Wed, May 8 2024 11:49 AM EDT
Europe markets close higher
European markets closed slightly higher on Wednesday, with most sectors and major bourses ending in positive territory.
The pan-European Stoxx 600 provisionally ended 0.3% higher, with food and beverages stocks up 1.7% for the session.
— Sam Meredith
Wed, May 8 2024 10:25 AM EDT
Puma shares up 11%
A Puma SE sportswear store in central London, UK, on Thursday, Oct. 19, 2023.
Bloomberg | Bloomberg | Getty Images
Shares of Puma rose nearly 11% on Wednesday after the German sports retailer reported first-quarter earnings in line with expectations and predicted growing demand for its retro Palermo sneakers.
The stock price, which was last seen up 10.9%, was on track for its best day since March 2022, according to Reuters.
— Sam Meredith
Wed, May 8 2024 9:32 AM EDT
Stocks open Wednesday in the red
A specialist trader works on the floor at the New York Stock Exchange on May 8, 2024.
Brendan Mcdermid | Reuters
Wed, May 8 2024 9:17 AM EDT
Oil prices dip
Oil prices were lower on Wednesday as energy market participants digested industry data and monitored the outlook for demand.
International benchmark Brent crude futures for July delivery traded 0.8% lower at $82.49 per barrel at around 2:15 p.m. London time, while U.S. West Texas Intermediate futures for June delivery traded 0.8% lower at $77.76.
— Sam Meredith
Wed, May 8 2024 7:40 AM EDT
Stocks on the move: AB InBev up 4.3%, Zalando down 3.9%
Anheuser-Busch beers are displayed at a store on March 14, 2024 in San Rafael, California.
Justin Sullivan | Getty Images
Shares of global beer giant AB InBev were up 4.3% by midday on Wednesday after the company posted higher first-quarter revenue and profit as it recovered from a boycott of its Bud Light brand.
Meanwhile, shares of German fashion retailer Zalando fell 3.9% after it reported a dip in first-quarter sales on Tuesday.
— Karen Gilchrist
Wed, May 8 2024 6:17 AM EDT
Sweden’s central bank cuts rates for first time in eight years
The Swedish flag hangs on the country’s central bank.
Bloomberg / Contributor / Getty Images
Sweden’s central bank cut interest rates for the first time in eight years on Wednesday in another sign of monetary policy divergence between the U.S. and Europe.
The Riksbank trimmed its main interest rate by 0.25 percentage points to 3.75% and said that two more cuts could be expected if inflation continues to show signs of easing.
“If the outlook for inflation still holds, the policy rate is expected to be cut two more times during the second half of the year,” the bank said in a statement.
— Karen Gilchrist
Wed, May 8 2024 5:58 AM EDT
BMW shares fall 3% on first-quarter profit miss
WUHAN, CHINA – MAY 25: (CHINA OUT) Attendees wear protective masks as they look around the at BMW Ix3 during 2023 Central China International Auto Show on May 25, 2023 in Wuhan, Hubei province, China. More than 80 brands took part in the 2023 Central China International Auto Show which started on Thursday. According to local reports more than 40 brands electric vehicle brands participated in the exhibition. (Photo by Getty Images)
Getty Images | Getty Images News | Getty Images
Shares of German automaker BMW fell 3% on Wednesday after the company reported a lower first-quarter profit margin amid higher costs and muted demand for its luxury cars.
BMW’s earnings before taxes margin in its car division fell to 8.8% from the same quarter last year and the 9.2% analysts had anticipated.
— Karen Gilchrist
Wed, May 8 2024 3:59 AM EDT
Siemens Energy shares jump 9.5%
Shares of Germany’s Siemens Energy jumped 9.5% in morning deals after it raised its 2024 outlook on the back of the strength of its power grid business.
In announcing its second-quarter earnings Wednesday, the company said it now expects revenues to grow by 10%-12% in 2024.
— Karen Gilchrist
Tue, May 7 2024 7:40 PM EDT
CNBC Pro: These tech stocks beat the S&P 500, and analysts still give them over 20% upside
U.S. stocks have been rather volatile in the past month, but in the past week they had a strong run on hopes of rate cuts.
The Dow Jones Industrial Average had its fourth consecutive winning session on Monday, and the S&P 500 also climbed for the past four days.
Tech stocks, which would be boosted by rate cuts, have been a big part of that rally — with Meta, Alphabet and Amazon in particular having a strong showing over the past couple of weeks.
Elsewhere, analysts are getting more optimistic on China stocks, especially those in the tech sector.
CNBC Pro screened FactSet for stocks from four exchange-traded funds. Here are eight that turned up on the screen.
CNBC Pro subscribers can read more here.
— Weizhen Tan
Tue, May 7 2024 7:40 PM EDT
CNBC Pro: Gold stocks and ETFs to buy right now, according to the pros
Macroeconomic uncertainties and mounting geopolitical tensions have given gold — the classic “safe haven” asset — a boost.
Gold prices topped $2,400 an ounce in April as tensions in the Middle East escalated. Spot gold is currently trading around 12% higher over the year to date.
Kevin Teng, CEO of wealth manager Wrise Group, said he expects the precious metal to yield substantive returns in the long term, and picked his favorite stocks and ETFs to cash in.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
Wed, May 22 2024 11:45 PM EDT
European markets: Here are the opening calls
European markets are expected to open higher Thursday.
The U.K.’s FTSE 100 index is expected to open 1 point higher at 8,369, Germany’s DAX up 4 points at 18,681, France’s CAC 14 points higher at 8,101 and Italy’s FTSE MIB up 30 points at 34,559, according to data from IG.
Earnings are set to come from Julius Baer, Acciona, Nationwide Building Society, Rolls-Royce, Aviva and Wizz Air. Preliminary euro zone services and manufacturing activity data for May is due, as are consumer confidence figures for the single currency area.
— Holly Ellyatt