Newsquawk Daily European Equity Opening News - 29th October 2025

ASIA

APAC stocks were predominantly in the green following the tech strength on Wall St, where most indices extended on record highs, while participants now await the approaching flurry of risk events, including the FOMC and mega-cap earnings. ASX 200 retreated with the index dragged lower by notable weakness in health care, real estate, industrials, financials and tech, while firmer-than-expected inflation data further dampened hopes for a cut at next week's RBA meeting. Nikkei 225 extended its rally and outperformed against regional peers after climbing above the 51,000 level for the first time, with tech stocks buoyed after the gains in US counterparts and strong Advantest earnings. Shanghai Comp was positive but with gains capped amid thinner volumes, with Stock Connect trade shut alongside the closure of markets in Hong Kong for a holiday, while it was also reported that China's COFCO purchased 180k tonnes of US soybeans ahead of the Trump-Xi meeting.

US-China - US President Trump said he had a great trip so far and expects to lower fentanyl-linked tariffs on China. China said to have made soybean purchase.

SK Hynix (000660 KS) - Q3 (KRW) net profit 12.6tln (exp. 8.7tln), oper. profit 11.4tln (exp. 11.4tln), rev. 24.4tln (exp. 24.7tln). Co. sees a gradual improvement in smartphone and PC market, while it sees strong memory demand from customers to continue for a while, adds memory market has entered super cycle.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.14% at 5,703, Dax 40 -0.10% at 24,284, FTSE 100 +0.44% at 9,697, CAC 40 -0.27% at 8,217, FTSE MIB +0.51% at 43,129, IBEX 35 +0.53% at 16,085, PSI -0.04% at 8,349, SMI -1.43% at 12,348, AEX -0.75% at 975

SECTORS: Utilities 1.13%, IT 0.47%, Financials 0.24%, Telecoms 0.14%, Industrials -0.14%, Consumer Disc -0.29%, Energy -0.60%, Consumer Stpl -0.69%, Materials -0.70%, Healthcare -1.80%

FTSE 100

Phoenix Group (PHNX LN) - Co. in talks to raise more than GBP 1bln to boost pension buyout business, via FT. (FT)

OTHER UK COMPANIES

BROKER MOVES

DAX

Adidas (ADS GY) - Q3 (EUR): Net income 485mln (exp. 477mln), North America sales 1.298bln (prev. 1.362bln Y/Y), Greater China sales 947mln (prev. 946mln Y/Y), raises FY25 outlook, operating profit around 2bln (prev. guided 1.7-1.8bln) and double-digit currency-neutral revenue growth. "Environment is volatile with the tariff increases in the US and a lot of uncertainty among both retailers and consumers around the world". (Adidas)

BASF (BAS GY) - Q3 2025 (EUR): Sales 15.23bln (exp. 15.22bln), Adj. EBITDA 1.54bln (exp. 1.48bln), Adj. EBIT 594mln (exp. 492.3mln), EPS 0.52 (exp. 0.34). Revises FY25 EBITDA 6.7-7.1bln (prev. guided 7.3-7.7bln). Positive volume development outweighed by negative currency effects and lower prices: sales down 3% versus prior-year quarter. BASF to begin share buyback program in November 2025. (BASF)

Deutsche Bank (DBK GY) - Q3 (EUR): Revenue 8.0bln (exp. 7.75bln), Net Income 1.56bln (exp. 1.3bln), Pre-tax Profit 2.45bln (exp. 2.17bln), FIC Sales & Trading Revenue 2.4bln (exp. 2.24bln, +19% Y/Y), risk provisions for credit losses EUR 417mln. Outlook: On track to deliver FY25 targets. Confirms 2025 Revenue target. Guides end-2025 CET1 essentially flat Y/Y. Sees 2025 Investment Bank Revenue higher Y/Y. Sees 2025 Private Bank Net Revenue "slightly higher" Sees 2025 Asset Management Net Revenue higher Y/Y Sees 2025 Corporate Bank Net Revenue essentially flat Y/Y. (Deutsche Bank)

Mercedes Benz (MBG GY) - Q3 (EUR): Revenue 32.15bln (exp. 32.67bln), EPS 1.22 (exp. 1.32), Adj. EBIT 2.1bln (exp. 1.76bln); sold 441,500 cars, -12% Y/Y; confirms outlook, 2025 EBIT significantly below 2024 level. "Following a strong first half of the year, growth in the Chinese economy slowed amid persistently weak consumption and the ongoing correction in the property sector." "In the first nine months and in the third quarter, the global car market grew slightly in comparison to the previous year’s level. Market volume in Europe remained close to the previous year’s level in the first nine months, and increased slightly in the third quarter. Unit sales of xEV models rose significantly in Europe; the xEV share was 27%." "In the United States, unit sales were controlled through diligent stock management in order to mitigate the impacts of the tariffs. In China, market conditions and reluctance to buy influenced sales development." To continue share buyback programme of up to EUR 2bln worth of shares over a period of over 12 months. Booked around EUR 1.35bln in restructuring charges during the quarter. (Mercedes Benz)

OTHER GERMAN COMPANIES

Redcare Pharmacy (RDC GY) - Q3 (EUR): EBITDA 44mln (exp. 18mln), confirms FY25 guidance. (Redcare Pharmacy)

BROKER MOVES

Commerzbank (CBK GY) upgraded to Neutral from Underperform at Bank of America

CAC

Airbus (AIR FP) - Co.’s India head says extending production-linked incentives could support more manufacturing in India. (Newswires)

Publicis (PUB FP) - Co. to buy Hepmil Media Group in Singapore, as it attempts to boost its scoial media presence in the region. (Bloomberg)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Adyen (ADYEN NA) - Q3 (EUR): Revenue 598.4mln (exp. 586.9mln). “We expect annual net revenue to grow between the low-and mid-twenties through 2026. For 2025, we continue to expect full-year net revenue growth to be broadly in line with H1 2025”. (Adyen)

ASM International (ASM NA) - Q3 2025 (EUR): Revenue 800mln (exp. 791.7mln), Net income 384.1mln (prev. 202.4 Q/Q), Orders 636.8mln (prev. 702.5mln Q/Q), Adj. net income 206.2mln (173.0mln Y/Y); Q4 revenue to be 630-660mln. Despite projected slow start in 2026, expect ASM revenue to grow in 2026. For 2025, continue to expect revenue growth at close to 10% at CC. Expect subdued order trend to bottom out in Q4 at a slightly higher level than Q3. Quarterly orders are projected to pick up again as 2026 progresses. Projected double-digit Y/Y decrease in 2026 China revenue. (ASM International)

Corbion (CRBN NA) - 9M (EUR): 957.2mln (prev. 927.9mln Y/Y), Adj. EBITDA 156.3mln (prev. 135.7mln Y/Y). Reaffirmed outlook. (Corbion)

Enagas (ENG SM) - Co. completes the purchase of 51% stake in Axent Infrastructures for EUR 37.8mln, deal to impact net income by EUR 16mln. (Enagas)

Ferrovial (FER SM) - 9M (EUR): Revenue 6.91bln (prev. 6.64bln Y/Y), Adj. EBITDA 1.03bln (prev. 1.0bln Y/Y). (Ferrovial)

Geopols - Israeli planes launched strikes on Gaza City. US VP Vance said he thinks peace in the Middle East will hold despite skirmishes. (Newswires)

Moncler (MONC IM) - Q3 25 (EUR): Revenue 615.5mln (exp. 603.8mln), Moncler brand revenue 514.2mln (exp. 504.1mln), Stone Island revenue 101.4mln (exp. 99.7mln). Co. exec expects wholesale revenue to fall by mid-single digits at constant FX rates for the FY, compared to prior guidance of a high-single-digit decline China is positive both for mainland China and for the Chinese cluster. Increase in pricing for next year will still be in region of low single digits. (Newswires)

Redeia (RED SM) - Q3 (EUR): Revenue 406.2mln (exp. 436mln), EBITDA 314.9mln (exp. 327mln), co. to distribute interim dividend for 2025, DPS set at EUR 0.20. (Redeia)

Leonardo (LDO IM) - Co. to sell its 9.4% stake in Avio (AVI IM) through an accelerated bookbuilding to investors. (Newswires)

Stellantis (STLAM IM/ STLAP FP) - Co. to collaborate with NVIDIA (NVDA) and Uber (UBER) to advance in robotaxi development. (Newswires)

Santander (SAN SM) Q3 2025: (EUR) Net 3.50bln (exp. 3.38bln), NII 10.35bln (prev. 11.18bln), Loan-loss provision 2.93bln (exp. 3.01bln), CET1 Ratio 13.1% (exp. 13.0%). (Santander)

UCB (UCB BB) - UCB to unveil new data for RYSTIGGOand ZILBRYSQ for gMG at the 2025 AANEM Annual Meeting and MGFA Scientific Session. (UCB)

BROKER MOVES

SMI

Logitech (LOGN SW) - Q2 (USD): Sales 1.19bln (exp. 1.18bln), Adj. Op. Income 230mln (exp. 196.1mln). Noted that the Co. returned USD 340mln to shareholders through its annual dividend payment and share repurchases. Q3’26 Outlook: Sales 1.37-1.41bln. (Logitech)

Roche (ROG SW) - Roche receives CE mark for novel automated high-throughput Elecsys Dengue Ag test to diagnose dengue. New dengue antigen test delivers high clinical sensitivity and specificity, as well as inclusivity for all four dengue virus serotypes, helps clinicians confidently distinguish dengue from other acute fever-causing illnesses. Full automation facilitates medium to high throughput and enables improvement of lab efficiency and test traceability, while reducing the risk of human error. (Roche)

Temenos (TEMN SW) - Q3 (USD): Revenue 258.5mln (exp. 246.3mln), Adj. EBIT 84.6mln (exp. 66.6mln), Adj. EPS 0.93 (exp. 0.77). (Temenos)

UBS (UBSG SW) - Q3 2025 (USD): Net Income 2.48bln (exp. 1.41bln), Pre-tax Profit 2.82bln (exp. 2.02bln), Revenue 12.76bln (exp. 11.99bln); Q4 net profit to include USD 1.1bln integration cost; plans up to USD 900mln buyback in Q4. Investment Bank Pre-tax 900mln (exp. 426.6mln) Wealth Management Pre-tax 1.35bln (exp. 1.46bln) Asset Management Pre-tax 218mln (exp. 188mln) Global Wealth Management Net New Assets 38bln (exp. 28.06bln) Releases USD 668mln litigation reserves for UBS/Credit Suisse issue. (UBS)

Vidrala (VID SM) - 9M (EUR): Sales 1.12bln (prev. 1.21bln Y/Y), EBITDA 328.9mln (prev. 337.7mln Y/Y). Reaffirms guidance. (Vidrala)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Equinor (EQNR NO) - Q3 (USD): Net operating income 5.27bln (prev. 6.91bln Y/Y), Capex 3.41bln, adj. operating and administrative expenses rose due to booking of future operating expenses, fourth tranche of share buy-back of up to 1.266bln will complete 2025 buy-back programme. (Equinor)

Fortum (FORTUM FH) - Co. to invest EUR 85mln in the decarbonisation of the Zabrze plant in Poland. (Fortum)

Jyske Bank (JYSK DC) - 9M (DKK): NII 6.62bln (prev. 7.27bln Y/Y), Core Income 9.94bln (prev. 10.3bln Y/Y). Expected net profit in 2025 upgraded to DKK 4.9bln-5.3bln. (Newswires)

Nel (NEL NO) - Q3 (NOK): Total Revenue 349mln (prev. 391mln Y/Y), EBITDA -37mln (prev. -90mln). (Nel)

Sweco (SWECB SS) - Q3 (SEK): Sales 7.1bln (exp. 7.1bln), EPS 1.18 (exp. 1.13). (Newswires)

SKF (SKFB SS) - Q3 (SEK): Sales 22.5bln (exp. 22.3bln), Adj. EBIT 2.76bln (exp. 2.74bln). “we expect market demand in Q4 to remain at similar levels as in Q3. Consequently, we expect organic sales to be relatively unchanged in Q4, year-over-year”. (SKF)

Telenor (TEL NO) - Q3 (NOK): Adj. EBITDA 9.5bln (exp. 9.61bln). Outlook: 2-3% organic growth in Nordic service revenues (prev. guided low single-digit). 8-9% organic growth in adjusted EBITDA in the Nordics (prev. guided high-single digit). (Telenor)

Valmet (VALMT FH) - Sofidel America to invest in the co. 's tissue line to meet the growing demand of ultra-premium tissue products in North America. (Valmet)

BROKER MOVES

Nokian Tyres (NOKIAN FH) upgraded to Buy from Hold at SEB

US

CLOSES: SPX +0.23% at 6,891, NDX +0.74% at 26,012, DJI +0.34% at 47,706, RUT -0.60% at 2.507

SECTORS: Real Estate -2.22%, Utilities -1.66%, Energy -1.05%, Consumer Staples -0.95%, Industrials -0.73%, Health -0.68%, Financials -0.64%, Communication Services -0.26%, Materials +0.14%, Consumer Discretionary +0.31%, Technology +1.64%.

Booking Holdings Inc (BKNG) - Q3 2025 (USD): Adj. EPS 99.50 (exp. 94.92), Revenue 9bln (exp. 8.71bln). Gross bookings +14% Y/Y to USD 49.7bln. (Newswires)

NVIDIA (NVDA) - Co. sees USD 500bln of business in the next six quarters; 20mln Blackwell Ruben GPUs to be shipped and Blackwell projections do not include China Blackwell is in full production in Arizona. Unveiled new BlueField-4 processor. (Newswires)

Visa Inc (V) - Q4 2025 (USD): Adj. EPS 2.98 (exp. 2.97), Revenue 10.7bln (exp. 10.60bln). (Newswires)

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