An Hour Ago
Europe stocks open mixed
European stocks opened in the red on Tuesday before moving to the flatline as earnings and economic data — from U.K. retail sales and house prices to euro zone producer prices — continue to roll in.
Major bourses were slightly lower at 8:18 a.m. London time, with France’s CAC 40 down 0.1% and Germany’s DAX down 0.07%, while the U.K.’s FTSE 100 was down 0.03%.
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Stoxx 600 index.
An Hour Ago
UK retail sales ‘weak’ in October
Customers with shopping bags after visiting a Primark clothing store on Oxford Street in London, UK, on Monday, Nov. 6, 2023.
Bloomberg | Bloomberg | Getty Images
U.K. retail sales rose by 2.5% in October, higher than the 1.6% growth of a year ago but below the three-month and twelve-month averages of 3.1% and 4.2%, respectively.
The British Retail Consortium, which published the figures, said sales likely declined by volume because of the impact of inflation.
Shoppers prioritized lower-price indulgences such as beauty products in what’s known as the “Lipstick Effect,” the BRC said.
Paul Martin, U.K. head of retail at KPMG, said sales “remained weak.”
“Whilst consumers are now operating in a lower inflationary environment compared to October last year where inflation peaked at over 11%, there is no doubt that the last 12 months have taken a toll on confidence and their ability to spend,” Martin said.
“Coupled with a higher interest rate environment, dwindling covid savings and the heating coming back on, beleaguered consumers are thinking very carefully about how they spend their money. As a result, the strong demand that has kept some retailers afloat over the last 18 months is now falling away.”
— Jenni Reid
2 Hours Ago
Saudi Aramco profit slides in third quarter on lower crude prices
Employees visit the Natural Gas Liquids (NGL) facility at Saudi Aramco’s Shaybah oil field in the Rub’ Al-Khali desert, also known as the ‘Empty Quarter,’ in Shaybah, Saudi Arabia, on Tuesday, Oct. 2, 2018.
Simon Dawson | Bloomberg | Getty Images
Saudi state oil giant Aramco posted a 23% drop in net profit in the third quarter, down to $32.6 billion.
It attributed this to “the impact of lower crude oil prices and volumes sold.”
Read the full story here.
— Natasha Turak
2 Hours Ago
UBS reports bigger-than-expected quarterly loss
UBS reported a bigger-than-expected third-quarter net loss of $785 million as it works to integrate fallen rival Credit Suisse.
Analysts polled by Reuters expected the Swiss banking giant to see a quarterly net loss of $444 million.
Read the full story here.
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UBS share price.
6 Hours Ago
China’s imports surprise with growth in October, but exports fall more than expected
China reported a worse-than-expected drop in exports in October, while imports surprisingly rose compared to a year ago.
China’s customs agency said exports in U.S. dollar terms fell by 6.4% in October from a year ago. That’s worse than the 3.3% drop predicted by a Reuters poll.
Imports rose by 3% in U.S. dollar terms in October from a year ago. That’s in contrast to Reuters’ forecast for a 4.8% drop from a year ago.
—Evelyn Cheng, Lee Ying Shan
8 Hours Ago
CNBC Pro: Analysts say these growth stocks are set to jump even further — giving them over 30% upside
Recent months have been volatile for stocks, thanks to sharply rising Treasury yields, expectations of a recession and high interest rates.
But stocks bounced back last week, with major averages capping their best week so far this year. Overall, the S&P 500 and Nasdaq Composite are still up around 15% and 29% in the year to date.
For those keen on getting back into the growth corner of the market, CNBC Pro screened for stocks in the iShares Russell 1000 Growth ETF that have further upside.
CNBC Pro subscribers can read more here.
— Weizhen Tan
8 Hours Ago
CNBC Pro: Goldman says Bank of Japan’s policy tweak is good news for banks — and names top picks in the sector
The Bank of Japan’s recent decision to increase flexibility on its yield curve control is good news for its banking sector — and some stocks are set to benefit, according to Goldman Sachs.
Analyst Makoto Kuroda wrote in notes to CNBC that Japanese banks “remain in focus as a beneficiary” of BOJ’s interest rate normalization.
CNBC Pro subscribers can read more about Goldman’s top picks in the sector here.
— Amala Balakrishner
4 Hours Ago
European markets: Here are the opening calls
European markets are expected to open in negative territory Tuesday.
The U.K.’s FTSE 100 index is expected to open 5 points lower at 7,416, Germany’s DAX down 16 points at 15,120, France’s CAC down 25 points at 6,987 and Italy’s FTSE MIB down 88 points at 28,374, according to data from IG.
Earnings come from Engie, Deutsche Post, Associated British Foods, Metro Bank, Direct Line, Poste Italiane, Saudi Aramco and UBS. Data releases include euro zone producer prices and German industrial output for September.
— Holly Ellyatt
Barbara Terrio is a seasoned business journalist, delving into the world of finance, startups, and entrepreneurship. With a knack for demystifying complex economic trends, she helps readers navigate the business landscape. Outside of her reporting, Barbara is an advocate for financial literacy and enjoys mentoring aspiring entrepreneurs.
