European markets, stocks, data, news and earnings

Stocks on the move: SBB down 8%, Rational down 7%

Swedish real estate company SBB saw its shares rise 8% by midday to lead the Stoxx 600 after presenting its pro forma cap for 2023 following the divestment of shares in education unit EduCo.

At the bottom of the index, German kitchen appliance maker Rational fell 7 percent.

– Elliot Smith

It’s ‘very bold’ to suggest there won’t be some bad news for US earnings in 2023: Analyst

'Very bold' to suggest no bad news for US earnings in 2023: Analyst

Ben Jones, director of macro research at Invesco, says that Europe, however, “the worse news is expensive there.”

There is ‘a lot of upside’ for the technology, the investment firm says

There is 'a lot of upside' for the technology, the investment firm says

Per Roman, co-founder and managing partner of GP Bullhound, discusses the outlook for the tech sector and says “the rise in political risk is a real wake-up call for the tech industry.”

S&P Global says the Eurozone economy may be headed for a mild recession

The final S&P Global PMI (purchasing managers’ index) for the eurozone rose to 47.8 in November from a 21-month low of 47.3 in October, remaining below the 50 mark that separates expansion from contraction.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said: “The fifth consecutive monthly decline in output signaled by the PMI raises the possibility that the euro zone is headed for recession.”

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However, a slowdown in the rate of contraction means the region will see only 0.2% of GDP contract, Williamson predicted.

– Elliot Smith

UK economy faces ‘toughest headline’ since financial crisis, says S&P Global

The UK services sector contracted in November for the second month in a row as the country’s cost of living continued to dampen demand, the S&P Global PMI (purchasing managers’ index) reading said Monday.

The services sector PMI remained at 48.2, which is equal to the October 21st low and remains below the 50 mark that separates expansion from contraction.

Chris Williamson, chief business economist at S&P Global, said the PMI in the UK was pointing to a bigger recession risk.

“A change in government and its new economic policies may have helped some financial market volatility after September’s ‘mini-budget’, but the economic picture remains stubbornly unchanged,” Williamson said.

“The overall rate of economic contraction remained stable compared to October, showing that GDP fell by a quarterly rate of 0.4%. Therefore, this is the hardest hit the UK economy has faced since the global financial crisis. only removes the height of the crisis. pandemic.”

– Elliot Smith

Stocks on the move: Grifols down 6%, Rational down 5%

Shares Grifols was up more than 6% to lead the Stoxx 600 in early trade after Morgan Stanley upgraded the Spanish pharmaceutical company’s stock from “equal weight” to “overweight.”

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At the bottom of the index, German kitchen appliance manufacturer Rational fell more than 5%.

– Elliot Smith

Vodafone CEO resigns

Vodafone It said on Monday that its Chief Executive Nick Read will step down at the end of the year, with Chief Financial Officer Margherita Della Valle serving as an interim replacement.

During Read’s tenure the British telecoms firm has been selling assets to focus on Europe and Africa and to restore its tower infrastructure unit, but he has failed to engineer the share price revival demanded by investors.

Shares Vodafone They rose 1.8% shortly after the market opened.

Read more.

– Jenny Reid

Hong Kong moves: Chinese tech companies and stock reopening are on the rise

Chinese technology, consumer and travel-related companies listed in Hong Kong saw sharp gains in early trade after some Chinese cities saw some easing of Covid restrictions.

Tech heavyweight Tencent gained 5.5 percent and Meituan rose 3.5 percent, while Alibaba rose 4.72 percent and Xiaomi rose 7.31 percent. EV stocks such as Li Auto rose 9.19% and Nio rose 11.5%.

Meanwhile, casino stocks in Hong Kong also climbed, with MGM China up 12.44%, Wynn Macau up 12.35% and Sands China up 7.5%. Galaxy Entertainment rose to 3.61% and SJM Holdings It rose 4.82%.

Hotpot restaurant operator Haidilao It rose 15%, and airline shares rose as well. China Southern Airlines and China Eastern Airlines each rose more than 5%, while Air China 4% profit.

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The broader Hang Seng index increased by 3.21 percent.

– Abigail Ng, Jihye Lee

Oil futures are up 2% after OPEC+ holds steady and China eases some Covid restrictions.

CNBC Pro: Goldman Sachs updates this global tech boom, saying the stock could rise as much as 90%

Goldman Sachs sees one opportunity in electric vehicles that is on a “higher trend.”

The trend will gain momentum as EVs become “more technologically advanced” and easier to manufacture, Goldman analysts said in a Dec. 1 report.

Goldman said this has benefited him, making up to 90% upside in his pipeline case for the company.

CNBC Pro subscribers can read more here.

– Weizhen Tan

European Markets: Here are the opening calls

European markets are headed for a flat open on Monday as investors look ahead to more local data.

According to IG data, it is expected that the FTSE index of England will decrease by 4 points to 7554, the DAX of Germany will increase by 2 points to 14531, the CAC of France will decrease by 2 points to 6740 and the FTSE MIB of Italy will decrease by 14 points to 24671.

The data releases include euro zone retail sales for October as well as final purchasing managers’ data for November. There are no big profits.

– Holly Elliott


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