Newsquawk Daily European Equity Opening News - 3rd November 2025

ASIA

APAC stocks trade mostly higher despite a lack of fresh major macro developments over the weekend and with thinned conditions as Japanese markets were shut for a holiday. ASX 200 lacked conviction as gains in tech, energy and financials were offset by weakness in healthcare, real estate and miners, while the RBA also began its two-day policy meeting, where the central bank is unanimously forecast to maintain its Cash Rate at 2.60%. KOSPI rallied to a fresh all-time high amid tech strength with notable gains in SK Hynix and Samsung Electronics, while South Korea and China reportedly signed 7 MOUs and agreed to cooperate on stabilising supply chains. Hang Seng and Shanghai Comp were ultimately higher although price action in the mainland was choppy with risk sentiment flimsy as participants digested disappointing Chinese RatingDog Manufacturing PMI data.

China Vehicle Deliveries - Li Auto (LI) delivered 31,767 vehicles in October, bringing YTD cumulative deliveries to 1,462,788; the company opened its first overseas store in Uzbekistan, offering Li L9, L7, and L6, with two more scheduled in Kazakhstan in November, and plans to expand in Central Asia, the Middle East, Europe, and Asia-Pacific. NIO (NIO) delivered 40,397 vehicles in October, a 92.6% Y/Y increase and a new monthly record; deliveries included 17,143 NIO, 17,342 ONVO, and 5,912 FIREFLY vehicles; cumulative deliveries reached 913,182 as of end-October. XPeng (XPEV) delivered 42,013 Smart EVs in October, up 76% Y/Y and 1% M/M, marking the second consecutive month above 40,000 units; cumulative deliveries for the first 10 months of 2025 reached 355,209, a 190% increase Y/Y. Zeekr (ZK) delivered 61,636 vehicles in October, up 9.8% Y/Y and 20.5% M/M, with 21,423 from Zeekr and 40,213 from Lynk & Co.

Chinese data - Chinese RatingDog Manufacturing PMI Final (Oct) 50.6 vs. Exp. 50.9 (Prev. 51.2)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.15% at 5,697, Dax 40 +0.06% at 24,139, FTSE 100 +0.04% at 9,760, CAC 40 -0.53% at 8,157, FTSE MIB -0.09% at 43,202, IBEX 35 -0.72% at 16,034, PSI +0.73% at 8,446, SMI -0.10% at 12,301, AEX +0.64% at 982.

SECTORS: Industrials -0.28%, Consumer Stpl -0.35%, Healthcare -0.41%, Financials -0.41%, Materials -0.52%, Energy -0.58%, Utilities -0.62%, Consumer Disc -0.73%, Telecoms -0.89%, IT -1.28%

FTSE 100

Anglo American (AAL LN) - Angola’s Finance Minister said Angola will not fund Endiama’s proposed purchase of a stake in de Beers. (Newswires)

Glencore (GLEN LN) - Co. extends its chrome ore marketing agreement with Merafe resources until January 2026. (Glencore)

HSBC (HSBA LN) - CEO says the bank's tokenized gold product saw mass adoption by retail customers in Hong Kong and is now the third largest such product globally. (Newswires)

UK Budget - UK Chancellor Reeves was reported on Friday to be plotting a tax raid of as much as GBP 4bln on pension perks as she targets higher earners in the Budget, according to The Telegraph. (The Telegraph)

UK M&A - JRJ Group is reportedly in talks with investors about launching a London-listed acquisition firm, via Sky News citing sources; targeting initial fundraising of around GBP 500mln and then seeking bid targets between GBP 2-5bln. (Sky News)

UK Airlines / Ryanair (RYA ID) / Wizz Air (WIZZ LN) - Executives at Ryanair and Wizz Air have cautioned that increasing taxes on the airline sector will lead the companies to take planes out of the UK in the future. Wizz Air CEO said, “It’s definitely a risk that aviation in the UK could be very growth stunted”. (FT)

OTHER UK COMPANIES

BROKER MOVES

Pennon (PNN LN) downgraded to Neutral from Buy at Citi

DAX

Siemens (SIE GY) - HD Hyundai signed a Memorandum of Understanding with Siemens to collaborate on US shipbuilding revitalisation, aiming to improve design quality, minimise production risks, enhance quality, and reduce costs to strengthen industry competitiveness. (PR Newswire)

OTHER GERMAN COMPANIES

BROKER MOVES

Allianz (ALV GY) upgraded to Buy from Neutral at Bank of America

CAC

Orange (ORA FP) - Orange has reached a non-binding agreement with Lorca to acquire full ownership of MasOrange through the acquisition of the remaining 50% stake in its Spanish joint venture for a price of EUR 4.25bln in cash. (Orange)

Renault (RNO FP) - Co.’s Brazil unit to sell 26.4% stake to Geely to strengthen the strategic cooperation to launch new zero and low-emission vehicles. (GlobeNewswire)

OTHER FRENCH COMPANIES

Eurazeo (RF FP) - Co. to finalise the sale of CPK Group to Ferrara’s European holding company, to bring in around EUR 240mln in proceeds. (Eurazeo)

GTT (GTT FP) - 9M (EUR): Revenue 599.6mln, +29% Y/Y. FY Outlook: Revenue 790-820mln (exp. 794.6mln). (GTT)

BROKER MOVES

PAN EUROPE

Airbus (AIR FP), Leonardo (LDO IM) and GKN Fokker - Co's are close to a deal with Norway to settle USD 3bln lawsuit over NH90 helicopter cancellation, according to Reuters citing sources. (Reuters)

Autos / Chips / Nexperia - China’s Commerce Ministry said it will consider exemptions for the Nexperia chip export ban. It was separately reported that Nexperia’s Dutch headquarters said it welcomes announcements lifting the block on shipping chips, while the Dutch government said that China talks continue on a constructive way forward in Nexperia.

Crypto - EU is devising plans to expand supervision of key financial markets infrastructure, including stock exchanges, crypto exchanges and clearing houses, as it seeks to eliminate fragmentation in the single market, according to FT. (FT)

Ferrari (RACE IM) - Signed a multi-year partnership with Bignx. (Globenewswire)

PostNL (PNL NA) - Q3 (EUR): Revenue 762mln (exp. 775mln), Adj. EBIT -21mln (exp. -19mln). FY 2025 outlook re-iterated. Parcel volumes up 1.0%, with volumes from international customers continuing to outpace domestic volumes and negative mix effects within the domestic customer base. (PostNL)

Prysmian (PRY IM) - Co. added to European conviction list at Goldman Sachs

Repsol (REP SM) - Co. removed from European conviction list at Goldman Sachs

Ryanair (RYA ID) - H1 (EUR): Net Income 2.54bln (exp. 2.50bln), Revenue 9.82bln (exp. 9.78bln). Raises FY25/26 passenger traffic 207mln (prev. guided 206mln), due to earlier than expected Boeing (BA) delivery. CFO notes that demand remains strong, but weaker in November; are doing a bit of price stimulation. Q3 forward bookings slightly ahead Y/Y, particularly in October; mid-term break also slightly ahead Y/Y. Earnings slides: Almost no Q4 visibility. Too early for FY26 “Profit After Tax” guidance. (Ryanair)

Tenaris (TEN IM) - Co. started the second tranche of USD 600mln from USD 1.2bln share buyback programme. (Tenaris)

UCB (UCB BB) - BIMZELX (bimekizumab-bkzx) data in Hidradenitis Suppurativa showed improvements in pain and resolution of draining tunnels sustained to three years. Clinically meaningful improvements in skin pain sustained to three years: At baseline, only 10.0% of patients reported no/mild skin pain. This increased to 51.7% at one year and 65.8% at three years. (UCB)

UCB (UCB BB) - Co. removed from European conviction list at Goldman Sachs

BROKER MOVES

Italgas (IG IM) downgraded to Neutral from Buy at Citi

SMI

Roche (ROG SW) - Positive Phase III data for Genentech's Gazyva show significant reduction in disease activity for Systemic Lupus Erythematosus. The study met its primary endpoint showing a higher percentage of people achieved a minimum four-point improvement in SLE Responder Index 4 at one year with Gazyva versus standard therapy. (Roche)

OTHER SWISS COMPANIES

Kuehne + Nagel (KNIN SW) - Co. to buy Eastway to boost its aerospace logistics space, purchase to be completed by the end of 2025. (Newswires)

BROKER MOVES

Nestle (NESN SW) upgraded to Buy from Hold at Berenberg

Richemont (CFR SW) upgraded to Buy from Hold at HSBC

SCANDINAVIA

Bavarian Nordic (BAVA DC) - Co. clarifies that the initial order of 750,000 doses of MVA-BN smallpox/ mpox under the HERA framework agreement will be delivered in 2026. The award of the HERA agreement will not affect 2025 guidance. (Bavarian Nordic)

Novo Nordisk (NOVOB DC), Pfizer (PFE), Metsera (MTSR) - Pfizer filed a lawsuit in the Delaware Court of Chancery against Metsera, its Board, and Novo Nordisk, alleging breach of contract, fiduciary duty, and tortious interference related to Metsera’s merger pact with Pfizer. Pfizer said all regulatory approvals for its acquisition are complete and seeks to block Metsera’s termination of the agreement. Metsera said it disagrees with the allegations in Pfizer’s lawsuit and will address them in court. (WSJ)

Sampo (SAMPO FH) - Co. completed its EUR 200mln share buyback programme, reduced unrestricted equity by EUR 200mln. (Sampo)

BROKER MOVES

DSV (DSV DC) - Co. added to European conviction list at Goldman Sachs

FLSmidth (FLS DC) downgraded to Hold from Buy at Nordea

US

CLOSES: SPX +0.27% at 6,841, NDX +0.48% at 25,858, DJI +0.09% at 47,563, RUT +0.49% at 2,478.

SECTORS: Consumer Discretionary +4.08%, Energy +0.64%, Industrials +0.22%, Financials +0.19%, Real Estate +0.05%, Health -0.09%, Communication Services -0.31%, Technology -0.32%, Consumer Staples -0.48%, Utilities -0.77%, Materials -0.86%.

Berkshire Hathaway (BRK) - Q3 operating earnings +34% Y/Y USD 13.49bln (vs 10.09bln Y/Y), driven by a 200%+ surge in insurance underwriting income to USD 2.37bln; Q3 revenue USD 94.97bln (vs 93.0bln Y/Y), held back by weaker sales at Clayton Homes, Duracell, Fruit of the Loom, and Jazwares. Cash on hand rose to a record USD 381.7bln in Q3, reflecting strong profitability and limited capital deployment during the quarter. Berkshire sold equities for a USD 10.4bln gain; its five largest holdings at the end of the quarter were American Express (AXP), Apple (AAPL), Bank of America (BAC), Coca-Cola (KO), Chevron (CVX).

NVIDIA (NVDA) - US President Trump says US will not let China have NVIDIA's most advanced chips, according to CBS News interview

03 Nov 2025 - 06:51- EquitiesResearch Sheet- Source: Newsquawk