Tue, April 2, 2024, 12:06 p.m. EDT
European markets close lower
European stock markets closed in the red on Tuesday, the first trading day of the new quarter.
Germany’s DAX fell 1.1%, while France’s CAC 40 fell 0.9% and Britain’s FTSE 100 fell 0.2%.
See the table…
Stoxx 600 index.
Tue, April 2, 2024, 10:06 a.m. EDT
Commodity prices pushed to their highest levels since August 2022
The surge in oil prices has pushed the general commodity index to its highest level since the summer of 2022.
As the price of U.S. crude surged more than 18% in 2024, the CRB Commodity Index rose nearly 11%. The index closed on Monday at its highest level since August 30, 2022.
The CRB measure includes 19 different commodities, including energy, agricultural products, precious metals and industrial metals. Other significant contributors to its rise this year include gold, up almost 8%; sugar, up about 12%; and copper, a traditional economic barometer, up 4.5%.
-Jeff Cox
Tue, April 2, 2024, 9:33 a.m. EDT
US stock markets open in the red on Tuesday
Tue, April 2, 2024, 8:24 a.m. EDT
German inflation falls in six key states
Germany saw inflation fall in six key states last month, according to preliminary data released on Tuesday, in a further boost to the fight against inflation.
Inflation in various economically important regions fell to 3.5% or lower in March compared to February, according to Reuters.
Euro zone inflation data due on Wednesday will provide more guidance on price developments ahead of the European Central Bank’s next interest rate decision in April.
-Karen Gilchrist
Tue, April 2, 2024, 6:18 a.m. EDT
Eurozone inflation figures suggest ECB rate cut in June, economist says
The latest euro zone inflation figures support the growing consensus that the European Central Bank will begin cutting interest rates in June, according to Chris Williamson, chief economist at S&P Global Market Intelligence.
The ECB is “very data-dependent, and we’re seeing signs of inflation really starting to come down now,” Williamson told CNBC’s “Street Signs Europe,” calling June “the most realistic” month to begin cuts rate.
Headline consumer price inflation in France, Spain and Italy fell short of expectations last week, and on Tuesday, closely watched German state-level inflation showed declines in six key regions. A survey by the German Ifo institute has meanwhile shown that companies’ price expectations are at their lowest level in three years.
“The fall in headline inflation figures will not only reassure the ECB that current inflation is falling, but also that wage negotiations will be reduced, as lower inflation means workers have less reason to negotiate higher wages it forms this nice virtuous cycle of lower inflation, so that’s really what we expected to see,” Williamson said.
There were also signs of easing cost pressures in the services sector, a key area of concern for the ECB, which “strengthened the case” for a rate cut in June, said Williamson said.
-Jenni Reid
Tue, April 2, 2024, 4:46 a.m. EDT
Stocks on the move: SSAB falls 4.5%, Delivery Hero up 6%
Shares of Swedish steelmaker SSAB fell 4.5% in early trade after it announced it would invest 4.5 billion euros ($4.83 billion) in building a mini-energy-free steel mill fossil in the country.
On the other hand, Delivery Hero rose 6% following reports that Singapore’s competition watchdog had launched an investigation into its now-abandoned takeover of the South Asian delivery business -East Grab. Just Eat shares also rose 4.4%.
-Karen Gilchrist
Tue, April 2, 2024, 4:44 a.m. EDT
Eurozone factory activity declines again in March
Technicians work on the final inspection line of the electrical identification of the German car manufacturer Volkswagen. 3 cars in Dresden, Germany on June 8, 2021.
Matthias Rietschel | Reuters
Euro zone manufacturing activity plunged deeper in March, contracting at a faster pace than the previous month, according to new data released Tuesday.
The HCOB Eurozone Manufacturing Purchasing Managers’ Index fell to 46.1 in March from 46.5 in February.
This is the 21st month that activity has fallen below the 50 mark.
-Karen Gilchrist
Tue, April 2, 2024, 2:41 a.m. EDT
UK house prices see fastest rise since December 2022
UK house prices rose 1.6% in March from a year earlier, marking the fastest rise since December 2022, according to new data from UK mortgage lender Nationwide.
Prices fell by 0.2% in the month of March alone, the first drop since December 2023 after an increase of 0.7% in February.
“Activity has recovered from the low levels prevailing towards the end of 2023, but remains relatively subdued by historical standards,” said Robert Gardner, chief economist at Nationwide.
“This largely reflects the impact of rising interest rates on affordability. Although mortgage rates are below the highs seen in mid-2023, they remain well above the lows prevailing in the wake of the pandemic,” he added.
-Karen Gilchrist
Mon April 1, 2024, 7:37 p.m. EDT
CNBC Pro: “Very, very attractive”: Strategist names two little-known US small-cap names to play now
Market strategist Matt Orton sees promise in small- and mid-cap stocks this year, naming four little-known companies he’s currently bullish on.
“I’ve been bullish on small caps this year, and it looks like we could be on the verge of an even bigger breakout,” said Orton, chief market strategist at asset management firm assets Raymond James Investment Management, to CNBC’s “Squawk Box.” Asia” on April 1.
Small-cap players in the United States currently look “very, very attractive,” he said, citing two little-known companies he likes.
CNBC Pro subscribers can learn more here.
-Amala Balakrishner
Mon April 1, 2024, 7:37 p.m. EDT
CNBC Pro: Five stocks to buy and hold for the long term, according to the pros
Investing for the long term is not an easy task.
A longer investment period involves “looking for business models and strategies that are likely to persist 10, 20, or even 40 years from now,” says David Dietze, managing partner and senior portfolio strategist at Peapack Private Wealth Management.
CNBC Pro spoke with three money managers about their buy-now, hold-longer-term stocks.
CNBC Pro subscribers can read their top five stocks here.
-Amala Balakrishner
Tue, April 2, 2024, 2:13 a.m. EDT
European markets: here are the opening calls
European markets are expected to open mixed on Tuesday.
Britain’s FTSE 100 index is expected to open 5 points lower at 7,957, Germany’s DAX up 10 points at 18,516, France’s CAC up 14 points at 8,222 and Italy’s FTSE MIB down 91 points to 34,209, according to IG data.
UK house price data, Eurozone manufacturing figures and German inflation figures for March are all due.
-Karen Gilchrist