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European stocks open mixed as markets remain in limbo – CNBC

53 Mins Ago

Europe stocks open mixed

European stocks had a muted start to Tuesday’s session.

The Stoxx 600 index was 0.03% higher at 8:50 a.m. in London. The U.K.’s FTSE 100 was 0.28% lower as Germany’s DAX climbed 0.2%, while France’s CAC 40 was slightly below the flatline.

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Stoxx 600 index.

An Hour Ago

UK net borrowing higher than expected ahead of budget

Jeremy Hunt on the second day of the Conservative Party Conference on Oct. 2, 2023, in Manchester, England.

Christopher Furlong | Getty Images News | Getty Images

U.K. public sector net borrowing excluding banks was £14.9 billion ($18.68 billion) in October, the second-highest level of borrowing for the month since records began in 1993.

It was also higher than consensus forecasts and a March forecast by the independent Office for Budget Responsibility of £13.7 billion.

Tax receipts were £2.7 billion higher year on year at £57.9 billion.

It comes ahead of a government budget update Wednesday in which Finance Minister Jeremy Hunt may announce tax cuts as he seeks to prioritize growth, according to the BBC.

Ruth Gregory, deputy chief U.K. economist at Capital Economics, said the latest public finances figures wouldn’t deter Hunt from a “pre-election fiscal giveaway,” especially as cumulative borrowing over the first seven months of the fiscal year came in lower than forecast at £98.3 billion.

This giveaway could average around £12 billion (0.5% of gross domestic product) per annum, Gregory said.

However, that would represent a partial reversal of previously announced tightening rather than significant fiscal loosening, Gregory added, and would likely be followed by large tax rises in 2025, after an election.

A U.K. national election must be called by the government before Dec. 17, 2024.

Lindsay James, investment strategist at Quilter Investors, said the government would want to take advantage of the “newfound slack” provided by the recent fall in U.K. inflation.

— Jenni Reid

2 Hours Ago

EU car market sees strong October growth

A customer inspects the interior of a BMW 6 Series Gran Turismo automobile at a BMW AG showroom in Berlin, Germany, on March 14, 2023.

Bloomberg | Bloomberg | Getty Images

The European Union car market “expanded significantly” in October, the European Automobile Manufacturers’ Association said Tuesday, as new car registrations rose 14.6% year on year.

That was the 15th consecutive month of growth.

French new car registrations rose 21.9%, while Italy increased 20% and Spain grew 18.1%. Germany saw weaker growth of 4.9%.

The market share of battery-electric cars rose to 14.2%, up from 12% last October, the group said.

— Jenni Reid

9 Hours Ago

CNBC Pro: Fund manager reveals the under-the-radar global automation stock he prefers to its U.S. rivals

It’s been a big year for Big Tech, with U.S. favorites Nvidia and Meta Platforms among the stocks that have soared in 2023.

But for those investors who fear they might have missed the boat, portfolio manager Karen Kharmandarian has an under-the-radar global tech pick.

“This company would be one we would prefer to U.S. companies when it comes to machine vision systems,” the senior portfolio manager at Thematics Asset Management told CNBC Pro.

— Amala Balakrishner

9 Hours Ago

CNBC Pro: Cash is a ‘missed opportunity’ right now, says one pro — here’s where he’s investing instead

The persistent uncertainty in financial markets, along with high interest rates around the world, have raised the allure of holding on to cash — but one equities expert says this may not be the best idea.

“We’re at a point where cash deposits or money in cash and money market funds is the highest it’s been — a lot of investors are saying, maybe the [U.S. Federal Reserve] is peaking or going to cut rates so I should keep my money in cash — but I think that would be a missed opportunity,” Andy Budden, investment director of equities at financial services firm Capital Group, told CNBC Pro.

Instead, he said it’s time to “have a bit of courage” and revealed his favorite areas to invest in.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

5 Hours Ago

European markets: Here are the opening calls

European markets are expected to open in flat to higher territory Tuesday.

The U.K.’s FTSE 100 index is expected to open 1 point lower at 7,494, Germany’s DAX up 22 points at 15,931, France’s CAC up 9 points at 7,258 and Italy’s FTSE MIB up 30 points at 29,627, according to data from IG. 

There are no major earnings. Data releases include new car registrations for October from the U.K., France and Germany.

— Holly Ellyatt

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Mark Evans

Hey there, I'm Mark Evans, a student at The King's University in Edmonton. I'm passionate about fitness and gaming, and I love writing about both. You can usually find me pounding away on my keyboard, crafting blog articles for various websites and news outlets. I've been interested in fitness for as long as I can remember, and I've always loved trying out new workouts and experimenting with different diets. On the gaming side of things, I'm a huge fan of all kinds of games, from action-packed shooters to immersive RPGs. When I'm not hitting the gym or diving into a new game, I love spending time with my friends and family, exploring the city, and trying out new restaurants. Thanks for stopping by my blog, and I hope you enjoy my articles as much as I enjoy writing them!

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