Newsquawk Daily European Equity Opening News - 6th June 2025

ASIA

APAC stocks traded mixed following the subdued handover from the US where a stunning online bust-up between US President Trump and Elon Musk overshadowed the recent call between President Trump and Chinese President Xi in which the leaders agreed to start a new round of talks ASAP. ASX 200 saw two-way, rangebound trade as outperformance in the energy and utilities sectors was counterbalanced by losses in gold miners and the top-weighted financial industry, while a lack of pertinent data releases also contributed to the uneventful picture. Nikkei 225 gained with the index supported by recent currency weakness although further upside was capped following disappointing Household Spending data which showed a steeper-than-feared M/M decline and a surprise Y/Y contraction. Hang Seng and Shanghai Comp were indecisive despite the recent phone call between US President Trump and Chinese President Xi which the White House had been touting throughout the week, while Xi reiterated calls for the US to handle the Taiwan issue with caution.

Nippon Steel (5401 JT) - Deal for US Steel (X) seen closing by merger deadline, according to Bloomberg. (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.03% at 5,407, DAX +0.20% at 24,324, FTSE 100 +0.11% at 8,811, CAC 40 -0.18% at 7,790, AEX +0.16% at 926, IBEX 35 +0.73% at 14,204, FTSE MIB +0.74% at 40,379, SMI +0.21% at 12,324, PSI +0.02% at 7,422.

SECTORS: Materials 0.69%, Financials 0.54%, IT 0.34%, Healthcare 0.26%, Telecoms 0.21%, Industrials 0.18%, Utilities -0.21%, Energy -0.28%, Consumer Stpl -0.36%, Consumer Disc -0.58%

FTSE 100

HSBC (HSBA LN) - HSBC chairman Mark Tucker will step down on September 30th after nearly eight years, to become non-executive chairman of AIA Group. Brendan Nelson will serve as interim chairman, pending regulatory approval, with HSBC to provide further updates on succession, Bloomberg reported. (Bloomberg)

OTHER UK COMPANIES

BROKER MOVES

Chemring (CHG LN) upgraded to Buy from Hold at Berenberg

Legal & General (LGEN LN) downgraded to Hold from Buy at Deutsche Bank

Prudential (PRU LN) upgraded to Buy from Hold at Deutsche Bank

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Airbus (AIR FP) May deliveries 51 and gross orders 0; booked 291 gross aircraft orders in Jan-May. 2025 deliveries to date 243. Booked 215 net aircraft in Jan-May. (Newswires)

Dassault Systemes (DSY FP) - Co. aims to double its EPS by 2029. (Newswires)

Saint Gobain (SGO FP) - Co. appoints Patrick Dupin as COO, effective July 1st. (Newswires)

TotalEnergies (TTE FP) - Co. has defended its strategy after it was accused in a French court of greenwashing by misleading customers about its climate goals. (FT)

OTHER FRENCH COMPANIES

BROKER MOVES

Airbus (AIR FP) downgraded to Neutral from Buy at Citigroup

PAN EUROPE

BROKER MOVES

SMI

OTHER SWISS COMPANIES

BROKER MOVES

Sonova Holdings (SOON SW) upgraded to Hold from Reduce at Kepler Cheuvreux

SCANDINAVIA

BROKER MOVES

Elisa (ELISA FH) downgraded to Neutral from Buy at UBS

US

CLOSES: SPX -0.53% at 5,939, NDX -0.80% at 21,547, DJI -0.25% at 42,320, RUT -0.05% at 2,097.

SECTORS: Consumer Discretionary -2.47%, Consumer Staples -1.20%, Materials -0.57%, Technology -0.40%, Financials -0.26%, Energy -0.16%, Utilities -0.16%, Industrials -0.09%, Health -0.08%, Real Estate -0.07%, Communication Services +0.06%

Broadcom (AVGO) - Q1 2025 (USD): Adj. EPS 1.58 (exp. 1.56), Revenue 15.00bln (exp. 14.91bln). Q3 revenue view 15.8bln (exp. 15.72bln). CEO anticipates fiscal 2025 growth rate of AI semiconductor revenue to sustain into fiscal 2026. Says: In Q3, enterprise networking and broadband are expected to continue growing sequentially. XPU demand may actually accelerate in the back half of 2026 to meet the urgent demand for inference. (Newswires) Shares fell 4.20% after hours.

Tesla (TSLA) - Shares saw significant downside as the souring of the relationship between Trump and Musk continued to escalate. Trump said the [US] bill is incredible and said Musk is upset because they took away the EV mandate. There was plenty of back and forth, but the latest update was Musk accusing Trump of being in the Epstein files. Shares fell 14.3% on Thursday.

06 Jun 2025 - 06:52- EquitiesExclusive- Source: Newsquawk