Stocks moving: Teleperformance up 5%, Ambu down 11%
Shares of French call center companies Teleperformance rose more than 5% to lead the Stoxx 600 after Citigroup upgraded the stock to “buy” from “political.”
Under the index, a Danish health care company Mr fell more than 11% after reporting a quarterly loss.
– Elliot Smith
Credit Suisse sells most of its securities to Apollo as it accelerates restructuring
Credit Suisse On Tuesday it announced it would accelerate the restructuring of its investment bank by selling a majority stake in its securities group (SPG) to Apollo Global Management.
Credit Suisse said the sale, along with the sale of other assets to third-party investors, is expected to reduce SPG’s assets from about $75 billion to $20 billion.
The bank said the move represents “an important step in exiting the Securitized Products business, which is expected to de-risk the investment bank and free up capital to build Credit Suisse’s core business.”
Read the full article here.
– Elliot Smith
China’s industrial output, retail sales were not expected in October
Industrial production in China grew 5% in October from a year earlier, down from a 6.3% increase seen in September. The latest figure misses estimates of a 5.2% rise predicted in a Reuters poll.
Separately, retail sales in China fell 0.5% in October from a year ago, missing expectations.
Analysts polled by Reuters had expected a 1% increase, and retail sales grew 2.5% in September.
— Abigail Ng
CNBC Pro: China is easing its Covid measures. This is how market experts are playing
Which stocks will benefit if China reverses its zero-Covid policy? Market quality reveals how to play reopening as China helps control virus.
Subscribers can read more here.
– Xavier Onga
CNBC Pro: Morningstar senior analyst says the stock is undervalued by 15% and shares 6 favorites
With most stocks in a bear market, earnings can be reduced by 15%, according to Morningstar.
A leading US equity analyst believes that the headwinds at the beginning of the year will subside early next year and benefit stocks.
Dave Sekera also shared his “valuable” analysis of six companies with “high financial moat” that will succeed in such an economic environment.
CNBC Pro subscribers can read more here.
– Ganesh Rao
European markets: Here are the opening calls
European markets are expected to open in mixed territory on Tuesday.
The UK’s FTSE index is expected to open 14 points lower at 7,374, Germany’s DAX down 6 points at 14,312, France’s CAC up 10 points at 6,617 and Italy’s FTSE MIB down 19 points at 24,464, according to IG data.
Global markets will be watching for events at the Group of Twenty summit in Bali, Indonesia, which starts on Tuesday.
The latest IEA oil market report is scheduled for release, as are Infineon and Vodafone earnings.
– Holly Elliott
