European markets open to close, stocks, data and earnings news

Stocks on the move: Harbor Energy up 7%, Allfunds down 10%

British oil and gas company Port Power saw its shares jump more than 7% mid-day to lead a broader oil rally, after Saudi Arabia denied reports of an increase in supply from OPEC+.

At the bottom of the European blue chip index, the British wealth company Allfunds Group it was down more than 10% after the share sale.

– Elliot Smith

OECD: Europe faces hardest hit from global recession

The OECD said on Tuesday that Europe will bear the brunt of the global recession as energy prices rise and business activity falls because of Russia’s war in Ukraine.

The 38-member intergovernmental organization said global economic growth will slow from 3.1% this year to 2.2% next year, before rising to 2.7% in 2024.

However, growth in the euro zone is set to slow from 3.3% in 2022 to just 0.5% in 2023, before rebounding to 1.4% in 2024, as the continent is disproportionately affected by the global energy crisis.

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– Elliot Smith

Investors should look at these real estates to watch for higher inflation, the expert said

Investors should look at these real estates to watch for higher inflation, the expert said

Paul Flood, head of mixed assets at Newton Investment Management, discusses the real assets investors should consider buying to diversify portfolios for high inflation and volatility futures.

Stocks on the move: BP up 5%, Allfunds down 9%

UK wealth technology company Allfunds Group saw its shares fall 9% to the bottom of the Stoxx 600 in early trading.

At the top of the index, BP Shares added 5% to lead the overall oil and gas sector.

– Elliot Smith

CNBC Pro: Morgan Stanley’s Wilson says inflation is set to slide, but warns of a ‘new era’ ahead.

Watch CNBC's full interview with Morgan Stanley's Mike Wilson

Morgan Stanley’s U.S. Equity expert Mike Wilson said he expects a “significant drop in inflation,” and predicts when this will happen.

But he said there are two outliers, where inflation could “stick.”

CNBC Pro subscribers can learn more here.

– Weizhen Tan

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Oil prices fall as China faces Covid concerns, Goldman Sachs lowers forecast

Oil prices fell around the dollar as concerns about Covid in China rose and the nation saw the highest number of virus-related deaths since May this year.

Brent crude futures spent less than a dollar, or 0.9%, standing at 86.83 dollars per barrel and US West Texas Intermediate Futures fell 1.09% to $79.21 per barrel.

Goldman Sachs has cut its forecast for Brent oil by $10 to $100 a barrel in the fourth quarter of 2022, citing Chinese demand for increased Covid concerns and insufficient data on the Group of 7’s latest price for Russian oil.

“We believe the market is right to be concerned about the fundamentals going forward,” economists including Jeffrey Currie said in a note, adding the potential for further cuts in China equals the latest production cut by OPEC+.

— Lee Ying Shan

CNBC Pro: Amazon is down 40% this year – time to buy? Marketing experts give their opinion

Once the darling of Wall Street, Amazon has lost its luster this year. The e-commerce giant’s stock is down more than 40%, doing very well The S&P 500which has decreased by about 15% during the same period.

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Is it time for investors to pile in again? Two market products faced CNBC’s “Street Signs Asia” on Thursday to make the case and buy the stock.

CNBC Pro subscribers can learn more here.

– Zavier Ong

European markets: Here are the opening calls

European markets are looking to open higher on Tuesday as investors in the region seem to be shrugging off concerns among those in the US and Asia-Pacific about China’s tightening of Covid restrictions, which continue to stress.

The UK’s FTSE index is expected to open 27 points higher at 7,407, Germany’s DAX is up 33 points at 14,419, France’s CAC is up 20 points at 6,653 and Italy of FTSE MIB is 70 points at 24,433, according to data from IG.

The data release includes initial euro zone consumer confidence data for November.

– Holly Elliott

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