Germany’s DAX rose 20 percent from a 2-year low in September
of Germany DAX index rose for a third straight session, reaching levels last reached on June 9.
That’s up 20% from the two-year low reached on September 29.
German arms maker Rheinmetall was among the best-performing European stocks on Monday, rising 8.2 percent in afternoon trade after agreeing to acquire Spain’s Expal Systems.
The DAX was among the biggest losers when global markets cheered signs of cooling US inflation last week, despite the US Federal Reserve hinting that rate hikes are still ahead, and suggestions of weakness in the eurozone economy.
– Jenny Reid
US stocks open lower
US stocks were lower on Monday as investors took a breather from last week’s market rally.
The Dow Jones Industrial Average opened just below the flat line, while the S&P 500 was 0.6% lower in early trade. The Nasdaq Composite fell 1.3%.
– Karen Gilchrist
Stocks on the move: Rheinmetall rose 7 percent on Spanish buying
Rheinmetall Shares in the German arms maker rose 7.5 percent after it announced a deal to buy Spanish explosives and ammunition company Expal Systems for 1.2 billion euros ($1.24 billion).
Below the Stoxx 600, British oil and gas companies Harbor Energy 7.5% fell.
– Elliot Smith
We still need to be prepared for higher interest rates, the analyst says
Sunil Krishnan, head of multi-asset funds at Aviva Investors, discusses October’s consumer inflation reading.
Euro zone industrial production increases in September
Eurozone industrial production was much stronger than expected in September, Eurostat said on Monday, rising 0.9% month-on-month for an annual gain of 4.9%.
Economists polled by Reuters had expected an increase of 0.3% monthly and 2.8% year-on-year. The August rate was also revised upward from 1.5% and increased by 2%.
– Elliot Smith
Stocks on the move: Info 6%, Roche down 4%
Shares Informa It rose more than 6% in early trade to lead the Stoxx 600 after the British publishing company updated its 2022 guidance.
Below the Stoxx 600, Roche It fell 4.7% after the Swiss pharmaceutical company’s Alzheimer’s drug candidate failed two long-awaited trials.
– Elliot Smith
As the FTX saga continues, Bitcoin falls below $16,000 to its lowest level since November 2020.
CNBC Pro: One retail stock just hit an all-time high — and Bank of America thinks it’s on the way
This year’s bear market wiped out trillions of dollars in market capitalization from the stock market, but a few stocks made significant gains during the period.
Bank of America identified three stocks that bucked the trend, and says one remains a buy.
Pro subscribers can read more here.
– Zavier Ong
CNBC Pro: UBS says deflation is on the way — and shares 8 global stocks to play it
Swiss bank UBS has forecast a “large” deficit in 2023.
It said weak growth along with “mechanical” indicators, such as supply chain tightening and rising commodity inventories, will weigh on prices next year.
The investment bank researched stocks that would benefit from such an environment.
CNBC Pro subscribers can read more about our predictions, and the eight stocks we’ve highlighted from their list.
– Ganesh Rao
European Markets: Here are the opening calls
European markets opened in positive territory on Monday with global markets still seeing a boost from last week’s US inflation numbers, which showed prices rose less than expected in October.
According to IG data, it is expected that the FTSE index of England will increase by 13 points to 7338, the DAX of Germany will increase by 45 points to 14283, the CAC of France will increase by 30 points to 6627 and the FTSE MIB of Italy will decrease by 136 points to 24459.
The data releases include euro zone industrial production figures for September. There are no big profits.
– Holly Elliott