13 Mins Ago
Europe business activity improves
Euro zone business activity expanded in April as growth in the bloc’s services sector offset weakness in manufacturing, new data showed Tuesday.
HCOB’s preliminary composite euro zone purchasing managers’ index, compiled by S&P Global, rose to 51.4 this month, up from 50.3 in March and ahead of the 50.7 anticipated.
Meantime, the U.K. business sector also showed signs of strength, with S&P Global’s purchasing managers’ index rising to a stronger-than-expected 54 in April, up from 52.8 the previous month.
— Karen Gilchrist
An Hour Ago
Stocks on the move: AB Foods up 9.5%, Randstad down 6%
Shares of Associated British Foods rose 9.5% after it raised its outlook and interim dividend amid easing inflationary pressures on its food brands and improved sales at high street retailer Primark.
Meantime, Dutch recruiter Randstad fell 6% following a bigger-than-expected fall in first-quarter earnings as hiring conditions weaken.
— Karen Gilchrist
3 Hours Ago
Europe stocks open higher as FTSE hits record high
European stocks opened higher Tuesday, with the benchmark Stoxx 600 index up 0.6% by 8:05 a.m. London time.
The U.K.’s FTSE 100 climbed 0.5% to hit an all-time intraday high, while France’s CAC 40 was 0.3% higher, and Germany’s DAX up 0.8%.
4 Hours Ago
Novartis raises guidance after first-quarter results beat expectations
Novartis said in August that it plans to spin off its generics unit Sandoz to sharpen its focus on its patented prescription medicines.
Bloomberg | Bloomberg | Getty Images
Swiss drugmaker Novartis raised its full-year guidance after reporting better-than-expected first-quarter results led by the success of products including heart failure drug Entresto and psoriasis drug Cosentyx.
The company said 2024 net sales were set to grow by a high-single to low double-digit percentage, while adjusted operating income was expected to grow by a low double-digit to mid-teens percentage.
It previously forecast adjusted operating income to increase by a “high single-digit” percentage and sales growth to rise by a “mid single-digit.”
— Karen Gilchrist
4 Hours Ago
Renault first-quarter sales rise 1.8%
A Renault Scenic electric vehicle (EV) at the Munich Motor Show (IAA) in Munich, Germany, on Tuesday, Sept. 5, 2023.
Bloomberg | Getty Images
French automaker Renault on Tuesday reported a 1.8% uptick in its first-quarter revenue, led by strong performance in its financing business.
The company sold 549,099 units in the three-month period, with revenue totaling 11.7 billion euros ($12.47 billion). That’s slightly above a company-provided consensus of a slight annual drop to 11.49 billion euros.
— Karen Gilchrist
10 Hours Ago
CNBC Pro: When Tesla shares fall — these 6 stocks tend to rise, according to recent history
10 Hours Ago
CNBC Pro: ‘Bargain’ energy stocks: Morningstar strategist picks 5 to buy as oil prices slide
Heightened geopolitical tensions have triggered volatility in crude oil prices, but one strategist is looking keenly for opportunities in the energy sector.
It was among the laggards last year, but things have turned around with many stocks now trading near all-time highs.
Stephen Ellis, energy and utilities strategist at Morningstar, said oil market volatility does present challenges and urged investors to be patient, which “regularly pays off within energy.”
However, he did say there were “selective bargains” in the market currently and revealed five stocks in the energy space he likes right now.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
6 Hours Ago
European markets: Here are the opening calls
European markets are set to open in positive territory Tuesday, building on gains seen at the start of the new trading week.
The U.K.’s FTSE 100 index is expected to open 39 points higher at 8,070, Germany’s DAX up 117 points at 17,969, France’s CAC 36 points higher at 8,057 and Italy’s FTSE MIB up 98 points at 33,628, according to data from IG.
Earnings are set to come from Renault, Kering, OVH and Novartis, and Associated British Foods releases interim results. On the data front, preliminary manufacturing and services purchasing managers’ index data for the euro zone in April will be released.
— Holly Ellyatt
