29 minutes ago
We need a stable long-term investment framework: RWE CEO
Markus Klebber, CEO of German energy company RWE, discusses how progress has been made in promoting renewable energy.
1 hour ago
Stocks on the rise: Lanxess down 17%
German chemical company Lanxess dropped 17% in morning trading, dragging the blue chip DAX index down after it issued second-quarter and full-year earnings warnings.
The Cologne-based company said demand was “very weak” and continued to be hit by customer destocking, pushing prices to their lowest in almost 14 years.
“We have not yet seen the recovery in demand that we had initially expected in the second half of the year, either in China or in other important end markets,” Chief Executive Matthias Zachart said in a statement.
“This affects us particularly in Germany, where we are greatly affected by adverse conditions such as high energy prices and extensive bureaucracy. Germany as an industrial location is completely uncompetitive.”
See chart…
Lanxess stock price.
2 hours ago
European stocks start lower
European stock markets fell in early trading, with the Stoxx 600 index down 0.4%.
Germany’s DAX fell 0.53%, France’s CAC40 index fell 0.2% and the UK’s FTSE100 index fell 0.14%.
See chart…
STOXX 600 Index.
4 hours ago
UK economic strength remains a problem for Bank of England, strategist says
Niall O’Sullivan, Chief Investment, Multi-Asset Strategies EMEA at Neuberger Berman, talks about future Bank of England interest rate decisions, the housing market and more.
8 hours ago
China cuts loan prime rate by 10 basis points
China cut its main one-year and five-year loan prime rates by 10 basis points each, the first time since August.
The 1-year LPR fell to 3.55% from 3.65% and the 5-year LPR was cut to 4.20% from 4.30%. The move reflects China’s cut in short- and medium-term lending rates last week.
After the announcement, the offshore yuan fell 0.13% to 7.172 yuan to the dollar.
— Lim Huisier
9 hours ago
CNBC Pro: Analysts say the automaker could be next in a Tesla supercharger deal
According to RBC analyst Tom Narayan, the global auto giant may be the next company to sign a deal with Tesla to use its supercharger stations.
The deal, if finalized, would continue Tesla’s similar partnerships with Ford and General Motors.
Investors have historically rewarded everyone involved in a deal. A day after the deal, shares of Tesla and Ford jumped 4.7% and 6.2%, respectively. Shares of both automakers have risen more than 25% since then.
CNBC Pro subscribers can read more here.
— Ganesh Rao
9 hours ago
CNBC Pro: This veteran investor’s fund has outperformed since 2006. His main strategy is:
For nearly two decades, high-performing portfolio manager Jordan Czvetanowski has looked for certain qualities in the companies he chooses.
And the results have proven consistent throughout the global financial crisis, the era of zero interest rates, and the current era of high interest rates.
One fund managed by Pera Funds Management’s Tsvetanovski has outperformed its benchmark by a staggering 27% over four years.
CNBC Pro subscribers can read more here.
— Tan Weizhen
5 hours ago
European Market: Click here for the opening call
European markets head for flat trading on Tuesday.
UK’s FTSE 100 Index is down 5 points to 7,580, Germany’s DAX is down 3 points to 16,190, France’s CAC is down 3 points to 7,301 and Italy’s FTSE MIB is down 37 points to start at 27,835, according to IG data. is expected.
The data release includes Eurozone current account data for April.
— Holly Eliyat