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stocks, markets, news and earnings
2 hours ago
European markets close slightly higher
European markets on Tuesday provisionally ended up 0.2%, with most sectors in positive territory, although major bourses were mixed.
Automotive stocks led the gains, up 1.4%, while telecommunications stocks rose 1.2%.
-Sam Meredith
2 hours ago
Oil prices fall
Oil prices fell on Tuesday as energy market participants digested U.S. data that indicated inflation remains sticky.
International reference Brent Crude oil futures for July delivery fell 1.3%, or $1, to trade at $82.29 per barrel, while U.S. futures West Texas Intermediate futures for June delivery fell 1.5%, or $1.1, to trade at $77.97.
US producer prices rose 0.5% in Aprilhigher than the Dow Jones estimate of 0.3%.
-Sam Meredith
3 hours ago
Auto Stocks Lead Gains
Auto stocks traded up 1.2% on Tuesday afternoon, leading gains in the European benchmark index Stoxx 600 index.
Swedish shares Volvo car was trading up more than 6% at 2:45 p.m. London time, while France’s It cost It is Forvia rose 5.5% and 4.7%, respectively.
-Sam Meredith
4 hours ago
Shares open little changed
Stocks opened little changed on Tuesday morning following the warmer-than-expected reading of the producer price index in April.
O Dow Jones Industrial Average, S&P 500 It is Nasdaq Composite they were all trading nearly flat shortly after the market opened.
-Lisa Kailai Han
4 hours ago
Klarna secures investor approval for UK holding company heading towards IPO
Sebastian Siemiatkowski, CEO of Klarna, speaking at a fintech event in London on Monday, April 4, 2022.
Chris Ratcliffe | Bloomberg via Getty Images
Swedish financial technology company Klarna said on Tuesday it has secured shareholder support for a new U.K. holding company, clearing a key hurdle for the company’s eventual initial public offering.
“Following our announcement last year, we notified investors yesterday that we have received the necessary regulatory and investor approvals to create a new UK-based holding company,” a Klarna spokesperson said in a statement shared with CNBC by and -mail.
Sky News previously reported that the company was considering the first quarter of 2025 – after the next US presidential election – as the most likely window for carrying out a public listing. Klarna’s spokesperson said the company has nothing new to share about the timing of its IPO.
Klarna has previously said the creation of a UK holding company is a step towards a potential IPO, but insisted talks around a market float remain “in the early days”.
The move will see Klarna shareholders convert their shares in Klarna Holding Ab, the Swedish-registered company, into a newly created holding company, Klarna Group plc.
-Ryan Browne
5 hours ago
Grifols Shares Drop on New Report from Short Seller Gotham City Research
Spanish pharmaceutical company shares Grifols fell more than 5% on Tuesday after short seller Gotham City Research released a new report accusing the company of improperly transferring its shareholders’ funds to a vehicle owned by former executives.
Shares pared losses slightly, falling 2.3% at 1pm London time.
Gotham City has been targeting Grifols since January, when it released a report that questioned the company’s accounting and debt ratio.
In a statement to CNBC, a Grifols spokesperson said the company “has provided complete details of all its transactions in its financial statements and specific reports.”
“All information is public and has been verified by both the Spanish regulator and our auditors,” added the spokesperson.
-Karen Gilchrist
5 hours ago
Producer price index rises more than expected
The producer price index rose more than expected in April, raising concerns that the Federal Reserve will not be able to cut rates as soon as expected. PPI rose 0.5% last month. Economists surveyed by Dow Jones expected a 0.3% increase in PPI.
However, the March PPI reading was revised to a decrease of 0.1%.
—Fred Imbert
5 hours ago
Producer price index rises more than expected
The producer price index rose more than expected in April, raising concerns that the Federal Reserve will not be able to cut rates as soon as expected. PPI rose 0.5% last month. Economists surveyed by Dow Jones expected a 0.3% increase in PPI.
However, the March PPI reading was revised to a decrease of 0.1%.
—Fred Imbert
6 hours ago
Shares on the move: Vodafone rises 3.5%, Rheinmetall falls 3.1%
A pedestrian passes a Vodafone store in central London on May 16, 2023. British mobile giant Vodafone is set to cut 11,000 jobs over three years in the latest cut to hit the technology sector, while new boss Margherita Della Valle, criticized the recent performance.
Adriano Dennis | AFP | Getty Images
Vodafone shares rose 3.5% after the telecommunications company reported a 2.2% rise in annual organic adjusted profits, led by gains in Britain and Germany.
On the other hand, the German weapons manufacturer Rheinmetall fell 3.1% after reporting a below-estimate rise in first-quarter earnings.
-Karen Gilchrist
10 hours ago
Delivery Hero shares jump on US$1.25 billion sale of Foodpanda
The logo of the German food delivery service Delivery Hero.
Sean Gallup | Getty Images
Actions of Delivery Hero jumped 19% in early trading after announced that Uber would buy its Foodpanda business in Taiwan and buy new shares in the German company in a $1.25 billion deal.
Delivery Hero said in a statement that the deal would allow it to focus its resources on other parts of its global presence.
-Karen Gilchrist
11 hours ago
Anglo American explores options to offload steelmaking coal, nickel and other units
Chris Ratcliffe | Bloomberg | Getty Images
Anglo-American outlined a strategic update on Tuesday that it said would simply be its business, even as it remains involved in a takeover bid for BHP Group.
The simplification strategy includes options to offload its coal, nickel and platinum steel businesses, the company said.
“We expect a radically simpler business to deliver sustainable incremental value creation through a step-change in operational performance and cost reduction,” chief executive Duncan Wanblad said in a statement.
It comes a day after Anglo American rejected a lofty takeover bid from BHP, saying it continued to significantly undervalue the company.
-Karen Gilchrist
11 hours ago
UK unemployment rate rises slightly
UK unemployment rose to 4.3% in the three months to March, new data from the Office for National Statistics showed on Tuesday. The rate was in line with analysts’ expectations and slightly above the 4.2% recorded in the previous period until February.
Salaries excluding bonuses also rose a stronger-than-expected 6.0% in the three-month period compared to the same period last year. Analysts predicted wage growth of 5.9%.
The Bank of England will closely monitor labor data and its impact on inflation, despite having signaled that a rate cut could occur at its next meeting in June.
-Karen Gilchrist
22 hours ago
Markets experience ‘Goldilocks-style rally’, says HSBC
Last week’s rally in stocks after a difficult period in April indicates the market is overcoming the downturn, according to HSBC.
“The decline in risk assets is increasingly in the rearview mirror as many of the major equity indexes re-approach year-to-date highs,” strategist Duncan Toms wrote in a note on Monday. “These broad-based gains once again resemble a Goldilocks-style recovery.”
With investors paying close attention to Wednesday’s CPI report, Toms believes that “the bar for increasingly aggressive surprises is rising.” Consequently, the strategist believes that even in-line expectations could be another catalyst for the rise of risk assets.
—Hakyung Kim
18 hours ago
CNBC Pro: 14 Analysts Updated This Global AI Chip Stock Over the Past 2 Weeks
There’s been so much love for a global chip stock that as many as 14 analysts have upgraded it in the past two weeks.
Stocks have been rising on the boom in artificial intelligence. It’s up about 35% so far this year and 60% since last year.
CNBC Pro subscribers can read more here.
-Weizhen Tan
22 hours ago
US growth and large-cap stocks have brighter prospects, says Barclays
While value stocks continue to outperform in Europe, growth stocks are currently benefiting from improving forward guidance in the US, according to Barclays.
“Rates have fallen from their recent highs following the Fed’s dovish turnaround, further boosting growth prospects,” wrote strategist Venu Krishna. “We remain positive on growth in the US while being value neutral in both regions as peak rates are behind us.”
Krishna also reiterated his positive stance on US large caps over their smaller counterparts.
“In the U.S., large-caps’ exposure to quality styles and sales/EPS growth (themes we are positive about), coupled with the interest rate risks faced by highly leveraged small-caps, lead us to maintain our positive view on the big ones to the detriment of the small ones”, he added. .
-Lisa Kailai Han
18 hours ago
CNBC Pro: These 3 ETFs Have Increased Double Digits Every Year for the Past 5 Years
Only three ETFs worldwide have produced double-digit annual returns over the past five years, CNBC Pro research found.
The three funds stood out among 8,300 worldwide stock ETFs evaluated by CNBC Pro using FactSet data.
Analysts also expect two of the three ETFs to rise by double digits again over the next 12 months.
CNBC Pro subscribers can read more here.
-Ganesh Rao
14 hours ago
European markets: here are the opening calls
European markets are expected to open in negative territory on Tuesday.
The United Kingdom FTSE 100 the index is expected to open 17 points lower at 8,393 than Germany DAX fell 18 points to 18,718, France’s CAC 5 points below 8,199 and Italy MIB FTSE fell 31 points to 34,451, according to IG data.
Earnings are owed by Euronext, Eutelsat, Hannover Re, Bayer, Porsche and Vodafone.
-Holly Ellyatt