Newsquawk Daily European Equity Opening News - 2nd December 2025

ASIA

APAC stocks were predominantly in the green as the region shrugged off the weak lead from Wall Street, but with the upside capped amid quiet macro catalysts and in the absence of any tier-1 data. ASX 200 eked mild gains with the help of outperformance in energy, resources and mining, but with gains limited by underperformance in tech and utilities, while data was uninspiring with a larger-than-expected contraction in building approvals. Nikkei 225 nursed some of the prior day's losses but with the rebound contained amid risks of a BoJ December hike. Hang Seng and Shanghai Comp mostly traded mixed as participants reflected on a slew of monthly auto sales updates, while the mainland lagged after the PBoC's open market operations resulted in a net daily drain of CNY 146bln.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.01% at 5,669, Dax 40 -1.00% at 23,597, FTSE 100 -0.18% at 9,703, CAC 40 -0.32% at 8,097, FTSE MIB -0.22% at 43,259, IBEX 35 +0.11% at 16,389, PSI -0.04% at 8,107, SMI +0.01% at 12,835, AEX +0.45% at 948

SECTORS: IT 0.98%, Consumer Disc 0.70%, Energy 0.29%, Consumer Stpl 0.28%, Materials 0.07%, Financials -0.19%, Healthcare -0.29%, Utilities -0.63%, Telecoms -0.77%, Industrials -1.26%

FTSE 100

BAE Systems (BA/ LN) - BAE Systems received a USD 184.4mln US Navy contract modification for amphibious combat vehicles, bringing the contract’s potential total to USD 3.86bln. (Newswires)

BP (BP/ LN) - Co. scraps plan for Teesside hydrogen and carbon capture scheme, FT reports. (FT)

UK BRC - UK BRC Shop Price Index YY (Nov) 0.6% (Prev. 1.0%); BRC Chief said “with Budget uncertainty behind us, retailers are hoping that consumer confidence rebounds in this crucial trading period". (BRC)

UK-China - UK PM Starmer urges UK business to boost trade with China despite security threats, according to the FT. (FT)

OTHER UK COMPANIES

BROKER MOVES

Entain (ENT LN) upgraded to Overweight from Neutral at JPMorgan

Taylor Wimpey (TW/ LN) upgraded to Outperform from Neutral at RBC

DAX

Bayer (BAYN GY) - The Trump administration has pushed the US Supreme Court to support Bayer’s appeal, related to over 67k lawsuits against Roundup’s alleged cancer risks. Elsewhere, Co. says Medrad Centargo CT injector secures FDA clearance. (Reuters / Newswires)

OTHER GERMAN COMPANIES

BROKER MOVES

Hypoport (HYQ GY) upgraded to Outperform from Neutral at BNP Paribas

CAC

L’Oreal (OR FP) - CFO said that the company will start working on a potential Armani deal ‘very soon’. (Newswires)

TotalEnergies (TTE FP) - Dutch export finance arm is not involved in TotalEnergies-led Mozambique LNG. (Newswires)

OTHER FRENCH COMPANIES

Sopra Steria (SOP FP) - Co. announced that it has completed its acquisition of Neocase to bolster its Sopra HR business; no terms disclosed. (Sopra Steria)

BROKER MOVES

Michelin (ML FP) downgraded to Equal Weight from Overweight at Morgan Stanley

Vinci (DG FP) downgraded to Equal Weight from Overweight at Morgan Stanley

PAN EUROPE

Santander (SAN SM) - Santander begins the share sale process of Santander Bank Polska in ABB process. Co. plans to sell 3.57mln shares, representing roughly 3.5% of share capital and voting rights. (Santander)

BROKER MOVES

SMI

ABB (ABBN SW) - Co. completes acquisitions of power electronics business of Gamesa Electric. (ABB)

Givaudan (GIVN SW) - Co. completes acquisition of Belle Aire Creations; terms of the deal are not disclosed yet. Co. also plans to fund the transaction from existing resources. (Givaudan)

Holcim (HOLN SW) - Co. makes three acquisitions to accelerate circular construction in the UK, Germany and France; no terms disclosed. (Holcim)

Nestle (NESN SW) - Nestle is considering a sale of its Blue Bottle Coffee unit, which it bought in 2017 for USD 700mln, Reuters reports. A sale may come at a discount. (Reuters)

Roche (ROG SW) - Co. receives FDA clearance with CLIA waiver and CE mark for its first point-of-care test for diagnosing Bordetella infections, including whooping cough (Pertussis). (Roche)

OTHER SWISS COMPANIES

Tecan (TECN SW) - Tecan announced the acquisition of Wako Automation assets, including the flagship Director scheduling software and select hardware modules; no terms disclosed. (Tecan)

BROKER MOVES

SCANDINAVIA

BROKER MOVES

Bavarian Nordic (BAVA DC) initiated with Buy at Danske Bank

US

CLOSES: SPX -0.53% at 6,813, NDX -0.36% at 25,343, DJI -0.89% at 47,289, RUT -1.25% at 2,469

SECTORS: Utilities -2.35%, Health -1.49%, Industrials -1.49%, Real Estate -1.39%, Communication Services -1.01%, Financials -0.86%, Materials -0.34%, Consumer Staples -0.19%, Consumer Discretionary +0.02%, Technology +0.07%, Energy +0.91%.

Warner Bros. Discovery (WBD), Paramount Skydance (PSKY), Comcast (CMCSA), Netflix (NFLX) - Warner Bros. Discovery received second-round binding bids after requesting improved offers by 1st December. Paramount Skydance, Comcast and Netflix worked on revised proposals. Warner's board could announce either a winner or a new bidding round this week after second-round bids were submitted today, according to Fox, while Bloomberg reports that received offers include a mostly cash offer from Netflix, adding that an auction for the company could conclude in coming days or weeks. Warner earlier rejected Paramount’s nearly USD 24/shr offer valuing it at USD 60bln.

Salesforce (CRM) - Co. says global online sales as of 12:00 EST rose 5.3% Y/Y to USD 17.3bln and online orders were flat Y/Y

Tesla - Michael Burry has bet against the shares of Tesla (TSLA) saying they are “ridiculously overvalued” and warned that founder Elon Musk’s proposed USD 1tln pay package would worsen shareholder dilution, according to Bloomberg and Fortune. (Bloomberg)

02 Dec 2025 - 06:55- Fixed IncomeResearch Sheet- Source: Newsquawk