- European stock indexes opened lower: Stoxx 600 -0.4%, FTSE 100 -0.3%, DAX -0.8%, CAC 40 -0.6%, FTSE MIB -0.5%, IBEX 35 -0.6%, AEX -0.3%.
- Infineon -2.7%, Siemens -1.8%, SAP -1.3%, Legrand -2%, Societe Generale -1.65%, BE Semiconductor -3.85%.
- Shell: RBC says strong performance update likely to lead to consensus upgrades; Jefferies says Q3 update could push net income consensus ~4% higher. Shares +0.5%.
- Burberry: AlphaValue says turnaround progress but not insulated from broader luxury slowdown; subdued tourist spending in Europe, volatile China, geopolitical uncertainty. Shares -1.8%.
- HSBC: FT reports plans to cut 70% of UK wealth advisers due to AI. RBC notes this contrasts with broader sector trend of fierce competition for advisers. Shares -3.9%.
- Forvia: BofA double-upgrades to buy from underperform, target raised to EUR 14 from EUR 10.50. Cites new CEO Martin Fischer's execution track record. Shares +9.25%.
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