Newsquawk Daily European Equity Opening News - 2nd October 2025

ASIA

APAC stocks were firmer, with gains across the board following a positive handover from Wall Street, where tech outperformed, whilst the US jobs reports this week look set to be delayed after CR votes failed again on Wednesday, as expected. ASX 200 was propped up by strength in gold and mining names while defensive sectors lagged, with no reaction seen to the RBA Financial Stability Review, which suggested Australia’s financial system remains well positioned to navigate a period of elevated global uncertainty. Nikkei 225 saw upside led by metals and pharma stocks, though gains were capped as the JPY trimmed earlier losses. Hang Seng conformed to regional gains and played catch-up to yesterday’s price action during the National Day closure, though momentum was limited by the absence of Stock Connect, with Mainland China remaining shut until next Thursday. KOSPI outperformed and hit a fresh record high, overlooking stronger-than-expected CPI, with gains driven by surges in SK Hynix and Samsung Electronics after both firms partnered with OpenAI under the Stargate initiative. Sentiment was also supported by news that South Korea and the US agreed on a basic security framework.

Hyundai (005380 KS) - Co. reduces 2026 Ioniq 5 pricing by up to USD 9,900 or at an average reduction of USD 9,155. (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.99% at 5,585, Dax 40 +1.13% at 24,149, FTSE 100 +1.03% at 9,446, CAC 40 +0.90% at 7,967, FTSE MIB +0.83% at 43,080, IBEX 35 +0.54% at 15,558, PSI +1.05% at 8,041, SMI +2.02% at 12,354, AEX +0.57% at 948

SECTORS: Healthcare 5.58%, Energy 1.03%, Utilities 0.99%, IT 0.87%, Consumer Disc 0.79%, Financials 0.62%, Industrials 0.49%, Materials 0.38%, Telecoms 0.30%, Consumer Stpl -0.24%

FTSE 100

BP (BP/ LN) - Chairman Manifold says the Co. will need to "carefully look at our portfolio", adding that some assets might be more valuable to others, via Reuters citing an internal memo. (Reuters)

Glencore's (GLEN LN) - Lomas Bayas mine in Chile says its mining operations will continue normally as crews work to fight the fire. (Newswires)

Ocado (OCDO LN)/Sainsbury's (SBRY LN)/Tesco (TSCO LN) - Chancellor Reeves is reportedly moving to remove large retail premises from the highest bracket of the property tax levy following a meeting with executives in the sector, via FT citing sources. (FT)

UK listings - The UK will exempt newly listed company shares from the 0.5% stamp duty tax, in a move officials hope will boost liquidity and attract more London listings, via FT. (FT)

OTHER UK COMPANIES

Diversified Energy (DEC LN) - Co. intends to move its primary listing from London to New York. (Diversified Energy)

BROKER MOVES

DAX

Continental (CON GY) - Q3 margin at tyres division seen closer to lower end of FY target range and Q3 sales seen stable Y/Y; Q3 performance at Contitech division weaker than expected and recovery still expected in Q4. Expects double-digit million EUR impact from US tariffs in H2. Confirms 2025 FCF guidance. Q3 FCF expected to be slightly positive for continuing ops. (Newswires)

SAP (SAP GY) - Alphabet’s (GOOGL) Google hired Lazard in 2020 to explore selling its advertising exchange unit, deemed an illegal monopoly by a federal judge in April. Lazard identified potential buyers including Oracle (ORCL), Adobe (ADBE), SAP (SAP GY), Salesforce (CRM), The Trade Desk (TTD), and private equity firms such as Centerbridge, GTCR, Blackstone, and GI Partners. (Newswires)

Siemens (SIE GY) - Co. is said to be studying a spinoff of a large part of its stake in Siemens Healthineers (SHL GY), according to Bloomberg citing sources. (Bloomberg)

OTHER GERMAN COMPANIES

Grenke (GLJ GY) - Q3 Update: Leading business +5.8% Y/Y, CM2 Margin 16.6% as expected. (Grenke)

Nordex (NDX GY) - Secured a 90MW turbine order from Turkey. (Nordex)

BROKER MOVES

Rational (RAG GY) upgraded to Overweight from Equalweight at Barclays

CAC

Renault (RNO FP) - Co. is reportedly considering constructing autos with Chery in South America. (Bloomberg)

Vinci (DG FP) - Co. has signed a share purchase agreements with a service provider, mandating them to buy as much as EUR 600mln of shares between October 2nd and December 24th. (Vinci)

OTHER FRENCH COMPANIES

BROKER MOVES

Orange (ORA FP) downgraded to Neutral from Outperform at Oddo.

PAN EUROPE

Brunello Cucinelli (BCU IM) - Q3 2025 (EUR): Sales 335.5mln (exp. 337mln); 9m Revenue 1.02bln, +11.3% Y/Y. Confirms the presence of an inventory that is "appropriate and balanced" for its identity as a Co., and says it operates in the Russian market in accordance with EU regulations. Sees 2025 revenue growth of c. 10%. Sees 2026 revenue growth of 10% as well. (Brunello Cucinelli)

Defence Names - US to provide Ukraine with intelligence for missile strikes deep inside Russia, according to WSJ; US officials are asking NATO allies to provide similar support. (Newswires)

Endesa (ELE SM) - Co. to sell 49.99% stake in its solar PV plants portfolio to Masdar. (Masdar)

Stellantis (STLAM IM/STLAP FP) - Co. says FCA US total sales 324.8k, +6% Y/Y in Q3; commercial fleet sales +22%. (Stellantis)

Universal Music Group (UMG NA) - Co. and Warner Music (WMG) are reportedly nearing a landmark AI licensing deal. (FT)

BROKER MOVES

Ferrari (RACE IM) upgraded to Buy from Hold at HSBC.

SMI

Nestle (NESN SW) - PAI has brought in fresh capital for its EUR 15bln ice cream venture with Nestle, via Bloomberg citing sources. (Bloomberg)

Roche (ROG SW) - Commenced a tender offer for all shares of 89Bio, for USD 14.50/shr and a contingent right of as much as USD 6/shr. (Roche)

OTHER SWISS COMPANIES

BROKER MOVES

Barry Callebaut (BARN SW) downgraded to Hold from Buy at Berenberg.

SCANDINAVIA

Ericsson (ERICB SS)/Nokia (NOKIA FH) - China has reportedly curbed the use of the Cos in its telecoms network. (FT)

Nokia (NOKIA FH) - Board has determined on the issuance of shares, to issue 120mln new shares in a directed issue. (Nokia)

BROKER MOVES

Novo Nordisk (NOVOB DC) upgraded to Buy from Hold at HSBC

US

CLOSES: SPX +0.37% at 6,711, NDX +0.49% at 24,801, DJI +0.09% at 46,441, RUT +0.24% at 2,442

SECTORS: Health +3.01%, Utilities +0.92%, Technology +0.71%, Consumer Discretionary +0.69%, Real Estate -0.06%, Energy -0.04%, Consumer Staples -0.23%, Industrials -0.32%, Communication Services -0.81%, Financials -0.92%, Materials -1.17%

Apple (AAPL)/Meta (META) - Apple shelves headset revamp to prioritise Meta-style AI glasses, according to Bloomberg. (Bloomberg)

Intel (INTC)/AMD (AMD) - Intel reportedly in early talks to add AMD as a foundry customer, according to Semafor. (Semafor)

Netflix (NFLX) - Elon Musk reiterates criticisms against Netflix (NFLX), says to "cancel Netflix". (X)

Starbucks (SBUX) - Co. increases quarterly cash dividend to USD 0.62/shr (prev. 0.61). (Starbucks)

02 Oct 2025 - 07:00- MetalsResearch Sheet- Source: Newsquawk