Newsquawk Daily European Equity Opening News - 25th November 2025

ASIA

APAC stocks traded mostly higher as the region took impetus from the tech-led rally on Wall St, where sentiment was bolstered as dovish comments from Fed officials boosted December rate cut bets. ASX 200 finished higher but lagged for most the session as strength in mining names was negated by underperformance in the top-weighted financial industry and losses in defensives. Nikkei 225 initially rallied on return from the extended weekend and briefly reclaimed the 49,000 level, before momentarily wiping out its entire spoils. Hang Seng and Shanghai Comp were underpinned by continued warming US-China relations following a call between US President Trump and Chinese President Xi, which Trump described as a very good call and noted that they discussed many topics, including Ukraine/Russia, fentanyl, soybeans and other farm products. The PBoC also conducted a CNY 1tln MLF operation that resulted in a net liquidity injection of CNY 100bln.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.17% at 5,793, Dax 40 +1.22% at 24,381, FTSE 100 +0.12% at 9,911, CAC 40 +1.04% at 8,241, FTSE MIB +0.80% at 44,793, IBEX 35 +1.39% at 16,616, PSI +1.21% at 8,294, SMI +0.80% at 12,803, AEX -0.21% at 969

SECTORS: IT 2.10%, Materials 0.74%, Consumer Disc 0.21%, Industrials 0.19%, Financials 0.17%, Utilities -0.25%, Healthcare -0.38%, Energy -0.61%, Telecoms -0.79%, Consumer Stpl -0.81%

FTSE 100

BP (BP/ LN) - BP’s Olympic Pipeline remains shut after a leak near Everett, with over 200 feet excavated and no restart timeline. Governors in Oregon and Washington declared emergencies. Alaska Airlines (AAL) and Delta Air Lines (DAL) are using trucking, tankering and extra refuelling stops to maintain Sea-Tac operations during Thanksgiving travel.

UK Banks -  Treasury asked banks to make public and prominent endorsements of the Budget this week, wanting lenders to praise new policies and show how they will boost lending to first-time buyers and small businesses, according to FT; as Reeves prepares to spare the sector from a tax raid. (FT)

UK Budget - UK Chancellor Reeves tells Labour MPs “The Budget on Wednesday will be about three priorities: cutting the cost of living, cutting NHS waiting lists and cutting the cost of debt."

OTHER UK COMPANIES

WH Smith (SMWH LN) - The FT writes that UK’s Financial Regulator is making queries regarding accounting errors at the Co. (FT)

BROKER MOVES

Playtech (PTEC LN) downgraded to Hold from Buy at Jefferies

DAX

Deutsche Bank (DBK GY) - The ECB is reviewing ex-employee Dario Schiraldi’s claims that Deutsche used aggressive netting and off-balance-sheet techniques that allegedly understated leverage exposures by over EUR 200bln, FT reports. Schiraldi, also suing for EUR 152mln, previously faced overturned convictions linked to Monte dei Paschi di Siena. Deutsche Bank denies any wrongdoing.

OTHER GERMAN COMPANIES

Nordex (NDX1 GY) - Co. won a 34 MW Order from Grupo Enhol in Spain. (Newswires)

Thyssenkrupp Nucera (NCH2 GY) - Co. says that prelim figures for the 24/25 Fiscal Year and Rev. Outlook for the 25/26 Fiscal Year are below expectations. 2025/2026 Sales Outlook 500-600mln. (Thyssenkrupp Nucera) Shares -6.9% in pre-market trade

BROKER MOVES

Continental (CON GY) upgraded to Buy from Hold at Jefferies Shares +1.6% in pre-market trade

CAC

Engie (ENGI FP) - Co. enters the large-scale energy storage market in India with a 280 MW battery project. (Newswires)

Safran (SAF FP) – Delhi-based Vistara Airlines and CFM International today signed a Letter of Intent for the purchase of 26 LEAP-1A engines to power 13 additional Airbus A320neo aircraft announced July 11 that are part of the airlines ambitious expansion program. (Safran)

Sanofi (SAN FP) / Regeneron (REGN) - The European Commission has approved Dupixent (dupilumab) for the treatment of moderate-to-severe chronic spontaneous urticaria (CSU) in adult and adolescent patients 12 years and above with inadequate response to histamine-1 antihistamines (H1AH) and who are naive to anti- immunoglobulin-E (IgE) therapy for CSU. (Sanofi)

OTHER FRENCH COMPANIES

Verallia (VRLA FP) - Co. announces CFO Nathalie Delbreuve to step down from November 28th; New CFO has been chosen and will be announced in the coming weeks.

BROKER MOVES

Valeo (FR FP) downgraded to Market Perform from Outperform at SocGen

PAN EUROPE

ABN AMRO Bank (ABN NA) – Co. announces that it reached an agreement on the sale of Alfram, ABN AMRO’s personal loans business to Rabobank. The transaction will have a positive impact on ABN AMRO’s CET1 Capital Ratio of around 5bps. Closing exp. Q3’26, subject to approvals. Elsewhere, Co. targets FY28 income > EUR 10bln ROE at least 12%, CET1 > 13.75%; to reduce workforce by 5,200 by 2028 (ABM AMRO)

European Autos - European car sales rose 4.9% in October to 1.09mln units, the European Automobile Manufacturers’ Association said, as automakers promoted cheaper electrified models. Spain and Germany posted the strongest major-market gains, while the UK and Italy were flat.

Viscofan (VIS SM) - Co. approved a share buyback programme of up to EUR 30mln. (Viscofan)

BROKER MOVES

Pirelli (PIRC IM) downgraded to Hold from Buy at Jefferies

SMI

Novartis (NOVN SW) - Novartis receives FDA approval for Itvisma®, the only gene replacement therapy for children two years and older, teens, and adults with spinal muscular atrophy (SMA). Novartis prices Itvisma at a wholesale acquisition cost of USD 2.59mln. Elsewhere, Novartis data underscore pioneering scientific innovation in Hematology and Oncology at ASH and SABCS. Positive results from ianalumab pivotal Phase III trial in ITP patients previously treated with corticosteroids to be presented as late-breaker. (Novartis)

OTHER SWISS COMPANIES

Straumann (STMN SW) - Mid-term growth strategy: To accelerate market shares, strengthen profitability and increase cash generation. (Straumann)

BROKER MOVES

Lonza (LONN SW) upgraded to Overweight from Equal Weight at Morgan Stanley

SCANDINAVIA

Fortum (FORTUM FH) - Updates long-term financial targets. Expects Op. Profit to improve by EUR 330mln by 2030. 2026-2030 Capex is exp. To be approx. EUR 2bln excluding acquisition. Target for Financial Net Debt to Comparable EBITDA, max of 2.5x (prev. 2-2.5x). (Fortum)

Skanska (SKAB SS) - Skanska builds a data centre about SEK 2.5bln. (Newswires)

Tieto (TIETO FH) - Updates strategy: Targets Revenue growth over 5% and EBITA Margin over 16% by 2028. Co. is considering a 2025 dividend proposal at 80% of net profits. (Tieto)

BROKER MOVES

Evolution (EVO SS) downgraded to Hold from Buy at Jefferies; cites uncertainty re. potential litigation battle with Playtech.

US

CLOSES: SPX +1.55% at 6,705, NDX +2.62% at 24,874, DJI +0.44% at 46,448, RUT +1.89% at 2,414.

SECTORS: Consumer Staples -1.32%, Energy -0.32%, Real Estate +0.18%, Industrials +0.28%, Materials +0.28%, Financials +0.47%, Health +0.47%, Utilities +1.12%, Consumer Discretionary +1.86%, Technology +2.49%, Communication Services +3.94%.

Apple (AAPL) - Apple cut dozens of sales roles to streamline how it sells to businesses, schools and governments, Bloomberg reports. Staff were informed over recent weeks, with some teams hit harder than others, though Apple didn’t disclose total reductions.

Google (GOOG) - Co. further encroaches on NVIDIA's (NVDA) turf with new AI chip push, while Meta Platforms (META) is exploring billions in spending on Google TPUs, including for its own data centres, according to The Information. (The Information)

Nvidia (NVDA) - Michael Burry reiterated criticism of Nvidia over stock-based compensation dilution and buybacks after Barron’s reported the company pushed back by sending a memo to Wall Street analysts. Burry, known for his 2008 housing-market bet, had posted the claims on X, prompting Nvidia to address them.

Spotify (SPOT) - Spotify will raise US prices in early 2025 to support profitability after increases in the UK, Switzerland and Australia, FT reports. Analysts at Deutsche Bank and JPMorgan view the move as key for the stock, with JPMorgan estimating USD 500mln extra revenue. Record labels are pressuring Spotify and Apple Music (AAPL), while Daniel Ek prepares to hand leadership to Alex Norstrom and Gustav Soderstrom.

S&P 500 - Sandisk (SNDK) will join the S&P 500 on 28th November, replacing Interpublic Group (IPG); PTC Therapeutics (PTCT) moving into the S&P SmallCap 600. Upwork (UPWK) will replace Premier in the S&P SmallCap 600. First Interstate BancSystem (FIBK) will replace Hanesbrands. Rebalancing comes as Gildan Activewear (GIL), Omnicom Group (OMC) and Patient Square Capital complete respective acquisitions.

25 Nov 2025 - 06:59- Research Sheet- Source: Newsquawk