Newsquawk Daily European Equity Opening News - 3rd March 2025

ASIA

APAC stocks began the new trading month mostly higher in a rebound from Friday's Asian session sell-off and despite geopolitical uncertainty from the fallout of the Trump-Zelensky heated exchange in the Oval Office, while participants digested better-than-expected Chinese PMI data from over the weekend. ASX 200 traded higher with gains led by strength in the tech, real estate, telecoms, miners and materials sectors, while quarterly Australian company gross profits growth smashed forecasts. Nikkei 225 recovered some of Friday’s substantial losses despite the lack of fresh drivers and ongoing tariff uncertainty. Hang Seng and Shanghai Comp were underpinned following the better-than-expected official Chinese Manufacturing PMI data over the weekend which showed a surprise return to expansion territory, while Caixin Manufacturing PMI also topped forecasts. However, the gains in the mainland were contained as the tariff threat lingered with US Commerce Secretary Lutnick noting that China tariffs are set unless they end fentanyl trafficking into the US and with China reportedly studying relevant countermeasures in response to the US March 4th tariff threat.

EUROPEAN CLOSES

CLOSES: DAX: -0.25% at 22,495, FTSE 100: +0.61% at 8,810, CAC 40: +0.11% at 8,112, Euro Stoxx 50: -0.09% at 5,467, AEX: -0.43% at 922, IBEX 35: +0.58% at 13,347, FTSE MIB: +0.08% at 38,655, SMI: +0.35% at 13,016, PSI: -0.64% at 6,800.

SECTORS: Utilities 0.75%, Materials 0.44%, Telecoms 0.40%, Consumer Disc 0.37%, Consumer Stpl 0.33%, Financials 0.29%, Industrials 0.07%, Healthcare -0.11%, Energy -0.50%, IT -1.70%

FTSE 100

AstraZeneca (AZN LN) - Positive results from the Tezspire Phase III WAYPOINT trial highlight rapid and sustained effect in chronic rhinosinusitis with nasal polyps. (Newswires)

Barclays (BARC LN) - HMRC is set to remove the Co. from the lenders which provide services to government organisations, via FT citing sources; a new deal will reportedly be signed with Lloyds (LLOY LN) for GBP 99mln. (FT)

FTSE 100 Reshuffle - Additions: Coca-Cola Europacific Partners (CCEP LN). Deletions: Hiscox (HSX LN). (Newswires)

Rio Tinto (RIO LN) - Shipping resumed at Rio Tinto's east intercourse island facility at Dampier Port. (Newswires)

Shell plc (SHEL LN) - Shell is exploring the sale of its chemicals assets in the US and Europe, as part of its strategy to focus on more profitable operations, WSJ reports. The company is working with Morgan Stanley (MS) on a review of its chemicals division, though no final decisions have been made. (WSJ)

UK Defence - The UK set up an innovation hub that aims to speed up the delivery of military tech to boost growth in the sector. (Newswires)

UK Housing Names - UK Housing Minister Pennycook has committed to ending the leasehold system before the end of the current parliament. Additionally, will overhaul the commonhold system. (Guardian)

OTHER UK COMPANIES

FTSE 250 Reshuffle - Additions: Atalaya Mining Copper (ATYM LN), Hiscox (HSX LN), THG (THG LN). Deletions: Essentra (ESNT LN), SThree (STEM LN), Wood Group (WG/ LN). (Newswires)

BROKER MOVES

Howden Joinery (HWDN LN) downgraded to Hold from Buy at Jefferies

DAX

Deutsche Bank (DBK GY) - ECB reportedly flagged concerns around the Co's credit risk management and risk models on numerous occasions in 2024, via FT citing sources. (FT)

Qiagen (QIA GY) - QIAGEN takes legal action to defend QuantiFERON intellectual property and protect innovations in latent tuberculosis testing. QIAGEN files lawsuit against bioMérieux with German Unified Patent Court to protect key innovations in its QuantiFERON technology. (businesswire)

Volkswagen (VOW3 GY) - Volkswagen Group of America is recalling 60,490 vehicles, including 2021-2023 ID.4, 2022-2023 Audi Q4 e-Tron, and Q4 e-Tron Sportback models. The issue involves the instrument panel failing to display the transmission gear lever indicator correctly, violating Federal Motor Vehicle Safety Standard 102. (Newswires)

OTHER GERMAN COMPANIES

Nordex (NDX1 GY) - Received a 112MW order from Auren Energia in Brazil. (Newswires)

BROKER MOVES

CAC

Airbus (AIR FP) - Airbus saw an improvement in its February aircraft deliveries, reaching between 35-39 jetliners (vs 25 in January). This rebound indicates progress in addressing supply chain issues that have impacted its production, after losing out to Boeing in January for the first time in recent history, Bloomberg adds. (Bloomberg)

Air France-KLM (AF FP) - Air France-KLM plans to participate in the privatization of Portugal’s state-owned airline TAP SA, BBG reports. CEO confirmed that Air France-KLM is ready to submit its candidacy for the TAP privatisation process, highlighting the airline's strong hub in Lisbon. (Newswires)

OTHER FRENCH COMPANIES

Exosens (EXENS FP) - FY (EUR): Revenue 394.1mln, +35% Y/Y, Net Profit 30.7mln, +66.7% Y/Y. Continued strong performance exp. in 2025, with rev. growth in the high-teens and adj. EBITDA growth in the low twenties. (Newswires)

BROKER MOVES

PAN EUROPE

Trade - US Commerce Secretary Lutnick said Mexico and Canada have done a reasonable job on the border and there will be tariffs on Canada and Mexico on Tuesday but President Trump will decide at what levels. Lutnick added that China tariffs are set unless they end fentanyl trafficking into the US.

Ukraine/Russia - Ukrainian President Zelensky commented on Sunday that they are ready to sign the minerals deal which he believes the US would be ready to sign as well, while he believes the relationship with the US will continue; comes after US President Trump and Ukrainian President Zelensky clashed at the Oval Office, where Trump suggested his counterpart was "gambling with World War Three". Rheinmetall (RHM GY) indicated higher by 19%, Thyssenkrupp (TKA GY) +5%, MTU Aero (MTX GY) +2.5%

Crypto Stocks - US President Trump commented that the executive order on digital assets directed a strategic reserve that included XRP, Sol and ADA. Trump also stated that BTC and ETH, as other valuable cryptocurrencies, will be at the heart of the reserve, as well as commented that he loves Bitcoin and Ethereum.

Aedifica (AED BB) - To sell a portfolio of five preschools and 1 school for SEK 454mln. (Newswires)

Autos / Military - Corriere della Sera reported that the Italian Government are looking at ways to promote the partial conversion of Italy's auto industry into manufacturers of parts for military technology; would be over a 10yr period. (Corriere della Sera)

Arcadis (ARCAD NA) - Awarded lead design role for QEII Halifax Infirmary expansion project. (Newswires)

Flughafen Wien (FLU AV) - FY24 (EUR): Net Income 239.5mln (prev. 188.mln Y/Y), EBIT 306.1mln (prev. 2618mln Y/Y). Notes EU over-regulation drives up inflation and significantly burdens future development. 2025: Guides EBITDA 440mln, Revenue 1bln. (Newswires)

Goldman Sachs Conviction List - Zealand Pharma (ZEAL DC), Saint Gobain (SGO FP), ISS (ISS DC), Glencore (GLEN LN), Coca Cola HBC (CCH LN), removed from European Conviction List. Additions: Volvo AB (VOLVB SS), Rio Tinto (RIO LN), Novo Nordisk (NOVOB DC), DNB (DNB NO), AstraZeneca (AZN LN). (Newswires)

ING (INGA NA) - Acquired 17.6% stake in Van Lanschot Kempen; transaction exp. to have minimal impact on ING's CET1 ratio. (Newswires)

Luxury / Prada SpA (PRDSY), Capri Holdings (CPRI) - Prada SpA is nearing a deal to acquire Versace from Capri Holdings for nearly EUR 1.5bln, Bloomberg reports. The agreement could be finalised this month after due diligence found no risks. (Bloomberg)

BROKER MOVES

SMI

ABB (ABBN SW) - Completed acquisition of Siemens' wiring business in China; no terms disclosed. (Newswires)

Holcim (HOLN SW) - Bloomberg reports that the co. is looking at Chicago for its planned spin-off for its North American business. (Bloomberg)

Sika (SIKA SW) - Acquired Cromar Building Products; terms undisclosed. (Newswires)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +1.59% at 5,955, NDX +1.62% at 20,884, DJI +1.39% at 43,841, RUT +1.09% at 2,163

SECTORS: Real Estate +0.81%, Materials +0.86%, Health +1.22%, Consumer Staples +1.33%, Industrials +1.34%, Communication Services +1.37%, Utilities +1.41%, Energy +1.53%, Technology +1.71%, Consumer Discretionary +1.8%, Financials +2.07%.

Philip Morris International (PM) - Philip Morris is considering selling its US cigar business for over USD 1bln as part of its shift toward smoke-free products, Bloomberg reports. The company is working with advisers to assess buyer interest.

Saudi Aramco - Aramco is set to announce changes to its USD 124bln annual dividend this week, Bloomberg reports. The decision will impact Saudi Arabia’s finances, as Aramco may either maintain elevated payments, worsening its balance sheet, or cut the payout, risking a larger budget deficit. (Bloomberg)

US Ags - China is considering retaliatory measures, including tariffs and non-tariff actions, on US agriculture and food products in response to tariffs imposed by the Trump administration, set to take effect on Tuesday, China's Global Times reported citing an anonymous source.

03 Mar 2025 - 06:53- CryptocurrencyGeopolitical- Source: Newsquawk