Fortum shares up 9.5% ahead of Uniper deal
Fortum shares were up 9.5% in afternoon trade Tuesday on news that the German government is closing in on a deal to nationalize gas giant Uniper.
Germany is considering buying Finnish energy company Fortum’s controlling stake in Uniper, with details expected to be announced Wednesday.
— Karen Gilchrist
U.S. stocks open lower
U.S. stocks opened lower Tuesday, as investors looked ahead to the start of the Federal Reserve’s two-day meeting.
The Dow Jones Industrial Average opened down 0.9%. The S&P 500 was also 0.9% lower in early trade, while the Nasdaq was down 0.85%.
— Karen Gilchrist
Stocks on the move: Bachem Holding up 12%, Future down 16%
There were some big share price moves in Europe on Tuesday. Swiss biotech company Bachem Holding surged 12% to lead the Stoxx 600 by mid-afternoon after signing two new peptide contracts.
British media company Future PLC plunged more than 16% after Sky News reported on Monday that CEO Zillah Byng-Thorne intends to step down in 2023.
– Elliot Smith
More pain in the pipeline for Germany, economist warns
Holger Schmieding, chief economist at Berenberg Bank, discusses the latest producer price data out of Germany and the outlook for Europe’s largest economy.
Sweden’s central bank launches 100 basis point rate hike, says ‘inflation is too high’
Sweden’s Riksbank on Tuesday launched a 100 basis point hike to interest rates, taking its main policy rate to 1.75%, as it warned that “inflation is too high.”
In a statement, the central bank said soaring inflation was “undermining households’ purchasing power and making it more difficult for both companies and households to plan their finances.”
– Elliot Smith
German producer prices soar 45.8% year-on-year in August
German producer price inflation hit 45.8% year-on-year in August, the federal statistics office said on Tuesday, driven by soaring energy prices.
The reading vastly outstripped a Dow Jones consensus forecast of 37.9%, while on a monthly basis, the producer price index rose 7.9% against a forecast of 1.6%.
The PPI reading excluding energy, however, was 0.4% on the month and 13% on the year.
– Elliot Smith
Stocks on the move: Bachem Holding up 12%, Future down 16%
There were some big share price moves in Europe on Tuesday. Swiss biotech company Bachem Holding surged 12% to lead the Stoxx 600 by mid-afternoon after signing two new peptide contracts.
British media company Future PLC plunged more than 16% after Sky News reported on Monday that CEO Zillah Byng-Thorne intends to step down in 2023.
– Elliot Smith
CNBC Pro: Fund manager says the bear market is going to get ‘nasty’
Fund manager Cole Smead believes the stock market is still in the early innings of a bear market — and warns that it won’t be a “garden variety” one.
But, he is not losing any sleep over it. Here’s why:
Pro subscribers can read more here.
— Zavier Ong
Stocks finish Monday’s volatile session higher
Stocks seesawed on Monday but ended the session in positive territory as a big Federal Reserve week kicked off.
The Dow Jones Industrial Average closed 197.26 points higher, or 0.64%, to settle at 31,019.68. The S&P 500 jumped 0.69% to 3,899.89 and the Nasdaq Composite gained 0.76% to 11,535.02.
— Samantha Subin
CNBC Pro: Goldman says copper demand is about to surge. Here are the stocks it expects to benefit
A copper deficit could be on the horizon, with demand set to surge on the push toward net zero — and some metal stocks could shine in this scenario, according to Goldman Sachs.
CNBC Pro subscribers can read more here.
— Weizhen Tan
European markets: Here are the opening calls
European stocks are expected to open in negative territory on Wednesday as investors react to the latest U.S. inflation data.
The U.K.’s FTSE index is expected to open 47 points lower at 7,341, Germany’s DAX 86 points lower at 13,106, France’s CAC 40 down 28 points and Italy’s FTSE MIB 132 points lower at 22,010, according…
Read More: European markets open to close, earnings, data and news