Newsquawk Daily European Equity Opening News - 15th January 2026

APAC stocks traded mostly in the green, outperforming their US counterparts, though the Nikkei lagged the region. ASX 200 continued its trend higher as mining and materials names advanced, supported by fresh ATHs in metals and news that Rio Tinto and BHP are collaborating on iron ore extraction in the Pilbara. Nikkei 225 underperformed, slipping back below 54,000 as reports that opposition parties CDP and Komeito have begun talks to form a new party weighed on sentiment. KOSPI traded comfortably in the green, extending to new ATHs and nearing 4,750, whilst the BoK kept rates steady as expected in a unanimous decision. Hang Seng and Shanghai Comp saw mixed trade, with the Hang Seng hovering just below ATHs near 27,380 while the Shanghai Composite oscillated around the unchanged mark as Chinese markets struggled for traction.

TSMC (2330 TT) - Q4 2025 (TWD): Net Profit 505.7bln (exp. 467bln), Revenue 1.046tln (exp. 868.46bln), CapEx USD 40.9bln (exp. USD 40-42bln). Co. guides Q1 revenue between USD 34.6-35.8bln (exp. 33.2bln), guides gross margin between 63-65% (exp. 59.6%), sees operating margin between 54-56% (exp. 50%), 2026 capex to come in between 52-56bln (prev. 40.9bln in 2025). (TSMC)

CLOSES: Euro Stoxx 50 -0.36% at 6,008, Dax 40 -0.53% at 25,286, FTSE 100 +0.46% at 10,184, CAC 40 -0.19% at 8,331, FTSE MIB +0.27% at 45,647, IBEX 35 +0.05% at 17,696, PSI +0.10% at 8,568, SMI +0.61% at 13,446, AEX -0.04% at 997.

SECTORS: Materials 1.74%, Healthcare 1.27%, Utilities 1.19%, Energy 1.05%, Consumer Stpl 1.05%, Telecoms 0.96%, Financials 0.21%, Consumer Disc -0.51%, Industrials -0.76%, IT -2.00%

Rio Tinto (RIO LN) - Co. and BHP (BHP AT) have agreed to collaborate to extract up to 200mln tonnes of iron ore in the Pilbara. (Business Wire)

UK RICS - UK RICS House Price Balance (Dec) -14% vs. Exp. -16% (Prev. -14% , Rev. -16% )

OTHER UK COMPANIES

Wizz Air (WIZZ LN) - CEO says the Co. raises FY26 growth +20% Y/Y. (Newswires)

BROKER MOVES

Flutter Entertainment (FLTR LN) downgraded to Equal Weight from Overweight at Wells Fargo; analysts are generally positive on the Digital Gaming sector

Pearson (PSN LN) downgraded to Hold from Buy at Deutsche Bank

OTHER GERMAN COMPANIES

BROKER MOVES

Sanofi (SAN FP) - CEO expects a slightly softer vaccine uptake rate this year; expects flu-Covid combo vaccines in 2027-2028 to drive next surge in vaccine uptake. Elsewhere, Myqorzo and Redemplo approved in China. (Sanofi)

OTHER FRENCH COMPANIES

BROKER MOVES

EssilorLuxottica (EL FP) upgraded to Buy from Hold at Kepler Cheuvreux

BROKER MOVES

ASML (ASML NA) initiated with Outperform at RBC

Geberit (GEBN SW) - FY25 (CHF): Revenue 3.16bln (exp. 3.16bln). Demand in the building construction industry stabilised overall in 2025. In Europe, slight market growth is expected in 2026 overall – but no market recovery yet. However, a continued decline in market demand is expected in China due to the collapse in new construction activities. (Geberit)

Partners (PGHN SW) - FY25 (USD) AuM 185bln (prev. 152bln Y/Y), New Assets 30bln (prev. guided 26-31bln). 2026: Expects gross new client demand of between USD 26 to 32bln. Expects performance fees will be in the lower part of the previously guided range. (Partners)

Richemont (CFR SW) - Q3 2025 (EUR): Sales at constant FX +11% (exp. 7.5%); Revenue 6.4bln (exp. 6.28bln). By Region (Constant Rates Y/Y): Europe +8% (exp. +5.2%). APAC +6% (exp. +4.8%), Americas +14% (exp. +9.8%), Japan +17%. Co. says sales in China, Hong Kong, and Macau combined were +2% Y/Y, mostly led by solid activity in Hong Kong. By business: Jewellery Maisons +14% (exp. +9.4%), Specialist Watchmakers +7%. Notes that rising material costs continuing to weigh on margins. (Richemont) Shares +4.6% in pre-market trade after sales topped expectations

OTHER SWISS COMPANIES

Temenos (TEMN SW) - Q4 Business Update: Strong Q4 and FY-25 performance across all key metrics. Non-IFRS Total Revenue +9% Y/Y. Reported FY ARR growth of 12% and FCF growth of 15%. (Temenos)

VAT (VACN SW) Q4 (CHF): Sales 257mln (exp. 236.5mln). Notes that the business conditions during the fourth quarter and going into 2026 indicate that the trajectory toward a USD 1tln semiconductor market is on track. (VAT)

BROKER MOVES

BROKER MOVES

Norsk Hydro (NHY NO) upgraded to Buy from Hold at Pareto Securities

Novo Nordisk (NOVOB DC) reiterated with Neutral at UBS; PT raised to DKK 390 (prev. DKK 295)

CLOSES: SPX -0.53% at 6,927, NDX -1.07% at 25,466, DJI -0.09% at 49,150, RUT -0.52% at 2,652

SECTORS: Consumer Discretionary -1.75%, Technology -1.45%, Communication Services -0.55%, Financials -0.20%, Materials -0.18%, Industrials +0.14%, Health +0.70%, Utilities +0.74%, Real Estate +1.08%, Consumer Staples +1.18%, Energy +2.26%.

NVIDIA (NVDA) - China is said to be drafting purchase rules for NVIDIA's H200 chips, Nikkei reports, as an attempt to balance its desire to foster domestic chip development with Chinese tech firms. (Nikkei)

Weight-Loss Drugs - Generic versions of Ozempic are set to expand global access to weight-loss drugs, challenging Novo Nordisk’s (NVO) dominance, Bloomberg reports. Cheaper, regulated alternatives are emerging after eight years of Ozempic’s US presence, potentially reshaping the obesity market as limited access in many countries begins to ease. (Bloomberg)