Tue Nov 22 2022 11:48 AM EST
European stocks climb 0.8% to a 3-month high
The European Stoxx 600 rose 0.8% to its highest level since Aug. 22 on Tuesday, after a flat Monday session.
The biggest gains were seen in the energy and mining sectors, with oil and gas companies such as Harbor Energy and BP among the best performers.
At the other end of the index, UK wealth management technology firm Allfunds Group fell 10.3% after a share selloff.
Tue Nov 22 2022 10:36 AM EST
European stocks at 3-month high
Gains by energy and mining companies drove European stocks to a three-month high despite the latest gloomy warnings about the European economic outlook.
The pan-European Stoxx 600 index reached 436.46 points, its highest level since August 22.
Oil and gas stocks were trading up 4.6%, with the basic resources sector adding nearly 3%.
Global markets were also buoyed as investors predicted an end in sight to interest rate hikes, following weaker than expected inflation in the United States.
—Jenni Reid
Tue Nov 22 2022 10:16 AM EST
Energy stocks boosted by OPEC+ report
Energy companies were the best performers among European companies in afternoon trading, after Saudi Arabia denied a report that OPEC+ could boost oil production.
Scottish oil and gas company Harbor Energy, Monday’s worst-performing stock, pared losses to climb 7%, as energy pipe maker Tenaris, Spanish energy company Repsol and Britain’s BP all increased by 6.5%.
Energy giants Shell and Totalenergies both added around 5%.
—Jenni Reid
Tue Nov 22 2022 9:33 AM EST
Shares rally back to market open on Tuesday
Shares jumped at the open of the trading day on Tuesday as Wall Street shrugged off worries about covid lockdowns in China and turned to strong earnings reports.
The Dow Jones Industrial Average climbed 190 points, or 0.56%. The S&P 500 and the Nasdaq Composite advanced 0.54% and 0.37%.
Best Buy shares jumped nearly 9% after the company raised its 2023 budget outlook and beat earnings expectations.
—Carmen Reinicke
Tue Nov 22 2022 8:55 AM EST
Stocks on the move: Harbor Energy up 7%, Allfunds down 10%
British oil and gas company Harbor Energy saw its shares jump more than 7% in mid-afternoon to lead a broad rally in oil stocks, after Saudi Arabia denied reports of a rise potential of OPEC+ supply.
At the bottom of Europe’s blue chip index, British wealth technology firm Allfunds Group lost more than 10% after a stock selloff.
-Elliot Smith
Tue Nov 22 2022 6:54 AM EST
OECD: Europe hardest hit by global slowdown
The OECD said on Tuesday that Europe will bear the brunt of a global economic slowdown as energy prices rise and business activity declines due to Russia’s war in Ukraine.
The 38-member intergovernmental organization said global economic growth would slow from 3.1% this year to 2.2% next year, before accelerating to 2.7% in 2024.
However, growth in the Eurozone is expected to slow from 3.3% in 2022 to just 0.5% in 2023, before recovering to 1.4% in 2024 as the continent is disproportionately affected by the global energy crisis. .
-Elliot Smith
Tue Nov 22 2022 5:06 AM EST
Investors should turn to these real assets to weather higher inflation, strategist says
Paul Flood, Head of Mixed Assets at Newton Investment Management, discusses real assets investors should consider buying to diversify their portfolios for a future of higher and more volatile inflation.
Tue Nov 22 2022 3:19 AM EST
Stocks on the move: BP up 5%, Allfunds down 9%
British wealth technology company Allfunds Group saw its shares fall 9% to the low of the Stoxx 600 in early trading.
At the top of the index, BP shares added 5% to lead a broad advance in the oil and gas sector.
-Elliot Smith
Mon Nov 21, 2022 8:30 PM EST
CNBC Pro: Morgan Stanley’s Wilson says inflation is on the verge of falling, but warns of a ‘new era’ ahead
Morgan Stanley’s chief U.S. equity strategist Mike Wilson said he expects a “pretty sharp drop in inflation” and predicts when that might happen.
But he said there are two areas that stand out, where inflation could be “stickier”.
CNBC Pro subscribers can learn more here.
—Weizhen Tan
Mon Nov 21, 2022 9:31 PM EST
CNBC Pro: Amazon is down 40% this year — is it time to buy? Market pros give their opinion
Once a Wall Street darling, Amazon has lost some of its luster this year. The e-commerce giant’s stock fell more than 40%, significantly underperforming the S&P 500, which fell about 15% over the same period.
Is it time for investors to reinvest? On Thursday, two market professionals squared off on CNBC’s “Street Signs Asia” to argue for and against buying the stock.
CNBC Pro subscribers can learn more here.
— Zavier Ong
Wed, May 10, 2023 11:45 PM EDT
European markets: here are the opening calls
European markets are heading for a higher open on Thursday.
Britain’s FTSE 100 index is expected to open 10 points higher at 7,737, Germany’s DAX 27 points at 15,907, France’s CAC 20 points at 7,370 and Italy’s FTSE MIB 23 points at 27,950, according to the data. of IG.
Revenue is expected to come from ITV, Bayer, Deutsche Telekom, Merck, RWE and Prada. The Bank of England is due to release its latest monetary policy decision on Thursday.
—Holly Ellyatt
