Newsquawk Daily European Equity Opening News - 12th November 2026

APAC stocks were ultimately lower in two-way trade and with gains ultimately reversed as the momentum from the continued tech rebound on Wall St was clouded by the fallout from a report regarding NVIDIA CEO Huang's extramarital affair with a Co. executive. This spurred doubts regarding his future at the helm of the tech giant, with the board in a meeting on his future and and said to be preparing to oust him. ASX 200 finished slightly lower as strength in financials and real estate was counterbalanced by underperformance in the mining, materials and resources sectors. Nikkei 225 swung between gains and losses, while participants also digested firmer-than-expected PPI data, as well as comments from Takaichi-appointed BoJ board member Asada, who stated that they need to watch downside economic risks and need to be cautious about the pace of rate hikes. KOSPI saw two-way price action amid the tech-related headwinds. Hang Seng and Shanghai Comp retreated, with weakness seen in tech and ecommerce stocks, as the likes of Alibaba and JD.com underperformed after the tepid Singles' Day sales growth underscored weak consumer spending, while there were reportedly concerns that the NVIDIA CEO spy scandal may prompt Washington to restrict remote use of advanced chips.

CLOSES: DAX +1.12% at 26,642, FTSE 100 +0.78% at 10,835, CAC 40 +0.66% at 8,333, Euro Stoxx 50 +1.08% at 6,396, AEX +1.12% at 1,145, IBEX 35 +0.46% at 20,028, FTSE MIB +0.37% at 51,947, SMI +0.11% at 15,054.

HSBC Group (HSBA LN) - Co. is exploring plans to give its Singapore operations greater autonomy and reduce reliance on China and Hong Kong, Bloomberg reports. The initiative, internally named Project Sirena, aims to diversify risks across its Asian business. (Bloomberg)

UK-EU Autos - EU and UK are poised to delay a 10% tariff on electric cars amid concerns it would make them more vulnerable against Chinese competition, according to FT. (FT)

UK Housing - UK RICS House Price Balance (Oct) -36 vs Exp. -34 (Prev. -32, Rev. -34); RICS House Price Balance (Oct) -36% vs. Exp. -32% (Prev. -32%). (RICS)

OTHER UK COMPANIES

BROKER MOVES

Allianz (ALV GY) - 9M 2026 (EUR): Op. Profit 14.1bln (prev. 13.1bln Y/Y). Q3: Op. Profit 4.71bln (exp. 4.20bln), Total Business Volume 44.4bln, +3% Y/Y. Raises upper end of its FY26 Op. Income range to 16.4-18.6bln (prev. guided 16.4-18.4bln). (Allianz)

Merck (MRK GY) - Q3 2026 (EUR): Revenue 5.63bln (prev. 5.32bln Y/Y), Adj. Net Income 450mln (prev. 898mln Y/Y). Raises FY26 Adj. EPS to 8.30-8.70 (prev. guided 7.90-8.60). Also lifts Revenue outlook to 21.5-21.9bln (prev. guided 21-21.8bln). (Merck)

Munich Re (MUV2 GY) - Final Q3 2026 (EUR): Profit 1.74bln (exp. 1.62bln), P&C Reinsurance Combined Ratio 80% (prev. 62.7% Y/Y). Lifts 2026 Outlook: Now sees Annual Profit at 6.6bln (prev. guided 6.3bln). (Munich Re)

Siemens (SIE GY) - Q4 2026 (EUR) Revenue 23.7bln (exp. 23.44bln), Net Income 2.16bln (prev. 1.80bln Y/Y), Industrial Business Profit 3.9bln (exp. 3.74bln), Industrial Business Margin 16.8% (exp. 16.3%), Comparable Revenue Growth +10% (exp. +8.3%), Orders 34.77bln (exp. 27.52bln). Sees FY27 Comparable Revenue Growth +9-10%, raises mid-term outlook. Sees FY dividend 5.50/shr (exp. 5.58/shr). (Siemens)

OTHER GERMAN COMPANIES

Fraport (FRA GY) - October Airport Passenger Traffic 6.02mln, holding steady. (Fraport)

Hapag Lloyd (HLAG GY) - Q3 2026 (USD): Revenue 6.9bln (prev. 5.5bln Y/Y), EBITDA 1.7bln (prev. 866mln Y/Y), Net Income 1bln (prev. 172mln Y/Y). Confirms outlook. (Hapag Lloyd)

ProSiebenSat.1 (PSM GY) - Q3 2026 (EUR): Revenue 701mln (exp. 700.5mln). Reaffirms 2026 outlook. (ProSiebenSat.1)

Salzgitter (SZG GY) - 9M 2026 (EUR): Sales 7.32bln (prev. 6.86bln Y/Y), Sales of Steel Production 3bln (prev. 2.59bln Y/Y), Total EBITDA 534.9mln (prev. 224mln Y/Y). FY Outlook: Now sees Sales in the region of 10bln (exp. 9.65bln, prev. guided "around" 9.5bln). (Salzgitter)

Talanx (TLX GY) - 9M 2026 (EUR): Net Income 2.19bln (prev. 1.96bln Y/Y), Insurance Revenue 37bln (prev. 36bln Y/Y). Lifts 2026 outlook: Sees Net Income of "more than" 2.8bln (prev. guided "more than" 2.7bln). (Talanx)

BROKER MOVES

OTHER FRENCH COMPANIES

BROKER MOVES

Teleperformance (TEP FP) downgraded to Underweight from Equal Weight at Morgan Stanley

EU Autos - Chinese carmakers expanding into Europe will offer a lifeline for steelmakers impacted by local producers’ cuts, according to the chief executive of steelmaker Voestalpine cited by FT. (FT)

Generali (G IM) - Delfin, the Del Vecchio family’s EUR 45bln holding company, is open to supporting strategic expansion at Generali, where it owns roughly 10%, but is not preparing its own proposal, Bloomberg reports. Family disputes over Chairman Francesco Milleri’s strategy and a EUR 30bln takeover approach from Czech billionaire Michal Strnad threaten its investment ambitions. (Bloomberg)

Poste Italiane (PST IM) - Q3 2026 (EUR): Revenue 3.32bln (exp. 3.32bln). Confirms its previously announced upgraded FY26 outlook. Announces interim DPS of EUR 0.43, +7.5% Y/Y. (Poste Italiane)

Telefonica (TEF SM) - Q3 2026 (EUR): Revenue 8.43bln (exp. 8.35bln), Adj. EBITDA 3.08bln (exp. 3.04bln). Sees FY Revenue +1-1.5% (prev. guided +1.5-2.5%). (Telefonica)

Wienerberger (WIE AV) - Q3 2026 (EUR): Revenue 1.26bln (exp. 1.27bln). Affirms outlook. Pauses M&A and capital expenditure whilst putting its dividend policy under review. Adds that selective disposals are being considered. (Wienerberger)

BROKER MOVES

Sandoz (SDZ SW) - Launches Ranluspec for retinal diseases in Europe. (Sandoz)

Zurich Insurance (ZURN SW) - 9M 2026 (CHF): P&C Insurance Revenue 38.6bln (prev. 35.8bln Y/Y). Co. says it is confident in exceeding "all" targets. (Zurich Insurance)

OTHER SWISS COMPANIES

Adecco (ADEN SW) - Q3 2026 (CHF): Revenue 6bln (prev. 5.77bln Y/Y), Adj. EBITA 213mln (exp. 195.3mln), Gross Margin 18.9% (prev. 19.2% Y/Y). (Adecco)

Sonova (SOON SW) - H1 2026 (CHF): Revenue 1.83bln (prev. 1.72bln Y/Y), Op. Income 372mln (prev. 279.7mln Y/Y). Lifts FY27 outlook: Revenue growth 6-8% (prev. guided 5-8%) and core EBIT growth 10-13% (prev. guided 7-10%). (Sonova)

BROKER MOVES

OMV (OMV AV) downgraded to Neutral from Outperform at Oddo

Zealand Pharma (ZEAL DC) - 9M 2026 (DKK): Revenue 4.53bln (prev. 9.15bln Y/Y), Net Income 3.47bln (prev. 6.83bln Y/Y). Narrows FY26 outlook: Sees Net Opex 2.7-3bln (prev. guided 2.7-3.3bln). (Zealand Pharma)

BROKER MOVES

CLOSES: SPX +1.27% at 7,617, NDX +2.28% at 28,374, DJI +0.48% at 52,481, RUT +0.86% at 2,846.

SECTORS: Technology +2.71%, Energy +1.81%, Industrials +1.32%, Communication Services +0.91%, Financials +0.59%, Consumer Staples +0.53%, Materials +0.45%, Utilities +0.26%, Health +0.06%, Real Estate +0.03%, Consumer Discretionary -0.36%.

CoreWeave (CRWV) - Shares slid by almost 8% in extended US trading on a report that it plans to raise at least USD 4bln through an IG loan led by Morgan Stanley (MS) and Mitsubishi UFJ Financial Group (MUFG). The chip- and contract-backed financing could launch next week, with indicative yields of between 7.0-7.5%.

Nvidia (NVDA) - Nvidia shares plunged 7.8% in extended US trading amid allegations that CEO Jensen Huang had an extramarital relationship with Kimberly Powell, the company’s vice president of healthcare. The allegations emerge amid Nvidia’s board investigation into Huang’s acknowledged affair with Alice Huang, whom US officials identified as a Chinese intelligence asset. The WSJ followed with a report that Nvidia’s board is now preparing to oust CEO Huang following the latest revelation. Bloomberg said the board is weighing naming a temporary CEO before holding a wider search, and is working with an outside firm to find a possible new CEO. Elsewhere, President Trump on Thursday authorised a crackdown on companies suspected of diverting Nvidia’s advanced AI chips to China for the third time this year, Axios reports. Trump consulted Elon Musk (SPCX/TSLA) before approving the measures, but Commerce Secretary Howard Lutnick has allegedly repeatedly obstructed their implementation. US Democratic Senators Elizabeth Warren and Chris Coons urged the Trump administration to preserve records concerning Nvidia chip exports to China, WSJ said. The senators also requested a congressional briefing on national security risks.