Stocks, news, data and earnings

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one hour ago

European stocks closed lower

The European benchmark Stoxx 600 closed down 0.4% on Tuesday after trading near the flat line for most of the session.

US stocks pushed European markets lower, with the Dow Jones Industrial Average dropping nearly 200 points after lackluster forecasts from Home Depot.

Britain’s FTSE 100 fell 0.34%, weighed down by mining stocks. France’s CAC 40 ended the day 0.16% lower while Germany’s DAX fell 0.12%.

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Stoxx 600 index.

one hour ago

Stocks on the go: Technip Energies up 5.8%, Embracer down 15%

Retail and mining stocks posted the biggest declines, with both sectors down about 1.2% in late trade.

Technology and travel were the only bright spots, up 0.8% and 0.3%, respectively.

French engineering firm Technip Energies led the stock gains, rising 5.8% after winning a $10 billion LNG contract from QatarEnergy.

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Technip Energy share price.

Energy Siemens rose 3.4% after it beat Refinitiv’s estimate for sales figures and raised its revenue forecast.

Sweden’s Embracer Group trimmed some of its losses but remained down 15% after revising its full-year adjusted earnings guidance downward.

Hearing care group Sonova fell 10% after missing full-year earnings expectations, while Vodafone fell 6.4% after the morning announcement of big job cuts.

– Jenny Reed

4 hours ago

US retail sales rose 0.4% in April, less than expected

The US Commerce Department reported on Tuesday that US retail sales increased less than expected in April as declines at gas stations reached the headline number.

Spending rose 0.4% for the month, below the Dow Jones estimate of 0.8%. The numbers weren’t adjusted for inflation, so the monthly gain, along with a 0.4% increase in the consumer price index, showed that spending kept up with the pace of inflation.

Excluding auto-related components, sales rose 0.4%, in line with expectations. A decline in gas station sales by 0.8% led to a decline in total sales, as well as a decline in sales of sporting goods, music and bookstores by 3.3%. Various stores and online sales resulted in winners.

– Jeff Cox

4 hours ago

Games company Embracer shares fell 17% after an earnings warning

Shares of Swedish gaming company Embracer fell 17% after it said full-year earnings would not meet advance guidance.

The company now expects adjusted operating profit of SEK 6.35 billion ($625.5 million), versus a previous forecast of SEK 8-10 billion, which it attributes to the failure to close partnership and licensing deals.

Embracer on Monday announced a partnership with Amazon Games to create a massively multiplayer online game (MMO) based on JRR Tolkein’s Lord of the Rings franchise.

Embracer last year bought the rights to the “Lord of the Rings” and Tolkien-related films, video games, board games, merchandising, theme park and theatrical productions.

It did not disclose the exact value of the deal but said it was part of six acquisitions by the Embracer group with a total value of SEK 6 billion.

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Embracer Group share price.

5 hours ago

An economist says it may take panic on Wall Street to spur a debt-ceiling settlement

Morning Consult chief economist Jesse Wheeler discusses the looming deadline for the US debt ceiling and the concessions Democrats might make to reach a deal.

6 hours ago

EU confirms 0.1% growth in the first quarter; employment and exports

EU trade data showed an 8.5% increase in exports compared to the previous year, as imports were flat, narrowing the bloc’s trade deficit from -59.7 billion euros ($65 billion) to -2.6 billion euros, with a surplus of 25.6 billion euros in March.

Exports of food, beverages, machinery and automobiles declined, as did imports of energy and raw materials.

The European Union’s statistics agency also confirmed its previous estimate of 0.1% GDP growth in the eurozone in the first quarter, after stagnating in the fourth quarter of 2022.

Employment rose 0.6% on a quarterly basis in both the euro area and the European Union, accelerating from 0.3% growth at the end of last year.

GDP was 1.3% higher year-on-year, while employment rose 1.7% annually.

– Jenny Reed

7 hours ago

The strategist says that it will be difficult to maintain Türkiye’s unconventional economic policy

Luis Costa, Citi’s head of foreign exchange strategy in Central Europe, the Middle East and Africa, discusses the investment outlook for Turkey as the country’s presidential election approaches a runoff, and says Turkey’s economic policy has been “far from unorthodox.”

8 hours ago

An economist says manufacturing in Europe is becoming less competitive due to higher energy prices

Beata Javorcik, chief economist at the European Bank for Reconstruction and Development, says markets still expect a slight price hike this winter, and that countries in emerging Europe are highly dependent on manufacturing.

9 hours ago

Vodafone shares fell

A sign outside a Vodafone Group Plc mobile phone store in London, UK

Jason Aldeen | bloomberg | Getty Images

Vodafone shares fell 4% on Monday, after the British telecom company announced plans to cut a record number of jobs and expected steady profit growth.

“We haven’t done well enough. To consistently deliver products, Vodafone must change,” newly appointed chief executive Margherita Della Valle said in a candid statement Tuesday.

– Arjun Kharpal

9 hours ago

European stocks open lower

The pan-European Euro Stoxx 600 index was down 0.3% in early trade on Tuesday.

Most of the major stock exchanges and sectors were trading in negative territory. Only technology and utilities bucked this rising trend.

9 hours ago

High unemployment rate in the United Kingdom

14 hours ago

Chinese economic data widely missed expectations, and retail sales jumped 18%.

Chinese economic data for April missed broadly expectations as the economy continued to show an uneven recovery path as it emerges from the impact of tough Covid restrictions.

Retail sales rose 18.4% – less than economists’ expectations of a 21% rise.

Industrial production for April rose 5.6% year-on-year, compared to the 10.9% expected by economists in a Reuters poll. The number rose 3.9% in March after a muted start to the year.

Fixed asset investment increased by 4.7% against expectations of 5.5%. Meanwhile, the youth unemployment rate hit a record 20.4%.

– Jihe Lee

16 hours ago

CNBC Pro: Hedge fund says a sharp downturn is ‘most likely’ and names 3 global stocks to play

The US hedge fund is anticipating a tough bear market scenario for stock markets despite the continued decline in inflation, with the S&P 500 in a bear market.

Besides the pessimistic outlook, hedge fund manager David Neuhauser also identified three global stocks that he believes would do well under this scenario.

CNBC Pro subscribers can read more here.

– Ganesh Rao

16 hours ago

CNBC Pro: Fund manager picks AI stocks, describes opportunity ‘we haven’t seen yet’

Big tech isn’t finished, according to portfolio manager Trent Masters, who outlined his favorite stocks to play AI and more.

“The reversal is real,” he said of AI, and chose the stocks to run it on, including the first “point of call” for investors.

CNBC Pro subscribers can read more here.

– Wizen tan

13 hours ago

European Markets: Here are the opening calls

European markets are expected to open flat lower on Tuesday morning.

Britain’s FTSE 100 is expected to open 1 point lower at 7773, Germany’s DAX 2 down at 15908, France’s CAC unchanged at 7414 and Italy’s FTSE MIB 40 points lower at 26946, according to data from IG.

Earnings are set to come from Siemens Energy, Euronext, Vodafone, Britvik, Greggs and Boho. Data released in focus on Tuesday includes a preliminary estimate of the Eurozone’s GDP in the first quarter of the year.

– Holly Ellytt

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