Stocks on the move: DS Smith up 8%, ams-Osram down 9%
British packaging company DS Smith saw its shares jump more than 8% in early trade after projecting that annual performance ahead of expectations, on the back of robust revenue growth and cost-cutting measures.
At the bottom of the Stoxx 600, ams-Osram shares fell more than 9% after announcing that its CFO plans to step down from April 2023.
Bank of England announces liquidity measures to help ease pension fund issues
The Bank of England is set to introduce further liquidity measures as it seeks to ensure financial stability in the U.K.
It comes after the central bank on Sep. 28 announced a two-week emergency two-week purchase program for long-dated U.K. government bonds. It was designed to protect liability driven investment (LDI) funds from imminent collapse.
Now, the BOE has announced further measures to ensure an “orderly end” to its purchase scheme on Oct. 14, including increasing the size of its daily auctions to allow headroom for gilt purchases ahead of Friday’s deadline.
CNBC Pro: Goldman says these ‘cheap’ global stocks are set to win in the short and long-term
As Europe struggles with soaring electricity and gas bills, Goldman Sachs says global companies focussing on energy efficiency are set to outperform.
“We think Energy Efficiency companies can outperform over the short term, with the focus on energy efficiency to tackle the current energy crisis that followed the Russian invasion of Ukraine,” the analysts wrote in a note on Oct. 3.
“[And] over the long term, with the focus on energy efficiency to tackle the climate change and reach the ambitious ‘net zero’ targets.”
CNBC Pro subscribers can read more here.
— Weizhen Tan
Here are the opening calls
CNBC Pro: Porsche is now more valuable than VW: Here’s what the pros think of the carmakers
A week after its stock market debut, luxury automaker Porsche’s market cap raced past its former parent company Volkswagen Group’s.
Some fund managers are already comparing the German firm to Tesla, the largest electric carmaker in the world, saying Porsche’s electrification plan for its hot-selling Macan EV is expected to be an instant success.
Compared to its parent company VW, which makes nearly 10 million cars annually, Porsche manufactures just over 300,000 cars but accounts for a quarter of the profits at Volkswagen.
CNBC Pro subscribers can read more here.
— Ganesh Rao
