Ocado shares 31% after partnership with Lotte Shopping
Online retailer Ocado surged 31% in early trade in the Stoxx 600. The gains came after the company partnered with South Korean retailer Lotte Shopping.
Ocado and Lotte are set to develop a network of robotic warehouses, dubbed Ocado’s “Customer Fulfillment Center,” across South Korea to expand online shopping business.
– Hannah Ward-Glenton
BP’s quarterly profit falls to $8.2 billion amid renewed calls for tax cuts
Bernard Looney, chief executive of BP Plc, gestures as he speaks at a news conference in London, Britain, Wednesday, Feb. 12, 2020.
Bloomberg | Getty Images
Oil and gas giant BP reported stronger-than-expected third-quarter earnings on Tuesday.
The British energy giant posted a basic variable cost profit, which is used as a proxy for net profit, of $8.2 billion for the three months to the end of September. This compared to $8.5 billion in the previous quarter and a net profit of $3.3 billion compared to the same period a year ago.
The world’s biggest oil and gas majors have reported flat earnings in recent months, benefiting from rising commodity prices following Russia’s invasion of Ukraine.
Read the full story here.
– Sam Meredith
CNBC Pro: Citi says the Chinese electronics maker’s stock is up 260%
Citi has singled out a major electric car maker as one of its “top” buy ideas among Chinese stocks.
He expects shares in the automaker to rise more than 260% in the next 12 months as EV sales increase.
CNBC Pro subscribers can read more here.
– Ganesh Rao
China’s factory activity fell for the third consecutive month in October, according to private research
The Caixin Manufacturing Purchasing Managers’ Index for October showed that factory activity declined for the third month in a row.
The reading came in at 49.2, in line with expectations for a print of 49. In September, the manufacturing PMI was at 48.1, below the 50-point mark that separates growth from contraction.
PMI readings compare activity from month to month.
Official data from the Office for National Statistics on Monday came in at 49.2, missing expectations to print by 50.
– Abigail Ng
CNBC Pro: What investors should buy in this ‘short-term’ rally, according to one analyst
After the market rally in October, investors are debating whether stocks have bottomed or if it’s another short-term move.
Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, is in the latter camp, arguing that the rally, once again, looks temporary.
He told CNBC what he thinks investors should be buying — and short.
CNBC Pro subscribers can read more here.
– Weizhen Tan
Hong Kong’s economy shrank by 4.5 percent in the third quarter
Hong Kong’s gross domestic product fell 4.5% in the third quarter of the year compared to the same period a year ago, preliminary estimates from the Ministry of Census and Statistics showed Monday.
That’s the worst contraction since the second quarter of 2020. Analysts polled by Reuters expect growth of 0.7%, while GDP fell 1.3% in the second quarter.
“The deterioration of the external environment and persistent disruptions to cross-border land freight flows have dealt a serious blow to Hong Kong’s exports,” the statement said, noting that the GDP decline was “mainly due to the weak performance of external demand in the quarter.”
Fixed capital formation, or investment, decreased by 14.3 percent, while exports and imports also decreased.
– Abigail Ng
CNBC Pro: Forget Tesla? Citi and HSBC name 2 alternatives to play the EV boom
Tesla may be an investor option to introduce the EV industry, but Citi and HSBC name two alternatives to play the growing demand for electric vehicles.
Pro subscribers can read more here.
– Zavier Ong
European Markets: Here are the opening calls
European markets are off to a positive start to Tuesday’s trading session with global investors focusing on the US Federal Reserve’s policy meeting, which begins today. The central bank is expected to raise interest rates by 75 basis points when it concludes its meeting on Wednesday.
Regarding the European opening calls, here they are:
According to IG data, London’s FTSE index is expected to increase by 31 points to 7,135, Germany’s DAX by 80 points to 13,348, France’s CAC by 31 points to 6,304 and Italy’s FTSE MIB by 178 points to 22,696.
European markets closed higher Monday, even as euro zone GDP and inflation data showed further pain ahead for the 19-member bloc, with consumer price inflation hitting a record high in October and growth slowing sharply in the third quarter. ought to.
The profit comes from BP, Fresenius and DSM on tuesday. Data releases for October include manufacturing purchasing managers figures from the Netherlands, Ireland and Sweden.
– Holly Elliott
