stocks, news, UK inflation data

6 hours ago

Mining shares sink after Anglo American rejects takeover bid for BHP

Mining shares sank on Wednesday afternoon after Anglo American rejected a third takeover bid from rival BHP Group as the companies agreed to extend the deadline for talks by a week.

Anglo shares rose initially before paring gains to trade down 0.65% by 16:10 London time. BHP fell 3.4%, while rival miners Antofagasta and Glencore fell more than 3.5%

— Karen Gilchrist

10 hours ago

Marks & Spencer shares soar after British retailer reports 58% annual profit jump

Shares in Marks & Spencer rose on Wednesday, hitting levels last seen in early 2018, according to data from LSEG. The company’s shares were last up 7.3% at 10:59am London time.

Check out the graphic…

Marks and Spencer

The British retailer said on Wednesday that its profit before tax and adjusting items rose 58% year-on-year to £716.4 million ($912 million) in its full fiscal year that ended March 30.

The company also said it was deepening its structural cost reduction plan from £400m to £500m by 2028.

— Sophie Kidderlin

11 hours ago

Autos fall 2% as concerns over tariffs from China grow

Auto stocks led European markets lower on Wednesday, with the sector last down 1.97% at 10:27am London time.

Concerns about the tariffs grew after China’s Global Times newspaper quoted an expert from a government-linked automotive research body as saying the world’s second-largest economy should temporarily raise import tariffs on gasoline cars with large engines.

Tariffs could be as high as 25 percent, which would be the highest level possible under World Trade Organization rules, he said.

— Sophie Kidderlin

13 hours ago

Markets see little chance of June rate cut from BOE after UK inflation data

Traders cut bets that the Bank of England will start cutting interest rates this summer after UK inflation data came in higher than expected.

Although the headline ratio fell sharply to 2.3% from 3.2%, it was below the forecast in a Reuters poll of 2.1%. Both core inflation and inflation in services, which are closely watched by the BOE, were also higher than forecast.

At 8:40 a.m. in London, overnight interest rate swaps showed a 13 percent chance of a rate cut at the June meeting, down from about 50 percent before print. The probability of a cut in August has dropped from 70% to 40%, with the Bank Rate cut not fully priced in until November.

The British pound jumped on the news, trading 0.3% higher against the US dollar at $1.274 and 0.27% higher against the euro at 1.174. Both were the pound’s highest levels against currencies since March, according to data from LSEG.

– Jenny Reid

14 hours ago

European markets open lower

European markets opened lower on Wednesday, with all major bourses starting the day in the red following the release of fresh UK inflation data.

The pan-European Stoxx 600 was last down 0.34% at 8:10am London time.

The UK’s FTSE 100 was 0.52% lower, with Germany’s DAX down 0.4% and France’s CAC 40 losing 0.43%.

Autos fell 2.3% and oil and gas stocks lost 0.74%.

— Sophie Kidderlin

14 hours ago

UK inflation fell to 2.3% in April, close to the Bank of England’s target

UK inflation fell to 2.3% in April, the Office for National Statistics said on Wednesday, inching closer to the Bank of England’s interest rate target, although missing expectations.

The headline was down from 3.2% in March, but economists polled by Reuters had expected a sharper drop to 2.1%.

Core inflation, excluding energy, food, alcohol and tobacco, eased to 3.9% in April from 4.2% in March.

Read the full story here.

– Jenny Reid

21 hours ago

CNBC Pro: These 6 other chip stocks tend to ride on Nvidia’s earnings

Six AI-related stocks around the world consistently reacted positively to Nvidia’s quarterly results, according to a CNBC Pro survey.

The analysis comes ahead of Nvidia’s earnings for the first quarter of this year, which will be released on Wednesday after the stock markets close.

Five and Six stocks rose between 6% and 33% in the past after Nvidia revealed big earnings.

CNBC Pro subscribers can read more about the six stocks here.

– Ganesh Rao

21 hours ago

CNBC Pro: Morgan Stanley’s Slimmon names tech stocks to buy at ‘reasonable price’

Andrew Slimmon of Morgan Stanley Investment Management is consistently bullish on stocks – even during periods of volatility.

While he fears that the change in market conditions could cause “some equity correction”, the senior portfolio manager believes it is “clear” for the stock for now.

“I think it would make sense to get a bit more defensive in the summer, but it’s too early for that,” he said. “Stick to a balance between growth and value names.”

He lists four stocks to buy.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Monday, May 20, 2024, 11:45 PM EDT

European markets: Here are the opening invitations

European markets are expected to open later on Tuesday.

The UK’s FTSE 100 is expected to open 43 points lower at 8,381, Germany’s DAX down 60 points at 18,708, France’s CAC 33 points lower at 8,139 and Italy’s FTSE MIB down 140 points at 34,788, according to IG data.

Gains came from Kingfisher, Smiths Group, Fresnillo and Generali. Eurozone trade balance and construction data for March are expected.

— Holly Elite

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