57 minutes ago
Wise shares fall 8% following trading update
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Wise stock price.
Shares of British fintech Wise were down 8% at 10:20 a.m. in London after the company issued a trading update in which it said its revenue rose 36% year-on-year for reaching £277.2 million ($344.8 million) in the fourth quarter.
That was lower than the £316 million analysts had expected, according to FactSet data.
The company, which facilitates international money transfers, said the number of its active customers increased 29% to 7.9 million during the quarter.
-Jenni Reid
2 hours ago
European stocks open lower
European stock markets opened lower on Tuesday, with the benchmark Stoxx 600 index down 1.2% at 9 a.m. London time, its lowest level since March 7.
All sectors moved in the red. Britain’s FTSE 100, France’s CAC 40 and Germany’s DAX all fell 1.3%.
-Jenni Reid
2 hours ago
Dr. Martens shares plunge 30% to all-time low and trading halts
Different styles of Dr Martens shoes are worn at the Big Skinheads Meeting on June 7, 2015 in Brighton, England. The Skinhead Reunion is now in its fifth year with three days of celebrations of the skinhead subculture in Brighton.
Alan Crowhurst | Getty Images News | Getty Images
Shares of Dr. Martens plunged 30% to a record low in early trading after the shoe maker issued an unscheduled trading update in which it flagged a tough outlook for 2025 and said that its results for the year 2024 would be in line with estimates.
Trading in the company’s shares has been temporarily suspended on the London Stock Exchange.
The company also announced that CEO Kenny Wilson would step down in March 2025 and be replaced by chief brand officer Ije Nwokorie.
In a note released Tuesday, RBC analysts flagged negative sentiment toward the stock and said markets would focus on 2025 forecasts in the near term.
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Dr Martens share price
3 hours ago
UK employment rate falls as wage growth remains robust
A member of staff wanted a sign in the window of a restaurant in the Soho area of London, UK, Tuesday September 7, 2021.
Bloomberg | Bloomberg | Getty Images
The UK’s employment rate fell in December and January, to 74.5%, from 74.8% in the previous measured period, according to figures released by the Office for National Statistics.
Unemployment increased in the third reading to 4.2%, compared to 3.9% a year ago.
Wage growth excluding bonuses stood at 6% between December 2023 and February 2024, down slightly from 6.1% from November 2023 to January 2024, but higher than the figure expected by economists polled by Reuters of 5 .8%.
“Overall, without the sharp weakening of labor market activity, we would be a little worried about seeing the process of disinflation in the UK coming to a halt as it has in the US,” said Paul Dales, Chief UK Economist at Capital Economics. , said in a note.
“But with employment falling sharply and the unemployment rate rising, we believe wage growth will continue to slow in the coming months. This could allow the Bank to cut interest rates in June , even if the Fed doesn’t act until September.”
-Jenni Reid
3 hours ago
Ericsson posts higher profit
People visit the Ericsson booth during the Mobile World Congress (MWC) Shanghai 2019 at Shanghai New International Expo Center on June 25, 2019 in Shanghai, China.
VCG | Getty Images
Swedish telecommunications company Ericsson on Monday announced operating profit excluding restructuring charges of 4.3 billion Swedish crowns ($393.8 million), up 7% year-on-year and well above market expectations. analysts of a LGEG survey of 1.7 billion crowns.
Organic sales fell 14%, with a 19% drop in its networks unit, which includes its 5G services.
The company said there is potential for sales to stabilize in the second half in light of recent contract wins and normalization of inventory levels in North America.
CEO Börje Ekholm told CNBC’s “Squawk Box Europe” that the company was focusing on its cost position and ensuring it had a competitive product, which was behind its decision announced on last month to lay off around 1,200 workers.
Ekholm also said Ericsson was using artificial intelligence to help its complex 5G networks work better.
-Jenni Reid
15 hours ago
The Nasdaq Composite slips below its 50-day moving average, first time since November
Major indexes resumed selling Monday and the Nasdaq Composite fell below its 50-day moving average as the index fell about 1.7%.
It was the first time that the technology-heavy index slipped below this key threshold since November 3, 2023. If it closes below this level, it would be a first since November 2, 2023. The index is in increase of more than 30% in the last 12 months.
The 50-day moving average is a technical indicator that traders monitor to gauge short-term trading trends. A close below this level could signal an upcoming downtrend for an asset.
— Darla Mercado, Nick Wells
10 hours ago
CNBC Pro: These 10 oil stocks are the most – and least – sensitive to price fluctuations amid Iran-Israel tensions
Crude oil prices were volatile in April amid heightened geopolitical risks.
CNBC Pro selected stocks from the MSCI World Energy Index that are both highly correlated and inversely correlated with international benchmark Brent crude oil prices over the past week, month and year.
CNBC Pro subscribers can learn more here.
-Ganesh Rao
14 hours ago
The oil market ignored the Iranian attack. What happens next depends on Israel
An Israeli Sikorsky helicopter flies overhead near Ashkelon as an oil rig is visible in the background, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, Israel, November 14, 2023.
Amir Cohen | Reuters
The oil market on Monday shrugged off Iran’s weekend airstrike on Israel, with U.S. crude and the global benchmark both trading slightly lower.
The West Texas Intermediate contract for May lost 25 cents, or 0.29%, to settle at $85.41 a barrel. June Brent crude futures fell 35 cents, or 0.39%, to settle at $90.10 a barrel.
The market had already priced in the risk of an attack announced by Iran days before, and traders breathed a sigh of relief after Israel and the United States intercepted almost all of the missiles fired.
What happens next will depend on how Israel decides to respond.
“What is not being priced in by the current market, in our view, is the potential continuation of direct conflict between Iran and Israel,” said Maximilian Layton, head of commodities research at Citi, in a note to its clients. Oil prices could rise above $100 a barrel depending on how Israel responds to the attack, the analyst wrote.
-Spencer Kimball
Mon, April 15, 2024, 12:27 a.m. EDT
CNBC Pro: Morgan Stanley names ‘alpha’ global stock ideas for April – and gives one more than 30% upside
Asian markets have had a mixed start to the year, with investors taking a keen interest in India, Japan and, increasingly, China.
Looking ahead, those looking for pockets of opportunity in the region can look to Morgan Stanley’s “alpha” stock selection. Alpha stocks refer to those that have the ability to beat the market.
CNBC Pro subscribers can learn more here.
-Amala Balakrishner
6 hours ago
European markets: here are the opening calls
European markets are expected to open lower on Tuesday.
Britain’s FTSE 100 index is expected to open 87 points lower at 7,888, Germany’s DAX down 214 points at 17,784, France’s CAC down 96 points at 7,938 and Italy’s FTSE MIB down 422 points. to 32,870, according to IG data.
Profits are expected to come from Ericsson and LVMH. The German ZEW Economic Sentiment Survey will be released.
—Houx Ellyatt