Eurozone inflation, GDP and earnings

European stocks were mixed on Tuesday, with the benchmark Stoxx 600 index opening slightly lower, trading 0.07% lower as of 8:20 a.m.

Britain’s FTSE 100 rose 0.38%, while France’s CAC 40 fell 0.1% and Germany’s DAX fell 0.1%.

— Sophie Kiderin

Danish beer company Carlsberg posted higher revenue in the first quarter, slightly beating analysts’ expectations, according to Reuters data.

After declining 0.5% overall through 2023, sales volumes grew 0.2% year-on-year in Western Europe, 3.1% in Asia, and 2.2% in Central and Eastern Europe and India.

Sales for the quarter rose 4.4% to Danish kronor 17.1 billion ($2.45 billion).

“If you look at the trading environment, we’re definitely happy with the start of the year,” Carlsberg CEO Jacob Arup-Andersen said Tuesday on CNBC’s “Squawk Box Europe.”

“But there are still clouds hanging over us and other industries, tough consumer sentiment whether you look at our European business or whether you look at our Asian business, and the same positive consumer momentum that we had before. “I don’t see that happening a few years ago,” he added.

Bank of America sees good news for stocks over the coming week, with risks skewed to the upside.

“Our economists see no signs of stagflation and expect continued manufacturing recovery and strong employment growth, which should be positive for stocks,” strategist Ohsung Kwon said in a note on Monday. ” he said.

Kwon elaborated that this week’s manufacturing report should show that the manufacturing recession is over. Furthermore, Friday’s April jobs report is also likely to show strength, with “little signs of slowing labor market momentum,” the strategist noted.

— Lisa Kailai Han

Goldman Sachs said its balance sheet “looks healthy,” its cash flow generation is “attractive,” and its dividend and share buybacks are resilient.

“Shareholder returns are poised to reach record highs,” the bank said in an April 23 note.

But not all stocks that offer buybacks or dividends are the same, Goldman said.

He emphasized the stock buyback basket as part of his diversification strategy. Goldman says the basket delivers high single-digit yields of about 4% on buybacks and 4% on dividends, with a sector breakdown as close to the market as possible.

CNBC Pro subscribers can read more here.

— Tan Weizhen

In Monday’s trading, 16 stocks in the S&P 500 set new 52-week highs.

Nine of these stocks hit new highs. These include:

• Chipotle Mexican Grill is trading at its highest level ever since its initial public offering in January 2006
• Royal Caribbean is trading at its highest level since its April 1993 IPO.
• Tractor Supply was taken private in 1982 through an LBO and traded at record high prices until its IPO in 1994.
• Goldman Sachs is trading at its highest level since its May 1999 IPO
• Carrier Global trade hits record high since its separation from United Technologies in March 2020
• Leidos Holdings is trading at record high levels since SAIC IPO in October 2006
• Trane Technologies has traded at all-time high levels throughout Ingersoll Rand’s history until its recent merger with Gardner Denver
• Veralto will be spun off from Danaher in October 2023 and trade at record high price
• Amphenol is trading at its highest level ever since its 1991 IPO

— Lisa Kailai Han, Christopher Hayes

European markets are set to open in mixed territory on Tuesday.

The UK’s FTSE 100 index is expected to open two points lower at 8,145, Germany’s DAX is expected to open eight points lower at 18,128, France’s CAC is down three points at 8,051 and Italy’s FTSE MIB is expected to open two points lower at 8,145, according to IG data. It is expected to rise 13 points to 34,037.

Revenues come from AF-KLM, Stellantis, Capgemini, Mercedes, VW, Lufthansa, Santander, Caixabank, OMV, HSBC, Glencore and Whitbread.

Data releases include preliminary euro zone inflation figures for April and the single currency area’s first quarter gross domestic product (GDP) statistics.

— Holly Ellyatt