4 minutes ago
European stocks open higher as FTSE hits record high
European stocks opened higher on Tuesday, with the benchmark Stoxx 600 index up 0.6% at 8:05 a.m. London time.
Britain’s FTSE 100 index climbed 0.5% to an all-time intraday high, while France’s CAC 40 was up 0.3% and Germany’s DAX was up 0.8%.
An hour ago
Novartis raises forecast after first quarter results beat expectations
Novartis announced plans in August to spin off its Sandoz generics division to focus more on its patented prescription drugs.
Bloomberg | Bloomberg | Getty Images
Swiss pharmaceutical maker Novartis raised its full-year forecast after reporting better-than-expected first-quarter results, driven by the success of products including heart failure drug Entresto and psoriasis drug Cosentyx.
The company said net sales in 2024 are expected to grow by a high double-digit percentage, while adjusted operating income is expected to grow by a low double-digit percentage or be in the mid to high 15% range.
The group previously forecast adjusted operating profit growth of a “high single-digit” percentage and sales growth of a “mid-single digit” percentage.
-Karen Gilchrist
An hour ago
Renault sales in the first quarter increase by 1.8%
A Renault Scenic electric vehicle (EV) at the Munich Motor Show (IAA) in Munich, Germany, Tuesday, September 5, 2023.
Bloomberg | Getty Images
The French car manufacturer Renault announced on Tuesday a 1.8% increase in its turnover in the first quarter, thanks to the solid performance of its financing activities.
The company sold 549,099 units during the three-month period, with revenue totaling 11.7 billion euros ($12.47 billion). This is slightly above the consensus provided by companies, which forecast a slight annual decline to 11.49 billion euros.
-Karen Gilchrist
7 hours ago
CNBC Pro: When Tesla Stock Falls, These 6 Stocks Tend to Rise, Recent History Shows
7 hours ago
CNBC Pro: ‘Bargain’ Energy Stocks: Morningstar Strategist Picks 5 to Buy as Oil Prices Fall
Heightened geopolitical tensions have triggered volatility in crude oil prices, but one strategist is keenly looking for opportunities in the energy sector.
It was among the laggards last year, but the situation has reversed and many stocks are now trading near their all-time highs.
Stephen Ellis, energy and utilities strategist at Morningstar, said the oil market’s volatility does present challenges and urged investors to be patient, which “consistently pays off in the energy space.”
However, he said there is currently “selective trading” in the market and revealed five energy stocks he currently likes.
CNBC Pro subscribers can learn more here.
-Amala Balakrishner
3 hours ago
European markets: here are the opening calls
European markets are expected to open in positive territory on Tuesday, building on gains seen at the start of the new trading week.
Britain’s FTSE 100 index is expected to open 39 points higher at 8,070, Germany’s DAX up 117 points at 17,969, France’s CAC up 36 points at 8,057 and Italy’s FTSE MIB up 98 points to 33,628, according to IG data.
Profits are expected to come from Renault, Kering, OVH and Novartis, with Associated British Foods reporting interim results. On the data side, preliminary manufacturing and services purchasing managers index data for the Eurozone for April will be released.
—Houx Ellyatt