Newsquawk Daily European Equity Opening News - 6th November 2025

ASIA

APAC stocks were higher as the region took impetus from the rebound on Wall St, where all major indices gained amid dip buying and following stronger-than-expected ADP and ISM Services data releases. ASX 200 eked mild gains amid strength in miners, but with the upside limited as the top-weighted financials sector lagged after Big Four bank NAB reported a decline in full-year profit. Nikkei 225 rebounded from the prior day's selling and briefly reclaimed the 51,000 level before paring some of its gains. Hang Seng and Shanghai Comp benefitted from the improving US-China trade ties after China’s Commerce Ministry suspended the unreliable entity list announced in April and adjusted its export control lists, while there were comments from US President Trump who reiterated that Chinese President Xi is a good friend.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.15% at 5,697, Dax 40 +0.06% at 24,139, FTSE 100 +0.04% at 9,760, CAC 40 -0.53% at 8,157, FTSE MIB -0.09% at 43,202, IBEX 35 -0.72% at 16,034, PSI +0.73% at 8,446, SMI -0.10% at 12,301, AEX +0.64% at 982

FTSE 100

Rio Tinto (RIO LN) - The Tasmanian Government has secured a 12-month power agreement to support Rio Tinto’s Bell Bay Aluminium smelter while negotiating long-term energy and investment plans. The deal ensures continued operations and safeguards over 550 jobs, with Hydro Tasmania supplying electricity under commercial terms. Federal support will be crucial for the smelter’s long-term sustainability.

UK Banks - UK Chancellor Reeves set to spare UK banks from budget tax raid, FT reports. (FT)

OTHER UK COMPANIES

BROKER MOVES

DAX

Commerzbank (CBK GY) - Q3 (EUR): Revenue 2.939bln (exp. 2.974bln), NII 2.044bln (exp. 2.036bln), sees FY25 NII about 8.2bln (exp. 8.1bln). (Commerzbank)

DHL (DHL GY) - Q3 (EUR): Revenue 20.1bln (exp. 20.1bln), EBIT 1.47bln, +7.6% Y/Y. Confirms outlook, and currently seeing limited impact from de minimis. (DHL)

Lanxess (LXS GY) - Q3 (EUR): Sales 1.34bln (exp. 1.43bln), Adj. EBITDA 125mln (exp. 125.6mln). The economic situation in the customer industries of relevance for us still did not yet show any tangible recovery in the first nine months of 2025. Anticipate a persistently challenging market environment for the chemical industry in the fourth quarter. Narrows FY EBITDA to lower end of 520 - 580mln range. (Lanxess)

Mercedes Benz (MBG GY) - Samsung chair Lee Jae-yong will meet Mercedes-Benz CEO Kallenius in South Korea next week to discuss expanding collaboration in automotive electronics. Talks may cover batteries, semiconductors, and displays as vehicles increasingly integrate IT, transforming into “moving smartphones.” Samsung currently supplies tablet PCs for certain Mercedes models.

OTHER GERMAN COMPANIES

Heidelberg Materials (HEI GY) - Q3 (EUR): Revenue 5.81bln (exp. 5.88bln), Op. Margin 25.9% (prev. 25.2% Y/Y). Positive outlook for the full year 2025 confirmed. (Heidelberg Materials)

Rational (RAAG GY) - Q3 (EUR): Revenue 312mln (exp. 310mln), EBIT 80.9mln (exp. 71mln), confirms FY25 growth and margin guidance. (Rational)

Vallourec (VK FP) - Co. awarded a contract by TotalEnergies (TTE FP) for 48 wells and further volumes for a project in Iraq. (Vallourec)

Zalando (ZAL GY) - Q3 (EUR): Revenue 3.021bln (exp. 2.945bln), net income 12.5mln (exp. 43mln), confirms FY25 guidance; Adj. EBIT 550-600mln (exp. 574.2mln). (Zalando)

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

Elis (ELIS FP) - Co. announces the acquisition of 100% of Lavanderia Hospitalar Acqua Flash Ltda in Brazil. (Elis)

Legrand (LR FP) - 9M (EUR): Revenue 6.97bln (exp. 7.03bln), adj. EBIT 1.44bln (exp. 1.47bln), confirms FY25 outlook; CEO says the co. estimates a negative US tariff impact of 110-130mln, with 70-80mln already accounted for in 9M. (Legrand)

Worldline (WLN FP) - Co. announced 2026 outlook, sees low single digit revenue growth at group level, adj.EBITDA to be slightly lower than 2025 guidance range and FCF near the lower end of 2025 guidance. (Worldline). Elsewhere, Co. reportedly weighing funding options including share sale, according to Bloomberg. (Bloomberg)

BROKER MOVES

PAN EUROPE

ArcellorMittal (MT NA) - Q3 (USD): Sales 15.7bln (exp .15.5bln), Crude Steel Production 13.6Mt (prev. 14.8Mt Y/Y). Are seeing signs of stabilization and are optimistic on the outlook for our business in 2026. positioned to capture the anticipated growth in steel demand over the medium/long-term. (ArcellorMittal)

Bper Banca (BPE IM) - 9M (EUR): Net profit 1.328bln, +19.6% 9M/9M; NII 2.433bln, -3.6% 9M/9M, sees FY25 revenue around 6.4bln (incl. Banco Popolare), merger with Banco Popolare is to be completed by May 2026. (Bper Banca)

IMCD (IMCD NA) - 9M (EUR): Revenue 3.68bln (prev. 3.58bln Y/Y), Gross Profit 927mln (prev. 909mln Y/Y). “Despite the ongoing uncertainties in global trade and tariff discussions, we remain confident in the strength and long-term outlook of our asset-light business model”. (IMCD)

Solvay (SOLB BB) - Q3 (EUR): Sales 1.04bln (exp. 1.06bln), Adj. EBITDA 232mln (exp. 197mln). FY Outlook 880-930mln (exp. 885.6mln). (Solvay)

Santander (SAN SM) - Santander is set to appoint an insider as its next UK chief executive, with group Chief Risk Officer Mahesh Aditya and UK retail and business bank head Enrique Alvarez Labiano shortlisted to replace Mike Regnier, who will step down by Q1 2026, FT reports. Aditya is reportedly seen as the front-runner. (FT)

Telecom Italia (TIT IM) - 9M (EUR): Revenue 10bln, confirms guidance

BROKER MOVES

SMI

OTHER SWISS COMPANIES

Adecco (ADEN SW) - Q3 (EUR): Revenue 5.776bln (exp. 6.01bln), net income 89mln (prev. 99mlnl Y/Y), expects Q4 revenue growth to be in line with Q3. (Adecco)

BROKER MOVES

SCANDINAVIA

Aker BP (AKRBF NO)/ DNO (DNO NO) - Co. 's have entered an agreement to strengthen Aker’s position in the Alvheim area. The deal includes an exchange of ownership interest across several licences and the transfer of operationship for Kjottkake to Aker. (Aker BP)

GN Store Nord (GN DC) - Q3 (DKK): Revenue 3.96bln (exp. 3.99bln), EPS 0.50 (exp. 1.02). Confirms FY guidance. (GN Store Nord)

Metsera (MTSR), Novo Nordisk (NOVOB DC), Pfizer (PFE) - Pfizer plans to increase its offer for Metsera after a judge rejected its attempt to block Novo Nordisk’s USD 10bln bid, according to Reuters. The bidding war for the obesity drug biotech has intensified, with Pfizer raising its proposal to USD 70/shr (USD 8.1bln total), and Novo offering USD 62.20/shr upfront plus USD 24/shr in milestones. Separately, the FTC raised concerns over Novo Nordisk’s proposed acquisition of Metsera, signalling that its two-step deal structure could bypass pre-merger review requirements. While the agency took no formal position on legality, it warned that constraints on Metsera during the deal could limit competition. Pfizer has argued Novo’s offer risks monopolisation.

Salmar (SALM NO) - Q3 (NOK): Revenue 7.85bln (exp .8.51bln), Op. EBIT 711mln (exp. 673.2mln). (Newswires)

Veidekke (VEI NO) - Q3 (EUR): Revenue 10.7bln (exp. 10.4bln, prev. 9.65bln Y/Y), Profit Margin 6.8% (prev. 6.4% Y/Y). Notes that although Veidekke’s order book was strong at the end of Q3 2025, the market outlook remains uncertain, and the construction market is expected to remain challenging going forward. (Veidekke)

Volvo (VOLVB SS) - Co. to target an over 8% long-term EBIT margin through electrification. (Newswires)

BROKER MOVES

US

CLOSES: SPX +0.37% at 6,796, NDX +0.72% at 25,620, DJI +0.48% at 47,311, RUT +1.54% at 2,465

SECTORS: Consumer Staples -0.25%, Real Estate -0.06%, Technology -0.08%, Utilities +0.03%, Energy +0.18%, Financials +0.29%, Industrials +0.40%, Health +0.44%, Materials +0.54%, Consumer Discretionary +1.12%, Communication Services +1.63%.

Arm Holdings (ARM) - Arm’s shares rose +4.4% in extended trading after forecasting revenue above expectations, driven by strong AI-related demand, higher-margin compute subsystem products, and broad growth across smartphones, data centres, and automotive markets. It reported Q2 adj. EPS of 0.39 (exp. 0.34), Q2 revenue of 1.14bln (exp. 1.10bln). Sees Q3 adj. EPS at 0.39 (exp. 0.33), and Q3 revenue at USD 1.23bln (exp. 1.11bln).

Alphabet (GOOG), Anthropic - Google is in early talks to deepen its investment in Anthropic, potentially valuing the AI startup above USD 350bln, Business Insider reports. The deal could involve additional funding, cloud computing support, or a convertible note. Google currently holds a 14% stake, having invested over USD 3bln, while Anthropic also receives backing from Amazon (AMZN).

SoftBank Group (9984 JT) / Marvell (MRVL) - SoftBank reportedly explored a potential takeover of US chipmaker Marvell Technology earlier this year, according to Bloomberg citing people familiar with the matter. SoftBank was eyeing Marvell with the idea of combining it with Arm Holdings (ARM). "While Marvell and SoftBank aren’t currently in active negotiations on a deal, it’s possible the interest could be revived, some of the people said."

Snap Inc. (SNAP) - Snap shares jumped 18% in extended trading after announcing a USD 500mln buyback and strong Q4 revenue guidance; it also revealed a deal with Perplexity AI to integrate the startup’s search capabilities into Snapchat. Q3 EPS -0.06 (exp. -0.12), Q3 revenue USD 1.51bln (exp. 1.49bln). Daily active users +8% Y/Y to 477mln; monthly active users +7% Y/Y to 943mln. Announces stock repurchase programme up to USD 500mln. Snap announced that Perplexity will pay Snap USD 400mln over one year in cash and equity to integrate its AI-powered answer engine into Snapchat's chat interface starting early 2026, giving nearly 1bln users access to AI-driven answers, with revenue from the partnership expected to contribute from 2026. Sees Q4 revenue USD 1.68–1.71bln (exp. 1.69bln), and Q4 adj. EBITDA between USD 280–310mln.

Qualcomm (QCOM) - Qualcomm’s shares fell over 3% in extended trading as investors viewed its strong sales and profit forecast as insufficient to justify elevated expectations following a broad semiconductor rally, while sentiment was additionally weighed on by expectations of reduced chip share in Samsung’s next Galaxy model. Q4 EPS 3.00 (exp. 2.85), Q4 revenue USD 11.27bln (exp. 10.71bln). Exec said enactment of US tax legislation in the One Big Beautiful Bill act resulted in a non-cash charge of USD 5.76bln, or USD 5.29/shr (Q4 GAAP EPS was -2.78); charge was excluded from adj. metrics, but impacted GAAP results. CEO said QCT revenues hit a record in FY25, with total QCT non-Apple revenue +18% Y/Y, Automotive and IoT combined +27%; CEO highlighted strong momentum, the launch of its automated driving stack, and expansion into data centres and advanced robotics. Sees Q1 adj. EPS between 3.30-3.50 (exp. 3.31), and sees Q1 revenue between USD 11.8-12.6bln (exp. 11.62bln).

NVIDIA (NVDA) - Nvidia CEO Jensen Huang said China will win the AI race, telling the FT that the country is only “nanoseconds behind” the US. He urged the US to win by expanding its developer base globally, and warned that excluding China’s AI developers could harm US interests in the long term.

06 Nov 2025 - 06:58- Research Sheet- Source: Newsquawk