European Markets Close Higher After Surprise Eurozone Inflation Data – CNBC

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European Markets Close Higher After Surprise Eurozone Inflation Data – CNBC

Wed, April 3, 2024, 11:44 a.m. EDT

European markets close higher

European stock markets ended in the green on Wednesday, with the German DAX up 0.5% and the French CAC 40 up 0.3%.

Britain’s FTSE 100 index was flat, while the regional benchmark Stoxx 600 rose 0.3%.

See the table…

Stoxx 600 index.

Wed, April 3, 2024, 10:58 a.m. EDT

Stocks on the move: Wacker Chemie up 7.4%, BT Group down 4.7%

German chemical company Wacker Chemie topped gains on the Stoxx 600 in afternoon trading, rising 7.4% after UBS analysts raised their price target on the stock to 137 euros ( 148.23 dollars) against 130 euros.

British telecommunications group BT, meanwhile, fell 4.7% following a price cut by analysts at UBS, to 100p ($1.26) from 110p.

-Jenni Reid

Wed, April 3, 2024, 9:32 a.m. EDT

The S&P 500 opens lower

The S&P 500 started lower Wednesday, putting the broad index on track for a third straight day of losses.

The broad index lost 0.1% shortly after 9:30 a.m. ET, while the Nasdaq Composite fell 0.4%. The Dow Jones slipped about 0.1%.

-Alex Harring

Wed, April 3, 2024, 8:04 a.m. EDT

OPEC+ technical committee recommends no change to oil production policy: sources

The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, Thursday July 6, 2023.

Bloomberg | Bloomberg | Getty Images

A technical committee of the Organization of the Petroleum Exporting Countries and their allies, collectively known as OPEC+, concluded its meeting Wednesday without recommending changes to the group’s production policy, according to two delegates.

The sources could only speak anonymously due to the sensitive nature of the discussions.

The Joint Ministerial Oversight Committee can only recommend policy changes, which would need to be approved by coalition ministers at a formal OPEC+ meeting.

The next JMMC meeting will take place on June 1, according to one of the sources.

Some OPEC+ members agreed in March to extend the voluntary cut in crude production by 2.2 million barrels per day until the second quarter of this year, which is not part of the production strategy unanimously agreed by the group as a whole. The wider group is reducing production by 2 million barrels per day until the end of 2024 as part of its formal policy.

-Ruxandra Iordache

Wed, April 3, 2024, 7:47 a.m. EDT

Strategist says U.S. has the macro backdrop and earnings to drive stocks higher

Nick Nelson, head of equity strategy at Absolute Strategy Research, discusses the strong performance of the US equity market and whether it can continue.

Wed, April 3, 2024, 7:38 a.m. EDT

Investors are becoming slightly optimistic about emerging markets, says HSBC analyst

Murat Ulgen, global head of emerging markets research at HSBC, discusses emerging markets with CNBC.

Wed April 3, 2024, 6:33 a.m. EDT

Finecobank of Itaty mobilizes

Finecobank shares were up around 6% as of midday London time on Wednesday, with reports that JPMorgan analysts had taken an “overweight” stance on the stock.

At the other end of the Stoxx 600 index, Austria’s largest electricity supplier, Verbund, lost 4.5% after a rating downgrade.

—Matt Clinch

Wed April 3, 2024, 5:07 a.m. EDT

Eurozone inflation slows unexpectedly

New PMI data came in below expectations and indicated an economic slowdown.

Bloomberg | Bloomberg | Getty Images

Inflation in the 20-nation euro zone slowed to 2.4% in March, according to flash figures released on Wednesday.

Economists polled by Reuters expected the rate to remain stable from the previous month, at 2.6%.

Read our full story here.

—Jenni Reid

Wed April 3, 2024, 4:54 a.m. EDT

Inflation in Türkiye hits 68.5% despite rate hikes

A money changer counts Turkish lira notes at a currency exchange office in Istanbul, August 8, 2018.

Yasin Akgul | AFP | Getty Images

Turkey’s annual inflation reached 68.5 percent for March, an increase from 67.1 percent in February, according to the Turkish Statistical Institute’s report released Wednesday.

The monthly increase in consumer prices amounted to 3.16%, driven by education, communication and hotels, restaurants and cafes, which experienced monthly increases of 13%, 5.6% and 3 .9% respectively.

On an annual basis, education again saw the highest cost inflation at 104% year-on-year, followed by hotels, restaurants and cafes at 95% and healthcare at 80%.

—Natasha Turak

Tue, April 2, 2024, 7:20 p.m. EDT

CNBC Pro: ‘A Fantastic Market’: Strategist Names Little-Known Stock Playing in Japan Right Now

Several investors have looked favorably on Japanese stocks in recent months – and market strategist Matt Orton is no exception.

“Japan as a whole has been a fantastic market…Japan has been the best performer within the Asian stock market complex,” said chief market strategist at asset management firm Raymond James Investment Management, on CNBC’s “Squawk Box Asia” on April 1.

A lesser-known name seems like a good play for him right now.

CNBC Pro subscribers can learn more here.

-Amala Balakrishner

Tue, April 2, 2024, 7:20 p.m. EDT

CNBC Pro: Feeling FOMO on Reddit or Truth Social? Here’s another way to profit from meme stocks

From the GameStop frenzy of 2021 to the recent surge in Reddit and Truth Social stocks, many investors are likely afraid of missing out (FOMO) on these seemingly lucrative opportunities.

However, for investors who can’t stomach the risks associated with meme stocks, there are less volatile ways to capitalize on the trading phenomenon, according to Hannah Gooch-Peters, global equity investment analyst at Sanlam Investments.

CNBC Pro subscribers can learn more about these actions here.

-Ganesh Rao

Wed April 3, 2024, 2:02 a.m. EDT

European markets: here are the opening calls

European markets are expected to open lower on Wednesday.

Britain’s FTSE 100 index is expected to open 27 points lower at 7,909, Germany’s DAX down 25 points at 18,266, France’s CAC down 9 points at 8,121 and Italy’s FTSE MIB down 18 points. to 33,703, according to IG data.

Wednesday will be gloomy on the corporate earnings front, but inflation data is expected to come from the Eurozone and Turkey.

-Karen Gilchrist

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