Thu April 4, 2024, 12:05 p.m. EDT
European stocks close higher
Europe’s Stoxx 600 closed 0.16% higher on Thursday, a second positive session for the regional index that put the 2024 rally back on track.
Britain’s FTSE 100 index rose 0.5%, while Germany’s DAX rose 0.2% and France’s CAC 40 was close to the flat line.
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Stoxx 600 index.
Thu, April 4, 2024, 11:12 a.m. EDT
Stocks on the move: Delivery Hero up 14%, Ocado down 5%
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Delivery Hero stock price.
Shares of German company Delivery Hero jumped 14% in late afternoon trading after Bloomberg reported that activist investment firm Sachem Head Capital Management had taken a 3.6% stake in the company and could seek a seat on the board of directors.
After strong pandemic growth, Delivery Hero has struggled to allay concerns about its liquidity and growth potential.
At the other end of the Stoxx 600 index, British food delivery company Ocado fell 5%. The company announced Thursday that its president, Rick Haythornthwaite, will step down next year.
-Jenni Reid
Thu April 4, 2024, 9:30 a.m. EDT
US stocks open higher on Thursday
Thu, April 4, 2024, 4:11 a.m. EDT
Volvo shares rise after record monthly sales in March
A Volvo EX30 fully electric EV car is on display during Everything Electric London 2024 at ExCel on March 28, 2024 in London.
John Keeble | Getty Images News | Getty Images
Shares in Volvo Cars rose 3.87% as of 9:03 a.m. London time after the carmaker reported record single-month sales for March on Thursday.
Volvo Cars said it sold 78,970 cars last month, up 25% on the year and an all-time high for global transactions in a single month.
The company’s new all-electric EX30 model contributed to sales growth, alongside “strong commercial performance” in Europe and the United States, Volvo Cars noted.
Total first-quarter sales of Volvo Cars, majority-owned by China’s Geely, amounted to 182,687 units, up 12% compared to the same period in 2023.
“These figures reflect the strength of our strategy and the diversity of our products – offering fully electric cars alongside plug-in hybrids and mild hybrids in the right combination,” said Björn Annwall, Deputy CEO of Volvo Cars.
“We are making good progress toward our annual sales target of at least 15 percent growth and in the coming months we will focus on accelerating sales of our EX30.”
— Ruxandra Iordache
Thu, April 4, 2024, 3:51 a.m. EDT
Swedish central bank says first interest rate cut could happen as soon as May
The Swedish flag flies over the country’s central bank.
Bloomberg / Contributor / Getty Images
The Swedish central bank could make a first cut in interest rates next month, according to the minutes of the last policy meeting in March, published on Thursday.
“A first rate cut is expected in May or June and, in addition to the inflation outlook, many analysts mention that the timing will depend on the development of the crown and when other central banks lower their key rates, in particular the ECB,” the minutes indicate. note.
“Market prices indicate a policy rate slightly above 3 percent towards the end of 2024. The Riksbank’s updated policy rate forecast is expected to indicate a relatively high probability of a policy rate cut during the first half of year and one or more further reductions in 2024.”
In late March, the central bank opted to keep its policy rate unchanged, with the key interest rate at 4%, citing inflationary pressures which it considered “still somewhat elevated” at the time.
Market participants are closely watching which central bank will follow the path of the Swiss National Bank, which last month lowered its main policy rate by 0.25 percentage points, to 1.5%.
— Ruxandra Iordache
Wed April 3, 2024, 7:35 p.m. EDT
CNBC Pro: Tesla Short Seller Names 2 Auto Stocks to Hold, Giving Them 100% Upside Potential
A Tesla short seller has named two auto stocks that he believes have the potential to deliver a 100% upside for investors.
Lekander, who has a short position in Tesla shares, said the electric vehicle automaker could “go bankrupt” while its stock could fall to $14. Short sellers profit when stocks fall.
The hedge fund manager said the “Tesla bubble” has created what he calls an “anti-bubble” in the auto sector, causing investors to be excessively bearish on companies that are actually performing well.
Lekander named the two auto stocks whose share price could double from current levels as the Tesla bubble deflates. CNBC Pro subscribers can learn more here.
-Ganesh Rao
Wed April 3, 2024, 7:35 p.m. EDT
CNBC Pro: Are you considering investing in Tesla? One investor gives the stock 79% upside potential
Some investors may be hesitant to buy Tesla at the moment, but one analyst is bullish on the stock.
Over the last 12 months, the stock of Elon Musk’s automobile giant has plunged nearly 14.5%.
Stocks also suffered Tuesday, after Tesla delivered far fewer cars than expected by analysts surveyed by FactSet in the first quarter of the year.
A global auto industry analyst, however, sees opportunities in investing in Tesla, especially in the long term.
“The stock, despite this performance today, is only down 4.5%, which makes me think expectations are already very low,” Tom Narayan of RBC Capital Markets told Squawk Box Asia ” from CNBC in April. 3.
He also highlighted other opportunities he sees in the short and long term.
CNBC Pro subscribers can learn more here.
-Amala Balakrishner
Thu, April 4, 2024, 1:47 a.m. EDT
European markets: here are the opening calls
European markets are expected to open higher on Thursday.
Britain’s FTSE 100 index is expected to open 7 points higher at 7,936, Germany’s DAX up 1 point at 18,371, France’s CAC up 9 points at 8,161 and Italy’s FTSE MIB up 26 points to 33,908, according to IG data.
-Karen Gilchrist
