European markets open to close; U.S. midterm elections watched closely

Ifo Institute: Rising oil and gas prices are draining billions from the German economy

Rising oil and gas prices are draining billions of euros from the German economy, the Ifo Institute said on Tuesday.

The economic think tank estimated that real income losses for the current year will total around 64 billion euros ($63.95 billion), or 1.8% of the country’s economic output, while the losses incurred last year were more than 35 billion euros, or 1%. of GDP.

“We estimate that next year we will see losses of 9 billion euros or 0.2 percent of economic output,” said Timo Wollmershäuser, Ifo’s head of forecasts.

“Together, this gives us a real income loss of almost 110 billion euros, or 3.0 percent of annual economic output, over these three years. The only time this figure was higher was during the second oil crisis of 1979–81 while the loss in economic production was 4 percent.

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– Elliot Smith

Stocks on the move: Pandora down 6%, Persimmon down 8%

Quarterly earnings reports continue to show individual share price movements in Europe.

Pandora shares jumped more than 6% in early trade to lead the Stoxx 600 after the Danish jeweler beat third-quarter profit expectations.

Under the index, a British house Persimmon fell 8.7% after reporting a rise in cancellation rates and forecast sales declines in 2023.

CNBC Pro: UBS thinks gold will rise by double-digit percent in 2023

Swiss investment bank UBS predicts a rebound in gold prices next year.

Gold is traditionally considered a hedge against inflation, but rising interest rates have meant it has lost 18% of its value since March.

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Analysts at UBS said it presents a “dangerous risk” ahead – here’s why.

CNBC Pro subscribers can read more here.

– Ganesh Rao

CNBC Pro: The market will rally at the end of the year, says Morgan Stanley’s Slimmon, who names 3 stocks to buy.

Morgan Stanley’s Andrew Slimmon expects the market to rise as we head into the end of the year.

“Whatever [the] The Fed chairman is throwing cold water on the concept of a Fed pivot, I still believe the equity market will rise at the end of the year,” Slimmon, senior portfolio manager at Morgan Stanley Investment Management, told CNBC’s “Asia Street Notes.” said

He expects all but one sector to move higher, and names three stocks to pay.

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CNBC Pro subscribers can read more here.

– Weizhen Tan

European Markets: Here are the opening calls

European markets opened mixed territory on Tuesday, with investors eyeing the US midterm elections.

According to IG data, the FTSE index of England is expected to decrease by 28 points to 7,273, the DAX of Germany to increase by 22 points to 13,556, the CAC of France to 6,418 and the FTSE MIB of Italy to increase by 8 points to 23,358.

Data on Tuesday included eurozone retail sales for September, Dutch inflation data for October and French trade balance figures for September.

Revenues come from Bayer, Henkel, Munich Re, Deutsche Post DHL, Ferragamo, Banco BPM, Aveva, AB Foods and Persimmon.

– Holly Elliott

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