Newsquawk Daily European Equity Opening News - 7th November 2025

ASIA

APAC stocks were mostly lower as the region took its cue from the risk-off mood stateside, where sentiment was weighed on by weak US labour market proxies and AI concerns, while sentiment was also not helped by weak Chinese trade data. ASX 200 was led lower by weakness in tech and the top-weighted financial industry, with the latter pressured as Macquarie shares retreated on earnings disappointment. Nikkei 225 briefly fell beneath the 50,000 level after recent tech woes, currency strength and disappointing Household Spending data. Hang Seng and Shanghai Comp conformed to the downbeat mood after the PBoC's open market operations resulted in the largest weekly drain since early 2024 and as participants awaited Chinese trade data which ultimately showed a surprise contraction in exports, while it was also reported that the US is to block NVIDIA's sale of scaled-back AI chips to China.

Chinese data - Chinese Trade Balance (USD) (Oct) 90.07B vs. Exp. 95.6B (Prev. 90.45B); Exports YY -1.1% vs. Exp. 3.0% (Prev. 8.3%); Imports YY 1.0% vs. Exp. 3.2% (Prev. 7.4%).

Trade - Discrepancies have emerged over the details of China's agreement with the US to pause rare-earth export restrictions, via Nikkei; Washington says past controls will also be eliminated, a condition that has not been announced by Beijing. (Nikkei)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -1.10% at 5,607, Dax 40 -1.27% at 23,744, FTSE 100 -0.42% at 9,736, CAC 40 -1.36% at 7,965, FTSE MIB -0.85% at 43,069, IBEX 35 +0.12% at 16,118, PSI -1.26% at 8,377, SMI -0.56% at 12,294, AEX -1.01% at 961.

SECTORS: Healthcare 0.50%, Utilities 0.28%, Materials -0.07%, Telecoms -0.13%, Financials -0.28%, Energy -0.43%, Consumer Stpl -0.56%, Consumer Disc -1.12%, Industrials -1.73%, IT -2.16%

FTSE 100

IAG (IAG LN) - Co. approves a gross interim dividend of EUR 0.048/shr. (IAG)

UK Budget - UK Chancellor Reeves has told the Budget watchdog that she plans to increase income tax as she seeks to repair the public finances, according to The Times. The chancellor is considering a 2p rise in income tax and a 2p cut in national insurance in an attempt to shift the burden of tax rises away from workers and on to other groups such as pensioners and landlords. She is considering limiting the national insurance cut to earnings below GBP 50,270, reducing the rate from 8% to 6%. Earnings over GBP 50,270 would still be subject to a 2% rate to ensure that those with the “broadest shoulders” bear the biggest burden. (The Times)

UK Cash ISA - UK Chancellor Reeves considers less dramatic cut to UK's annual cash ISA allowance, via FT. The government is also encouraging ISA providers to revamp their stocks-and-shares savings products. In recent weeks, the Treasury has privately floated a level of GBP 12,000 a year, down from the current GBP 20,000 but higher than Reeves’ initial GBP 10,000 proposal. Officials said they had not ruled out still halving the allowance, but the talks come after building societies raised concerns, warning that cutting cash-based individual savings accounts could hamper mortgage lending. (FT)

OTHER UK COMPANIES

ITV (ITV LN) - Comcast (CMCSA) reportedly in talks to buy ITV's (ITV LN) broadcasting arm, according to Bloomberg, may be valued at USD 2bln

BROKER MOVES

Weir (WEIR LN) downgraded to Neutral from Buy at Goldman Sachs

DAX

Bayer (BAYN GY) - Co. appoints Dr. Judith Hartmann to become new CFO replacing Wolfgang Nickl on June 1st 2026, following his planned retirement. (Newswires)

Daimler Truck (DTG GY) - Q3 (EUR): Revenue 10.6bln (exp. 11.6bln), adj. Group EBIT 716mln (exp. 729mln), adj. Return on sales 6.3% (exp. 6.3%), EPS 0.57 (exp. 0.68), confirms FY25 adj. EBIT outlook between 3.6-4.1bln. (Daimler Truck)

SAP (SAP GY) - Co. to offer concessions shortly to settle EU antitrust investigation, according to Reuters citing sources. EU antitrust regulators are expected to seek feedback from rivals and customers in the coming weeks. EU regulators conducted an informal market test of SAP concessions a few months ago, and an offer is likely to be accepted. SAP says it trusts the European Commission will bring the investigation to a quick and fair close.

OTHER GERMAN COMPANIES

Hensoldt (HAG GY) - 9M (EUR): Revenue 1.53bln (prev. 1.37bln Y/Y), Order Intake 2.017bln (prev. 1.85bln Y/Y). FY Outlook: Revenue 2.5bln (exp. 2.54bln, prev. guided 2.5-2.6bln), Adj. Margin 18% or “higher” (prev. guided approx. 18%). Confirms medium term targets. (Hensoldt)

BROKER MOVES

CAC

Euronext (ENX FP) - Q3 2025 (EUR): Revenue 438.1mln (exp. 439.3mln), Adj. EBITDA 276.7mln (exp. 269.6mln), Net profit 149.7mln (exp. 144.8mln); will launch a share repurchase programme up to EUR 250mln on November 18th. (Newswires)

Orange (ORA FP) - Co. has successfully completed a EUR 5bln bond issuance, to be sold in 5 tranches. (Orange)

Renault (RNO FP) - Co. exec says Co. is not planning any stop to production as a result of supply chain uncertainty linked to Nexperia situation. Trend is improving at the moment regarding visibility on supplies between now and end of the year, even if there are risks.

OTHER FRENCH COMPANIES

Arkema (AKE FP) - Q3 (EUR): Adj. EPS 1.04 (exp. 1.20), sales 2.187bln (exp. 2.172bln), EBITDA 310mln (exp. 306mln), expects FY25 EBITDA between 1.25-1.30bln (prev. guided 1.30-1.40bln). (Arkema)

BROKER MOVES

PAN EUROPE

Amadeus (AMS SM) - 9M (EUR): Revenue 4.89bln, +6.4% Y/Y, Op. Income 1.41bln, +8.4% Y/Y. Confirms 2025 outlook. (Newswires)

BMPS (BMPS IM) - Q3 (EUR): Revenue 999.7mln (Co. consensus 973mln), NII 543.7mln (Co. consensus 541mln), Net Fees 382.4mln (Co. consensus 378mln). To present new industrial plan during Q1’26. (Newswires)

Cellnex (CLNX SM) - 9M (EUR): Revenue 2.94bln, +5.7% Y/Y. FY Outlook: Revenue 3.95 - 4.05bln (exp. 4.02bln), Adj. EBITDA 3.275 - 3.375bln (exp. 3.33bln). Co. will start its EUR 500mln dividend policy starting with a EUR 250mln payment in January 2026. On top of that Cellnex plans to execute up to EUR 500mln in share buybacks by the end of 2026. (Cellnex)

Dino (DNP PW) - Q3 (PLN): Revenue 8.76bln (exp. 8.94bln), operating profit 622.1mln (exp. 654mln), EBITDA 750mln (exp. 778mln). (Dino)

Defence Names/Damen - Germany has stripped Dutch shipbuilder, Damon, of its lead role on its flagship warship project due to delays and costs. (FT) Of note for Rheinmetall (RHM GY).

EU AI - EU mulls pausing parts of the landmark AI act in the face of US and big tech pressure, according to FT. (FT)

InPost (INPST NA) - Q3 (PLN) Revenue 3.8bln, +49% Y/Y, Adj. EBITDA 1.1bln, +24% Y/Y. Confirms 2025 outlook, but notes that UK Group Adjusted EBITDA margin to be lower YoY on the back of increasing share of the UK. (InPost)

Pirelli (PIRC IM) - Q3 (EUR): Revenue 1.70bln (exp. 1.70bln), Adj. EBIT 277.2mln (exp. 272mln), Net income 136.6mln (exp. 133mln); confirms 2025 guidance provided in July. (Newswires)

Stellantis (STLAM IM/ STLAP FP) - The supply deal with Alliance Nickel (AXN AT) is to be renegotiated following failure to meet contractual milestone dates. (Newswires)

Unipol (UNI IM) - 9M (EUR): Direct insurance income 12.644bln (prev. 11.416bln Y/Y), net profit 961mln (prev. 662mln Y/Y). (Unipol)

BROKER MOVES

ASML (ASML NA) upgraded to Buy from Neutral at Rothschild & Redburn; PT EUR 1200

ArcellorMittal (MT NA) upgraded to Overweight from Neutral at JPMorgan

Voestapline (VOE AV) upgraded to Overweight from Neutral at JPMorgan

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Novo Nordisk (NOVOB DC) / Eli Lilly (LLY) - Senior Trump admin officials announce two deals with Eli Lilly and Novo Nordisk, including lower obesity drug prices; Eli Lilly and Novo Nordisk to get 3yr US tariff reprieve. Nearly all primary care drugs will be available at US net prices and in many cases most favoured nation prices on Trump Rx when it launches in early 2026. Eli Lilly and Novo Nordisk to reduce prices on GLP-1s currently used for diabetes and other covered indications to USD 245/month. Direct-to-consumer GLP-1 drugs to begin at USD 350 on average for injectables, scaling down to USD 250 over next two years. In Medicare and Medicaid, GLP-1s to start at USD 245 for all formulations approved for obesity. Novo-Nordisk will lower prices across all injectable Wegovy and Ozempic medicines in Trump deal. Elsewhere, Weight loss drug, CagriSema, has shown to significantly reduce blood pressure and has anti-inflammatory effects while reducing the proportion of patients at risk of developing heart disease in phase 3 trial. (Newswires / Novo Nordisk)

Sparebanken Norge (SBNOR NO) - Q3 (NOK): NII 2.76bln (exp. 2.69bln), pretax profit 2.303mln (exp. 2.188mln). (Sparebanken Norge)

BROKER MOVES

Boliden (BOL SS) upgraded to Outperform from Sector Perform at RBC

UPM-Kymmene (UPM FH) downgraded to Underweight from Overweight at JP Morgan

US

CLOSES: SPX -1.12% at 6,720, NDX -1.91% at 25,130, DJI -0.84% at 46,914, RUT -1.88% at 2,417.

SECTORS: Energy +0.88%, Health +0.19%, Consumer Staples -0.26%, Financials -0.32%, Materials -0.40%, Industrials -0.41%, Utilities -0.43%, Real Estate -0.43%, Communication Services -0.67%, Technology -2.00%, Consumer Discretionary -2.50%.

Airbnb (ABNB) - Airbnb shares rose 5.2% in extended trading on a revenue beat, stronger-than-expected bookings and upbeat Q4 guidance that signalled resilient travel demand. It reported Q3 EPS of 2.21 (exp. 2.31), revenue of USD 4.10bln (exp. 4.08bln), GBV of USD 22.9bln (exp. 21.69bln). Q4 revenue seen between USD 2.66-2.72bln (exp. 2.7bln), GBV up low double digits Y/Y, nights/seats mid-single-digit growth, long-term tax rate to fall from 2026.Boeing (BA) - Kazakhstan's Air Astana commits to ordering five 787-9s, with options and purchase rights for ten more, expanding its long-haul fleet pending finalisation at the C5+1 Summit. (Newswires)

DraftKings (DKNG) - DraftKings shares fell 8.7% in extended trading after weaker-than-expected Q3 revenue overshadowed long-term optimism, despite the company doubling its buyback plan to signal confidence. Q3 revenue USD 1.14bln (exp. 1.20bln), adj. EBITDA -126.5mln (exp. -82.4mln), adj. EPS -0.26 (exp. -0.26). It expanded its share buyback programme to USD 2bln. FY revenue seen between USD 5.9-6.1bln (exp. 6.19bln), FY adj. EBITDA between USD 450-550mln (exp. 729.2mln). CEO said he is “most bullish” on the company’s future. (Newswires)

Deere & Co. (DE) - Kazakhstan signed a USD 2.5bln 5yr strategic agreement with John Deere to expand agricultural machinery production, maintenance infrastructure, spare-parts supply chains and digital technologies, alongside engineer training and deeper localisation. The deal formalises earlier cooperation with AgromashHolding KZ, which has produced 292 units worth 37.6 bln tenge since May. (Newswires)

Flight - US President Trump's administration finalised flight cuts to start at 4% on Friday and will ramp up to 10% on November 14th. (Newswires)

NVIDIA (NVDA) - NVIDIA’s scaled-down B30A AI chip reportedly cannot be sold to China after the White House blocked approvals, The Information reports, citing concerns despite samples already reaching Chinese customers. (Newswires)

Take-Two Interactive (TTWO) - Shares fell 6.4% in extended trading on a profit miss, and an announcement that key release GTA6 will be delayed. Q2 EPS -0.73 (exp. -0.63), revenue USD 1.77bln (exp. 1.73bln). It confirmed Rockstar will release Grand Theft Auto VI on November 19th, 2026 (prev. it had expected to release the game in May 2026). TTWO said record fiscal 2027 net bookings are expected to establish a new baseline for profitability. Q3 EPS seen at -0.35 to -0.49, revenue 1.57-1.62bln; FY EPS -1.90 to -2.25 (exp. -2.00), revenue seen between USD 6.38-6.48bln (exp. 6.2bln). (Newswires)

Tesla (TSLA) - Tesla shareholders approved Musk’s pay plan, worth up to USD 1tln, with over 75% support, securing his AI- and robotics-focused strategy; the package ties awards to milestones including 20mln vehicle deliveries, 1mln robotaxis, 1mln robots and valuation targets rising to USD 8.5tln. CEO Musk said CyberCab production will start in April, chips to come from TSMC (TSM) sites in Taiwan, Texas and Arizona plus Samsung Korea; the automaker will need a massive chip factory and may work with Intel (INTC); he added that semi production will begin next year. (Newswires)

OpenAI - CEO Altman says we do not have or want government guarantees for Open AI data centres. (Newswires)

Warner Bros Discovery (WBD), Comcast (CMCSA) - Comcast has hired Goldman Sachs (GS) and Morgan Stanley (MS) and gained access to Warner Bros Discovery’s data room, as it evaluates a potential bid for the company’s studio and streaming assets, Reuters reports. WBD began reviewing options after receiving multiple unsolicited offers from Paramount Skydance (PSKY), while Netflix (NFLX) has also hired advisers to explore a possible offer, the report notes. (Reuters)

07 Nov 2025 - 06:57- Research Sheet- Source: Newsquawk