An Hour Ago
German producer price growth slows to two-year low
German producer prices rose 1% year-on-year in May, logging the slowest rate since January 2021, official statistics data showed.
The hike follows a 4.1% annual increase in April. Prices in May were 1.4% lower than the prior month.
— Jenni Reid
3 Hours Ago
UK grocery price inflation slips to lowest level this year
U.K. grocery price inflation hit its lowest level this year at 16.5% in the four weeks to June 11, research company Kantar said Tuesday, down from the 17.2% rate observed in the four weeks to 14 May.
“Prices rising at 16.5% isn’t something to celebrate and it’s still the sixth highest monthly figure in the past 15 years,” Kantar said, while forecasting further falls in the coming months.
The company found that “nearly 70% of households are either “extremely” or “very worried” about food and drink inflation, up from just over two-thirds in January.
Official U.K. inflation figures are due out Wednesday.
Sales of discounted supermarket retailer Aldi rose to a new record market share of 10.2% in the 12 weeks to June 11, with rival Lidl taking 7.7% of the market in the period, Kantar found.
— Ruxandra Iordache
4 Hours Ago
We need a stable, long-term investment framework: RWE CEO
Markus Krebber, CEO of German energy company RWE, discusses how much progress has been made in the renewable energy push.
5 Hours Ago
Stocks on the move: Lanxess down 17%
German chemicals company Lanxess fell 17% in morning trade, pulling down the blue chip DAX index, after it issued profit warnings for the second quarter and full year.
The Cologne-based company hit an almost 14-year low after it said it was experiencing “very weak” demand and an ongoing hit from customers reducing stock.
“The demand recovery we originally expected in the second half is not yet visible – neither in China nor in other meaningful end markets,” CEO Matthias Zachert said in a statement.
“This impacts us especially in Germany: Here we are massively impacted by the disadvantageous conditions such as the high energy prices and massive bureaucracy. In times of weak demand Germany as an industrial location is just not competitive.”
See Chart…
Lanxess share price.
6 Hours Ago
Europe stocks open lower
European stock markets fell in early trade, with the Stoxx 600 index down 0.4%.
Germany’s DAX declined 0.53%, with France’s CAC 40 down 0.2% and the U.K.’s FTSE 100 0.14% lower.
See Chart…
Stoxx 600 index.
7 Hours Ago
UK economic strength remains a problem for Bank of England, strategist says
Niall O’Sullivan, chief investment of multi-asset strategies EMEA at Neuberger Berman, discusses the upcoming Bank of England rate decision and the housing market, among other things.
11 Hours Ago
China cuts loan prime rates by 10 basis points
China has cut its key one-year and five-year loan prime rates by 10 basis points each, the first cut since August.
The one-year LPR stands at 3.55%, down from 3.65%, while the five-year LPR was reduced to 4.20% from 4.30%. The moves mirror cuts that China made last week to its short-term and medium-term loan rates.
After the announcement, the offshore yuan weakened 0.13% to trade at 7.172 against the greenback.
— Lim Hui Jie
13 Hours Ago
CNBC Pro: Analyst says this automaker could be next in line for a Tesla supercharger deal
A global auto giant may be the next company to sign a deal with Tesla to use its supercharger stations, according to RBC analyst Tom Narayan.
If the agreement comes to pass, the deal will be in the wake of similar partnerships Tesla has agreed with Ford and General Motors.
Investors have rewarded all parties to the deal in the past. The day following the agreement, Tesla and Ford’s shares popped by 4.7% and 6.2%, respectively. Both automakers’ stock prices have rallied by more than 25% since.
CNBC Pro subscribers can read more here.
— Ganesh Rao
13 Hours Ago
CNBC Pro: This veteran investor’s funds have been outperforming since 2006. Here are his top strategies
Outperforming portfolio manager Jordan Cvetanovski has looked for certain attributes in the companies he picked in the past nearly 20 years.
And the results have proven to be consistent throughout the global financial crisis, the era of zero interest rates — and now, high interest rates.
One fund that Cvetanovski of Pella Funds Management managed beat its benchmark by a whopping 27% in a four-year period.
CNBC Pro subscribers can read more here.
— Weizhen Tan
9 Hours Ago
European markets: Here are the opening calls
European markets are heading for a flat open Tuesday.
The U.K.’s FTSE 100 index is expected to open 5 points lower at 7,580, Germany’s DAX 3 points lower at 16,190, France’s CAC 3 points lower at 7,301 and Italy’s FTSE MIB 37 points lower at 27,835 according to data from IG.
Data releases include euro zone current account figures for April.
— Holly Ellyatt
