7 hours ago
European markets close slightly higher
Europe’s Stoxx 600 index closed 0.15% higher on Tuesday after a choppy session reflecting investor uncertainty about central banks’ next moves.
The UK’s FTSE 100 gained 0.36% as energy and mining stocks climbed and BP gained 8% after reporting record annual profits. The French CAC 40 and the German DAX both fell around 0.1%.
See the table…
Stoxx 600 index.
7 hours ago
EMEA corporate credit ratings fell less than expected during war in Ukraine: Moody’s
The credit quality of companies in the EMEA region has suffered less from Russia’s invasion of Ukraine than originally expected by Moody’s, a study by the rating agency revealed on Tuesday.
Moody’s said it downgraded about 20% of non-financial companies, down from 45% originally expected. He said this was due to the fact that the energy crisis developed relatively slowly, giving governments and companies time to implement measures such as reducing consumption, switching to alternative fuels and financial support programs.
Moody’s, however, said it expects the credit quality of the non-financial companies it rates to continue to weaken this year. Among the main risks to profitability, he lists cost inflation, energy scarcity in industrial segments, weak consumer sentiment and deteriorating financing conditions due to rising interest rates. .
Companies in energy-intensive and cyclical sectors are most exposed to credit quality erosion as energy prices remain elevated, Moody’s said, while a combination of weaker demand and Reduced margins could see companies in industrial sectors such as chemicals and steel moving their operations out of Europe.
—Jenni Reid
9 hours ago
Siemens Energy’s wind business stabilizing, says CEO
Siemens Energy chief executive Christian Bruch said there were “highlights and weak points” in the company’s first-quarter results and discussed reforms to turn around its struggling wind business.
Shares of the company were down 3% in afternoon trading.
11 hours ago
‘Stay cautious’ as earnings recession could be a risk for stock markets, strategist says
Monica Defend, head of the Amundi Institute at Amundi Asset Management, says she wants to get a clear picture “if not on the economic cycle, at least on the earnings cycle”.
13 hours ago
Erdogan has lost control of the narrative, analyst says
Turkish President Recep Tayyip Erdogan has lost control of the narrative, an analyst told CNBC.
Mike Harris, founder of Cribstone Strategic Macro, says that “in a weird way it’s a healthy thing because when it controls the narrative it can do crazy things.”
14 hours ago
French bank BNP announces exceptional profit for 2022
BNP Paribas announced a 7% increase in its net profit for 2022 and revised its profit targets upwards.
The French bank said net profit attributable to shareholders was 2.2 billion euros ($2.36 billion) for the fourth quarter, bringing its profit for the year 2022 to 10.2 billion euros.
Analysts had expected a figure of 2.36 billion euros for the quarter and 10.9 billion euros for the year, according to Refinitiv.
BNP revenue details can be found here.
—Silvia Amaro
14 hours ago
‘A good set of results’: BP CEO reflects on record 2022 profits after fossil fuel price spike
BP CEO Bernard Looney discusses the oil major’s record annual profits and says the company is “looking into” its strategy.
15 hours ago
BP posts record profits for 2022; shares up 4.2%
Oil giant BP reported record annual profits, doubling last year’s total as fossil fuel prices soared following Russia’s large-scale invasion of Ukraine.
The British energy giant posted an underlying replacement cost profit, used as an indicator of net profit, of $27.7 billion for 2022. That’s up from $12.8 billion. dollars from the previous year.
Shares of BP rose 4.2% after the announcement and oil and gas stocks led the gains in the Stoxx 600 index around 9 a.m., having gained 1.7%.
The full story can be found here.
15 hours ago
Stocks in motion: Ambu up 17%, ams Osram down 13%
Ambu topped the Stoxx 600 index with gains of 17% after the Danish medical device company reported strong first-quarter revenue results.
According to Ambu’s interim report, revenue grew organically by 4%, while reported growth for the quarter was 10%.
Shares of Austrian electronics company ams Osram fell 13% after reporting disappointing fourth-quarter results and a “weak” first-quarter outlook. The company also suspended its 2022 cash dividend.
—Hannah Ward-Glenton
19 hours ago
CNBC Pro: Market veteran still bullish on tech despite upheaval in earnings, reveals his other top picks
Tech stocks have rallied strongly this year – a big turnaround for one of the worst performers of 2022. But the strength of the recovery now hangs in the balance as investors weigh the implications of a series of earnings disappointments .
Market veteran Kenny Polcari, however, is still a fan of the sector and has a number of stock picks to play in it.
Pro subscribers can learn more here.
— Zavier Ong
Mon, Feb 6, 2023 7:37 AM EST
CNBC Pro: Want to play the ChatGPT buzz? Analysts love these AI actions – giving a 150% advantage
A lot of buzz was generated around ChatGPT, an artificial intelligence chatbot that went viral and reportedly reached 100 million monthly active users in January.
Its popularity has sparked a lot of interest in artificial intelligence technology.
“You really have to consider the role that artificial intelligence is going to play…it’s made this quantum leap almost, you know, overnight. And so I think that puts it right in the middle of people’s wallets,” Kenny Polcari , chief market strategist at SlateStone Wealth, told CNBC’s “Street Signs Asia” on Monday.
For investors considering investing in AI, CNBC Pro picks related stocks that analysts love, with big upside potential.
CNBC Pro subscribers can learn more here.
—Weizhen Tan
22 hours ago
CNBC Pro: These ETFs and Mutual Funds Face Millions in Losses Amid Adani Crisis
Retail investors and pension funds face millions of dollars in losses on investments in Adani Group companies, CNBC Pro can reveal.
A new analysis shows that 951 mutual funds and ETFs worldwide have cumulatively lost more than $4.2 billion in the value of their Adani shares this year.
CNBC Pro subscribers can search here for mutual funds and ETFs that have had exposure to Adani companies.
— Ganesha Rao
19 hours ago
European markets: here are the opening calls
European markets are heading for a positive open on Tuesday as investors continue to assess the global economic outlook.
Britain’s FTSE 100 index is expected to open 11 points higher at 7,847, Germany’s DAX 17 points higher at 15,364, France’s CAC 17 points at 7,150 and Italy’s FTSE MIB 30 points at 27,086, according to GI data.
BP, BNP Paribas, Siemens Energy and Carlsberg are all set to report earnings, and data releases will include German industrial production for December.
—Holly Ellyatt
