP) - Co. signs the landmark OOH/DOOH advertising contract in Norway with Bane NOR. (JCDecaux)

Valeo (FR FP) - Q3 (EUR): Sales 4.99bln, +3.5% Y/Y. Notes that “Europe outperformed automotive production, while China delivered an improved performance”. (Valeo)

Wendel (MF FP) - Co. is in negotiations to buy Committed Advisors, Wendel investment managers would exceed EUR 200mln in 2026 annual FRE following the acquisition. (Wendel)

BROKER MOVES

Kering (KER FP) downgraded to Hold from Buy at HSBC

Sodexo (SW FP) downgraded to Hold from Buy at Berenberg.

PAN EUROPE

Eni (ENI IM) - Q3 (EUR): Adj. Net Income 1.25bln (exp. 1.10bln), Proforma Adj. EBIT 3bln (co. consensus 2.81bln), Net Profit 1.25bln (co. consensus 1.02bln). Sees FY Production: 1.71-1.72mln boepd (prev. guided 1.7mln boepd). Sees FY GGP Pro Forma Adj. EBIT, above EUR 1.1bln (prev. saw around 1.1bln). Increases 2025 share buyback to EUR 1.8bln. (Newswires)

Ferragamo (SFER IM) - Exec says direct-to-consumer channel sales rose in October

Heineken (HEIN NA) - Co. says any shift in production to mitigate US tariffs would be some time away, US tariffs hurting US profitability as they cannot raise prices vs local competitors. May close some more breweries in Europe, while investing in others. Unlikely to sell any brands in the portfolio, but may let some fizzle out.

Stellantis (STLAM IM/STLAP FP) / General Motors (GM) - Canadian government confirms significant reductions to import quotas of General Motors and Stellantis, reducing General Motors annual remissions quota by 24.2% and for Stellantis remission quota by 50%. (Newswires)

Signify (LIGHT NA) - Q3 (EUR): Sales 1.4bln (exp. 1.44bln), -8.4% Y/Y. FCF 71mln (prev. 119mln Y/Y). FY Outlook: Adj. Revenue Growth -3 to -2.5%. (Signify)

Viscofan (VIS SM) - 9M (EUR): Revenue 936.9mln, +4.3% Y/Y. EBITDA 218.2mln, +5.7% Y/Y. (Viscofan)

BROKER MOVES

SMI

Holcim (HOLN SW) - 9M (CHF): Net sales 4.03bln (prev. 4.121bln Y/Y), confirms FY25 guidance, in line with NetGen Growth 2030 targets, states that strong profitable growth continues despite FX headwinds. To add, co. has signed a binding agreement to buy Xella. (Holcim)

Intesa Sanpaolo (ISP IM) long-term rating upgraded to ‘A (Low)’ at Morningstar DBRS.

Sika (SIKA SW) - 9M (CHF): Sales 8.58bln, +1.1% Y/Y. EBITDA Margin 19.2% (prev. 19.1% Y/Y). Co. says “Sika is making structural adjustments in ongoing weak markets, such as China, with anticipated one-off costs of CHF 80 to 100mln, incurring in 2025. The measures include a workforce reduction of up to 1,500 employees”. Outlook for 2025: Sika confirms expectations of modest increase in local currency sales. Confirms medium-term guidance. (Sika)

UBS (UBSG SW) - Markus Ronner to be nominated as Vice Chairman as Lukas Gahwiler is to retire. (UBS)

OTHER SWISS COMPANIES

Schindler (SCHP SW) - 9M (CHF): Revenue 8.155bln (prev. 8.381bln Y/Y), revised FY25 guidance, EBIT reported margin around 12.5% (prev. around 12%). (Schindler)

BROKER MOVES

SCANDINAVIA

Norsk Hydro (NHY NO) - Q3 (NOK): Net income 2.149bln (exp. 2.264bln), adj. EBIT 3.51bln (exp. 3.873bln). (Norsk Hydro)

Kemira (KEMIRA FH) - Q3 (EUR): Revenue 687.7mln (exp. 702.2mln), EPS 0.38 (exp. 0.39), Adj. EBITDA 137.3mln (exp. 136.4mln). FY Outlook: Adj. EBITDA 510-580mln (exp. 533.9mln). (Kemira)

SAAB (SAABB SS) - Q3 (SEK): Net income 975mln (exp. 1.048bln), EBITDA 2.173bln (exp. 2.047bln), upgrades FY25 outlook, raises organic sales growth to 20-24% (prev. guided 16-20%), reiterates EBIT growth to be higher than organic sales growth. (SAAB)

Tietoevry (TIETO FH) - Co. has entered into a strategic agreement with Kesko. (Tietoevry)

BROKER MOVES

FLSmidth (FLS DC) upgraded to Buy from Hold at SEB

Nokia (NOKIA FH) downgraded to Hold from Buy at SEB

US

CLOSES: SPX +0.58% at 6,738, NDX +0.88% at 25,097, DJI +0.31% at 46,735, RUT +1.27% at 2,483.

SECTORS: Energy +1.28%, Industrials +1.28%, Technology +0.99%, Materials +0.95%, Consumer Discretionary +0.75%, Financials +0.26%, Health +0.04%, Real Estate -0.01%, Communication Services -0.04%, Utilities -0.05%, Consumer Staples -0.40%

Ford (F) - Shares gained 2.4% in extended trading after it reported a Q3 beat, though it lowered its FY adj. EBIT and FCF view based on a supplier fire. It reported Q3 adj. EPS of 0.45 (exp. 0.36), on revenue of USD 50.53bln (exp. 43.66bln). Q3 net income rose to 2.4bln (from 0.9bln). Ford is to boost F-150 Super Duty production by over 50k trucks in 2026 to meet demand and recover from Novelis fire, while it is to add up to 900 new jobs at Ford Rouge complex in Michigan and 100 new positions at Kentucky plant. Guides FY25 adj. EBIT 6-6.5bln (prev. saw 6.5-7.5bln) and FCF between USD 2-3bln (prev. saw 3.5-4.5bln), with guidance lowered due to a supplier fire, partly offset by tariff relief.

Intel (INTC) - Intel's shares jumped over 8% in extended trading after it topped expectations in Q3, along with decent guidance, and as its margin progress and fresh funding from Nvidia (NVDA), SoftBank (SFTBY), and the US government, supported. It reported Q3 adj. of EPS 0.23 (exp. 0.00), on revenue of USD 13.65bln (exp. 13.10bln). Q3 foundry revenue was USD 4.24bln (exp. 4.51bln). Q3 gross margin 40% (exp. 35.7%), aided by cost cuts and strategic investments. Exec said the results reflect improved execution and steady progress, noting that AI is accelerating demand for compute and creating attractive opportunities, adding that Intel’s industry-leading CPUs and ecosystem, along with its unique US-based leading-edge logic manufacturing and R&D, position the company well to "capitalise on these trends over time." Sees Q4 adj. EPS at 0.08 (exp. 0.08), and Q4 revenue between USD 12.8-13.8bln (exp. 13.30bln). On call, exec said that 18A yields will not be at 'industry acceptable level' until 2027, while it was off to a great start on 14A, where it is more confident.

Quantum - A report that the administration is in talks for the government to take equity stakes in quantum computing companies is not necessarily something the Trump administration is considering, according to Yahoo Finance citing sources. (Yahoo Finance)

Google (GOOGL) - Anthropic to expand use of Google Cloud TPUs and services; will train and serve Claude models with plans to access up to 1mln TPUs, worth tens of billions of dollars.

Newmont (NEM) - Newmont topped expectations, supported by stronger gold prices and cost-saving efforts, but its share price fell 6.8% afterhours as it warned higher costs will hit Q4 free cash flow. Q3 adj. EPS 1.71 (exp. 1.44). CEO highlighted strong operations, ~1.4mln attributable gold ounces and record Q3 free cash flow of USD 1.6bln. Company said it was improving 2025 cost guidance, and reducing spend by 200mln while maintaining its production/AISC outlook. 2026 capex is expected to increase as key projects advance.

Oracle (ORCL) - Banks are set to launch a USD 38bln debt offering to finance Oracle-linked data centres, marking the largest AI infrastructure deal to date, Bloomberg reports. JPMorgan (JPM) and Mitsubishi UFJ Financial Group (MUFG) lead the two senior secured credit facilities, with USD 23.25bln for a Texas site and USD 14.75bln for a Wisconsin project.

The Boston Beer Company (SAM) - Q3 EPS 4.25 (exp. 3.34), Q3 revenue USD 537.5mln (exp. 541.97mln). CEO notes a 3% decline in depletions amid industry pressures, with growth in Sun Cruiser and Angry Orchard, and ongoing investment in advertising and innovation. Raises FY25 EPS view to 7.80-9.80 (exp. 8.99), and sees capital spending between USD 50-70mln (prev. saw 70-90mln).

US-Canada - US President Trump posts "Canada has fraudulently used an advertisement, which is FAKE...ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED".

24 Oct 2025 - 07:03- EquitiesResearch Sheet- Source: Newsquawk