Newsquawk Daily European Equity Opening News - 4th November 2025

ASIA

APAC stocks were mostly subdued following the mixed lead from Wall St, where the majority of sectors declined but tech outperformed amid strength in some of the mega-caps following deal announcements. ASX 200 was softer with the downside led by the utilities, materials, mining and resources industries, while participants also awaited the RBA decision in which the central bank kept the Cash Rate unchanged at 3.60%, as expected. Nikkei 225 swung between gains and losses with participants indecisive on return from the extended weekend and alongside a quiet calendar. Hang Seng and Shanghai Comp were lacklustre amid quiet pertinent catalysts and after a report that Trump admin officials torpedoed NVIDIA's push to export AI chips to China. Nonetheless, the downside was limited amid a slew of comments from the Beijing officials at the Global Financial Leaders' Investment Summit in Hong Kong, including from the PBoC's Deputy Governor, who stated they will enhance Hong Kong's status as a global financial centre and will strengthen policy support.

AI - China offers tech giants cheap power to boost domestic AI chips, according to FT. (FT)

Nintendo (7974 JT) - 6-month Net Profit 198.94bln (prev. 108.66bln Y/Y); raises guidance, sees FY Op. Income JPY 370bln (prev. guided 320bln); sees FY Switch 2 Sales 19mln units; raises dividend payout ratio to 60% (prev. 50%). (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.30% at 5,679, Dax 40 +0.63% at 24,110, FTSE 100 -0.16% at 9,701, CAC 40 -0.14% at 8,110, FTSE MIB +0.11% at 43,223, IBEX 35 +0.03% at 16,037, PSI +0.23% at 8,446, SMI +0.07% at 12,243, AEX -0.05% at 971.

SECTORS: IT 1.18%, Consumer Stpl 0.37%, Energy 0.24%, Industrials 0.19%, Financials 0.15%, Consumer Disc 0.10%, Utilities 0.07%, Healthcare -0.51%, Materials -1.20%, Telecoms -1.42%

FTSE 100

UK Budget - In a rare pre-budget press conference today [08:10 GMT], UK Chancellor Reeves will insist she will take the required steps to right public finances for "years to come", according to The Telegraph. The article suggests she will indicate that she is prepared to break Labour’s manifesto promise not to raise income tax. Those briefed on the speech suggest that Reeves will outline big-picture arguments rather than revealing policy decisions. Elsewhere, UK PM Starmer informed Labour MPs at a private meeting that the budget would be determined by "tough but fair decisions", adding that the backdrop to the fiscal update was "worse than even we feared". The article frames it as increasing speculation of income tax rises, by Starmer saying they would reject austerity and protect the NHS. (FT)

OTHER UK COMPANIES

BROKER MOVES

DAX

OTHER GERMAN COMPANIES

Evonik (EVK GY) - Q3 (EUR): Sales 3.39bln (exp. 3.47bln), Adj. EBITDA 448mln (exp. 474.1mln). FY Outlook: Adj. EBITDA 1.9bln (exp. 1.89bln). Elsewhere, Evonik expands polyamides production in China, doubling capacity for Long-Chain Polyamides. (Evonik)

Hugo Boss (BOSS GY) - Q3 (EUR): Group sales 989mln (prev. 1.029bln Y/Y), Asia sales 101mln (prev. 101mln Y/Y), confirms FY25 sales and EBIT outlook to align near low end of guidance ranges. (Hugo Boss)

Nordex (NDX1 GY) - Q3 (EUR) Sales 1.70bln (prev. 1.67bln Y/Y), EBITDA 135.9mln (prev. 71.5mln Y/Y). Upgrades EBITDA Margin guidance to 7.5-8.5% (prev. guided 5-7%). (Nordex)

Nemetschek (NEM GY) - Q3 (EUR): Revenue 293.1mln (exp. 291.4mln), EPS 0.48 (exp. 0.46). Reconfirms outlook. (Nemetschek)

BROKER MOVES

CAC

Edenred (EDEN FP) - Edenred unveils Amplify25-28, its new strategic plan. Over the duration of its plan, Edenred aims an EBITDA organic growth of between +8% and +12%. (Edenred)

French stocks - French Socialist Party Olivier said his party will give the government additional time to come up with a budget it deems acceptable before deciding whether to use its power in parliament to topple the administration, according to Bloomberg.

OTHER FRENCH COMPANIES

Avyens (AYV FP) - Co. holders offer to sell 87mln shares, according to Bloomberg. (Bloomberg)

Biomerieux (BIM FP) - Q3 (EUR): Total sales 948.1mln (prev. 968.7Y/Y), expects FY25 sales to grow between 5.5-6.5% (prev. 6-7.5%). (Biomerieux)

Valneva (VLA FP) - Announced positive results of its Phase 1 clinical trial investigating the safety and immunogenicity of VLA1601, its second-generation adjuvanted inactivated vaccine candidate against the Zika virus (ZIKV). (Valneva)

BROKER MOVES

Capgemini (CAP FP) resumed coverage with a Buy at Citi

PAN EUROPE

Autos / Chips - Chinese Commerce Ministry says regarding Nexperia, that it urges the Dutch government to stop interfering company affairs, adds will resolutely safeguard rights and interests of firms. Says: Dutch government has not demonstrated a constructive attitude and actions, and escalated the global supply chain crisis despite China's reasonable demands. Netherlands should bear the full responsibility of turmoil and chaos in the global semiconductor production and supply chain.

ACS (ACS SM) - Through CPB Contractors, CIMIC has been awarded a Government contract to deliver the Gateway to Bruce Upgrade. (ACS)

Heineken (HEIA NA) - Co. successfully places EUR 1.3bln of notes, two tranches of 5.7year and 20-year notes. (Heineken)

Philips (PHIA NA) - Q3 (EUR): Sales 4.3bln (exp. 4.32bln). Reiterates full-year 2025 outlook, with margin now expected at the upper end of 11.3-11.8% range. (Philips)

Stellantis (STLAM IM/ STLAP FP) - Sales of new cars in Italy at +4.45% Y/Y. (Stellantis)

Telefonica (TEF SM) - Q3 (EUR): Net Income 276mln, -1.8% Y/Y, Revenue 8.96bln (exp. 8.95bln), EBITDAaL 2.42bln -3.4% Y/Y. Confirms guidance and dividend commitment for 2025. (Telefonica)

BROKER MOVES

Ryanair (RYA ID) upgraded to Buy from Hold at Peel Hunt

SMI

Alcon (ALC SW) - Co. plans to initiate an outreach to STAAR stockholders and present key considerations to support the proposed acquisition of STAAR. (Alcon)

Novartis (NOVN SW) - New Novartis data at ASN Kidney Week and AHA Scientific Sessions demonstrate momentum of broad CRM portfolio and pipeline. (Novartis)

UBS (UBSG SW) - Chairman says Switzerland is facing a threat to global wealth management from centres like Hong Kong and Singapore. (Newswires)

OTHER SWISS COMPANIES

Geberit (GEBN SW) - 9M (CHF): Net Sales 2.44bln, +2.0% Y/Y. Sales in the Far East/Pacific region (-6.0%) were down on the previous year due to the continuing decline in the Chinese market and despite significant growth in India. “The impacts of the US tariffs are not material for Geberit”. Affirms guidance. (Geberit)

BROKER MOVES

SCANDINAVIA

Aker (AKER NO) - Q3 (NOK): Net asset value 67.5bln (prev. 66.5bln Q/Q), Board approves an additional cash dividend of 26.50/share to be paid in Q4. (Aker)

Bakkafrost (BAKKA NO) - Q3 (DKK): Operating Revenue 1.686bln (prev. 1.737bln Y/Y), Operational EBIT 22mln (prev. 173mln Y/Y). (Bakkafrost)

Coloplast (COLOB DC) - Q4 (DKK): Revenue 6.69bln (exp. 7.04bln), Adj. EBIT 1.95bln (exp. 1.93bln). FY 2025/26 guidance: around 7% organic revenue growth and around 7% EBIT growth in constant currencies. (Coloplast)

Nokia (NOKIA FH) - Co. announced its plans to delist from the Paris Stock Exchange, following a review of trading volumes, costs and administrative requirements. Delisting to come into effect in the next three months. (Nokia)

Orsted (ORSTED DC) - Entered into an agreement to divest a 50% stake in Hornsea 3 to Apollo. Total transaction value is DKK 39bln, project investment remains in a DKK 70-75bln range. Transaction expected to close by end-2025. (Orsted)

Skanska (SKAB SS) - Co. invests EUR 74mln in a project in Poznan Poland. (Newswires)

SSAB (SSABB SS) - Co. to target 65% premium offering by 2030, estimates EBITDA at SEK 23bln after 2030. (SSAB)

BROKER MOVES

US

CLOSES: SPX +0.17% at 6,852, NDX +0.44% at 25,973, DJI -0.48% at 47,337, RUT -0.33% at 2,471

SECTORS: Materials -0.56%, Consumer Staples -0.47%, Financials -0.43%, Industrials -0.42%, Communication Services -0.32%, Energy -0.19%, Real Estate -0.16%, Utilities +0.06%, Health +0.13%, Technology +0.39%, Consumer Discretionary +1.70%.

Hims & Hers Health (HIMS) - Shares rose 3.4% in extended trading after it said it is in preliminary talks with Novo Nordisk (NVO) to sell its upcoming obesity pill on Hims’ telehealth platform, though no definitive agreement has been reached and a deal may not materialise. HIMS reported Q3 EPS 0.06 (exp. 0.10), Q3 revenue of USD 599.0mln (exp. 579.9mln). CEO said platform growth continues with new specialties, partnerships, and global expansion. Hims & Hers expects a temporary pause in Y/Y margin expansion, citing Q4 and 2026 investments aimed at scaling new categories, expanding in new markets, and increasing subscriber value through partnerships. Sees Q4 revenue USD 605-625mln (exp. 629.6mln) and adjusted EBITDA USD 55-65mln. Backs FY25 revenue USD 2.335-2.355bln (exp. 2.34bln) and adjusted EBITDA USD 307-312mln.

Palantir Technologies (PLTR) - Palantir's record Q3 results underscored strong AI-driven growth and broad enterprise adoption, but investor enthusiasm cooled as the firm’s valuation and growth trajectory prompted caution, seeing its shares slip by over 6% in extended trading. Management’s bullish tone on retail participation and expanded AI offerings contrasted with market concerns over slowing momentum and sustainability of recent contract-driven gains, reports suggested. It posted Q3 EPS of 0.21 (exp. 0.17), Q3 revenue of USD 1.18bln (exp. 1.09bln). Sees Q4 revenue between USD 1.327-1.331bln (exp. 1.19bln), and Q4 adj. income from operations between USD 695-699mln. FY revenue is seen between USD 4.396-4.400bln (exp. 4.15bln), and FY adj. income from operations between USD 2.151-2.155bln.

Starbucks (SBUX) - Starbucks will form a USD 4bln joint venture with Boyu Capital to operate its China locations, with Boyu holding up to 60% and Starbucks retaining 40% alongside brand and IP licensing rights. The deal, pending regulatory approval, aims to revitalise the China business, which has faced pandemic-related disruptions and strong local competition.

Vertex Pharmaceuticals (VRTX) - Vertex posted a mixed Q3, as older cystic fibrosis drug Trikafta drove most of the sales beat, while newer treatment Alyftrek underperformed; its gene-editing therapy Casgevy and pain drug Journavx also missed expectations, though overall revenue and EPS exceeded forecasts, while it raised the lower end of its FY25 sales outlook. Q3 adj. EPS 4.80 (exp. 4.58), Q3 revenue USD 3.08bln (exp. 3.06bln). CEO said strong CF results, global CASGEVY momentum, and JOURNAVX launch drove growth, with progress in R&D including povetacicept trials and preparations for accelerated approval and new launches.

04 Nov 2025 - 06:59- EquitiesResearch Sheet- Source: Newsquawk