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European stocks mixed and banks shed gains as sentiment remains wary – CNBC


24 Mins Ago

Oil and gas stocks make the biggest gains; sector up 1.5%

The oil and gas sector made the biggest gains in the Stoxx 600 index with a 1.5% uptick around 11.30 a.m. London time.

Energean led the pack, slightly extending earlier gains to 8.9% after a dip in stock price last Thursday following the publication of its full-year results.

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Graph to show Energean share price.

Scotland-based oil and gas company Harbour Energy was up 3.1%, while Portuguese energy corporation Galp Energia was up 3%.

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A graph to show Harbour Energy share price.

An Hour Ago

We’re not in a ‘great economic phase’ for commodities, investment management firm says

Paul Jackson, global head of asset allocation research at Invesco, says that’s particularly the case for industrial commodities.

An Hour Ago

UK retail prices rise at record rate as food costs soar

In late February, British supermarkets limited customer purchases of certain fresh fruits and vegetables due to shortages.

Matthew Horwood | Getty Images News | Getty Images

U.K. shop prices rose by 8.9% annually in March, a record high, according to figures published by the British Retail Consortium.

Inflation was most extreme in food prices, which were up by 15%, with fresh food up by 17%.

A separate survey from Kantar found shoppers faced an £837 increase in annual shopping bills without changing their spending habits.

“Shoppers are taking action and clearly hunting around for the best value,” said Fraser McKevitt, head of retail and consumer insight at Kantar.

“Footfall was up in every single grocer this month, with households going to the shops just over four times per week in March. Apart from Christmas, that’s the highest frequency we’ve seen since the start of the pandemic.”

— Jenni Reid

2 Hours Ago

Stocks on the move: Energean up 8.5%, Embracer Group down 13%

Shares of hydrocarbon exploration Energean topped European stocks in morning trade, gaining 8.5%.

The company’s stock price had dipped after the publication of full-year results last Thursday, which showed it swung from a $96.2 million loss to a $17.3 million profit and set out a growth plan.

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Energean share price.

Embracer Group, the Swedish media holding company, dropped 13.6%.

In a statement on Monday afternoon, the firm said some of the partnership and licensing deals it had in the works would be completed slightly later than planned.

Embracer also featured in a Financial Times report which noted investor concerns over the company’s light-touch approach to integrating new businesses and the gap between its actual and adjusted profits.

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Embracer Group share price.

3 Hours Ago

French business confidence falls

Garbage cans overflowing with trash on the streets as collectors go on strike in Paris, France on March 20, 2023. Garbage collectors have joined the massive strikes throughout France against pension reform plans.

Mustafa Yalcin | Anadolu Agency | Getty Images

Business confidence in France dipped in March, figures from national statistics agency Insee showed.

The index compiled from business manager responses shed one point from February, though it remained above its long-term average.

Sentiment weakened in retail trade, services, manufacturing and building construction, with only wholesale trade showing improvement.

Figures published Monday showed business sentiment in Germany climbed for a fifth straight month in February, as measured by the Ifo Business Climate Index.

— Jenni Reid

4 Hours Ago

European stocks open higher

European stocks were higher early Monday, with the Stoxx 600 index up 0.5% at 8:20 a.m. London time.

Oil and gas stocks climbed 1.44%, mining stocks were up 1.36% and banks continued to regain some positive momentum, up 1.2%.

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Stoxx 600 index.

5 Hours Ago

Bailey: U.K. banks are ‘resilient’, inflation remains key focus

Bank of England Governor Andrew Bailey said in a speech Monday night that he had confidence in the U.K. banking system and regulatory framework, which allows the central bank to remain focused on bringing down inflation.

He described U.K. banks as “resilient, with robust capital and liquidity positions, and well placed to support the economy,” Sky News reported.

“We have a strong macroprudential policy regime in this country. With the Financial Policy Committee on the case of securing financial stability, the Monetary Policy Committee can focus on its own important job of returning inflation to target,” Bailey said.

The BoE hiked its key rate by 25 basis points to 4.25% last week, after inflation came in hotter-than-expected at 10.4% in February.

— Jenni Reid

6 Hours Ago

We’re not heading toward a global financial crisis: CEO

Policymakers were right to shoot first and ask questions later amid recent banking volatility, Thanos Papasavvas, founder and CEO at ABP Invest, tells CNBC.

8 Hours Ago

Bitcoin, ether fall after Binance’s founder named in U.S. complaint

Prices of bitcoin and ether fell roughly 3% in Asia’s morning trade, according to Coin Metrics – after U.S. officials filed a complaint against crypto exchange Binance and its co-founder Changpeng Zhao.

The filing alleged that the firm actively solicited U.S. users and subverted the exchanges own “ineffective compliance program.”

Bitcoin fell 3.09% in the past 24 hours, according to Coin Metrics, and traded at $27,003 – while ether also fell 2.95% to $1,712.

Bitcoin is up roughly 63% quarter-to-date and on pace to mark the best quarter since the first quarter of 2021, when bitcoin gained 103.73%. It is also on pace to see the third consecutive month of gains.

Ether is also up 41.3% quarter-to-date and on pace for the best quarter since the first quarter of 2021, when the cryptocurrency gained over 150%.

– Rohan Goswami, Gina Francolla, Jihye Lee

11 Hours Ago

CNBC Pro: As small caps hit multi-decade lows, one fund manager reveals 3 stocks to buy

The market sell-off earlier this month has hurt small-cap stocks more than their larger peers.

Yet Josh Bennett, senior portfolio manager at Alger, believes the volatility has created opportunities for investors to pick stocks that will outperform in the medium to long term.

Bennett named three stocks that he says are likely to have resilient earnings through a potential recession.

CNBC Pro subscribers can read more here.

— Ganesh Rao

10 Hours Ago

Asia-Pacific financials, banks rise as SVB deal offers relief on Wall Street

11 Hours Ago

CNBC Pro: Morgan Stanley has upgraded a raft of stocks to overweight — here are 5

Despite the market volatility, Morgan Stanley upgraded a raft of stocks in March, including both U.S. and global picks.

The bullish calls spanned tech, pharmaceuticals and more, with the bank giving one stock a double upgrade. Here are five of the stocks upgraded by the investment bank:

CNBC Pro subscribers can read more here.

— Weizhen Tan

7 Hours Ago

European markets: Here are the opening calls

European markets are heading for a positive open Tuesday.

The U.K.’s FTSE 100 index is expected to open 18 points higher at 7,498, Germany’s DAX 41 points higher at 15,177, France’s CAC up 24 points at 7,104 and Italy’s FTSE MIB 85 points higher at 25,822, according to data from IG.

On Tuesday, earnings are set to come from MAN Group and data releases will include French business climate data and Italian consumer confidence figures.

— Holly Ellyatt



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