Newsquawk Daily European Equity Opening News - 6th August 2025

ASIA

APAC stocks traded somewhat mixed following the subdued handover from Wall St, where the attention was on the various comments from US President Trump and with sentiment dampened amid disappointing ISM Services data. ASX 200 gained at the open with strength in the materials, mining and resources sectors spearheading the advance in the index to a fresh record high. Nikkei 225 pared its opening losses and gradually extended higher amid gains in the heavy industry stocks, while softer-than-expected labour cost data and negative real cash earnings supports the case for the BoJ to continue to refrain from resuming its policy normalisation. Hang Seng and Shanghai Comp were varied in rangebound trade with little fresh drivers and after the PBoC reiterated China's support pledges including to strengthen macroeconomic policy orientation and optimise the environment for policy implementation.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.12% at 5,249, Dax 40 +0.42% at 23,857, FTSE 100 +0.16% at 9,143, CAC 40 -0.14% at 7,621, FTSE MIB +0.11% at 40,744, IBEX 35 +0.12% at 14,403, PSI -0.25% at 7,710, SMI +0.27% at 11,840, AEX -0.19% at 887

SECTORS: Energy 0.93%, Materials 0.51%, Consumer Stpl 0.43%, IT 0.24%, Financials 0.08%, Consumer Disc 0.04%, Healthcare 0.00%, Industrials -0.02%, Telecoms -0.05%, Utilities -0.23% 

FTSE 100

UK Economy - UK Chancellor Reeves needs to raise taxes immediately to fill a GBP 50bln hole in the public finances, according to NIESR via the Telegraph. NIESR's Deputy Director said the scale of tax rises required would be equivalent to a 5p increase to the basic and higher rates of income. (Newswires)

OTHER UK COMPANIES

BROKER MOVES

Taylor Wimpey (TW/ LN) downgraded to Underweight from Equal Weight at Barclays

DAX

Bayer (BAYN GY) - Q2 (EUR): Core EPS 1.23 (prelim 1.23), Adj. EBITDA 2.11bln (prev. 2.11bln Y/Y), Revenue 10.7bln (prelim 10.7bln). On glyphosate litigation: Recognised approx. EUR 1.2bln in additional for the case (previously announced). Notes that the co. has taken thousands of cases off the table through settlements. (Newswires)

Commerzbank (CBK GY) - Q2 (EUR): Net Income 462mln (exp. 352mln), Revenue 3.02bln (exp. 2.96bln), Op. Income 1.17bln (exp. 1.11bln), NII 2.06bln (exp. 2.01bln). Applied a EUR 1bln share buyback. Raises FY25 Net Income 2.9bln (exp. 2.56bln, prev. guided 2.8bln), Expects FY NII around 8bln (exp. 7.99bln). (Newswires) Shares +1.9% in pre-market trade

Fresenius (FRE GY) - Q2 (EUR): EBIT 654mln (exp. 637.7mln), Revenue 5.57bln (exp. 5.62bln). Affirms FY25 EBIT guidance. Raises Organic Revenue growth +5-7% (prev. guided +4-7%). Intends to sell shares of Fresenius Medical Care (FME GY) on a pro rata basis to maintain its current stake of around 28.6% following the announcement of FME GY latest share buyback announcement. (Newswires)

Siemens Energy (ENR GY) - Q3 2025 (EUR): Revenue 9.75bln (exp. 9.72bln), Net 697mln (exp. 445mln), Margin 5.1% (prev. 0.6% Y/Y), Orders 16.6bln primarily due to the turbine unit. Order backlog at 136bln, a record. "able to pay a dividend to our shareholders earlier than expected" (following the earlier decision to lift the dividend ban after exiting the Bund Back Guarantee). Guidance: Trending towards the upper-end of 2025 outlook following Q3 results; reaffirms the raised guidance from Q2. Weightings: 3.60% in the DAX 40; 0.53% in the STOXX 600; 12.09% in the STOXX 600 Energy sector.

Vonovia (VNA GY) - H1 (EUR): EBITDA 984.3mln (prev. 887.2mln Y/Y). Raises FY24 Adj. EBT in range of EUR 1.98-1.95bln (prev. guided 1.70-1.80bln). (Newswires)

Zalando (ZAL GY) - Q2 2025 (EUR): Revenue 2.835bln (exp. 2.808bln), GMV 4.058bln, Adj. EBIT margin 6.5%, Adj. EBIT 185.5mln (exp. 87mln), Net income 96.6mln (exp. 56mln). Adjusts guidance after combination with You; FY CapEx EUR 200-280mln, Revenue 12.1-12.4bln (exp. 11.3bln), adj. EBIT 550-600mln (exp. 503mln). (Newswires) Shares +5.9% in pre-market trade

OTHER GERMAN COMPANIES

Beiersdorf (BEI GY) - Adjusts forecasts for FY25: Now expects organic sales growth of 3-4% in Consumer Business segment (prev. guided 4-6%). Expects Organic Sales Growth of group of around 3% (prev. guided 4-6%), Consumer Business Segment's EBIT Margin exp. to increase by 20bps above prior year's level (prev. guided 50bps). (Newswires) Shares -3.8% in pre-market trade

Kontron (KTN GY) - H1 (EUR): EBITDA 146mln, +78.2% Y/Y. Outlook: Revenue 1.8bln. (Newswires)

BROKER MOVES

CAC

Sanofi (SAN FP) - Completed the acquisition of Vigil Neuroscience. (Newswires)

TotalEnergies (TTE FP) - Launches Quartz car engine oils in India. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Ahold Delhaize (AD NA) - Q2 (EUR): Net Sales 23.1bln, +6.5% Y/Y. Reiterates 2025 outlook. (Newswires)

ABN AMRO (ABN NA) - Q2 (EUR): Net Income 606mln (exp. 561mln), NII 1.53bln (exp. 1.56bln), CET1 Ratio 14.8% (exp. 14.80%). Notes of an impairment charge of EUR -6mln. Interim dividend set at EUR 0.54/shr. Announces EUR 250mln share buyback. (Newswires)

BMPS (BMPS IM) - Q2 (EUR): NII 551.1mln (exp. 540mln), Op. Income 955.7mln (exp. 982mln). Guidance: FY25 Total Revenue 5.5bln (prev. guided 5.4bln), CET1 Ratio 15.1% (prev. guided 15%)(Newswires)

Bper Banca (BPE IM) - Q2 (EUR): Net Profit 460.5mln, NII 814.1mln, CET1 Ratio 16.20%. Sees FY Total Revenue around 5.5bln (prev. guided 5.4bln). (Newswires)

Banco BPM (BAM IM) - Q2 (2025) (EUR): Net Interest Income 785.1mln (exp. 776mln), Net profit 703.8mln. Confirms FY25 Net Result guidance. CFO says no plans to review business plan's targets. (Newswires)

Voestalpine (VOE AV) - Q1 (EUR): Revenue 3.9bln (exp. 4.05bln), EBITDA 361mln (exp. 384.6mln). Against the backdrop, Co. reaffirms guidance. (Newswires)

BROKER MOVES

SMI

OTHER SWISS COMPANIES

BROKER MOVES

Clariant (CLN SW) downgraded to Neutral from Buy at Goldman Sachs

SCANDINAVIA

Novo Nordisk (NOVOB DC) - Q2 2025 (DKK): Revenue 76.9bln (exp. 77bln), Net 26.5bln (exp. 27bln), EBIT 33.45bln (exp. 33.85bln); Wegovy sales 19.53bln (exp. 19.20bln); Wegovy is now launched in 35 countries (prev. around 25 in Q1). Outlook: For the 2025 outlook, sales growth is now expected to be 8-14% at CER, and operating profit growth is now expected to be 10-16% at CER. Sales and operating profit growth reported in Danish kroner is now expected to be 3 and 5 percentage points lower than at CER, respectively. The [already announced] lowered sales outlook for 2025 is driven by lower growth expectations for the second half of 2025, reflecting the persistent use of compounded GLP-1s, slower-than-expected market expansion and competition. The outlook is related to lower growth expectations for Wegovy® in the US obesity market, for Ozempic® in the US GLP-1 diabetes market as well as for Wegovy® in select IO markets. Elsewhere, Novo Nordisk filed 14 new US lawsuits targeting compounders of unapproved semaglutide versions used in Wegovy and Ozempic, accusing them of selling unsafe knockoffs under the guise of personalisation. Defendants include Prism Aesthetics, Mochi Health and Fella Health. The company alleges violations of state medical laws and use of illicit foreign APIs. (Newswires)

Skanska (SKAB SS) - Building nursing home in Oslo for SEK 545mln. (Newswires)

Sampo (SAMPO FH) - Q2 (EUR): EPS 0.16 (exp. 0.13), Pretax 526mln (exp. 451.2mln). Intends to launch EUR 200mln share buyback. (Newswires)

BROKER MOVES

US

CLOSES: SPX -0.49% at 6,299, NDX -0.73% at 23,019, DJI -0.14% at 44,112, RUT +0.60% at 2,226

SECTORS: Utilities -1.05%, Technology -0.91%, Communication Services -0.88%, Financials -0.40%, Health -0.39%, Industrials -0.22%, Consumer Staples -0.15%, Energy +0.11%, Real Estate +0.29%, Consumer Discretionary +0.29%, Materials +0.80%.

Amgen (AMGN) - Q2 adj. EPS 6.02 (exp. 5.26), Q2 revenue USD 9.18bln (exp. 8.93bln). Raised 2025 revenue guidance to up to 35.0-36.0bln (exp. 35.37bln) and lifted the top end of adj. EPS view by 0.10, now sees FY adj. EPS between 20.20-21.30 (exp. 20.90), after strong sales of drugs like Repatha drove a quarterly beat.

Advanced Micro Devices (AMD) - AMD Q2 sales beat estimates, but adj. EPS missed, and it flagged uncertainty over sales of its Instinct MI308 AI chip in China, complicating its otherwise upbeat outlook, and saw its shares fall by 6.6% in extended trading. It reported Q2 adj. EPS of 0.48 (exp. 0.49), Q2 revenue of USD 7.69bln (exp. 7.40bln). Said US government export controls led to USD 800mln in inventory and related charges. Data centre revenue rose 14% Y/Y to USD 3.2bln, while client and gaming segments grew 69% Y/Y to USD 3.6bln. Sees Q3 revenue of USD 8.7bln (exp. 8.31bln), and Q3 gross margins at around 54%; added that the current outlook doesn't include any revenue from AMD Instinct MI308 shipments to China. AMD declined to forecast China revenue due to export restrictions, which weighed on shares.

Disney's (DIS) - ESPN to acquire NFL Network and other NFL media assets in exchange for NFL taking a 10% equity stake in ESPN in a swap valued around USD 3bln, according to Reuters and WSJ. ESPN plans to fully integrate NFL Network into the upcoming ESPN streaming service. (WSJ)

Rivian Automotive (RIVN) - Rivian withdrew its 2025 gross profit target, now expecting breakeven instead of a modest profit, citing cost pressures from Trump’s tariffs and reduced income from environmental credit sales. It reported Q2 adj. EPS of -0.80 (exp. -0.65), and Q2 revenue of USD 1.30bln (exp. 1.28bln). Sees FY adj. EBITDA loss between 2-2.25bln (exp. loss of 1.80bln).

Snap (SNAP) - Snap shares fell 14% in extended trading after it reported slower ad revenue growth, partly blamed on a prior technical issue with its ad-buying platform, Ramadan timing, and reduced Chinese spending. Q2 EPS -0.16 (exp. 0.01), Q2 revenue USD 1.34bln (exp. 1.34bln), Q2 DAUs 469mln (exp. 467.9mln). Ad revenue declined in April due to a platform glitch, with recovery through May. Sees Q3 Adj. EBITDA between USD 110mln-135mln (exp. 111.9mln), Q3 sales between USD 1.48bln-1.51bln (exp. 1.48bln), and sees Q3 DAUs at about 476mln (exp. 476.4mln).

Super Micro Computer (SMCI) - Super Micro missed Q4 revenue and profit estimates, and its shares fell 17.5% in extended trading. Analysts cited market share losses to larger rivals, while Nvidia (NVDA) chip delays and tariffs also impacted results. It reported Q4 adj. EPS of 0.41 (exp. 0.45), Q4 revenue of USD 5.8bln (exp. 6.00bln). Sees Q1 adj. EPS between 0.40-0.52 (exp. 0.59), and Q1 sales between USD 6.0-7.0bln (exp. 6.55bln). For the FY, sees revenue of at least USD 33bln (exp. 30.3bln).

Spirit AeroSystems (SPR) - Q2 adj. EPS -3.34 (exp. -1.25), Q2 revenue USD 1.6bln (exp. 1.81bln). Backlog stood at approximately USD 51bln, covering all commercial platforms in Airbus (AIR FP) and Boeing (BA) backlog. Will not provide guidance or hold a conference call due to the pending merger agreement.

Trump - US President Trump is to make an announcement at 16.30EDT/21:30BST at the Oval Office on Wednesday, according to his public schedule

06 Aug 2025 - 06:57- Research Sheet- Source: Newsquawk