June 14, 2024
Stock Market

Europe stocks open to close: bond yields, stocks, data

54 Mins Ago

No reason Europe should lag global equities, Quintet CIO says

Daniele Antonucci, chief investment officer at Quintet, discusses the bank’s portfolio shift from European bonds to equities.

An Hour Ago

UK annual house prices lower in May as supply increases

The morning light illuminates terraced streets of residential houses, on October 18, 2023 in Bristol, England. 

Matt Cardy | Getty Images

U.K. house price inflation was slightly negative at -0.1% in May, according to a survey by property platform Zoopla, as the number of homes for sale hit an eight-year high.

House price inflation was 0.4% over the most recent quarter as property market activity picked up, but reversed over the last month, Zoopla said. It forecast flat inflation over the course of 2024.

The average estate agent has 31 homes for sale, up 20% year on year, while the value of available property has risen 25% amid a “rapid recovery” in the supply of three- to four-bed family homes, it added.

Richard Donnell, executive director of research at Zoopla, said the data showed “renewed confidence among sellers, many of whom are also buyers.”

“Greater choice will keep prices in check over 2024. The general election is likely to dampen the number of sales agreed in the run up to summer,” Donnell said.

— Jenni Reid

2 Hours Ago

Euro area unemployment falls to fresh record low as consumer confidence rises

An employee works in the Wework Lafayette co-working building, in Paris, France.

Bloomberg | Bloomberg | Getty Images

Unemployment in the 20-nation euro zone dipped to 6.4% in April from 6.5% in March, statistics from agency Eurostat showed.

Across the European Union as a whole, the rate was 6%, steady on the prior month.

A survey from the European Commission found economic sentiment increased “marginally” in the EU and euro area in May, while employment expectations continued on a downward trend.

Industry confidence was “broadly stable,” with an improvement in services.

“The data is still somewhat ambiguous, but today’s economic sentiment indicator adds to expectations of continued modest growth in the second quarter of 2024. This would mark a clear break from 2023 when the economy broadly stagnated,” Bert Colijn, senior euro zone economist at ING, said in a note.

“The strong job market is helping the economic recovery as it keeps wage growth elevated, and has allowed purchasing power to recover after the inflation spike.”

— Jenni Reid

4 Hours Ago

Nutritional needs are ‘shifting’ amid rise of weight loss drugs: Nestle CEO

The meteoric rise of weight loss drugs means consumers’ nutritional needs are “shifting” which provides new opportunities for food companies, Nestle CEO Mark Schneider told CNBC.

Investors were initially concerned about the popularity of GLP-1 drugs such as Wegovy and Ozempic as it was assumed that people on the drugs would consume less food, Schneider told CNBC’s Silvia Amaro.

That perspective has since changed, he said.

“I think what since has emerged is that nutritional needs don’t go away. They’re just shifting. So, you know before, during, after GLP-1 therapy — consumers still have nutritional needs, but they may be different from someone who is not on a weight loss regimen.”

Read more from Schneider’s exclusive conversation with CNBC here.

— Sophie Kiderlin

5 Hours Ago

Europe stocks open slightly lower

European stock markets opened lower Thursday, though they moved just below the flatline in early deals as sectors spread between losses and gains.

France’s CAC 40 moved 0.14% higher while Germany’s DAX and the U.K.’s FTSE 100 fell by 0.24% and 0.1%, respectively.

See Chart…

Stoxx 600 index.

5 Hours Ago

Airline SAS extends losses

Scandinavian airline SAS aircraft of the type Airbus A321 and A320 Neo are parked at Kastrup airport.

Johan Nilsson | Afp | Getty Images

Scandinavian airline SAS reported a net loss of 2.9 billion Swedish kroner ($271 million) in the quarter to April, higher than the 1.52 billion kroner loss reported in the same period last year.

That was despite a 12% increase in revenue to 9.9 billion kroner.

In its outlook, the airline said it intends to complete its restructuring proceedings in Sweden and the U.S. “as soon as possible,” with a target of summer 2024.

SAS filed for Chapter 11 bankruptcy protection in the U.S. in 2022 to help it cut debt after a pilots’ strike grounded most of its flights.

See Chart…

SAS share price.

6 Hours Ago

Europe stocks head for lower open

European stock markets are set to extend losses on Thursday, according to IG data.

The U.K.’s FTSE 100 was last seen down 36 points at 8,145, Germany’s DAX 75 points lower at 18,402, and France’s CAC 40 down 26 points at 7,914. Italy’s MIB was seen slipping 125 points to 34,146.

— Jenni Reid

10 Hours Ago

Australian miners slip as BHP walks away from Anglo American takeover plan

Shares of Australian miners fell after mining giant BHP walked away from its £38.6 billion ($49 billion) plan to take over rival Anglo American.

In a regulatory filing, BHP said that while it believed that its takeover bid was “a compelling opportunity to effectively grow the pie of value for both sets of shareholders,” it was unable to reach agreement with Anglo American, specifically in respect of South African regulatory risk and cost.

BHP had made two earlier offers at £31.1 billion in April, and a £34 billion offer on May 14.

Shares of BHP lost 1.73%, while counterparts Rio Tinto and Fortescue Group dropped 1.34% and 2.27% respectively.

12 Hours Ago

CNBC Pro: Goldman Sachs names global ‘alpha’ stock ideas — and gives one nearly 60% upside

European markets have largely had a good run this year — with several market watchers looking keenly at the region and saying that it has “greater tailwind than the U.S.

Those searching for pockets of opportunities in the region can look to Goldman Sachs’ selection of “alpha” stock opportunities.

“Our macro team expects solid growth and monetary policy easing into 2H24. While the YTD [year-to-date] rally in equities suggests some of this optimism is already priced, with market correlation at a 5-year low, we continue to see potential for alpha opportunities,” the investment bank’s analysts noted, naming stocks they see potential in.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

12 Hours Ago

CNBC Pro: This global fund’s stock could rally by 50% if buyback limits are removed, fund manager says

A global investment trust based in the United Kingdom could see its stock price soar by more than 50% if restrictions on share buybacks are lifted, according to fund manager Brian McCormick.

The company, which trades on the London Stock Exchange, says it has assets worth £3 billion ($3.8 billion) and holds investments in private companies as well as publicly listed companies.

CNBC Pro subscribers can read more here.

— Ganesh Rao

14 Hours Ago

Salesforce’s super rare revenue miss & poor guidance send shares plunging

Although earnings from Salesforce beat analyst estimates by 6 cents, first quarter revenues fell short of expectations. That’s sending shockwaves through Wall Street as it’s the tech giant first revenue miss since February 2006, using information from earnings data firm LSEG.

Compounding the disappointing top line results is weak second quarter revenue and earnings guidance. Shares of the blue chip stock are plunging 17% on the news. That move alone would push the Dow Industrials down 315 points if Salesforce stock’s current losses hold at Thursday’s market open.

Robert Hum

17 Hours Ago

Fed reports economy expanded despite concerns over inflation

A woman browses the meat aisle at a supermarket in Montebello, California, on May 15, 2024.

Frederic J. Brown | AFP | Getty Images

The U.S. economy grew unevenly over the past six weeks while consumers recoiled against higher prices, the Federal Reserve reported Wednesday.

As part of its periodic “Beige Book” economic look, the Fed noted that the economy “continued to expand” during the period, though “conditions varied” among the 12 central bank districts.

On inflation, the report said prices rose at a “modest” pace while “consumers pushed back against additional price increases, which led to smaller profit margins as input prices rose on average.” Retailers reported offering incentives to shoppers as “price growth is expected to continue at a modest pace in the near term.”

— Jeff Cox

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