57 minutes ago
Oil giant Shell is reportedly considering abandoning London and moving to New York.
The Shell logo displayed on a gas station sign in Nakuru, Kenya.
Sopa Images | Light Rocket | Getty Images
British oil giant Shell is considering ditching the London Stock Exchange and listing in New York, the Telegraph reported on Monday.
Chief Executive Officer Wael Sawan said the company was considering “all options” amid concerns it was not receiving enough support from investors.
“There are places that I think are clearly undervalued,” he says.
The departure of the FTSE 100 largest stock is a major blow to the UK stock market, which has struggled to maintain its dominance amid slowing economic growth and market uncertainty caused by Brexit. right.
A Shell spokesperson told CNBC the comments were based on plans outlined at the company's June 2023 Capital Markets Day to close a perceived “valuation gap.” Ta.
“If the valuation is not where we believe it will be after 2025, as Mr. Wael has said publicly several times, we will consider other options,” the spokesperson added.
— Karen Gilchrist
2 hours ago
US stocks start rising
U.S. stocks opened higher on Monday as Wall Street tried to regain momentum from last week's pullback.
The Dow Jones Industrial Average opened 0.11% higher, while the S&P 500 traded flat. The Nasdaq rose 0.13% in early trading.
— Karen Gilchrist
2 hours ago
Germany's industrial production signals 'end of stagnation'
Carsten Brzeski, global head of macro at ING, said in a note that Monday's better-than-expected German industrial production data signaled “an end to the stagnation in the first quarter.” He said there was.
Industrial production rose 2.1% in February from the previous month, well above the 0.3% increase expected by analysts polled by Reuters.
“German industrial sentiment indicators have remained at low levels since late last summer, but this morning's industrial data already signal an end to the stagnation in the first quarter,” Brzeski said.
He said expected interest rate cuts by the European Central Bank, lower energy prices and the economic strength of the United States would support German industry.
However, he stressed that this is not the beginning of a “substantial recovery” given the recent slump in industrial orders and inventory reductions.
— Jenny Reid
4 hours ago
Gold looks 'very vulnerable' to setbacks, veteran advisor says
Gold prices continued their record rally on Monday, hitting another all-time high on the back of strong US economic data and rising geopolitical tensions.
Spot gold prices were trading 0.5% higher at $2,342 an ounce at around 11:45 a.m. London time, after briefly hitting a new record of $2,353 earlier in the session. The yellow metal has repeatedly hit all-time highs in recent weeks.
But Bob Parker, a senior adviser at the International Capital Markets Association, an industry group, said gold fundamentals paint a bearish outlook going forward. These include a strong dollar, rising bond yields, creeping doubts about the Federal Reserve's plans to cut interest rates, and “moderately” low inflation.
“All of these factors really suggest that the upside for gold is frankly minimal, and I think gold is very vulnerable to a downside right now,” Parker said. Stated.
Read the full text here.
— Sam Meredith
5 hours ago
Economists are increasingly uncertain about the Fed's interest rate cuts this year
The Fed is determined not to cut rates too soon, and some economists say recent data has taken a summer cut completely off the table.
Friday's jobs report reiterated the seemingly unyielding strength of the U.S. labor market and signaled the need for further Fed vigilance. All eyes will be on the consumer price index on Wednesday after the annual inflation rate of 3.2% in February was slightly better than expected.
George Lagarias, chief economist at Mazars, told CNBC on Monday that the chances of a rate cut this summer have become much less likely.
“This is a strong economy, don't get me wrong, backed up in part by debt and credit card overload, but it's a strong economy, so the Fed will have a hard time finding a basis for cutting rates anytime soon,” Lagarias said. Probably.''
“The Fed has been punishing itself since 2021, when the ‘temporary team’ ostensibly did something wrong…What they feel is they can’t do it wrong again. It means there's a higher chance of mistakes on the part of the Fed.'' Be careful,'' Lagarias added.
Read the full story here.
— Jenny Reid
6 hours ago
Atos stock soars 30% after Butler joins Rescue Consortium
See chart…
Atos stock price.
Shares in French IT consulting firm Atos rose 30% in morning trading after its largest shareholder One Point announced that investor Butler Industries would join a consortium to rescue the company.
French Prime Minister Gabriel Attal said last week that ensuring the financial security of distressed companies was a national priority. The company's projects include communications for the French military and intelligence services, building supercomputers, and will manage cybersecurity for this summer's Paris Olympics.
— Jenny Reid
7 hours ago
Stock price rise: Zalando and Entain rise, BBVA fall
Wednesday, September 22, 2021, Ladbrokes betting shop operated by Entain Plc, London, UK.
Chris J. Ratcliffe | Bloomberg | Getty Images
Shares in German retail giant Zalando rose 4.75% in early trading after analysts at Citi upgraded the stock from “neutral” to “buy.”
Among the top gainers, gambling company Entain rose 3% after a report in the Times that private equity firms were interested in some of the company's assets.
BBVA Bank fell 3.4% after announcing on Wednesday that it would pay a final dividend of 0.39 euros ($0.42) per share.
— Jenny Reid
8 hours ago
European stocks open mixed
European markets had a cautious start to the week, with the benchmark Stoxx 600 index down 0.06% as of 8:05 a.m. in London.
France's CAC 40 and Britain's FTSE 100 were both close to flat, while Germany's DAX rose 0.2%.
See chart…
STOXX 600 index.
16 hours ago
CNBC Pro: Goldman Sachs updates list of world's top stocks and recommends specific trading strategies
Despite last week's lackluster performance, the pan-European Stoxx 600 index is up about 7.5% since the beginning of the year and more than 15% over the past 12 months.
But analysts at Goldman Sachs said investors were “questioning how much upside there is left” and recommended investors consider certain trading strategies.
They also updated their “Conviction List” of top stocks for April.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
16 hours ago
Bank of America says this week's CPI should be a 'confidence-building report'
Economists at Bank of America believe Wednesday's inflation report should show easing price pressures and give the Fed confidence to cut interest rates in June.
The Wall Street firm expects its core consumer price index to slow to 0.2% in March after rising 0.4% in February and January. The company believes that falling car prices will lead to a decline in core goods. But on the other hand, the central bank expects energy prices to rise significantly more than usual.
“Moderate increases in core CPI should reflect lower core commodity prices and more modest price increases in core services,” the bank's economists said in a note. “A report that is in line with our expectations will give the Fed confidence to maintain its rate cut in June.”
— Yun Lee
16 hours ago
CNBC Pro: 'Great bargains': Morgan Stanley names 3 overlooked global tech stocks to buy
Morgan Stanley lists three “overlooked” global tech stocks that currently look cheap.
The bank expects the theme of “broad deployment” to become more important, saying “investors will increasingly focus on blue-chip small-cap stocks at attractive valuations as a source of alpha.”
All three stocks are rated Overweight, with nearly 100% upside potential in one stock.
CNBC Pro subscribers can read more here.
— Tan Weizhen
9 hours ago
European Market: Click here for opening call
European markets are starting to move higher on Monday.
The FTSE 100 index is set to open 11 points higher at 7,913, Germany's DAX is up 29 points to 18,191 and France's CAC is up 40 points to 8,078, according to IG data.
— Jenny Reid
Friday, April 5, 2024 8:44 EDT
U.S. adds 303,000 jobs in March, more than expected
A Nugget Market “Now Hiring” sign is posted on the side of a Golden Gate Transit bus on July 7, 2021 in San Rafael, California.
Justin Sullivan | Getty Images
Nonfarm payrolls for March were stronger than expected Friday morning, another sign of the resilience of the U.S. labor market.
The U.S. economy added 303,000 jobs last month, more than the 200,000 expected by economists polled by Dow Jones. The unemployment rate was 3.8%.
Average hourly wages rose 0.3% in March and 4.1% over the past year. The average working hours per week amounted to 34.4 hours.
— Jesse Pound