European markets close higher following US inflation data; Neste shares fall 14% – CNBC

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European markets close higher following US inflation data;  Neste shares fall 14% – CNBC

An hour ago

European markets close higher

European markets closed higher on Wednesday as investors reacted to somewhat tepid US inflation data.

The pan-European Stoxx 600 index provisionally ended up 0.6%, with most sectors and major exchanges in positive territory.

—Sam Meredith

2 hours ago

Stocks on the move: International Distributions Services up 17%, Neste down 14%

Shares in International Distributions Services, owner of Royal Mail, jumped 17% in afternoon trading after the company said it “intends to recommend” a revised takeover offer from the Czech billionaire Daniel Kretinsky.

Meanwhile, shares of Finnish oil refiner Neste fell 14% after the company issued a profit warning on Tuesday.

—Vicky McKeever

3 hours ago

S&P 500 and Nasdaq open at new all-time high

Following a lighter-than-expected inflation report, the S&P 500 and Nasdaq Composite opened at new all-time highs during Wednesday’s trading session.

The broader market index added 0.4%, while the tech-heavy Nasdaq rose 0.6%. The Dow Jones Industrial Average gained 182 points, or 0.5%.

—Lisa Kailai Han

4 hours ago

US stock futures rise on colder-than-expected inflation data

U.S. stock futures rose Wednesday morning after the latest consumer price index came in lighter than expected.

The CPI rose 0.3% for April, lower than the 0.4% forecast by economists surveyed by Dow Jones. The metric rose 3.4% year-over-year, in line with expectations.

Futures contracts tied to the Dow Jones Industrial Average added 136 points, or 0.3%, while S&P 500 and Nasdaq-100 futures gained 0.5% and 0.4%, respectively.

-Karen Gilchrist

8 hours ago

FTSE 100 hits record high

Britain’s FTSE 100 index hit a record high in early trading on Wednesday, driven by gains from credit data firm Experian.

The blue-chip index rose 0.5% at the open to hit a high of 8,474.41 points, surpassing a string of record highs in recent weeks.

Around 9:50 a.m. London time, the index pared its gains slightly to trade at 8,426 points.

Experian rose 7.6% on strong annual revenue guidance.

-Karen Gilchrist

8 hours ago

IEA lowers oil demand forecast for 2024

Offshore oil drilling platform in the Gulf of Mexico.

Ron Buskirk | Getty Images

The International Energy Agency on Wednesday lowered its oil demand forecast by 140,000 barrels per day (bpd) to 1.1 million bpd, mainly due to weaker demand from countries in the OECD.

New forecasts from the Paris-based energy watchdog widen the gap with OPEC, which on Tuesday reiterated its forecast that global oil demand would increase by 2.25 million barrels per day in 2024 .

-Karen Gilchrist

9 hours ago

Travel giant TUI says it is optimistic for the summer as its quarterly turnover jumps 16%

A Boeing 787 “Dreamliner” bearing the logo of tourism giant TUI at Hannover Airport in Langenhagen, central Germany.

JULIEN STRATENSCULTE | AFP | Getty Images

German travel giant TUI released its fiscal first quarter results on Wednesday, saying the three months to the end of March 2024 were a “record” quarter. Revenue for the quarter was 3.6 billion euros ($3.9 billion), 16% more than a year earlier, the tour operator said.

Sixty percent of this year’s summer trips have been sold so far, which is “promising” and in line with 2023, TUI said, adding that prices had increased by around 4% on average.

“Travel is very popular with people. We are seeing trends that will further strengthen this trend in the future: experiences are becoming more important than possessions, and middle classes are growing in many parts of the world,” said TUI CEO Sebastian Ebel in a statement. .

TUI shares fell as markets opened but pared losses and were up around 2.1% as of 8:43 a.m. London time.

—Sophie Kiderlin

10 hours ago

Burberry announces a 34% drop in profits in a “difficult” environment

Shoppers walk past the Burberry store in Shanghai

Kevin Lee | Getty Images

British fashion house Burberry on Wednesday reported a 34% drop in annual operating profit and said the company’s outlook was expected to remain “challenging” in the first half of this year, amid a decline in demand in the luxury market.

Reported revenue declined 4% in the year to March 2024, with sales in the Americas declining over the period, although they increased slightly in Europe and Asia.

The company said it expects the outlook to improve slightly in the second half as cost savings bear fruit. However, it added that it expects a loss of around £30 million ($37.7 million) on revenue and around £20 million in profit. operating adjusted due to currency headwinds in the coming year.

“Although our financial results for FY24 were below our initial expectations, we made good progress in refocusing our brand, evolving our product and strengthening distribution while making operational improvements,” CEO Jonathan Akeroyd said in a statement.

“We are using what we have learned over the past year to refine our approach, while adapting to the external environment,” he added.

-Karen Gilchrist

10 hours ago

Dutch bank ABN Amro announces a 29% increase in net profit in the first quarter

A bank branch of ABN Amro Group NV in Amsterdam, the Netherlands, Tuesday, February 1, 2022.

Pierre Boer | Bloomberg | Getty Images

Dutch bank ABN Amro released its first quarter 2024 results on Wednesday, showing a net profit of 674 million euros ($729.6 million).

This is a sharp increase compared to the same period a year earlier, when the bank’s net profit was 523 million euros. According to Reuters, an analyst forecast previously met by the bank was for a net profit of 521 million euros.

The bank said it benefited from rising interest rates, citing strong net interest income and a low cost of risk as among the main contributors to its results.

—Sophie Kiderlin

11 hours ago

Commerzbank announces a 29% increase in its net profit in the first quarter

The logo of the German bank Commerzbank seen on a branch near the Commerzbank Tower in Frankfurt.

Daniel Roland | Afp | Getty Images

Germany’s Commerzbank on Wednesday reported a better-than-expected 29% rise in first-quarter net profit to 747 million euros ($808 million), its highest quarterly profit in 10 years.

Analysts had expected a profit of 652 million euros, according to an April consensus forecast published by Commerzbank.

The bank also raised its outlook for net interest income to around 8.1 billion euros for the full year.

-Karen Gilchrist

17 hours ago

CNBC Pro: Are memes coming back? These 4 stocks could benefit from a boom in retail investors

17 hours ago

CNBC Pro: These are Goldman Sachs’ favorite stocks with 50% or more upside potential

Stocks are in free fall.

The S&P 500 is hitting record highs this year and the Dow Jones Industrial Average just had its best week of the year – and its eighth consecutive winning session last Friday.

But Goldman Sachs still gave some of its favorite stocks more than 50% upside potential and a valuation of more than 100%.

CNBC Pro subscribers can learn more about them here.

— Weizhen Tan

13 hours ago

European markets: here are the opening calls

European markets are expected to open higher on Wednesday.

Britain’s FTSE 100 index is expected to open 41 points lower at 8,470, Germany’s DAX up 60 points at 18,783, France’s CAC up 22 points at 8,249 and Italy’s FTSE MIB up 142 points to 34,945, according to IG data.

The profits are owed by Allianz, EON, RWE, Commerzbank, Thyssenkrupp, TUI, Bilfinger, ABN Amro, Telecom Italia, Burberry and Ubisoft. The latest preliminary reading of euro zone gross domestic product is also awaited.

—Houx Ellyatt

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