Newsquawk Daily European Equity Opening News - 8th October 2025

ASIA

APAC stocks traded mixed with demand hampered following the negative handover from the US, where stocks snapped a 7-day win streak as small caps underperformed and with sentiment weighed on by AI-profitability concerns. ASX 200 was rangebound as gains in healthcare and the top-weighted financial industry were offset by underperformance in Tech and Consumer sectors. Nikkei 225 lacked conviction and oscillated around the 48,000 level amid a weaker currency and soft wages data. Hang Seng retreated on return from the holiday closure with tech stocks heavily represented in the list of worst performers, while mainland participants were still away but are set to return from the National Day Golden Week celebrations tomorrow.

Trade - US President Trump says he will meet China President Xi in a few weeks in South Korea

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.33% at 5,610, Dax 40 +0.04% at 24,389, FTSE 100 +0.05% at 9,484, CAC 40 +0.04% at 7,975, FTSE MIB -0.17% at 43,071, IBEX 35 -0.19% at 15,527, PSI -0.75% at 8,117, SMI -0.16% at 12,531, AEX -0.64% at 961

SECTORS: Consumer Disc 0.75%, Consumer Stpl 0.72%, Energy 0.22%, Utilities 0.22%, Materials 0.09%, Telecoms -0.25%, Industrials -0.43%, Healthcare -0.51%, Financials -0.51%, IT -0.83%

FTSE 100

Autos / Jaguar Land Rover - Jaguar Land Rover is set to restart part of its UK manufacturing from Wednesday, following a recent cyber-attack. (FT)

Anglo American (AAL LN) / Teck (TECK) - Anglo American noted that the outcome presented by Teck is consistent with Anglo's own analysis. Overall strategic rationale for merger and timing remain unchanged. In other news, Teck cuts FY25 Copper Production 415Kt (prev. guided 470-525Kt). (Anglo American)

British American Tobacco (BATS LN) - CEO said that making more vape adverts may encourage smokers to switch, via BBC. (BBC)

Hargreaves Lansdown (HL/ LN) - Co-founder Peter Hargreaves is set to step down from the Board and hand his position to his son. (FT)

Glencore (GLEN LN) - Australian government is to provide AUD 600mln over three years in financial support to Glencore's Mount Isa copper smelter. (Newswires)

Lloyds (LLOY LN) / Close Brothers (CBG LN) - FCA issues FCA motor finance redress scheme consultation: Now sufficient clarity to move ahead with compensation scheme; estimates ~85% of eligible consumers would take part in scheme, which would mean estimated redress of GBP 8.2bln Estimates consumers being compensated an average of GBP 700 per agreement. Firms need to start sending final responses to any motor leasing complaint from December 5th, 2025. (FCA)

St. James’s Place Capital (STJ LN) - Co. expects to launch ‘low-cost’ funds after sweeping overhaul of fees. (FT)

UK Budget - Large bond investors Pimco and BlackRock called for UK Chancellor Reeves to build a larger buffer in the UK public finances in the November Budget to avoid years of uncertainty over tax and spending decisions, according to FT. (FT) UK Chancellor Reeves is scheduled to deliver the Autumn Budget on November 26th.

OTHER UK COMPANIES

BROKER MOVES

Antofagasta (ANTO LN) PT raised to 2900p (prev. 2200p) at Berenberg

Anglo American (AAL LN) upgraded to Buy from Hold at Berenberg

Glencore (GLEN LN) downgraded to Hold from Buy at Berenberg

Flutter (FLTR LN) reiterated with Buy at Jefferies; analysts write that the Co. is "best-placed to win", citing further online sports betting legislation.

Shell (SHEL LN) downgraded to Peer Perform from Outperform at Wolfe Research; analysts suggest that recent buybacks will reduce the equity value funded by debt.

DAX

BMW (BMW GY) - FY25 outlook update: ROCE in segment automotive is expected in corridor from 8% to 10%; Group earnings before tax are expected to decline slightly (prev. on same level as previous year). Contrary to assumptions to date, BMW Group now assumes that reimbursements of customs duties from American and German authorities totalling a high three-digit mln figure will not be received in 2025 but only paid out in 2026. Considering these reimbursements and impact on profit outlined above, free cash flow in the segment automotive for 2025 is expected to be above EUR 2.5bln. Dividend payout ratio remains in 30-40% range of net income attributable to BMW shareholders. BMW Group remains committed to the share buyback programme. (BMW) Shares -3% in pre-market trade

OTHER GERMAN COMPANIES

Aurubis (NDA GY) - Introduces mid-term dividend payout ratio of up to 30%. 2025/2026 Outlook: Op. EBITDA 580-680mln, Op. EBIT between EUR 300-400mln. (Newswires)

Nordex (NDX1 GY) - Co. has been selected to supply 236 MW for wind projects in North America. (EQS News)

BROKER MOVES

RWE (RWE GY) upgraded to Outperform from Neutral at BNP Paribas

Sartorius (SRT3 GY) downgraded to Hold from Buy at Berenberg

CAC

Air Liquide (AI FP) - Co. to invest USD 50mln to support new long-term hydrogen supply agreements as it strengthens its US Gulf Coast footprint. (Air Liquide)

Credit Agricole (ACA FP) - Crelan and Credit Agricole finalise their strategic partnership, with Credit Ag purchasing a 9.9% minority stake in the Crelan. (Newswires)

Legrand (LR FP) - Co. to begin a tender offer for Cogelec (ALLEC FP) shares, at a price of EUR 29/shr (prev. closed 28.90/shr). Composition of board has been adjusted and now consists of four directors representing Legrand. (Dow Jones Newswires)

Renault (RNO FP) - Ampere confirms its targets of reducing EV costs by 40% to 2028 and achieving financial breakeven this year. (Newswires)

Sanofi (SAN FP) - AlphaMedixTM achieved all primary efficacy endpoints in phase 2 study, demonstrating clinically meaningful benefits in patients with gastroenteropancreatic neuroendocrine tumors. (Sanofi)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

ArcelorMittal (MT NA) - Co. welcomes the EU proposals on the steel industry, states that new tariff quotas are vital for the survival of the industry in Europe. (ArcelorMittal)

Italian stocks - Italy to apply a single 30% threshold for mandatory bid in listed companies, via Reuters citing draft decree. (Reuters)

Mediobanca (MB IM) / BMPS (BMPS IM) - Mediobanca says BMPS submitted a list of candidates for appointments at the bank's board. (Newswires)

Steel - European Commission proposes tariff-free steel import volumes of 18.3mln metric tonnes per year, down 47% from 2024. (European Commission)

Satellite names - European start-up name Iceeye is exploring raising a new funding valuation of around USD 2.5bln, via the FT. (FT)

Stellantis (STLAM IM/STLAP FP) - US DoE reportedly mulling revoking up to USD 1.1bln in grants for General Motors (GM) and Stellantis, via a document cited by Reuters. (Reuters)

Spie (SPIE FP) - Co. agreed to acquire EcoExperts automation; to close by year-end. (Newswires)

BROKER MOVES

EDP Renovaveis (EDPR PL) upgraded to Outperform from Neutral at BNP Paribas.

SMI

ABB (ABBN SW) - Softbank (9984 JT) announces acquisition of ABB's robotics business; ABB says divestment has an enterprise value of USD 5.375bln. Sami will step down from ABB's Executive Committee at the end of 2025. (EQS News)

Alcon (ALC SW) - Defender Capital opposes the Co’s offer to buy STARR Surgical Company (STAA). (Newswires)

Givaudan (GIVN SW) - Announced new facility in Ohio with an initial investment of CHF 187mln. (Newswires)

UBS Group (UBSG SW) - UBS has shelved a risk transfer deal linked to CHF 2bln of loans; the Swiss bank had engaged with investors on the transaction for at least two months, according to Bloomberg. Elsewhere, the FT reports that UBS has made multiple investments tied to the recently bankrupted First Brands; sources suggest approx. 30% of exposure (9.1% of direct exposure and 21.4% of indirect exposure). (Bloomberg / FT)

OTHER SWISS COMPANIES

BROKER MOVES

Swiss Prime Site (SPSN SW) upgraded to Overweight from Equal Weight at Barclays

SCANDINAVIA

Norwegian Steel - Norway Foreign Minister says Norway is exempt in the European Commission proposal on higher tariffs and lower quotas on steel in the EU. (Newswires)

BROKER MOVES

Sandvik (SAND SS) upgraded to Overweight from Neutral at JPMorgan

US

CLOSES: SPX -0.38% at 6,715, NDX -0.55% at 24,840, DJI -0.20% at 46,603, RUT -1.12% at 2,458

SECTORS: Consumer Discretionary -1.43%, Communication Services -0.73%, Industrials -0.57%, Technology -0.52%, Materials -0.29%, Real Estate -0.29%, Health +0.08%, Financials +0.14%, Energy +0.14%, Utilities +0.42%, Consumer Staples +0.86%.

Gilead (GILD) - Gilead expects Q3 acquired IPR&D expenses of USD 170.4mln, representing a charge of about USD 0.11/shr to both GAAP and non-GAAP EPS. (Newswires)

Intel (INTC) - Intel plans to release technical details on its forthcoming Panther Lake laptop chips on Thursday, its first high-volume products using the 18A manufacturing process, CNBC reports. The chips, launching early 2026, offer 30% lower energy use and up to 50% faster data processing. Panther Lake aims to regain market share lost to AMD (AMD).

JPMorgan (JPM) - CEO Dimon says JPM spends USD 2bln a year on AI, notes that consumers are in ok shape now but a recession could happen in 2026. (Bloomberg TV)

NVIDIA (NVDA) - CEO Jen Hsun Huang sold 225K shares on October 3rd, as part of option exercise, for a total USD 42.1mln.

Tesla (TSLA) - Co. website shows standard RWD Model Y in the US is priced at USD 39,990 with range of 321 miles (EPA est.) Shows standard RWD Model 3 in the US is priced at USD 36,990 with 321 Miles (EPA est.). Website shows standard Model Y and Model 3 open for orders immediately; many locations show deliveries between December 2025 and January 2026. (Newswires)

xAI, NVIDIA (NVDA) - Elon Musk’s AI startup xAI is raising up to USD 20bln, including an equity investment from Nvidia of up to USD 2bln. The financing, split between about USD 7.5bln equity and USD 12.5bln debt, will be tied to Nvidia GPUs planned for xAI’s Colossus 2 data centre.

08 Oct 2025 - 06:58- Research Sheet- Source: Newsquawk