Newsquawk Daily European Equity Opening News - 26th November 2025

ASIA

APAC stocks mostly followed suit to the gains on Wall Street, where stocks were underpinned amid Russia/Ukraine optimism and a softer yield environment. ASX 200 was led higher by outperformance in mining and materials, with most sectors in the green aside from utilities, tech and telecoms. Nikkei 225 rallied with SoftBank among the biggest gainers as it rebounded from the previous day's OpenAI-related slump, and with participants shrugging off a source report that the BoJ is preparing markets for a possible hike as soon as December, although one of the sources noted that the decision between hiking in December or January remained a close call. Hang Seng and Shanghai Comp lagged amid a focus on earnings with mixed results from the likes of Alibaba and NIO.

US-China Trade - China buys at least 10 cargoes of US soybeans for January shipments, according to traders cited by Reuters

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: Financials 1.41%, Materials 1.36%, Healthcare 1.23%, Telecoms 1.19%, Industrials 0.92%, Consumer Disc 0.70%, Consumer Stpl 0.52%, Utilities 0.05%, Energy -0.09%, IT -0.14%

FTSE 100

BP (BP/ LN) - Olympic pipeline completes partial restart after finding source of leak. (Newswires)

OTHER UK COMPANIES

Evoke (EVOK LN) - Co. reportedly hires bankers to draw up contingency plans for sale of its market-leading online gaming business in Italy as it braces for a tax raid in the UK budget, via Sky News. (Sky News)

BROKER MOVES

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

Continental (CON GY) added to Analyst Focus List at JPMorgan and reaffirmed with Overweight rating

Henkel (HEN3 GY) downgraded to Underweight from Overweight at JPMorgan

Thyssenkrupp Nucera (NCH2 GY) upgraded to Neutral from Sell at Goldman Sachs; analysts believe the recently updated guidance is "more realistic".

CAC

Dassault Systemes (DSY FP) - Co. and Mistral AI deepen their partnership. (Newswires)

Safran (SAF FP) - Co. to triple India’s revenue to more than EUR 3bln by 2030. (Newswires)

OTHER FRENCH COMPANIES

Valneva (VLA FP) - Valneva announces positive final Phase 2 results for Lyme Disease Vaccine candidate. (Valneva)

BROKER MOVES

Ipsen (IPN FP) downgraded to Underperform from Neutral at BNP Paribas

PAN EUROPE

Eni (ENI IM) - Eni signed today an agreement for the acquisition from YPF of a 50% share and operatorship in the exploration Block OFF-5 in Uruguay’s offshore; awaiting approval. In other news, the CEO met with Egypt’s President, as the pair review investment in the region. (Eni)

Fincantieri (FCT IM) - Co. agrees to continue two frigates and discontinues four other ones. (Newswires)

Ferrovial (FER SM) - Co. announces additional cash dividend of EUR 55.565mln. (Newswires)

Geopols - US President Trump says we are making progress and Ukraine is happy, adds Europe will be largely involved in security guarantees and that the initial 28-point plan was just a map. (Newswires)

BROKER MOVES

SMI

Adecco (ADEN SW) - Co. affirms long term financial framework; Affirms commitment to 3-6% margin corridor and leverage at or below 1.5x by end of 2027. Management will outline its pioneering approach to human-centric AI and agentic AI across its bus. (Adecco)

Nestle (NESN SW) - China issues a plan to promote further consumption. To enrich the supply of baby products. (Newswires)

OTHER SWISS COMPANIES

Kuehne + Nagel (KNIN SW) - Apex Logistics signed an agreement to acquire the majority of shares of Andes Integración Logística. (Kuehne + Nagel)

BROKER MOVES

SCANDINAVIA

Kemira (KEMIRA FH) - Co. announced Thomas Makipeska as CFO; effective from 1st April 2026. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.91% at 6,766, NDX +0.58% at 25,018, DJI +1.43% at 47,112, RUT +2.14% at 2,466

SECTORS: Energy -0.68%, Utilities -0.35%, Technology -0.03%, Real Estate +0.74%, Financials +1.19%, Materials +1.22%, Industrials +1.25%, Consumer Staples +1.49%, Communication Services +1.63%, Consumer Discretionary +1.92%, Health +2.16%.

Dell Technologies (DELL) - Dell shares rose 4.2% in extended trading as upbeat earnings and guidance coupled with accelerating AI-server demand outweighed slightly softer sales. Q3 EPS 2.59 (exp. 2.48), Q3 revenue USD 27.0bln (exp. 27.3bln). Management highlighted record Q3 profitability, strong cash generation and capital returns of USD 1.6bln, with AI momentum driving record AI server orders of USD 12.3bln and USD 30bln YTD. For Q4, sees adj. EPS between 3.40–3.60 (exp. 3.21) and revenue between USD 31.0–32.0bln (exp. 27.67bln). Sees FY26 EPS between 9.82–10.02 (exp. 9.53; prior guidance midpoint was 9.55) with revenue between USD 111.2–112.2bln (exp. 108.04bln), and management also raised AI shipment guidance to roughly USD 25bln, up over 150% Y/Y. (Newswires)

HP Inc. (HPQ) - HPQ shares fell 4.7% in extended trading after it issued weaker guidance, reflecting added costs from US trade-related regulations despite announcing large layoffs. Q4 EPS 0.93 (exp. 0.92), Q4 revenue USD 14.64bln (exp. 14.49bln). Raised quarterly dividend to USD 0.30/shr. Plans to cut 4,000–6,000 jobs as part of a restructuring, which is expected to deliver USD 1bln in gross run-rate savings by end-FY28, with USD 650mln in related charges, including USD 250mln in FY26. Sees Q1 adj. EPS between 0.73–0.81 (exp. 0.78). Sees FY26 adj. EPS between 2.90–3.20 (exp. 3.33) and expects free cash flow USD 2.8–3.0bln, noting added costs from current US trade-related regulations. (Newswires)

Fed - Kevin Hassett seen as frontrunner in Trump Fed Chair search, according to Bloomberg. (Bloomberg)

NVIDIA (NVDA) / Google (GOOGL) - Senior writer at Barron's, Tae Kim, posts on X Nvidia just sent out a statement on the topic of Google TPUs. “Delighted by Google’s success – they’ve made great advances in AI, and we continue to supply to Google."

Kalshi, Gaming Stocks - A federal judge in Las Vegas ruled that Kalshi Inc. is subject to Nevada gaming regulation and has allowed the Nevada Gaming Commission and the Nevada Gaming Control Board to pursue enforcement actions against Kalshi, lifting an April order. The ruling followed Nevada’s March cease-and-desist letter and was made public on November 25th.

26 Nov 2025 - 06:56- Research Sheet- Source: Newsquawk