European markets open for closing, earnings, data and news

Fortum shares soar 9.5% ahead of Uniper deal

Fortum Shares rose 9.5% in afternoon trading on Tuesday on news that the German government was closing a deal to nationalize the gas giant. Uniper.

Germany is considering buying Finnish energy company Fortum’s controlling stake in Uniper, details are expected to be announced on Wednesday.

Karen Gilchrist

US stocks open lower

US stocks opened lower on Tuesday, as investors looked ahead to the start of the Federal Reserve’s two-day meeting.

The Dow Jones Industrial Average opened 0.9% lower. The S&P 500 is also down 0.9% in early trading, while the Nasdaq is down 0.85%.

Karen Gilchrist

Stock action: Bashem Holdings is up 12%, the future is down 16%.

There were some big moves in stock prices in Europe on Tuesday. Swiss biotechnology company Bashem Holding Company It rose 12% to lead the Stoxx 600 by mid-afternoon after signing two new peptide contracts.

British media company future PLC Prices fell more than 16% after Sky News reported on Monday that CEO Zillah Byng-Thorne plans to step down in 2023.

– Elliot Smith

Economist warns of more pain in the pipeline for Germany

Economist warns of more pain in the pipeline for Germany

Holger Schmieding, chief economist at Berenberg Bank, discusses the latest producer price data from Germany and the outlook for Europe’s largest economy.

Riksbank raises interest rate by 100 basis points, says ‘inflation is too high’

Sweden’s Riksbank launched on Tuesday a 100 basis point increase to interest rates, raising the base interest rate to 1.75%, as he warned that “inflation is too high”.

The central bank said in a statement that high inflation “undermines the purchasing power of households and makes financial planning for companies and households more difficult.”

Read more here.

– Elliot Smith

German producer prices rose 45.8% year-on-year in August

The German Federal Statistical Office said on Tuesday that producer price inflation reached 45.8% year-on-year in August, driven by higher energy prices.

The reading significantly beat the Dow Jones expectations of 37.9%, while the monthly producer price index rose 7.9% versus the 1.6% expectation.

With that said, the PPI excluding energy was 0.4% on the month and 13% on the year.

– Elliot Smith

Stock action: Bashem Holdings is up 12%, the future is down 16%.

There were some big moves in stock prices in Europe on Tuesday. Swiss biotechnology company Bashem Holding Company It rose 12% to lead the Stoxx 600 by mid-afternoon after signing two new peptide contracts.

British media company future PLC Prices fell more than 16% after Sky News reported on Monday that CEO Zillah Byng-Thorne plans to step down in 2023.

– Elliot Smith

CNBC Pro: Fund manager says bear market will turn ‘bad’

Fund manager Cole Smid believes the stock market is still in the early stages of a bear market – and warns that it will not be a “diversified” market.

But he does not lose any sleep on it. Here is the reason:

Professional subscribers can Read more here.

– Xavier Ong

Stocks ended Monday’s choppy session higher

Stocks swung on Monday but ended the session in positive territory as a big week for the Federal Reserve kicked off.

The Dow Jones Industrial Average closed up 197.26 points, or 0.64%, to settle at 31,019.68. The S&P 500 jumped 0.69% to 3,899.89 and the Nasdaq Composite rose 0.76% to 11,535.02.

– Samantha Sobin

CNBC Pro: Goldman says copper demand is about to rise. Below are the stocks that are expected to benefit from it

There could be a copper deficit on the horizon, as demand is expected to pick up on a rally toward net zero — and some metal stocks could shine in that scenario, according to Goldman Sachs.

CNBC Pro subscribers can read more here.

– Weezin Tan

European markets: here are the opening calls

European shares are expected to open their doors in negative territory on Wednesday as investors react to the latest US inflation data.

The UK FTSE is expected to fall 47 points at 7341, the German DAX 86 is down at 13106, the French CAC 40 is down 28 points, and the Italian FTSE MIB is down 132 points at 22010, according to data from IG.

Global markets fell after a higher than expected US Consumer Price Index The Bureau of Labor Statistics reported Tuesday that an August report that showed prices rose 0.1% for the month and 8.3% annually in August, defying economists’ expectations that headline inflation will fall 0.1% on a monthly basis.

Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.

UK inflation figures are due for August, and Eurozone industrial production for July will be published.

– Holly Eliat

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