Newsquawk Daily European Equity Opening News - 5th November 2025

ASIA

APAC stocks were mixed after an early sell-off following the losses stateside, where tech underperformed amid valuation concerns. ASX 200 was rangebound as resilience in defensives and the top-weighted financial sector provided a cushion. Nikkei 225 suffered heavy losses and briefly fell beneath the 50,000 level with the downturn led by tech-related stocks. KOSPI collapsed alongside the tech bloodbath, which prompted the Korea Exchange to briefly trigger sidecars on the KOSPI and KOSDAQ. Hang Seng and Shanghai Comp are mixed after paring most of their earlier losses following somewhat mixed Chinese RatingDog Services and Composite PMI data in which the former marginally topped estimates, but the composite figure slowed, while both the US and China made adjustments to their tariffs following last week's Trump-Xi talks.

Chinese data - Chinese RatingDog Composite PMI (Oct) 51.8 (Prev. 52.5); Services PMI (Oct) 52.6 vs. Exp. 52.5 (Prev. 52.9)

Nippon Steel (5401 JT) - 6-month (JPY) net loss 113.4bln (prev. profit 243.4bln Y/Y)

Toyota (7203 JT) - 6-month (JPY) net fell 7% Y/Y to 1.77tln, rev. 24.6tln (prev. 23.3tln Y/Y). Raises FY oper. profit forecast to 3.4tln from 3.2tln.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.26% at 5,665, Dax 40 -0.77% at 23,946, FTSE 100 +0.14% at 9,715, CAC 40 -0.52% at 8,068, FTSE MIB +0.09% at 43,262, IBEX 35 +0.00% at 16,036, PSI -0.24% at 8,426, SMI +0.44% at 12,289, AEX -0.18% at 969.

SECTORS: Healthcare 0.91%, Consumer Stpl 0.79%, Utilities 0.69%, Financials 0.06%, Energy -0.38%, Materials -0.97%, Consumer Disc -0.99%, Industrials -1.00%, Telecoms -1.13%, IT -1.30%

FTSE 100

Anglo American (AAL LN) - EU antitrust regulators said that MMG’s (1208 HK) plan to buy co.’s nickel business in Brazil could enable MMG to divert ferronickel from EU markets and hurt EU stainless steel production. (Newswires)

IHG (IHG LN) - Co. ,in partnership with Ristia group, signs Hotel Indigo Balu Ubud. (IHG)

Energy Names - UK Chancellor Reeves is reportedly considering cutting funding set aside to improve the energy efficiency of homes in order to fund a reduction in household energy bills. (Guardian)

Insurance Names - UK Chancellor Reeves will, on Wednesday, urge some of the largest insurance firms to invest more in the UK, via FT; set to meet with Lloyds of London, Hiscox (HSX LN) and Convex. (FT)

Unilever (ULVR LN) - Co’s spinoff unit, Magnum, will begin trading on December 8, according to Bloomberg citing a statement. (Bloomberg)

OTHER UK COMPANIES

BROKER MOVES

Segro (SGRO LN) assumed with Buy at Berenberg

London Metric Property (LMP LN) assumed with Buy at Berenberg

Tritax Big Box (BBOX LN) assumed with Buy at Berenberg

British Land (LAND LN) resumed with Buy at Berenberg

DAX

BMW (BMW GY) - Q3 2025 (EUR): Revenue 32.3bln (exp. 33.8bln), Automotive EBIT margin 5.2% (Reuters exp. 4.9%/ Bloomberg exp. 5.33%), EBIT 2.26bln (Reuters exp. 2.26bln/ Bloomberg exp. 2.34bln), Net 1.7bln (exp. 1.5bln). Guidance Still sees FY Automotive EBIT margin between 5-6% (exp. 5.54%) "The outlook also includes measures designed to mitigate the impact of higher tariffs." "In the 2025 financial year, the BMW Group now expects the EBIT margin to decrease by around 1.5 percentage points in the Automotive segment due to higher tariffs." US Tariff Commentary: "the third quarter was impacted by higher customs expenses attributable primarily to additional tariffs in the USA but also to EU anti-subsidy tariffs on battery-powered electric vehicles imported from China." "The tariffs reduced the EBIT margin in the Automotive segment for the first nine months of the year by approximately 1.5 percentage points." "higher customs expenses attributable to additional tariffs in the USA as well as to EU anti-subsidy tariffs had a negative impact." Other Commentary: Expenditure on R&D and investments significantly reduced. CFO says in Q4, Co. expects further cost reductions as well as lower R&D spending and capex. (BMW)

Fresenius (FRE GY) - Q3 (EUR): Revenue before special items 5.48bln (exp. 5.496bln), EBIT before special items 574mln (exp. 562mln), raises FY25 currency-constant EBIT growth to 4-8% (prev. 3-7%). (Fresenius)

Siemens Healthineers (SHL GY) - Q4 (EUR): Revenue 6.322bln (exp. 6.451bln), adj. EBIT 1.098bln (exp. 1.128bln), proposes FY25 dividend of 1.00/shr (prev. 0.95/shr Y/Y), expects FY26 comparable revenue growth to between 5-6%. (Siemens Healthineers) Shares -3.6% in pre-market trade

Qiagen (QIA GY) - Co. announces CEO transition plan and initiates successor search for CEO position and is to acquire Parse Biosciences for USD 225mln in cash. Q3 (USD): Adj. EPS 0.61 (exp. 0.58). Sales 533mln (exp. 526mln). FY adj. EPS view 2.38 (exp. 2.34, prev. 2.28).

OTHER GERMAN COMPANIES

Evotec (EVT GY) - 9M (EUR): Revenue 535.1mln, +7.1% Y/Y. Outlook: Adj. EBITDA 30-50mln (exp. 35mln), Revenue 760-800mln (exp. 784.6mln). Signing of landmark industry transaction with Sandoz on 04 November, resulting in payments potentially over USD 650 m plus royalties on portfolio of up to 10 biosimilar molecules. Shares +10% in pre-market trade

Kontron (KTN GY) - 9M (EUR): EBITDA 194mln (prev. 141mln Y/Y), Op. EBITDA Margin 12.5% (prev. 11.7% Y/Y). 2025 guidance confirmed. (Kontron)

Vonovia (VNA GY) - 9M (EUR): Adj. EBITDA 2.11bln (prev. 1.98bln Y/Y). Confirms 2025 guidance, with further EBITDA growth of approx. EUR 200mln exp. in 2026. (Vonovia)

BROKER MOVES

Nemetschek (NEM GY) upgraded to Outperform from Neutral at BNP Paribas

CAC

OTHER FRENCH COMPANIES

Biomerieux (BIM FP) - Oxford Nanopore and bioMérieux launch AmPORE-TB, a Research Use Only sequencing-based solution to rapidly characterize drug resistant-tuberculosis. (Biomerieux)

Rubis (RUI FP) - Q3 (EUR): Revenue 1.58bln (prev. 1.63bln Y/Y). 2025 guidance reaffirmed. (Rubis)

BROKER MOVES

PAN EUROPE

Ahold Delhaize (AD NA) - Q3 (EUR): Sales 22.5bln (exp. 22.6bln), EPS 0.65 (exp. 0.61). Confirms 2025 outlook. (Ahold Delhaize)

Bpost (BPOST BB) - Q3 (EUR): Adj. EBIT -3mln (exp. 7mln). FY Adj. EBIT 180mln (exp. 185.2mln). Parcels volumes increased by +2.8% and price/mix impact +0.5%. (Bpost)

Eni (ENI IM) - Co., along with YPF and ADNOC, have signed a USD 12.5bln agreement for the Argentina LNG project. (Eni)

FinecoBank (FBK IM) - Q3 (EUR): Revenue 325.3mln (exp. 318mln), net income 162.7mln (exp. 157mln), raises FY25 revenue outlook. (FinecoBank)

Grifols (GRF SM) - Q3 2025 (EUR): Revenue 1.87bln (exp. 1.85bln), Adj. EBITDA 482mln (exp. 467.7mln); sees FY25 improved revenue guidance at guidance FX rate and reaffirmed FY adj. EBITDA.

Geopols - The Trump administration has developed a range of options for military action in Venezuela, including direct attacks on military units that protect President Maduro and moves to seize control of the country’s oil fields, NYT reports, citing US officials

Vopak (VPK NA) - Q3 (EUR): Revenue 973mln (prev. 978.7mln Y/Y), EBIT 902mln (prev. 894mln Y/Y). Confirming FY 2025 outlook driven by continued strong and resilient portfolio performance, offsetting negative currency translation effects. (Vopak)

BROKER MOVES

SMI

Barry Callebaut (BARN SW) - FY25 (CHF): Sales 14.8bln (exp. 14.74bln), EBIT 703.4mln (exp. 682mln), sees FY26 EBIT recurring growth in the low to mid-single digits. Board to propose a 29/shr dividend, which will be paid around January 14 if approved. (Barry Callebaut)

OTHER SWISS COMPANIES

Galderma (GALD SW) - Galderma receives US FDA approval for Restylane(R) Lyft(TM) for the enhancement of the chin profile. (Galderma)

BROKER MOVES

Geberit (GEBN SW) resumed with Neutral at Bank of America

SCANDINAVIA

Ambu (AMBUB DC) - Q4 (DKK): Adj. EBIT 147mln (exp. 187.8mln), Revenue 1.47bln (exp. 1.51bln). 2025/26 guidance: Organic revenue growth: 10-13%. (Ambu)

Mowi (MOWI NO) - Q3 (EUR): Revenue 1.39bln (exp. 1.53bln), EBIT 112mln (exp. 102.7mln). CEO says Co. is positioned well for further growth. (Mowi)

Novo Nordisk (NOVOB DC) - Q3 (DKK): Net Income 20bln (exp. 20.8bln), Revenue 75bln (exp. 76.7bln), trims guidance; sees FY sales at constant FX +8 to +11% (prev. guided +8 to +14%). Other Metrics (Q3): EBIT 23.68bln (exp. 25.61bln). Gross Margin 76.1% (exp. 81.1%). Drug breakdown (Q3): Total GLP-1 Sales: 36.73bln (prev. 38.36bln Y/Y). Wegovy Sales: 20.35bln (exp. 20.94bln). Ozempic Sales: 30.74bln (exp. 30.52bln). Commentary: "The narrowing of the guidance ranges reflects lowered growth expectations for Novo Nordisk's GLP-1 treatments within diabetes and obesity". (Novo Nordisk)

Nokia (NOKIA FH) - Co. extends its Softbank (9984 JT) partnership as it is selected to supply advanced 4G and 5G radio access equipment in Japan. (Nokia)

Pandora (PNDORA DC) - Q3 2025 (DKK): Sales 6.27bln (exp. 6.35bln), EPS 6.30 (exp. 6.74). FY Guidance: LFL growth 3-4% (prev. guided 4-5%), network expansion 4% (prev. guided 3%), EBIT margin "around" 24% (maintained), organic growth 7-8% (maintained). CEO says, "We are well-geared for the upcoming holiday period and set to reach our targets for the year.” (Pandora)

Sampo (SAMPO FH) - Q3 (EUR): EPS 0.28 (exp. 0.23), pretax profit 866mln (exp. 784mln), raises 2024-2026 operating EPS growth to more than 9% (prev. more than 7%). Co. to launch a new 150mln share buyback programme, funded by the sale of Noba shares. (Sampo)

Teleste (TLT1V FH) - Q3 (EUR): Adj. EBIT 2.3mln (exp. 2.07mln), Sales 34.5mln (exp. 35.1mln). (Newswires)

Vestas (VWS DC) - Q3 (EUR): Revenue 5.3bln (exp. 5.39bln), EBIT Margin 7.8% (prev. 4.5% Y/Y). FY Outlook: Revenue 18.5-19.5bln (exp. 19bln). (Vestas)

BROKER MOVES

US

CLOSES: SPX -1.16% at 6,773, NDX -2.07% at 25,436, DJI -0.53% at 47,086, RUT -1.76% at 2,427.

SECTORS: Consumer Staples +0.53%, Financials +0.51%, Health +0.39%, Real Estate +0.28%, Materials -0.45%, Utilities -0.38%, Energy -0.94%, Industrials -1.13%, Communication Services -1.55%, Consumer Discretionary -1.88%, Technology -2.22%.

AMD (AMD) - AMD's stock fell 3.1% afterhours, with reports suggesting that investors took profits following a strong one-month rally, despite top- and bottom-line beats in the quarter, along with constructive guidance. Q3 EPS 1.20 (exp. 1.16), Q3 revenue USD 9.25bln (exp. 8.70bln). Q3 capex was USD 258mln (exp. 219.7mln), adj. operating income was USD 2.24bln (exp. 2.15bln), and its adj. operating margin was 24% (exp. 24.8%). Data centre revenue was USD 4.34bln (exp. 4.18bln). CEO highlighted record revenue and profitability driven by EPYC, Ryzen, and Instinct AI products. Sees Q4 revenue USD 9.6bln +/- 300mln (exp. 9.2bln) and gross margin 54.5%, excluding potential revenue from Instinct MI308 shipments to China. Separately, according to a filing, Amazon (AMZN) has dissolved its stake in AMD, as of the quarter ending September 30th.

Amgen (AMGN) - Q3 adj. EPS 5.64 (exp. 5.01), Q3 revenue USD 9.6bln (exp. 8.97bln). CEO highlighted strong volume growth and continued investment. Raises FY25 adj. EPS view to 20.60–21.40 (exp. 21.04), and FY revenue view to USD 35.8–36.6bln (exp. 35.66bln), with capex seen between USD 2.2–2.3bln, and share repurchases not to exceed USD 500mln.

Alphabet's (GOOGL) - Google reaches US court settlement to resolve app store antitrust lawsuit by Fortnite maker Epic Games.

Super Micro (SMCI) - Shares fell by almost 10% in extended trading after top- and bottom-line misses in its Q1 report. It reported Q1 EPS of 0.35 (exp. 0.39), Q1 revenue USD 5.02bln (exp. 5.8bln). CEO noted expansion into AI and datacentre infrastructure, with total solutions and highlighted a USD 13bln Blackwell Ultra order book. Sees Q2 EPS between 0.46–0.54 (exp. 0.62), and Q1 revenue between USD 10.0–11.0bln (exp. 7.93bln); FY26 revenue is expected to be at least USD 36bln (exp. 32.2bln).

Lockheed Martin (LMT), Northrop Grumman (NOC), BAE Systems (BA/ LN) - Saudi Arabia’s request to purchase up to 48 F-35 fighter jets has cleared a key Pentagon hurdle, Reuters reports. The proposed multi-billion-dollar deal, still pending cabinet and congressional approval, would mark a major policy shift, testing US commitment to Israel’s qualitative military edge and deepening Riyadh’s defence ties with Washington.

05 Nov 2025 - 06:59- Research Sheet- Source: Newsquawk