European markets open for closing, earnings, data and news

Stock action: thyssenkrupp down 11%, wisdom up 8%

Shares of a German multinational company thyssenkrupp It was down 11% by mid-afternoon after JPMorgan re-covered the stock with an “underweight” rating.

At the top of the European blue-chip stock index, Britain Wisdom Medicines It jumped more than 8% by mid-afternoon.

– Elliot Smith

The British pound fell after the Bank of England intervened in the bond market

Sterling pound It fell 1.4% against the dollar on Wednesday, falling below $1.06 after The Bank of England intervenes in the British bond market To calm the recent market turmoil launched by the new government the so-called “mini-budget”.

The bank announced on Wednesday that it will suspend the planned start of selling gold next week until October 31 and temporarily start buying long-term bonds until October 14, in an emergency program backed by the British Treasury.

– Elliot Smith

All indicators are going wrong: WTO chief

Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), speaks during the annual meeting of the Clinton Global Initiative (CGI) in New York, Monday, September 19, 2022.

Michael Nagel | Bloomberg | Getty Images

Ngozi Okonjo-Iweala, director-general of the World Trade Organization, told CNBC’s Juliana Tattlebaum that the global economy is slowing dramatically and may slowly head into a recession.

“What worries me is that all the indicators are going in the wrong direction,” Okonjo-Iwela said at a World Trade Organization event in Geneva.

She noted the recently downgraded global growth forecasts from the International Monetary Fund, the World Bank and the Organization for Economic Cooperation and Development. She added that PMIs cooled and sea freight rates fell, which “could be a drop in demand indicating something undesirable.”

– Jenny Reed

EU pledges strong response to suspected sabotage of Nord Stream gas pipelines

BORNHOLM, DENMARK – SEPTEMBER 27: Danish Defense shows a gas leak in Nord Stream 2 is seen from a Danish F-16 interceptor aircraft in Bornholm, Denmark on September 27, 2022.

Danish Defense / | Anadolu Agency | Getty Images

The European Union pledged to provideStrong and united responseto suspected sabotage after a mysterious gas leak hit two underwater Russian gas pipelines.

“All available information indicates that these leaks were the result of a deliberate act,” Josep Borrell, the European Union’s foreign policy chief, said in a statement.

“We will support any investigation aimed at obtaining full clarity on what happened and why, and we will take further steps to increase our energy security resilience. Any deliberate disruption of European energy infrastructure is totally unacceptable and will be met with a strong and united response,” he added.

Here’s the full story.

– Sam Meredith

Bank of England postpones bond sale, launches temporary buying program after market turmoil

London, February 3: Andrew Bailey, Governor of the Bank of England, leaves after a press conference at the Bank of England on February 3, 2022 in London, England. The bank is expected to raise interest rates for the fifth consecutive meeting on Thursday, but it faces a difficult balancing act between supporting growth and curbing inflation.

Dan Kitwood | Getty Images News | Getty Images

The Bank of England He will suspend the planned start of his gold sale next week and temporarily start buying long-term bonds in order to calm market chaos unleashed by the new government’s so-called “mini-budget”.

British bond yields are on track to their highest monthly high since at least 1957 as investors flee Britain’s fixed income markets after new fiscal policy announcements. Great measures included Vast areas of unfunded tax cuts that sparked international criticism, Including from the International Monetary Fund.

In a statement on Wednesday, the central bank said it had been monitoring a “significant repricing” of British and global assets in recent days, which has particularly affected the UK’s long-term government debt.

Read the full story here.

– Elliot Smith

Chief investment analyst says Bank of England position ‘almost impossible’

The strategist says the UK government has made the Bank of England's position almost impossible

Harnett said that local businesses – those in FTSE 250 – ‘They will be the ones who struggle’, a point of interest for the UK

“When the markets see a rift, they go for it massively and we see that rift widening in the UK,” he told CNBC’s Squawk Box Europe.

– Hannah Ward Glinton

Stocks on the go: Thyssenkrupp down 8%, Roche up 5%

Shares of a German multinational company thyssenkrupp It fell 8% in early trading after JPMorgan re-covered the stock with an “underweight” rating.

At the top of the Stoxx 600, the Swiss pharmaceutical company rush Jumped 5.7% after a positive reading of an Alzheimer’s drug study by competitors esai And the Biogen.

– Elliot Smith

Top 5% yields on UK 20 and 30 year bonds

Returns over 20 years and 30 years British Bonds crossed the 5% level on Wednesday as the extraordinary sell-off in the UK fixed income market continued.

Bond yields move inversely with prices. The The new government’s so-called “mini-budget” Friday sparked a sell-off in British fixed income markets, with gold yields now heading for their biggest monthly rise since at least 1957, according to a Reuters analysis of both Refinitiv and Bank of England data.

– Elliot Smith

IMF gives compelling verdict on UK tax cuts

Signs outside the International Monetary Fund (IMF) headquarters in Washington, DC, United States, on Tuesday, April 19, 2022. The International Monetary Fund lowered its global growth forecast by the most since the early months of the Covid-19 pandemic, and forecast faster inflation, after Russia invaded Ukraine China renewed its closure due to the virus. Photographer: Al Drago / Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

The 10-year US Treasury yield exceeded 4% for the first time since 2010

CNBC Pro: Credit Suisse says it’s time to buy two green hydrogen stocks — and gives one more than 200% upside

Credit Suisse says it’s time to enter the green hydrogen sector, with a number of catalysts set to drive the clean power plant.

“Green hydrogen is a growth market – we increase the market estimate for 2030 by [over] 4x, the bank said, predicting that green hydrogen production will expand nearly 40 times by 2030.

You name two stocks to play the boom – giving a more than 200% upside.

CNBC Pro subscribers can read more here.

– Weezin Tan

CNBC Pro: Asset manager reveals stock’s next move — and shares how it trades in the market

CNBC Pro Talks: Asset manager Neil Fitch among top picks — and stocks to avoid — as volatility continues

Neil Fitch, chief investment officer at Edinburgh-based SVM Asset Management, says he expects the overall landscape to remain “extremely challenging” for the rest of the year.

Talking to CNBC Pro . Talks Last week, Fitch named the main drivers that could help the stock market turn “more positive” and shared his view on growth versus value.

CNBC subscribers can read more here.

– Xavier Ong

US 10-year bond yields closed at the key 4% level

The The 10-year Treasury yield is approaching 4%, A level untouched since 2010.

The United States 10 years It is the standard yield that determines the course of rates for mortgages and other consumer and business loans. Its price rose this week, as UK bond yields race upwards and expectations of a strong Federal Reserve.

The yield was 3.96% in afternoon trading. 10-year bond yields reversed earlier declines and gained about basis points. (Base point is 0.01 percentage point)

“It was definitely impressive, and I think no one yet is willing to step in and grab the falling knife,” said BMO’s Ben Jeffrey. He added that the lack of liquidity also led to higher yields, which led to the opposite price move.

Jeffrey said yields are also rising ahead of the 5-year bond auction at 1pm.

He said 10 years tested the 4% level in 2010. “The last time we were sustainably above 4% was 2008. There’s another technical level at 4.10% and then there isn’t a lot of observation until 4.25%,” he said.

Patty Doom

European markets: here are the opening calls

European shares are expected to open their doors in negative territory on Wednesday as investors react to the latest US inflation data.

The UK FTSE is expected to fall 47 points at 7341, the German DAX 86 is down at 13106, the French CAC 40 is down 28 points, and the Italian FTSE MIB is down 132 points at 22010, according to data from IG.

Global markets fell after a higher than expected US Consumer Price Index The Bureau of Labor Statistics reported Tuesday that an August report that showed prices rose 0.1% for the month and 8.3% annually in August, defying economists’ expectations that headline inflation will fall 0.1% on a monthly basis.

Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.

UK inflation figures are due for August, and Eurozone industrial production for July will be published.

– Holly Eliat

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