Newsquawk Daily European Equity Opening News - 4th December 2025

ASIA

APAC stocks were mostly higher following the positive momentum from Wall Street, where all major indices rose amid a weaker dollar and softer yield environment, but with some of the gains in the region capped amid a quiet calendar and lack of major fresh macro catalysts. ASX 200 edged higher in rangebound trade with strength in materials and resources offsetting the losses in the real estate and consumer sectors, while the mining industry was among the outperformers aside from the gold-related stocks. Nikkei 225 rallied above the 50k level as the tech-related momentum in Japan continued, despite higher yields and bets for a December BoJ rate hike. Hang Seng and Shanghai Comp were mixed amid weakness in auto names and after another liquidity drain by the PBoC, while PBoC Governor Pan noted in an Op-Ed that China must maintain prudent monetary policy and should avoid excessive policy adjustments.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.24% at 5,700, Dax 40 -0.12% at 23,682, FTSE 100 -0.10% at 9,692, CAC 40 +0.16% at 8,087, FTSE MIB +0.06% at 43,381, IBEX 35 +0.68% at 16,586, PSI +0.12% at 8,220, SMI -0.27% at 12,856, AEX +0.51% at 950

SECTORS: IT 1.38%, Energy 1.20%, Industrials 0.68%, Materials 0.67%, Consumer Disc 0.58%, Healthcare 0.21%, Utilities 0.07%, Telecoms -0.13%, Consumer Stpl -0.27%, Financials -0.87%

FTSE 100

Glencore (GLEN LN) - Codelco will negotiate with the Co. a copper concentrate supply of up to 800k DMT per year for at least 10 years. In other news, the Co. has announced that the Alumbrera copper operation in Argentina has been restarted. (Newswires)

Rio Tinto (RIO LN) - Co. raises its 2025 copper production guidance to 860-875k tons and sees 2026 copper production at 800- 870k tons at its Capital Markets Day. Adds that 2026 total group CapEx could be around USD 11bln and EBITDA could rise by as much as 40-50% by 2030. (Rio Tinto)

OTHER UK COMPANIES

BROKER MOVES

NatWest (NWG LN) downgraded to Neutral from Buy at Goldman Sachs

DAX

Deutsche Bank (DBK GY) - Bloomberg reports that the US House Oversight Committee Democrats plans to release Epstein files related to the Co. and JPMorgan (JPM). (Bloomberg)

OTHER GERMAN COMPANIES

Aurubis (NDA GY) – FY25 (EUR): Operating EBIT 358mln (prev. 411mln Y/Y), operating ROCE 8.8% (prev. 11.5% Y/Y). For the 2025/26 fiscal year, sees operating EBT between 300-400mln and operating ROCE between 7-9%. CEO states that "we are capitalizing on robust demand for strategically critical industrial and precious metals. Our metals are essential enablers of major megatrends like electrification, artificial intelligence and data centres, as well as energy infrastructure and security.“ (Aurubis)

BROKER MOVES

Commerzbank (CBK GY) upgraded to Neutral from Sell at Goldman Sachs

Siemens Energy (ENR GY) upgraded to Overweight from Neutral at JPMorgan

CAC

BNP Paribas (BNP FP) / JPMorgan (JPM) - BNP and JPMorgan start accelerated bookbuilding of about 3.58% of Cie automotive’s share capital. Both Co.’s offering about 4.29mln shares. Both Co.'s were also appointed by Mahindra Overseas Investment Company. (Newswires)

French Cos - Chinese President Xi and French President Macron met up and discussed the willingness to eliminate interferences and stick to equal dialogue. Both leaders also discussed upholding multilateralism. Xi also commented that both countries should support each other on core interests and agreed to expand practical cooperation, as well as consolidate cooperation on airspace and nuclear energy. Furthermore, he said both countries aim to expand two-way investment and that China will expand domestic demand in the 15th five-year plan and will also expand market access and opening-up.

LVMH (MC FP) - The Co. and its shareholders strongly reaffirm that they have never misappropriated Hermes International (RMS FP) shares in any way or without anyone's knowledge. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

Schneider Electric (SU FP) upgraded to Overweight from Neutral at JPMorgan

SocGen (GLE FP) upgraded to Buy from Neutral at Goldman Sachs

PAN EUROPE

Ferrari (RACE IM) - Co. has signed a new EUR 350mln unsecured committed revolving credit facility, which will be intended for general corporate and working capital purposes. (Ferrari)

BROKER MOVES

Bankinter (BKT SM) downgraded to Sell from Neutral at Goldman Sachs

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Novo Nordisk (NOVOB DC) - Co. will launch its Ozempic in India this month, according to Reuters citing sources. (Reuters)

BROKER MOVES

US

CLOSES: SPX +0.30% at 6,850, NDX +0.20% at 25,607, DJI +0.86% at 47,883, RUT +1.91% at 2,512

SECTORS: Technology -0.42%, Utilities -0.32%, Communication Services +0.09%, Consumer Staples +0.16%, Real Estate +0.21%, Health +0.46%, Materials +0.51%, Consumer Discretionary +0.83%, Industrials +0.95%, Financials +1.27%, Energy +1.83%.

Automakers - The US plans to relax Biden-era fuel economy rules, with US President Trump and Ford (F) CEO Jim Farley supporting the shift to a target of roughly 34.5 miles per gallon by model year 2031. Environmental groups, Tesla (TSLA) and GM (GM) voices warned of higher emissions, lost credits, factory risks and reduced electric car uptake. (Newswires)

Chevron (CVX) - Chevron said 2026 organic capital investments will be USD 18–19bln, at the low end of its long-term guidance range. Affiliate capex seen between USD 1.3–1.7bln. US spend around USD 10.5bln, including USD 6.0bln for shale. Upstream totals USD 17.0bln and downstream USD 1.0bln. Global offshore capex is USD 7.0bln. (Chevron)

Meta Platforms (META) - Brussels plans an antitrust probe into Meta over integrating “Meta AI” into WhatsApp, using traditional competition law, FT reports. Italian authorities are already investigating related conduct. The move comes alongside other EU actions against Alphabet (GOOG), Amazon (AMZN) and Microsoft (MSFT), and follows US criticism of EU tech rules and Meta’s recent USD 1.6tln antitrust win in the US. (FT)

PVH Corp. (PVH) - PVH shares slipped 2.6% in extended trading as the company issued downbeat quarterly forecasts citing macroeconomic and global trade uncertainties, and guiding Q4 earnings and revenue below market expectations. Q3 EPS 2.83 (exp. 2.54), revenue USD 2.29bln (exp. 2.28bln). CEO cited outperformance across revenue, operating margin and EPS, with Calvin Klein and Tommy Hilfiger seeing category growth, strong APAC DTC performance and healthy inventory levels, though Europe remained tougher. Sees Q4 EPS between 3.20–3.35 (exp. 3.61) and Q4 revenue up low single digits (exp. USD 2.46bln). Narrows FY25 EPS outlook to 10.85–11.00 (exp. 10.88) and maintains constant-currency revenue and operating-margin outlook, now expecting reported revenue up low single digits. (Bloomberg)

Salesforce (CRM) - Salesforce shares rose 2.4% in extended trading, after an earnings beat and stronger-than-expected revenue guidance outweighed a slight revenue miss. Q3 EPS 3.25 (exp. 2.86), revenue USD 10.26bln (exp. 10.27bln). Subscription & support revenue +10% Y/Y at USD 9.7bln; cRPO +11% Y/Y at USD 29.4bln; total RPO +12% Y/Y at USD 59.5bln. Agentforce and Data 360 ARR nearly +114% Y/Y at USD 1.4bln, with 9,500 paid Agentforce deals and 3.2trln tokens processed. Management highlighted strong pipeline momentum and noted that the lowest-cost LLMs are generating the best outcomes, with 90% of Forbes Top 50 AI companies using Salesforce. Sees Q4 EPS 3.02–3.04 (exp. 3.04) and Q4 revenue between USD 11.13–11.23bln (exp. 10.9bln). Raises FY26 EPS view to between 11.75–11.77 (exp. 11.38), and FY26 revenue view to between USD 41.45–41.55bln (exp. 41.25bln); organic revenue view narrowed to USD 41.15–41.25bln, owing to FX headwinds. Expects nearly USD 15bln in operating cash flow for the year. (Bloomberg)

Snowflake (SNOW) - Snowflake shares fell 8.7% in extended trading as its weaker-than-expected operating margin outlook heightened investor concerns over the profitability of new AI tools. Q3 adj. EPS 0.35 (exp. 0.31), revenue USD 1.21bln (exp. 1.18bln). Product revenue +29% Y/Y at USD 1.16bln; RPO +37% Y/Y at USD 7.88bln. Management highlighted strong AI-driven adoption, noting Snowflake Intelligence posted the fastest ramp in company history. The firm announced it doubled AWS Marketplace transaction growth Y/Y to surpass USD 2bln in annual sales. Sees Q4 product revenue between USD 1.195–1.200bln and Q4 operating margin of 7% (exp. 8.5%). Raises FY25 product revenue outlook to USD 4.446bln (prev. saw 4.395bln). To add, Snowflake and Anthropic agreed a USD 200mln multi-year partnership to integrate Claude into Snowflake for 12,600+ customers and drive joint global AI agent deployment. Accenture and Snowflake expanded their collaboration with a new business group to help enterprises scale generative AI, using Snowflake Intelligence, Cortex AI and Accenture’s AI Refinery. (Bloomberg)

Warner Bros. Discovery (WBD), Paramount Skydance (PSKY) - Paramount Skydance more than doubled its proposed breakup fee in an offer to acquire Warner Bros. Discovery, raising it from USD 2.1bln to USD 5bln. The fee would be payable if a deal were agreed but not completed, signalling confidence the merger could clear regulatory review, according to sources cited by Bloomberg. (Bloomberg)

04 Dec 2025 - 07:04- MetalsResearch Sheet- Source: Newsquawk