Newsquawk Daily European Equity Opening News - 3rd December 2025

ASIA

APAC stocks were mixed, with the region only partially sustaining the positive momentum from Wall St, where tech and crypto rebounded. ASX 200 traded marginally higher but with gains limited as participants also reflected on disappointing Australian GDP data. Nikkei 225 rallied to back above the 50k level as it benefitted from tech-related momentum. Hang Seng and Shanghai Comp declined after the Chinese tech giants failed to join in the spoils seen in global peers and after the PBoC continued to drain liquidity through its daily open market operations, while participants also digested the latest Chinese RatingDog Services and Composite PMI data, which continued to show an expansion in activity, albeit at a slower-than-previous pace.

China - Several China Vanke (2202 HK) bond holders were said to signal they will oppose the debt extension plan, according to Bloomberg. (Bloomberg)

Hon Hai (2317 TT) - Subsidiary Fushan Technology seeks permission from Vietnamese authorities to expand production into Xbox game consoles and smart rings. (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.17% at 5,793, Dax 40 +1.22% at 24,381, FTSE 100 +0.12% at 9,911, CAC 40 +1.04% at 8,241, FTSE MIB +0.80% at 44,793, IBEX 35 +1.39% at 16,616, PSI +1.21% at 8,294, SMI +0.80% at 12,803, AEX -0.21% at 969

SECTORS: Financials 0.71%, IT 0.65%, Utilities 0.49%, Healthcare 0.48%, Industrials 0.30%, Energy -0.34%, Telecoms -0.58%, Materials -0.77%, Consumer Disc -0.77%, Consumer Stpl -0.98%

FTSE 100

HSBC (HSBA LN) - Co. appoints Brendan Nelson as group chair, after a "robust" consideration of both internal and external candidates. (Newswires) Mr Nelson was previously held the interim chairman position; shares in Hong Kong were little changed on the announcement.

Unilever (ULVR LN) – Co.’s Magnum unit says an audit of Ben & Jerry’s foundation found deficiencies in financial controls, governance and conflicts of interest. Further adds that the foundation should adopt several improvements, including a code of ethics, trustee term limits, and plans to fund the foundation for years to come. (Unilever)

OTHER UK COMPANIES

BROKER MOVES

DAX

Autos / BMW (BMW GY) / Volkswagen (VOW3 GY) - ZF Friedrichshafen AG, a Co. which supplies gearboxes and other key components for the likes of BMW and Volkswagen are facing rising debt refinancing costs, according to Bloomberg. (Bloomberg)

German Defence - Bloomberg reports that Israel is nearing a USD 4.2bln missile-defence deal with Germany; the Arrow 3 will be handed over to the Germans. (Bloomberg)

SAP (SAP GY) - Co. plans to exit 2025 with over 25% cloud TCP growth and sees a healthy Q4 pipeline with 3-4 mega transactions underpinned by AI value. (Newswires)

OTHER GERMAN COMPANIES

Hugo Boss (BOSS GY) - Co. announces strategic update and initial 2026 guidance. Will significantly accelerate free cash flow generation, targeting average annual free cash flows of around EUR 300mln from 2026 onward. Currency-adjusted sales are expected to decline mid- to high-single digits in 2026, before returning to growth in 2027, and accelerating in 2028. Gross margin improvements are expected in 2026 and beyond, supported by sourcing efficiencies, selective price adjustments, and even stronger full-price sell-through. EBIT is expected between EUR 300-350mln in 2026, with profitability improving from 2027 onward. (Hugo Boss)

Nordex (NDX1 GY) - Co. secured a 118MW order in Poland. (Nordex)

Puma (PUM GY) - Cautious mention in a Bloomberg opinion piece, which notes that the sports apparel maker as a weak target for Anta due to its poor performance in both performance and style segments, though potentially attractive only if cheap. (Bloomberg)

BROKER MOVES

Fraport (FRA GY) upgraded to Overweight from Neutral at JPMorgan

Salzgitter (SZG GY) downgraded to Underweight from Neutral at JPMorgan

CAC

Airbus (AIR FP) - Co. downgrades its 2025 commercial aircraft delivery guidance to 790 (prev. 820), based on a recent supplier quality issue on fuselage panels impacting its A320 Family delivery flow. Maintains financial guidance; FY Adj. EBIT EUR 7bln (exp. EUR 7.18bln). (Airbus)

Kering (KER FP) – Board approved an interim dividend of EUR 1.25/shr. (Newswires)

OTHER FRENCH COMPANIES

Accor (AC FP) – Co. and Kajima Development PTE LTD announced the debut of Raffles Residences Bali, a 28-unit luxury residential development to launch in multiple phases. Residences to launch in Q2 2026. (Newswires)

BROKER MOVES

ADP (ADP FP) downgraded to Neutral from Overweight at JPMorgan

Vinci (DG FP) downgraded to Neutral from Overweight at JPMorgan

PAN EUROPE

Autos / EU-China - Dutch economy minister cancels plan to travel to China in December; has "arrangements" with China on possible visit to discuss Nexperia. (Newswires)

Inditex (ITX SM) - 9M (EUR): Net Income 4.62bln (prev. 4.45bln Y/Y), EBIT 5.84bln (exp. 5.81bln), Revenue 28.2bln (exp. 28.1bln). Store and online sales in constant currency (Nov 1 - Dec 1), +10.6% Y/Y. Co. highlights that Autumn/Winter was well received by customers. Affirms guidance. (Inditex)

BROKER MOVES

ASML (ASML NA) PT raised to EUR 1,158 (prev. EUR 986) at Bank of America

SMI

OTHER SWISS COMPANIES

Swiss Prime Site (SPSN SW) - Co. acquires modern office property in Zurich. Says that it will be value accretive investment for all funds as planned, no terms disclosed. (Swiss Prime Site)

BROKER MOVES

Holcim (HOLN SW) downgraded to Hold from Buy at Jefferies

SCANDINAVIA

Norway - Norway's governing Labour Party reached a majority agreement in Parliament on the 2026 budget. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.25% at 6,829, NDX +0.84% at 25,556, DJI +0.39% at 47,474, RUT -0.17% at 2,465

SECTORS: Energy -1.28%, Materials -0.83%, Utilities -0.72%, Health -0.58%, Consumer Staples -0.40%, Real Estate -0.20%, Financials -0.05%, Consumer Discretionary -0.01%, Communication Services +0.37%, Technology +0.84%, Industrials +0.87%.

Anthropic - Anthropic hired Wilson Sonsini to prepare for an IPO that could come in 2026, while discussing the possibility with investment banks, FT reports. Anthropic has not fully decided whether to go public. The start-up, valued between USD 300-350bln, has secured multibillion-dollar backing from Amazon (AMZN), Microsoft (MSFT) and Nvidia (NVDA). (FT)

Crowdstrike Holdings (CRWD) - CrowdStrike shares slipped in extended trading despite lifting annual guidance, citing resilient demand for its expanding AI-enabled cybersecurity portfolio. Q3 adj. EPS 0.96 (exp. 0.94), Q3 revenue USD 1.23bln (exp. 1.21bln), Q3 adj. net income USD 245.4mln (exp. 240.7mln). Reported record net new ARR of USD 265mln, up 73% Y/Y, with ending ARR USD 4.92bln, up 23% Y/Y. Sees Q4 adj. EPS between USD 1.09-1.11 (exp. 1.08), and Q4 revenue between USD 1.29-1.30bln (exp. 1.29bln). For the FY, sees adj. EPS between 3.70-3.72 (exp. 3.67), and revenue between USD 4.797-4.807bln (exp. 4.78bln). (Crowdstrike)

Microchip (MCHP) - Narrowed its Q3 adj. EPS view to 0.40 (cons. 0.37), with revenue now expected at the high end of the prior USD 1.11–1.15bln range, implying around +12% Y/Y and around +1% sequential growth (vs previously anticipated sequential decline). Management notes stronger-than-expected performance through the first two months of the quarter, with bookings and backlog improving into the March 2026 quarter, and highlights progress on its recovery plan, including lower inventories and improving adj. margins and EPS. (Microchip)

Marvell Technology (MRVL) - Marvell’s shares rose +10.5% in extended trading on its upbeat outlook for data-centre growth that exceeded analysts’ expectations and came without contributions from its newly announced Celestial AI acquisition. It reported Q3 adj. EPS of 0.76 (exp. 0.74), Q3 revenue of USD 2.075bln (exp. 2.06bln). Confirms recent reports that it will buy Celestial AI for USD 3.25bln; expects meaningful revenue contributions from Celestial to begin in H2 2028. Q4 adj. EPS seen at 0.79 (exp. 0.77), and Q4 revenue at USD 2.2bln (exp. 2.15bln); FY revenue growth forecasted to exceed 40%. Exec said data centre revenue growth view for next year is now higher than prior expectations. (Marvell)

Nike (NKE) - Nike is restructuring its senior leadership as part of its turnaround plan, creating a chief operating officer role and elevating the heads of its four geographic regions to the senior leadership team while refocusing on performance sportswear and athletes, WSJ reports. (WSJ)

Netflix (NFLX) - Co. and Warner Bros Discovery (WBD) combo seen lowering costs for consumers, according to sources cited by Reuters. (Reuters)

03 Dec 2025 - 06:59- Research Sheet- Source: Newsquawk