Newsquawk Daily European Equity Opening News - 28th October 2025

ASIA

APAC stocks failed to sustain the momentum from the record highs on Wall St and were mostly subdued amid some profit taking and positioning ahead of this week's upcoming risk events. ASX 200 retreated in the absence of major catalysts and was dragged lower by weakness in healthcare, tech and miners. Nikkei 225 pulled back from all-time highs amid a firmer currency and despite US President Trump's visit to Japan, where he met with PM Takaichi and signed an agreement on US-Japan alliance and securing supply of critical minerals and rare earths. Hang Seng and Shanghai Comp were choppy ahead of the major risk events later in the week including the central bank decisions and the Trump-Xi meeting, while participants also reflected on recent comments from PBoC Governor Pan that they will resume government bond purchases and sales in the open market, as well as continue to maintain a supportive monetary policy stance and implement a properly loose monetary policy.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.63% at 5,710, Dax 40 +0.28% at 24,309, FTSE 100 +0.09% at 9,654, CAC 40 +0.16% at 8,239, FTSE MIB +1.00% at 42,912, IBEX 35 +0.87% at 16,000, PSI -0.21% at 8,352, SMI -0.39% at 12,519, AEX +0.31% at 982.

SECTORS: IT 1.18%, Financials 0.98%, Consumer Disc 0.30%, Industrials 0.22%, Energy -0.08%, Utilities -0.10%, Consumer Stpl -0.14%, Telecoms -0.23%, Healthcare -0.47%, Materials -0.50%

FTSE 100

British American Tobacco (BATS LN) - Co. postpones plan to launch unlicensed vape in the US after FDA warned the co. in a letter. (Reuters)

BT (BT/ LN) - Co. explores new mobile brands to take on budget rivals, according to FT. (FT)

HSBC (HSBA LN) - Q3 (USD) Net Attributable 7.30bln (prev. 6.75bln Y/Y), Revenue 17.8bln (prev. 17.0bln Y/Y), Adj. Pretax 9.1bln (prev. 8.48bln Y/Y), NII 8.8bln (prev. 7.7bln Y/Y). Confirms it will not engage in stock buybacks at this time as it takes Hang Seng bank private. Raises Guidance: Expects to deliver a mid-teens or better RoTE for 2025, excluding notable items. Guidance reflects seasonally lower RoTE in Q4. Co. approves a third interim dividend for 2025 of USD 0.10/shr. The bank highlighted that the commercial property sector continues to face “downward pressure” after bad loan provisions jumped this year. (Newswires) Share +3.53% in Hong Kong trade

Rio Tinto (RIO LN) - Tomago Aluminium has started an employee consultation process for potential future operations. The future of the smelter has not been decided yet as it struggles to source power at viable rates beyond 2028. (Rio Tinto)

Standard Chartered (STAN LN) - CEO Bill Winters sees no signs of stress in the bank’s portfolio ahead of its earnings later this week. (Newswires)

UK BRC - UK BRC Shop Price Index YY (Sep) 1.0% vs Exp. 1.6% (Prev. 1.4%)

OTHER UK COMPANIES

BROKER MOVES

Big Yellow Group (BYG LN) downgraded to Hold from Buy at Jefferies

Tritax (BBOX LN) initiated coverage with an Overweight at Barclays

DAX

Deutsche Telekom (DTE GY) - NVIDIA (NVDA) and Deutsche Telekom reportedly planning a EUR 1bln data centre in Germany, according to Bloomberg SAP (SAP GY) will be a customer. (Bloomberg)

SAP (SAP GY) - Co. reportedly considering new bid for Blackline (BL) after the firm rebuffed its USD 4.5bln offer, according to Reuters citing sources. (Reuters) Earlier: SAP (SAP GY) reportedly made an offer in the high USD 60/shr range for Blackline (BL), which was rejected earlier in the year, and no talks are currently being held, according to Bloomberg citing sources

OTHER GERMAN COMPANIES

Cecenomy (CEC GY) - FY25 (EUR): Revenue 23.1bln (exp. 23bln). (Newswires)

Deutsche Boerse (DB1 GY) - Q3 (USD): EPS 2.59 (exp. 2.51), Revenue 1.44bln (exp. 1.44bln). (Newswires)

Hypoport (HYQ GY) - Q3 (EUR): Revenue 154mln (prev. 139.1mln Y/Y), Gross Profit 67mln (prev. 56.4mln Y/Y). FY Outlook: Now sees Revenue “at least” 600mln (prev. guided 640mln), Gross Profit 260mln (prev. guided 270mln). (Hypoport)

Nordex (NDX1 GY) - Q3 (EUR): Sales 1.71bln (exp. 2.04bln), EBITDA 136mln (exp. 130.1mln). Raises FY EBITDA Margin Outlook 7.5-8.5% (prev. guided 5-7%); confirms other FY metrics. (Nordex)

Siltronic (WAF GY) - Q3 (EUR): Sales 300.3mln (exp. 303.8mln), EPS -1.29 (exp. -1.38). CEO says “As expected, Q3 was impacted by significant delivery shifts into Q4 and negative FX effects, which temporarily weighed on sales and profitability. Cumulatively over nine months, we achieved solid results”. Confirms 2025 outlook. (Siltronic)

Symrise (SY1 GY) - 9M Sales 2.31bln, +2.6% Y/Y. Outlook: Moderating 2025 organic growth to 2.3%-3.3% (prev. guided 3.0%-5.0%). (Symrise)

BROKER MOVES

BASF (BAS GY) credit rating affirmed at ‘A’ at Fitch

Fresenius (FRE GY) upgraded to Outperform from Neutral at Oddo

CAC

Amundi (AMUN FP) - Q3 (EUR): Adj. Net Revenue 815mln (prev. 777mln Y/Y), Pre-tax Income 445mln (prev. 429mln Y/Y), Adj. EPS 1.65 (prev. 1.65 Y/Y). Amundi will present its new three-year strategic plan on 18 November, with the current plan "Ambitions 2025" ending on 31 December 2025. (Amundi)

Airbus (AIR FP) - Co. delays production of some A220 jets in 2025 and 2026 but aims to hit its 2026 target of producing 14 A220 jets monthly in December 2026, according to industry sources. Says: Co. aims to produce 12 A220 jets monthly by mid-2026 and is targeting 100 deliveries of its A220 jet in 2025. (Newswires)

BNP Paribas (BNP FP) - Q3 2025 (EUR): Net Income 3.04bln (exp. 3.07bln), Revenue 12.6bln (exp. 12bln); FICC Sales and Trading Revenue 1.26bln (exp. 1.26bln), Loan-loss provisions 905mln (exp. 878.8mln), CET1 Ratio 12.5% (exp. 12.4%). Guidance Sees FY net income above 12.2bln (exp. 12.13bln). Provides statement on Sudan litigation: "The recent jury verdict awarding damages to three individual plaintiffs is fundamentally flawed as a matter of fact and law and should be overturned". "BNP Paribas is confident in its legal arguments and that the verdict will be overturned on appeal. The Bank is committed to pursuing that result." (BNP Paribas)

Capgemini (CAP FP) - Q3 (EUR): Revenue 5.39bln, +2.9% Y/Y. Bookings 5.16bln +1.5% Y/Y. Now sees FY Revenue Growth +2% to +2.5% (prev. guided -1 to +1%), sees FY Op. Margin 13.3 to 13.4% (prev. guided 13.3 to 13.5%). (Capgemini)

Danone (BN FP) - Q3 (EUR): Sales 6.87bln, LFL Sales +4.8% (exp. +4.5%). Notes of “Outstanding performance in China, North Asia & Oceania, with strong momentum in all categories”. 2025 guidance confirmed, in line with mid-term ambition. (Danone)

Gecina (GFC FP) - Co. has signed an agreement to acquire a new office building in Paris worth EUR 135mln. (Gecina)

Sanofi (SAN FP) - Co. to continue collaboration with Medidata to develop new therapies with an improved patient journey; in other news, co. has successfully priced USD 3bln of bond issue. (Sanofi)

TotalEnergies (TTE FP) - Co. has been awarded a 400MW solar project by the SPPC, a solar plant to be connected to the grid in 2027. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

Dassault Systemes (DSY FP) downgraded to Add from Buy at Alphavalue.

PAN EUROPE

KPN (KPN NA) - Q3 (EUR): Adj. EBITDA 672mln (exp. 675mln). Notes that are on track to reach FY outlook. (KPN)

Leonardo (LDO IM) - Turkey has agreed to buy 20 new Eurofighter Typhoons from the UK for GBP 8bln. (Newswires)

BROKER MOVES

Eni (ENI IM) downgraded to Hold from Buy at HSBC

Solvay (SOLB BB) downgrade to Sell from Hold at Berenberg

SMI

Novartis (NOVN SW) - Q3 2025 (USD): Core EPS 2.25 (exp. 2.22), Net Sales 13.909bln (exp. 13.897bln); reaffirms FY guidance. Sales Breakdown (USD): Entresto Sales: 1.88bln (exp. 1.86bln) Pluvicto Sales: 564mln (exp. 535.7mln) Kisqali Sales: 1.33bln (exp. 1.26bln) Tasigna Sales: 221mln (exp. 274mln) Promacta/Revolade Sales: 362mln (exp. 421mln). Full-year 2025 guidance reaffirmed: Sales expected to grow high single-digit Core operating income expected to grow low-teens. Q3 selected innovation milestones: Rhapsido FDA approval as the only oral, targeted BTK inhibitor for CSU Ianalumab positive replicate Phase III readouts in Sjogren’s disease o Pluvicto positive Phase III PSMAddition data at ESMO Scemblix positive CHMP opinion for all lines of CML treatment Cosentyx positive Phase III readout in PMR Fabhalta positive Phase III eGFR readout in IgA nephropathy. Elsewhere, Co. announces expiration of Tourmaline Bio tender offer. CEO says the Co. will grow both top and bottom lines in 2026; will continue talks with the US on drug pricing, says talks are progressing well. Sees no impact of tariffs on the outlook for 2025 and 2026. Co. feels well prepared on tariffs; Co. has sufficient inventory.(Novartis)

Roche (ROG SW) - Positive Phase III results for Genentech's Gazyva in children and young adults with idiopathic nephrotic syndrome. The study met its primary endpoint, with more people achieving sustained complete remission at one year with Gazyva compared with mycophenolate mofetil. (Roche)

SIG (SIGN SW) - Q3 (EUR): Revenue 769mln (exp. 765mln), Adj. EBITDA 123.4mln (exp. 170.6mln). Confirms FY Outlook. (SIG)

OTHER SWISS COMPANIES

Bucher Industries (BUCN SW) - 9M (CHF): Sales 2.164bln (prev. 2.420bln Y/Y), expects slightly lower sales and operating profit margin for FY25. (Bucher)

Julius Baer (BAER SW) - Julius Baer has received the necessary regulatory approvals to open a branch in Lisbon, Portugal, in Q4’25. (Julius Baer)

BROKER MOVES

Sika (SIKA SW) downgraded to Underweight from Neutral at JP Morgan

Sika (SIKA SW) downgraded to Equal Weight from Overweight at Morgan Stanley

SCANDINAVIA

Alfa Laval (ALFA SS) - Q3 (SEK): Sales 17.2bln (exp. 16.9bln), EPS 5.53 (exp. 5.21). Updates Financial Targets: Average annual sales growth of 7% over a business cycle (prev. guided 5%). Average annual adjusted EBITA of 17% over a business cycle (prev. guided 15%). (Alfa Laval)

Fingerprint Cards (FINGB SS) - Q3 (SEK): Revenue 20.4mln (prev. 15.2mln Y/Y), Gross Margin 68.6% (prev. 56.3% Y/Y). (Fingerprint Cards)

Wartsila (WRT1V FH) - Q3 (EUR): Sales 1.63bln (exp. 1.76bln), EPS 0.31 (exp. 0.26). Expects the demand environment for the next 12 months (Q4/2025-Q3/2026) to be better than in the comparison period. (Wartsila)

BROKER MOVES

Metso (METSO FH) upgraded to Buy from Hold at Kepler Cheuvreux

US

CLOSES: SPX +1.23% at 6,875, NDX +1.83% at 25,822, DJI +0.71% at 47,545, RUT +0.28% at 2,520.

SECTORS: Communication Services +2.29%, Technology +2.01%, Consumer Discretionary +1.52%, Industrials +0.60%, Financials +0.35%, Utilities +0.29%, Energy +0.29%, Health +0.27%, Real Estate +0.26%, Consumer Staples -0.27%, Materials -0.27%

Amazon (AMZN) - Co. reportedly targets as many as 30k job cuts, according to Reuters sources. (Reuters)

NXP Semiconductors NV (NXPI) - Q3 2025 (USD): Adj. EPS 3.11 (exp. 3.10), Revenue 3.17bln (exp. 3.15bln). Q4 adj. EPS view 3.07-3.49 (midpoint: 3.28) (exp. 3.29) Q4 revenue view 3.20-3.40bln (exp. 3.24bln). Shares +2.6% after-hours

Nucor Corp (NUE) - Q3 2025 (USD): EPS 2.63 (exp. 2.18), Revenue 8.52bln (exp. 8.16bln). Expects Q4 earnings to be lower than Q3 25. (Newswires)

28 Oct 2025 - 06:59- Research Sheet- Source: Newsquawk