European stocks open to close, data, earnings and market moves

China’s October exports marked the first year-over-year drop since May 2020

China’s exports in US dollar terms fell 0.3% in October from a year earlier, significantly missing expectations for an increase of 4.3% in a Reuters poll and a steep decline from 5.7% growth in September.

Imports also fell 0.7%, missing forecasts for a gain of 0.1% a year earlier after rising 0.3% in September.

According to Refinitiv Eikon data, the decline in US dollar terms last month marked the first year-over-year drop since May 2020.

The yuan weakened by nearly 3% against the US dollar in October, according to Refinitiv Eikon.

In yuan terms, exports rose by 7% and imports by 6.8%, customs data released Monday showed.

— Evelyn Cheng

CNBC Pro: Morgan Stanley Says Global Battery Material Stock Could Rise By More Than 80%

Morgan Stanley expects shares of an Asian battery materials manufacturer to rise by 85% by the end of next year.

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This under-the-radar battery material supplier for Teslawhich already has three-digit revenue growth, plans to expand manufacturing in the United States.

Even JP Morgan analysts who use a “conservative valuation approach” expect the stock to rally by 25% in a year.

CNBC Pro subscribers can read more here.

– Ganesh Rao

China reopening still ‘months away’ despite talk of preparations: Goldman Sachs

Speculation about China’s reopening led to a rally in the market last week, but economists at Goldman Sachs say it’s still “months away.”

“The current reopening is still several months away as the vaccination rate of the elderly remains low and the fatality rate may appear high among the unvaccinated according to Hong Kong’s official data,” economists led by Hui Shan said in a note.

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They added that the government is probably working on an exit strategy, and that the company expects the country to reopen in the second quarter of 2023.

– Jihye Lee

CNBC Pro: There’s always opportunity in tech – here’s how to trade it: Analyst

Technology companies are facing a double whammy of bad news, with disappointing earnings and continued rate hikes by the Federal Reserve both weighing on the sector.

But with the technology-heavy Nasdaq Down more than 30% year-to-date, analysts say there are some bright spots that could offer opportunities to investors.

Here are some of the biggest, including a stock with an average upside of more than 50%.

CNBC Pro subscribers can read more here.

– Weizhen Tan

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European markets: Here are the opening calls

European markets are eyeing a positive start to trading on Wednesday as investors gear up for the latest monetary policy decision from the US Federal Reserve.

Many analysts expect the meeting will result in a 75 basis point interest rate hike. Investors will also monitor the central bank’s statements and Fed Chairman Jerome Powell’s press conference for signs of a tightening pace.

London’s FTSE index is expected to open 21 points higher at 7,115, Germany’s DAX up 84 points at 13,422, France’s CAC up 36 points at 6,364 and Italy’s FTSE MIB up 119 points at 22,771, according to data from IG.

Earnings will come from Next, Aston Martin Lagonda, GSK, Metro and Maersk. German unemployment data for October will also be released.

— Holly Elliott


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