European markets open at close, stocks, data and earnings


German producer prices above market expectations

Germany’s Federal Statistical Office said on Thursday morning that producer prices in the country rose 45.8% a year in September.

Economists had expected a figure of 44.7%, according to Reuters. This adds to fears that broader inflation figures will continue to rise over the coming months.

—Matt Clinch

Nordic telecoms plunge: Ericsson down 12%, Nokia down 5%

Ericsson shares fell 12% after third-quarter results, while Nokia fell 5% in early trading.

Both companies’ operating margins have been hurt by rising costs and contract delays.

—Hannah Ward-Glenton

European markets: here are the opening calls

European markets are heading for a negative open on Thursday as investors assess lingering economic uncertainty.

Britain’s FTSE index is expected to open down 37 points to 6,899, Germany‘s DAX down 106 points to 12,635 and France’s CAC down 52 points to 5,988, according to IG data.

Regional markets closed slightly lower on Wednesday afternoon as traders digested new inflation data for the UK and assessed rate hike expectations and recession fears.

The UK reported the consumer price index rose 10.1% on Wednesday, matching the 40-year high posted by the Office for National Statistics in July. Food, energy and transport prices were behind the rise.

On the data front in Europe, business climate data in France for October is expected. Revenues are owed by Hermès, Kering, L’Oréal, Pernod Ricard, Vivendi, Akzonobel, ABB, Nokia and Volvo Group.

—Holly Ellyatt

CNBC Pro: Chip stocks have been down all year – but one looks ‘really attractive,’ fund manager says

Semiconductor stocks have been beaten this year, but investors with a longer-term view of the importance of chips to secular trends such as 5G, electrification and artificial intelligence could look to buy the decrease.

Hedge fund manager David Neuhauser shares a chip stock he likes.

Pro subscribers can learn more here.

— Zavier Ong

Sterling extends losses as UK Prime Minister Liz Truss addresses Parliament

UK markets now come with a ‘skill risk premium’, economist says

The past two weeks have put a “skill risk premium” on financial markets, Paul Donovan, chief economist at UBS Wealth Management, told CNBC’s “Squawk Box Europe.”

“Financial markets judged that the British government was not as competent as it could have been,” Donovan said.

CNBC Pro: Hedging Bonds Before a Recession? BlackRock says it’s an “obsolete” playbook

Recession fears are stirring markets, but the typical playbook of hedging in sovereign bonds is “outdated”, says BlackRock.

“In this environment, the bond vigilantes are back and heralding the return of the term premium,” BlackRock said, adding that it was underweight government bonds.

The asset manager says investors can still buy other types of bonds, however.

CNBC Pro subscribers can learn more here.

—Weizhen Tan


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