European markets, stocks, news, data and earnings

Stocks on the move: Ashtead up 4%, ADP down 13%

Paris Airport (ADP) shares plunged more than 13% in early trade after Royal Schiphol sold off its remaining stake 3.91% stake in the company at a discount price.

At the top of the European blue chip index, Ashtead Group climbed more than 4% after the British equipment rental company raised its full-year guidance on the back of strong quarterly earnings.

– Eliot Smith

ECB chief economist says rates will rise further, but inflation is nearing a peak

Philip Lane, chief economist of the European Central Bank.

Bloomberg | Bloomberg | Getty Images

European Central Bank Chief Economist Philip Lane says interest rates will need to rise several more times to rein in inflation, but that price increases in the euro zone are nearing a peak.

In an interview published Tuesday, Lane told Italian newspaper the Milano Finanza that it remains uncertain whether this peak has already arrived or is due in early 2023.

“The main uncertainty is that we’ve seen so much volatility in gas prices. In some countries, consumer prices have moved a lot, while in others for example some utility companies have not yet finished hiking prices,” Lane said.

“Given the significant increase in prices, I don’t rule out some extra inflation early next year. Once we are past the initial months of 2023, later on in 2023 – in the spring or summer – we should see a sizeable drop in the inflation rate.”

– Eliot Smith

German industrial orders beat expectations in October

German industrial orders rose by 0.8% month-on-month in October on a seasonally and calendar-adjusted basis, the country’s federal statistics office said Tuesday.

The reading vastly outstripped expectations for 0.1% in a Reuters poll of analysts, and showed a marked improvement from a 2.9% fall in September.

– Eliot Smith

CNBC Pro: Fund manager says a ‘turning point’ for Big Tech is near. Here’s what he’s watching

A fund manager said that a “super week for a potential turning point” in the Nasdaq Composite could be on the horizon.

The tech-heavy Nasdaq has declined by 26.2% this year as the Federal Reserve increased borrowing costs in an effort to bring inflation under control.

Julian Howard, multi-asset investment director at GAM, told CNBC what catalyst to look out for and when it might be a good time for tech investors to re-enter the market.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Analysts think these November winners can rally further — and give 2 more than 160% upside

These global stocks had a winning November, outperforming the MSCI World index.

CNBC Pro screened FactSet for stocks that not only did well last month, but could still see more upside ahead.

Pro subscribers can read more here.

— Zavier Ong

CNBC Pro: Morgan Stanley turns bullish on China stocks, giving them serious upside potential

Morgan Stanley has turned bullish on China stocks for the first time in nearly two years as the country embarks on a “clear path set towards reopening.”

“We see a steep climb from here following the extreme underperformance of the last two years,” the bank said, although it cautioned the path to recovery “will be bumpy.”

Morgan Stanley highlighted a list of names that it said will benefit from the easing in China, including two it gave around 130% upside.

CNBC Pro subscribers can read more here.

— Wheat Tan

European markets: Here are the opening calls

European markets are heading for a lower open on Tuesday with global sentiment generally downbeat this week.

The UK’s FTSE index is expected to open 7 points lower at 7.549, Germany’s DAX 24 points lower at 14.423, France’s CAC down 18 points at 6.678 and Italy’s FTSE MIB down 47 points at 24.574, according to data from IG.

Data releases include Germany’s industrial orders for October. There are no major earnings.

— Holly Ellyatt

.

Leave a Comment