17 minutes ago
Stock gains: AB Foods up 9.5%, Randstad down 6%
Shares in Associated British Foods rose 9.5% after the company raised its outlook and interim dividend on the back of easing inflationary pressures on its food brands and improved sales at luxury retailer Primark.
Meanwhile, Dutch recruitment giant Randstad fell 6% after its first quarter profit fell more than expected due to the deteriorating employment situation.
— Karen Gilchrist
2 hours ago
European stocks start higher as FTSE hits record high
European stock markets opened higher on Tuesday, with the benchmark Stoxx 600 index up 0.6% by 8:05 a.m. London time.
Britain’s FTSE 100 index rose 0.5% to a new intraday high, France’s CAC40 index rose 0.3% and Germany’s DAX index rose 0.8%.
3 hours ago
Novartis raises outlook after first-quarter results beat expectations
In August, Novartis announced plans to spin off its generic drug division, Sandoz, to sharpen its focus on patented prescription drugs.
Bloomberg | Bloomberg | Getty Images
Swiss drugmaker Novartis raised its full-year outlook after reporting better-than-expected first-quarter results, led by the success of products including heart failure drug Entrest and psoriasis drug Cosentyx.
The company said it expects 2024 net sales to grow at a rate in the low single digits to low double digits and adjusted operating income to grow at a rate in the low double digits to mid-teens. Ta.
Previously, the company had expected adjusted operating profit to increase by a “low single-digit” rate and sales growth to increase by a “mid-single-digit rate.”
— Karen Gilchrist
3 hours ago
Renault’s first quarter sales rose 1.8%
Renault Scenic electric vehicle (EV) on display at the Munich Motor Show (IAA) held in Munich, Germany on Tuesday, September 5, 2023.
Bloomberg | Getty Images
French carmaker Renault on Tuesday reported a 1.8% increase in first-quarter sales, driven by strong performance in its financial business.
The company sold 549,099 units in the three-month period, bringing total sales to 11.7 billion euros ($12.47 billion). This is slightly above the company’s consensus of a slight decline of 11.49 billion euros during the year.
— Karen Gilchrist
9 hours ago
CNBC Pro: Recent history shows these 6 stocks tend to rise when Tesla stock falls.
9 hours ago
CNBC Pro: ‘Undervalued’ energy stocks: Morningstar strategists pick 5 stocks to buy as oil prices drop
While rising geopolitical tensions are causing volatility in oil prices, one strategist is keen to explore opportunities in the energy sector.
While it was one of the laggards last year, things have improved and many stocks are now trading near all-time highs.
Oil market volatility certainly presents challenges and urges investors to be patient, which “regularly pays off in energy,” said Stephen Ellis, Energy and Utilities Strategist at Morningstar. said.
But he said there are “selectable bargains” on the market right now, and revealed his five favorite energy stocks right now.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
6 hours ago
European Market: Click here for opening call
European markets are set to open in positive territory on Tuesday, building on gains seen at the start of the new trading week.
According to IG data, the UK’s FTSE 100 index rose 39 points to 8,070, Germany’s DAX rose 117 points to 17,969, France’s CAC rose 36 points to 8,057 and Italy’s FTSE MIB rose 98 points to open at 33,628. It is expected that
Earnings from Renault, Kering, OVH and Novartis are expected, and Associated British Foods will report interim results. On the data front, preliminary figures for the Eurozone Manufacturing and Services Purchasing Managers’ Economic Index for April will be released.
— Holly Ellyatt
