European markets, stocks, data, news and earnings

Stocks on the move: SBB up 13%, Rational down 8%

Swedish real estate company SBB It saw its shares rise 13% in the afternoon, paring gains from earlier gains, after presenting its pro forma earnings capacity for 2023 following the divestment of shares in education unit EduCo .

At the bottom of the index, German kitchen appliance maker Rational fell 8%.

— Elliott Smith

It’s ‘pretty bold’ to suggest no bad news in 2023 for US earnings: Analyst

'Pretty bold' to suggest no bad news in 2023 for US earnings: Analyst

Ben Jones, director of macro research at Invesco, says that Europe, however, has “a lot of bad news priced in there.”

There is ‘a lot of upside’ for the tech, the investment firm says

There is 'a lot of upside' for the tech, the investment firm says

Per Roman, co-founder and managing partner of GP Bullhound, discusses the outlook for the tech sector and says that “the height of political risk is a real awakening for the technology industry.”

The Euro zone economy is likely headed for a mild recession, S&P Global said

S&P Global’s final composite PMI (purchasing managers’ index) for the euro zone fell to 47.8 in November from a 21-month low of 47.3 in October, remaining below the 50 mark that separates the expansion from contraction.

“The fifth consecutive monthly fall in output signaled by the PMI increases the likelihood that the euro zone is slipping into recession,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.

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However, the easing rate of contraction means the region will likely only see GDP contract by 0.2%, Williamson projected.

– Elliot Smith

UK economy faces ‘toughest spell’ since financial crisis, S&P Global says

The UK services sector contracted for a second consecutive month in November as the country’s cost of living crisis continued to squeeze demand, the S&P Global services PMI (purchasing managers’ index) reading showed. as Monday.

The PMI in the service sector remained at 48.2, which corresponds to a 21-month low in October and remains below the 50 mark that separates expansion from contraction.

Chris Williamson, chief business economist at S&P Global, said the PMIs signaled a growing risk of a UK recession.

“A change in government and new economic policies may have helped capture some volatility in the financial market after the ‘mini-budget’ in September but the economic picture remains tough unchanged,” Williamson said.

“The overall rate of economic contraction remained constant compared to October, indicating GDP fell at a quarterly rate of 0.4%. pandemic.”

– Elliot Smith

Stocks on the move: Grifols up 6%, Rational down 5%

Parts of Grifols rose more than 6% in early trade to lead the Stoxx 600 after Morgan Stanley upgraded the Spanish pharmaceutical company’s stock to “overweight” from “equal-weight.”

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At the bottom of the index, German kitchen appliance maker Rational fell more than 5%.

– Elliot Smith

Vodafone CEO resigns

Vodafone said on Monday that its Chief Executive Nick Read will step down at the end of the year, with Chief Financial Officer Margherita Della Valle serving as an interim replacement.

Read’s ownership has seen the British telecoms firm sell assets to focus on Europe and Africa and spin out its tower infrastructure units, but he has failed to engineer the share price revival demanded by investors.

Parts of Vodafone rose 1.8% shortly after the market opened.

Read more.

— Jenny Reid

Hong Kong movers: Chinese technology companies and opening stocks also jumped

Chinese technology, consumer and travel-related companies listed in Hong Kong saw big gains in early trading after some Chinese cities saw some easing of Covid restrictions.

Tech heavyweights Tencent gained 5.5% and Meituan rose 3.5%, while Alibaba jumped 4.72% and Xiaomi added 7.31%. EV stocks such as Li Auto jumped 9.19% and Nio rose 11.5%.

Meanwhile, Hong Kong-listed casino stocks also jumped, with MGM China up 12.44%, Wynn Macau up 12.35% and Sands China adding 7.5%. Galaxy Fun increased 3.61% and SJM Holdings increased by 4.82%.

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Hotpot restaurant operator Haidilao rose 15%, and shares of airlines also rose. China Southern Airlines and China Eastern Airlines each rose more than 5%, while Air China earned 4%.

The broader Hang Seng index rose 3.21%.

— Abigail Ng, Jihye Lee

Oil futures rose 2% after OPEC+ held steady and China reportedly eased some Covid restrictions

CNBC Pro: Goldman Sachs upgrades global tech giant, says stock could rise 90%

Goldman Sachs sees an opportunity in electric cars that are in an “upward trend.”

This trend will accelerate as EVs become “more technology-driven” and simpler to build, Goldman analysts said in a Dec. 1 report.

That’s set to benefit a global stock, said Goldman, giving the stock up to 90% upside in its bull case for the company.

CNBC Pro subscribers can read more here.

— Weizhen Tan

European markets: Here are the opening calls

European markets headed for a flat open on Monday as investors looked ahead to more data in the region.

The UK’s FTSE index is expected to open 4 points lower at 7,554, Germany’s DAX 2 points at 14,531, France’s CAC down 2 points at 6,740 and Italy’s FTSE MIB down 14 points at 24,671, according to data from IG.

Data releases include euro zone retail sales for October as well as final purchasing managers’ index data for November. No big incomes.

— Holly Elliott


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