Stock Market

Inflation, Italian banks in focus


3 Hours Ago

Stocks open little changed

The three major indexes were near flat at open.

The Dow, S&P 500 and Nasdaq Composite were all within 0.1% of their flatlines shortly after 9:30 a.m. ET.

— Alex Harring

4 Hours Ago

British insurer Hiscox down 9% after weak retail outlook

Hiscox was the worst performer on the Stoxx 600 on Wednesday, with shares falling 9.5% after the British insurer reported a spike in profit but issued a mid-single digit growth outlook in for its retail business, slightly beneath market expectations.

5 Hours Ago

Stocks on the move: Italian banks rebound after government waters down windfall tax

Italian bank shares rebounded on Wednesday after the government watered down a surprise windfall tax on excess profits announced earlier this week.

Citi analysts estimated that the Monday announcement of a 40% tax on excess income derived from higher interest rates in 2023 would deal a 19% blow to Italian lenders’ net profits for the year.

Shares of BPER BancaBanco BPMIntesa SanpaoloFinecobank and UniCredit all fell sharply during Tuesday trading wiping out more than 9 billion euros from the market capitalization of the Italian banking sector.

In a bid to calm market jitters, the finance ministry on Tuesday night said it would cap the levy on net interest income at 0.1% of risk-weighted assets.

Finecobank shares recovered almost 8% by early afternoon on Wednesday, while Banco BPM and UniCredit both gained more than 4%, BPER Banca added 3% and Intesa Sanpaolo climbed 2.7%.

Read the full story here.

– Elliot Smith

7 Hours Ago

HSBC is underweight on European equities due to recession risks, strategist says

Max Kettner, chief multi-asset strategist at HSBC, says he’s staying cautious on European equities due to recession risk in the eurozone over the next quarters. That’s why the bank is underweight on European stocks and overweight on U.S. equities, he explained.

9 Hours Ago

Stocks on the move: Delivery Hero up 7%, ABN Amro down 4%

Shares in Delivery Hero jumped 7% in early trade to lead the Stoxx 600, after the German food delivery company raised its full-year revenue outlook and swung to a first-half profit.

Dutch bank ABN Amro fell 4% despite beating second-quarter profit expectations on the back of higher interest rates, with net interest income, fees and operating expenses all in line with expectations.

– Elliot Smith

9 Hours Ago

Positive open for European stocks

The pan-European Stoxx 600 index added 0.7% in early trade, with mining stocks adding 1.5% to lead gains as almost all sectors and major bourses opened in positive territory. Travel and leisure stocks bucked the trend to fall 0.7%.

10 Hours Ago

Here are the opening calls

Britain’s FTSE 100 is seen around 39 points higher at 7,566, Germany’s DAX is set to add around 99 points to 15,874 and France’s CAC 40 is expected to gain around 61 points to 7,330, according to IG data.

16 Hours Ago

CNBC Pro: Outperforming analysts reveal 2 new oil and gas stock picks — with one expected to rise by 35%

16 Hours Ago

CNBC Pro: Alibaba, TSMC and more: Goldman Sachs names stocks to play 3 A.I.-related sectors

Goldman has identified artificial intelligence as one of five themes in Asia-Pacific that it’s positive on.

Its screen picks out AI companies in Asia — in hardware, semiconductors and applications — that could benefit from rising AI demand.

CNBC Pro subscribers can read more here.

— Weizhen Tan



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