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OECD: Europe hardest hit by global slowdown

The OECD said on Tuesday that Europe will bear the brunt of a global economic slowdown as energy prices rise and business activity wanes as a result of Russia’s war in Ukraine.

The 38-member intergovernmental organization said global economic growth would slow from 3.1% this year to 2.2% next year, before accelerating to 2.7% in 2024.

However, growth in the eurozone is set to slow from 3.3% in 2022 to just 0.5% in 2023, before recovering to 1.4% in 2024, as the continent is disproportionately affected by the global energy crisis.

– Elliot Smith

Investors should look to these real assets to navigate higher inflation, strategist says

Investors should look to these real assets to navigate higher inflation, strategist says

Paul Flood, head of mixed assets at Newton Investment Management, discusses the real assets investors should consider buying to diversify portfolios for a future of higher and more volatile inflation.

Stocks on the move: BP up 5%, Allfunds down 9%

CNBC Pro: Morgan Stanley’s Wilson says inflation will slide, but warns of a ‘new era’ ahead

Watch CNBC's full interview with Morgan Stanley's Mike Wilson

Morgan Stanley’s chief U.S. equity strategist Mike Wilson said he expects a “pretty sharp drop in inflation,” predicting when that might happen.

But he said there were two areas that were exceptions, where inflation could be “stickier”.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Oil prices fall as China faces Covid worries, Goldman Sachs cuts forecast

Oil prices fell by almost a dollar as concerns about Covid grew in China, while the country saw the first virus-related deaths recorded since May this year.

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Brent crude futures shed less than a dollar, or 0.9%, to stand at $86.83 a barrel and American West Texas Intermediate futures fell 1.09% to $79.21 a barrel.

Goldman Sachs cut its forecast for Brent oil by $10 to $100 a barrel for the fourth quarter of 2022, citing depressed demand in China with growing concerns over Covid and insufficient details of the latest Group of 7 price cap on Russian oil.

“We believe the market is right to be anxious about the outlook,” economists including Jeffrey Currie said in the note, adding the potential for further curbs in China is on par with the latest production cut by OPEC+.

– Lee Ying Shan

CNBC Pro: Amazon is down 40% this year – is it time to buy? Market advantages give their opinion

Once a Wall Street darling, Amazon has lost some of its luster this year. The e-commerce giant’s stock fell more than 40%, underperforming well S&P 500which fell by about 15% in the same period.

Also Read :  China may have 'passed the point of no return' as Covid infections soar

Is it time for investors to step back? Two market pros faced off Thursday on CNBC’s “Street Signs Asia” to make a case for and against buying the stock.

CNBC Pro subscribers can read more here.

— Zavier Ong

European markets: Here are the opening calls

European markets headed for a higher open on Tuesday as investors in the region appeared to shrug off concerns among their US and Asia-Pacific counterparts over China’s tightening of Covid restrictions, which continue to weigh on output.

The UK’s FTSE index is expected to open 27 points higher at 7,407, Germany’s DAX up 33 points at 14,419, France’s CAC up 20 points at 6,653 and Italy’s FTSE MIB up 70 points at 24,433, according to data from IG.

Data releases include preliminary consumer confidence data for the eurozone in November.

— Holly Elliott

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