Stocks, Data, News and Earnings

Credit Suisse shares fall 10% to record lows

Shares in embattled Credit Suisse bank hit record lows for a second day in a row, falling as much as 10% at around 9:47 a.m. London time on Wednesday.

Investors are assessing the impact of the bank’s Tuesday announcement “Material deficiencies” in financial reporting 2022 and 2021 processes.

— Hannah Ward-Glendon and Elliott Smith

Platinum price surge forecast to 2023

Factors such as power outages in South Africa, the war in Ukraine and increased production of hybrid cars could lead to higher platinum prices in 2023.

Investment bank UBS has readjusted its platinum price forecast for 2023, predicting that the price of the precious metal will be $1,150 an ounce in June, up from a previous estimate of $1,100, and $1,200 an ounce in December.

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Chart showing platinum prices.

Ed Sterck, head of research at the World Platinum Investment Council, told CNBC that “the key is that we expect total demand to grow by a significant 24% year-on-year,” but supply will only increase by 13% compared to last year.

full story available here.

— Hannah Ward-Glendon

Stocks on the move: Bollore up 8%, IG Group down 6%

French logistics company shares boil Shares rose 8% in early trade after the company decided to make a cash offer for its own shares.

According to a company press release, the company aims to acquire up to 288.6 million shares, representing 9.78% of its share capital.

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A chart showing the Bollore share price.

IG Group It fell to the bottom of the Stoxx 600 in early trading after net trading revenue fell in the third quarter due to market volatility and the company’s number of active clients fell 5 percent.

The online trading organization reported a 7% drop in revenue in the latest quarter from a year earlier.

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A chart showing the Bollore share price.

European stocks open lower

European shares opened lower, with bank shares still in negative territory following the collapse of a global Silicon Valley lender.

The pan-European Stoxx 600 index opened 0.4% lower, with losses across most sectors and major bourses. Retail stocks led the decline, down 1.9 percent, followed by oil and gas stocks, down 1.4 percent. Bank shares fell 0.5 percent.

— Hannah Ward-Glendon

BMW raises margin forecast, expects deliveries to rise as electric cars roll out

german car manufacturer BMW It said on Wednesday it expects EBIT (earnings before interest and tax) margins on its car range to be in the range of 8-10 percent in 2023, with deliveries reaching Slight increase from 2022. Sales prices are targeted to remain at a “stable” level.

Company reiterates full-year 2022 results reported last weekwhich earned 10.6 billion euros ($11.4 billion) in earnings before interest and taxes from the automotive business, up from a margin of 8.6 percent last year.

BMW is widely rolling out pure electric vehicles and expects its BEV share to reach more than 50% by 2030. The company’s BEV share is expected to reach 15% in 2023.

Russandra Yodache

CNBC Pro: If U.S.-China geopolitical concerns continue to heat up, UBS says buy these 4 stocks

UBS cited some Chinese stocks it said remained “resilient” amid heightened geopolitical tensions between the US and China.

The Swiss bank said in a note to clients on March 13 that it expected more market volatility when the U.S. announced a possible ban on investment in certain Chinese industries.

CNBC Pro subscribers can read more about UBS’s select stocks here.

— Ganesh Rao

China’s industrial output value and retail sales rose month-on-month in January-February

China’s Industrial output It rose 2.4 percent in the January-February period, official data showed.

Retail sales rose 3.55% over the same period, in line with expectations.

China’s fixed-asset investment rose 5.5 percent in the first two months of the year, faster than the 4.4 percent growth expected by economists polled by Reuters.

Chinese Onshore Renminbi It weakened after the data, trading at 6.8822 against the dollar.

this People’s Bank of China The interest rate of the 481 billion yuan one-year medium-term lending facility is 2.75%.

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CNBC Pro: ‘Chaos creates opportunity’: Strategist says look beyond SVB impact – and points to his top picks

Worried about the fallout from a Silicon Valley bank failure? Senior strategist Kenny Polcari believes the impact of SVB’s collapse will be fairly limited.

While investors have mostly shunned the banking sector in the near term, Polcari sees “some really interesting opportunities” in that space, as well as elsewhere in the market.

Professional subscribers can read more here.

— Xavier On

CNBC Pro: These global stocks look resilient and poised to rebound as markets turn volatile

Markets have had a volatile March so far as renewed inflation fears and the collapse of a Silicon Valley bank sent investors into risk-off mode.

Against this backdrop, CNBC Pro uses FactSet to screen stocks MSCI World index and S&P 500 Index Stocks that look like they can withstand volatility well and are poised to do well in the future.

CNBC Pro subscribers can read more about the stock here.

— Weizhen Tan

Moody’s cuts outlook on U.S. banking system to negative

Moody’s Investors Service changes view on U.S. banking system stable to negative On Monday, it cited a “rapidly deteriorating operating environment”.

The move comes amid volatility in the industry following the closures of Silicon Valley Bank and Signature Bank. Bank stocks staged a comeback on Tuesday after sliding over the past few sessions amid fears the shutdown would spread.

“We have revised our outlook on the U.S. banking system to negative from stable to reflect deposit runs at Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank (SNY), as well as SVB and SNY,” Moody’s said in a note.

– Alex Haring, Jeff Cox

U.S. inflation data meets expectations

Consumer Price Index up 0.4% Compared to the previous month, February matched the Dow Jones estimate. YoY growth of 6% was also in line with expectations.

— Fred Imbert

European markets: Here are the opening calls

European markets opened mixed on Wednesday.

British FTSE 100 German index poised to open 7 points higher at 7,636 Dax index France up 21 points to 15,242 CAAC Up 6 points to 7,144, Italy FTSE MIB It fell 20 points to 26,312, according to IG data.

Proceeds will come from Prudential, Balfour Beatty, Lanxess, E.On, Inditex and H&M. On the data front, Eurozone industrial production figures for January will be released.

— Holly Elliott

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