Newsquawk Daily European Equity Opening News - 28th November 2025

ASIA

APAC stocks were rangebound in the absence of a lead from Wall Street due to Thanksgiving Day and as participants digest a deluge of data at month-end. ASX 200 lacked direction as strength in the tech, mining and the consumer sectors is counterbalanced by losses in financials, real estate and telecoms. Nikkei 225 traded indecisively amid a slew of data in which Industrial Production and Retail Sales topped forecasts, while Unemployment rose and Tokyo CPI printed mostly in line with estimates, aside from the firmer-than-expected core reading. Hang Seng and Shanghai Comp were mixed, albeit with trade confined to within relatively tight parameters, while China Vanke shares and bonds were volatile and initially continued to slump with its H shares hitting a record low amid the ongoing default concerns, before staging a notable recovery.

EUROPEAN CLOSES

CLOSES: FTSE MIB +0.2%, SMI +0.1%, FTSE 100 U/C, CAC 40 U/C, AEX -0.4%

SECTORS: Industrials 0.43%, Financials 0.42%, Consumer Stpl 0.15%, Utilities 0.04%, Telecoms -0.05%, Consumer Disc -0.08%, Materials -0.09%, IT -0.39%, Energy -0.43%, Healthcare -0.56%

FTSE 100

Anglo American (AAL LN), Teck Resources (TECK) - The Canadian government has cleared Anglo American’s proposed takeover of Teck Resources on national security grounds after the initial review period lapsed without extension, the Globe and Mail reported, removing a hurdle for the companies to combine.

UK Business - UK Lloyds Business Barometer (Nov) 42 vs Exp. 47 (Prev. 50)

UK Budget - S&P says UK public finances remain constrained and it expects fiscal pressures in the UK to persist over the medium term despite revenue raising measures announced in the Autumn Budget. General government deficits are forecast to moderate through to 2028. There are risks to the UK’s fiscal consolidation plan, especially toward the end of the forecast horizon. (Newswires)

OTHER UK COMPANIES

Wizz Air (WIZZ LN) – CEO announced plans to open a base in Israel (Newswires)

BROKER MOVES

Burberry (BRBY LN) downgraded to Underweight from Neutral at JP Morgan

Johnson Matthey (JMAT LN) upgraded to Overweight from Neutral at JP Morgan

DAX

Delivery Hero SE (DHER GY) - Delivery Hero faces pressure from major shareholders, including Aspex Management with over 5%, to conduct a strategic review and consider selling the company or units amid industry consolidation, Bloomberg reports. Its shares have dropped 53% in a year, leaving a market value of about EUR 5.2bln. (Bloomberg)

Mercedes-Benz (MBG GY) - Mercedes-Benz overturned a recall of some diesel models at a German court due to a procedural issue, avoiding a ruling on alleged emission-cheating software. The Schleswig administrative court said regulator KBA should have applied European Union rules rather than national legislation when ordering the recall. (Newswires)

OTHER GERMAN COMPANIES

Puma (PUM GY), ASICS Corporation (ASCCY) - Asics said that reports suggesting it is interested in a Puma buyout are untrue, denying any involvement in such a transaction, Kyodo reports. (Kyodo)

BROKER MOVES

Evonik (EVK GY) downgraded to Neutral from Overweight at JP Morgan

Wacker Chemie (WCH GY) downgraded to Underweight from Neutral at JP Morgan Shares -2.7% in pre-market trade

CAC

Kering (KER FP) - Bloomberg reports that Gucci has named former Renault exec, De Ficchy as new CFO; effective 1st Dec. (Bloomberg)

OTHER FRENCH COMPANIES

BROKER MOVES

Eutelsat (ETL FP) upgraded to Neutral from Underweight at JP Morgan

LVMH (MC FP) PT raised to EUR 610 (prev. EUR 545) at JP Morgan

PAN EUROPE

Autos / Nexperia - Nexperia said customers across sectors are warning of imminent production halts, urging its Chinese unit to take steps to restore dialogue. The Dutch chipmaker, which lost cooperation from its Chinese subsidiary after Dutch government intervention, welcomed Chinese efforts to resume exports but said clients still report looming stoppages. (Newswires)

Elia (ELI BB) - Co. expects its 2025 outlook to be in line with expectations. (Elia)

European Defence Companies - German lawmakers are set to approve EUR 2.9bln in 11 defence procurement contracts, including up to 250,000 G95 rifles from Heckler & Koch for EUR 765mln, alongside drones and missiles, via procurement documents seen by Bloomberg. The defence ministry requested approval, with lawmakers expected to endorse the orders at a closed-door meeting next week. Separately, defence startup Quantum Systems raised EUR 180mln from investors including Balderton Capital, tripling its valuation to EUR 3bln; the German drone maker plans to expand unmanned aerial system production. (Bloomberg) 

Sabadell (SAB SM) - Investor David Martinez resigns from the Board. (Newswires)

BROKER MOVES

Azelis (AZE BB) downgraded to Neutral from Overweight at JP Morgan

KPN (KPN NA) downgraded to Neutral from Overweight at JP Morgan

IMCD (IMCD NA) downgraded to Neutral from Overweight at JP Morgan

Moncler (MONC IM) upgraded to Overweight from Neutral at JP Morgan

Salvatore Ferragamo (SFER IM) upgraded to Neutral from Underweight at JP Morgan

SMI

OTHER SWISS COMPANIES

BROKER MOVES

Sunrise (SUNN SW) downgraded to Underweight from Neutral at JP Morgan

SCANDINAVIA

BROKER MOVES

Mowi (MOWI NO) upgraded to Buy from Hold at Berenberg

Telia (TELIA SS) upgraded to Overweight from Neutral at JP Morgan

Telenor (TEL NO) downgraded to Neutral from Overweight at JP Morgan

US

Markets were shut on Thursday, 27th November on account of Thanksgiving Holiday

CME - An outage at CME Group has halted trade in FX, commodities, Treasuries and equities futures; "Due to a cooling issue at CyrusOne data centres, our markets are currently halted," CME said. (CME)

28 Nov 2025 - 06:51- EquitiesResearch Sheet- Source: Newsquawk