Newsquawk Daily European Equity Opening News - 25th March 2025

ASIA

APAC stocks trade mixed after the early momentum from the tariff-related optimism on Wall St wore thin. ASX 200 advanced at the open but then gave back most of its gains after stalling near the 8,000 level and as participants await Treasurer Chalmers's pre-election budget which is expected to return to a deficit. Nikkei 225 rallied at the start of trade and briefly climbed above the 38,000 level but has since pulled back from intraday highs with recent currency moves influencing price action. Hang Seng and Shanghai Comp were pressured with notable underperformance in Hong Kong as tech and auto names lost traction amid recent earnings releases and tariff risk, while there was a lack of details so far regarding the PBoC's MLF operation after the central bank recently unveiled a new method for how MLF operations will be conducted whereby banks will be able to bid for different prices on its one-year loans.

EUROPEAN CLOSES

CLOSES: DAX: -0.16% at 22,856, FTSE 100: -0.10% at 8,638, CAC 40: -0.26% at 8,022, Euro Stoxx 50: -0.13% at 5,417, AEX: +0.09% at 916, IBEX 35: -0.20% at 13,324, FTSE MIB: -0.16% at 38,973, SMI: -0.56% at 12,993, PSI: -0.35% at 6,774.

SECTORS: IT 1.55%, Financials 0.44%, Materials 0.30%, Consumer Disc -0.02%, Industrials -0.15%, Utilities -0.67%, Energy -0.69%, Healthcare -0.96%, Telecoms -1.03%, Consumer Stpl -1.27%.

FTSE 100

Glencore (GLEN LN) - Shares of Glencore-backed Nanshan Aluminium International fell 1% in its Hong Kong debut, impacted by weak metal prices. The alumina producer's shares had initially risen by 1.1% before dipping to HKD 26.35.

OTHER UK COMPANIES

THG (THG LN) - Proposes debt refinancing to 2029 and associated equity contribution which is expected to raise GBP 70mln, CEO to contribute GBP 60mln in equity. (Newswires)

BROKER MOVES

Raspberry Pi (PRI LN) upgraded to Hold from Reduce at HSBC

DAX

OTHER GERMAN COMPANIES

Tag Immobilien (TEG FP) - Guidance and prelim. figures published in November 2024 remain unchanged. Intends to propose a dividend at the AGM. Completes the refinancing phase with a successful issuance of a convertible bond, which has a total nominal value of EUR 332mln. (Newswires)

BROKER MOVES

Carl Zeiss (AFX GY) downgraded to Reduce from Buy at HSBC -2% in pre-market indications

CAC

Airbus (AIR FP) - CEO says the jury is out on the type of engines for the next aircraft programme. Spirit Aero (SPR) remains the single most important bottleneck. Still in talks on a possible satellite JV. EU is not the best driver for defence consolidation. Supply exec. says the industrial ecosystem is improving. (Newswires)

Michelin (ML FP) - Co. and unions have signed a social support system agreement for Cholet and Vannes site employees. (Newswires)

Sanofi (SAN FP) - Tolebrutinib regulatory submission accepted for priority review in the US for patients with multiple sclerosis. (GlobeNewswire)

Valneva (VLA FP) - Filing, on March 24, 2025, of its 2024 Universal Registration Document (URD) with the French Financial Markets Authority (AMF) under the filing number D.25-0140 and its Form 20-F with the U.S. Securities and Exchange Commission (SEC). (GlobeNewswire)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

DSM Firmenich (DSM NA) - Showcases an integrated approach to sustainability and business performance at the investor day. (Newswires)

Endesa (ELE SM) - Co. has signed a deal to sell a 49.99% stake in EGPE Solar-2, enterprise value of EUR 368mln. (Newswires)

Enel (ENEL IM) - Co. has signed a deal with UAE's Masdar for 446MW of photovoltaic plant, deal to close in Q2. (Newswires)

Metal Names - Energy traders Vitol and Gunvor have recently made significant moves in the global metals market by taking large long positions in the LME aluminium contracts, Bloomberg reports. The positions were at times bigger than the available stock in the exchange’s warehousing network. It has raised questions from the LME, with both companies reportedly making moves in February and March. (Bloomberg)

BROKER MOVES

SMI

Baloise (BALN SW) - FY (CHF): EBIT 261mln (prev. 134mln), Business Volume 8.6bln (prev. 8.6bln). To increase the dividend of 8.10/shr, will be supplementing it with a CHF 100mln buyback. To take steps to boost efficiency. (Newswires)

Holcim (HOLN SW) - Mid-term targets: FCF >8bln, Revenue 5-8%. Taking the next steps towards a planned spin-off of Amrize, the North American business, on track for a US listing by end-H1 2025. (Newswires)

Novartis (NOVN SW) - To present new data at AAN, including seven-year disability outcomes and safety analysis of Kesimpta® in people with relapsing multiple sclerosis. (GlobeNewswire)

OTHER SWISS COMPANIES

BROKER MOVES

Alcon (ALC SW) downgraded to Hold from Buy at HSBC

SCANDINAVIA

Equinor (EQNR NO) - TechnipFMC (FTI) was awarded a large integrated Engineering, Procurement, Construction, and Installation contract by Equinor for the Johan Sverdrup Phase 3 development in the Norwegian North Sea. The contract, valued between USD 0.50-1.0bln, will be included in TechnipFMC's Q1 numbers. (Newswires)

BROKER MOVES

US

CLOSES: SPX +1.76% at 5,768, NDX +2.16% at 20,180, DJI +1.42% at 42,583, RUT +2.55% at 2,109

SECTORS: Utilities -0.01%, Consumer Staples +0.66%, Health +0.76%, Energy +1.00%, Materials +1.24%, Real Estate +1.43%, Technology +1.71%, Financials +1.79%, Industrials +1.87%, Communication Services +2.10%, Consumer Discretionary +4.07%.

Meta Platforms (META) - The EU plans to fine Meta up to USD 1bln for alleged Digital Markets Act violations, with an announcement expected this week, NY Post reports. Trump has criticised EU fines on US firms, vowing retaliatory tariffs. Apple (AAPL) may also face penalties soon, NY Post said. Separately, WSJ reports that Meta is proposing monthly subscription fees for European users of Instagram and Facebook if they opt out of personalised ads; users could pay EUR 14.00/month for an ad-free Instagram on mobile, or EUR 17.00/month for both platforms on the desktop, as part of a proposal Meta has presented to regulators in recent weeks.

25 Mar 2025 - 06:45- MetalsResearch Sheet- Source: Newsquawk