one hour ago
European stocks cling to gains
The European Stoxx 600 index rose 0.7% by noon in London, with fundamentals adding 2.9% to lead gains with most major sectors and bourses advancing. Telecommunications shares fell 0.4%.
3 hours ago
The FTSE 100 is in positive territory for the year after UK inflation prints
A general view inside the lobby of the London Stock Exchange on September 22, 2023 in London, England.
Dan Kitwood | Getty Images News | Getty Images
Britain’s FTSE 100 index rose 0.8% on Wednesday morning to enter positive territory for the year, after new data showed that UK inflation fell to its lowest level in two years in October.
Despite a volatile 2023, the UK blue-chip index is now up 2.6% month-on-month and 0.8% year-on-year.
The headline CPI fell sharply in October to 4.6% year-on-year, from 6.7% the previous month, and came in below economists’ expectations.
The core CPI – which excludes volatile food, energy, alcohol and tobacco prices – fell to 5.7% year-on-year in October from 6.1% in September.
“Whether the decline in inflation will stop and whether the Bank of England is as keen as Rishi Sunak to declare mission accomplished in the battle against rising prices remains to be seen,” said Ross Mould, investment director at AJ Bell.
“What will encourage observers in Threadneedle Street is lower services inflation – further declines in this area could be a precursor to a pivot towards lower interest rates. For now, investors are in a mood to celebrate and the prospects for a big Santa gathering are building as we head towards December.”
-Elliot Smith
5 hours ago
Biggest movers: Siemens Energy up 7%, Alstom down 10%
Siemens Energy shares rose more than 7% in early trading after the company secured 7.5 billion euros ($8.15). One billion dollars) in state guarantees related to the project from the German government.
German Ministry of Economy It was announced late Tuesday They granted the support as part of a wider package worth €15 billion in guarantee lines agreed with banks and other stakeholders.
At the bottom of the European blue-chip index, shares of French train maker Alstom fell more than 10% after the company announced it would cut 1,500 jobs and sell its assets as it looks to shore up its balance sheet.
-Elliot Smith
5 hours ago
Positive openness to Europe
European stocks got off to a positive start on Wednesday.
The European Stoxx 600 index rose 0.4% in early trading, with fundamentals adding 1.2% to lead gains with most major sectors and bourses advancing.
5 hours ago
Siemens Energy received state guarantees after recording an annual loss of 4.6 billion euros
Siemens Energy site in Mülheim an der Ruhr, Germany, August 3, 2022.
Wolfgang Rattay Reuters
Siemens Energy received 7.5 billion euros ($8.15). billion euros) in state guarantees related to projects from the German government, hours before announcing a loss of nearly 5 billion euros for the fiscal year.
German Ministry of Economy It was announced late Tuesday It granted the support as part of a wider package worth €15 billion in guarantee lines agreed with banks and other stakeholders, after talks with private lenders and the company’s largest shareholder, Siemens AG.
The company denied that the financial guarantees constituted “government aid,” with Siemens Energy CEO Christian Bruch telling CNBC on Wednesday that there was no cash involved.
He stressed that the company “will pay money for these guarantees, so it is an insurance package.”
Read the full story here.
-Elliot Smith
5 hours ago
UK inflation fell more than expected in October to 4.6%, its lowest level in two years
Shoppers pass along the main street in Whitstable, UK.
Bloomberg | Bloomberg | Getty Images
UK inflation fell sharply in October to 4.6% from 6.7% the previous month, reaching its lowest level in two years.
The headline CPI was flat on a monthly basis. Economists polled by Reuters had expected the headline consumer price index to rise by 4.8% on an annual basis and 0.1% from the previous month.
The core CPI – which excludes volatile food, energy, alcohol and tobacco prices – fell to 5.7% year-on-year in October from 6.1% in September.
Read the full story here.
-Elliot Smith
12 hours ago
CNBC Pro: Is it time to invest in China? Professionals weigh and name sectors – and which stocks to play now
China’s economy has been a mess this year, thanks to falling exports, slowing consumer spending and a prolonged slump in the real estate sector, and many analysts are now bullish on the Asian giant.
Chinese stocks have fared poorly, with Hong Kong’s Hang Seng down nearly 14% year to date, while the Shenzhen Composite Index is down 10%.
Many emerging market funds also reduced their allocations to China by about 200 basis points this year and shifted their weight to other markets such as Taiwan, India, South Korea, Brazil and Mexico in anticipation of better valuations and growth.
However, analysts see opportunities in the Chinese market at the moment, and cite sectors – and stocks – that are gearing up
CNBC Pro subscribers can read more here.
– Amala Balakrishner
12 hours ago
CNBC Pro: Tax loss harvesting? Scotiabank names 10 Canadian stocks as ‘leading candidates’
As the end of the year approaches, investors will likely review their portfolios and think about which stocks to sell to capture tax losses.
Tax loss harvesting is a strategy to offset capital gains tax from stocks that have increased in share price with losses from non-performing stocks.
To help investors, Scotiabank has identified several stocks in Canada’s TSX Composite Index that have declined significantly this year but are still rated as “sector outperform” by its analysts.
CNBC Pro subscribers can read more here.
-Ganesh Rao
8 hours ago
European Markets: Below are the opening calls
European markets are expected to open in mixed territory on Wednesday.
The UK’s FTSE 100 is expected to open 4 points lower at 7,419, Germany’s DAX is up 10 points at 15,628, France’s CAC is up 4 points at 7,191, and Italy’s FTSE MIB is up 81 points at 29,251, according to data from IG.
Profits come from Infineon, Siemens Energy and Aviva. UK inflation figures are due for October.
– Holly Elliot
