Newsquawk デイリー欧州株式寄り付きニュース - 2026年11月9日

ASIA Asia-Pac stocks started the week on a broadly positive footing, as tech names followed the price action seen in their US peers on Friday. Despite the bounce, analysts see this as short-lived, as flows suggested that investors used Friday’s bounce to cut risk on both sides. Leading gains across Asia was Taiwan, after the FSC announced short-selling restrictions while the Finance Ministry said it is prepared to deploy its TWD 500bln stock market stabilisation fund. ASX 200 was the slight laggard, spending the majority of the session in the red before managing to eke out mild gains. Another big bank reported earnings, with ANZ’s FY cash profit slightly beating estimates; however, shares are lower. Nikkei 225 followed Taiwan's TAIEX higher, printed gains of over 3% and regained the 59k handle. KOSPI was initially lower by as much as 1%, but managed to reverse higher but was choppy into the close. Shanghai Comp. and Hang Seng opened higher, in line with the broader market sentiment. Inflation metrics were mixed for October, with headline CPI Y/Y printing at 0.7% (exp. 0.8%) while the PPI metric accelerated to 5.7% (exp. 5.3%). TSMC (2330 TT) - Co. denies reports that it plans to enter the memory semiconductor market, saying it will remain focused on its existing foundry business. (TSMC) Chinese CPI - Chinese CPI (Oct YY) 0.7% vs. Exp. 0.8% (Prev. 0.9%); Core 0.8% vs Exp. 0.9%; (Oct MM) 0.0% vs. Exp. 0% (Prev. 0.2%); PPI (Oct YY) 5.7% vs. Exp. 5.3% (Prev. 5.0%). (Newswires) EUROPEAN CLOSES CLOSES: DAX -2.02% at 25,794, FTSE 100 -1.01% at 10,674, CAC 40 -0.81% at 8,139, Euro Stoxx 50 -1.12% at 6,162, AEX -0.77% at 1,121, IBEX 35 -0.60% at 19,370, FTSE MIB -0.90% at 50,053, SMI -1.14% at 14,797. FTSE 100 UK Autos - UK government is reportedly expected to cut its 2030 EV sales target by 25%, The Guardian reports. (The Guardian) UK-EU - The EU and UK are close to an agreement linking their emissions trading systems, with an announcement expected at a summit later this month, Bloomberg reports. The deal would enable cross-border carbon permit trading, improve market liquidity and reduce companies’ carbon border tax costs. Negotiators have resolved emissions caps, supply controls and free allowances, leaving financial derivatives as the outstanding issue. (Bloomberg) OTHER UK COMPANIES BROKER MOVES Auto Trader (AUTO LN) upgraded to Buy from Hold at Berenberg DAX GEA (GEA GY) - Q3 2026 (EUR): Revenue 1.46bln (exp. 1.48bln), Orders 1.65bln (exp. 1.49bln), Adj. EBITDA 260.9mln (exp. 260.6mln). Confirms outlook. (GEA) Hochtief (HOT GY) / ACS (ACS SM) - ACS said that it had not considered a tender offer for its subsidiary Hochtief, and is not considering the sale of Turner Construction, pushing back on reports that it is exploring an acquisition of Hochtief, Bloomberg reports. (Bloomberg) Hannover Re (HNR1 GY) - 9M 2026 (EUR): Net Income 2.1bln, +6.9% Y/Y, Reinsurance revenue 19.5bln (prev. 19.7bln Y/Y). Full-year guidance for 2026 confirmed. (Hannover Re) OTHER GERMAN COMPANIES Evonik (EVK GY) - Co. reportedly cooling on bid for Ashland (ASH), Bloomberg reports citing sources. (Bloomberg) Nordex Group (NDX1 GY) - Co. to enter Albania with 84 MW order from Verbund (VER AV). (Nordex) BROKER MOVES Fresenius Medical Care (FME GY) downgraded to Underweight from Equal Weight at Barclays Rheinmetall (RHM GY) downgraded to Neutral from Buy at Bank of America SAP (SAP GY) upgraded to Overweight from Neutral at JPMorgan; analysts opine that the Co's AI offering is improving. CAC Credit Agricole (ACA FP) / Banco BPM (BAMI IM) - Credit Agricole is proposing a merger of its Italian operations with Banco BPM; Credit Agricole would hold c. 45% of the combined entity. (Credit Agricole) Renault (RNO FP) - CEO says that they plan to expand their EV push in the UK, FT reports. (FT) OTHER FRENCH COMPANIES Casino (CO FP) - Delays Q3 results to tomorrow (Nov 10th). (Casino) BROKER MOVES Legrand (LR FP) upgraded to Buy from Neutral at UBS Sanofi (SAN FP) upgraded to Outperform from Neutral at BNP Paribas PAN EUROPE Atos (ATO FP), IBM (IBM), Leonardo (LDO IM) - The EU has sued IBM, Atos and Leonardo over repeated delays in developing its new smart border system, the FT reports citing sources. (FT) Argenx (ARGX BB) - Co., which already holds a minority stake in Unnatural Products, will acquire all remaining shares in a transaction valuing Unnatural Products at up to approximately USD 1.15bln across upfront and milestone payments. In other news, Argenx said its Phase 3 ALKIVIA trial of VYVGART Hytrulo met primary and key secondary endpoints in autoimmune myositis patients. In immune-mediated necrotizing myopathy, treatment delivered a 14.8-point greater improvement in mean TIS versus placebo at Week 52, alongside improved muscle strength and sustained responses. (Argenx) UniCredit (UCG IM) - Q3 2026 (EUR): Revenue 6.90bln (exp. 6.47bln), Net Profit 3.26bln (exp. 2.78bln). Raises FY26 Net Profit guidance to "well above" 11.50bln (prev. guided "well above" 11bln). Confirms FY28 and FY30 net profit guidance. Other Q3 Metrics: CET1 Ratio 15.0% (exp. 14.8%). NII 3.83bln (exp. 3.73bln). Net Fees and Insurance Result 2.39bln (exp. 2.32bln). Trading Income 293mln (exp. 96mln). Pretax Profit 4.26bln (exp. 3.85bln). Operating Costs 2.26bln (exp. 2.30bln). Commentary: Expects earnings and dividends to grow by c. 15% annually through 2028. Anticipates receiving all remaining regulatory approvals for its Commerzbank acquisition by late November, with control expected in Q1 2027. (UniCredit) UCB (UCB BB) - UCB and Biogen (BIIB) announced further data characterizing the clinical profile of dapirolizumab pegol (DZP), an investigational biologic for people living with systemic lupus erythematosus (SLE). The data are being presented across five posters at ACR Convergence 2026, the annual meeting of the American College of Rheumatology, in Orlando, Florida, November 6-11. (UCB) BROKER MOVES SMI ABB (ABBN SW) - Co. and SoftBank are reportedly mulling a China carve-out to save their robotics deal, Bloomberg reports citing sources. The piece adds that there is no certainty of a deal, whilst ABB is reviewing other options including finding another buyer, which could value the business between USD 2-3bln. (Bloomberg) Novartis (NOVN SW) - Novartis will discontinue development of pelacarsen for atherosclerotic cardiovascular disease after a trial involving 8,322 patients showed no reduction in heart attacks or strokes despite lowering Lp(a). A separate trial in calcific aortic valve stenosis will continue. Treatment discontinuation due to adverse events reached 21%, versus 7.5% on placebo. (Novartis) OTHER SWISS COMPANIES Sandoz (SDZ SW) - Co. launches new semaglutide treatment option in Brazil, expanding patient access to GLP-1 medicine in key global market. First Sandoz semaglutide launch comes in one of world’s largest and fastest-growing GLP-1 markets. More than 16.5 million Brazilians live with diabetes; disease remains key public health challenge in Brazil. Builds on recent milestones including semaglutide regulatory approval in Canada and tirzepatide FDA file acceptance in US. (Sandoz) BROKER MOVES Swiss Re (SREN SW) downgraded to Underperform from Neutral at Oddo SCANDINAVIA BROKER MOVES Danske Bank (DANSKE DC) upgraded to Overweight from Neutral at JPMorgan Nordea (NDA SS) assumed with Underweight at JPMorgan SEB (SEBA SS) assumed with Underweight at JPMorgan US CLOSES: SPX +0.33% at 7,378, NDX +1.35% at 26,990, DJI -0.46% at 51,286, RUT +0.85% at 2,753. SECTORS: Technology +1.26%, Communication Services +0.51%, Industrials +0.13%, Consumer Discretionary +0.07%, Energy -0.07%, Health -0.10%, Utilities -0.42%, Materials -0.59%, Real Estate -0.64%, Financials -0.67%, Consumer Staples -1.21%. Berkshire Hathaway (BRK.B) - Q3 operating earnings -5.8% Y/Y at USD 12.705bln (vs 13.485bln Y/Y), primarily reflecting weaker insurance performance; Q3 net earnings -28% Y/Y at USD 22.112bln (vs 30.796bln Y/Y), as investment gains fell nearly 50% to USD 9.407bln. Q3 revenue rose +11% Y/Y to USD 105.65bln. Insurance underwriting earnings -43% Y/Y to USD 1.352bln, while insurance investment income -14% Y/Y to USD 2.734bln. Railroad, energy and manufacturing businesses recorded earnings growth, with BNSF profit +19.3% Y/Y and Berkshire Hathaway Energy earnings +8.3% Y/Y to USD 1.6bln. The company accelerated share buybacks to USD 9.6bln in Q3 (vs 4.5bln in Q2), bringing total repurchases to approximately USD 14.4bln YTD. Cash holdings increased to USD 377.435bln at the end of September (vs 365.514bln in Q2). (Berkshire Hathaway) Johnson & Johnson (JNJ) - Johnson & Johnson’s Phase 3 ICOTYDE trial met its primary endpoint in biologic-naive psoriatic arthritis, with 58% achieving ACR20 response versus 41% on placebo at Week 16; no new safety signals emerged. Separately, Phase 2 nipocalimab findings in Sjogren’s disease identified mouth dryness as the main patient concern, cited by 96% surveyed. Elsewhere, Phase 1 pasritamig/JNJ-9401 combination achieved PSA reductions of at least 50% in 73% of patients with advanced prostate cancer at the recommended regimen. Microsoft (MSFT) - Co. is reportedly winding down Oracle (ORCL) deal to rent AI cloud capacity, according to Bloomberg. In recent months, has been turning off rented computing capacity from Oracle after declining to renew the contract. (Bloomberg) Nvidia (NVDA) - Nvidia board has launched an independent investigation following reports that CEO Jensen Huang was targeted by a foreign intelligence effort. Independent directors and external counsel will oversee the review. The board said it has no reason to believe national security or company secrets were compromised, reaffirming confidence in Huang, who will cooperate fully. Senior US House Republicans have requested a closed-door briefing from Huang on 18th November; Committee chairs Brian Mast, John Moolenaar and Rick Crawford cited national security concerns and sought details of Nvidia’s espionage safeguards. Huang must respond by 11th November, or propose an alternative date. Meanwhile, China’s state-run Global Times rejected allegations linking Beijing to Nvidia CEO Jensen Huang’s affair with a suspected Chinese spy; the newspaper accused US media of fabricating an espionage narrative and warned of damage to bilateral trade relations.