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European markets were tentatively lower Tuesday, with investors likely keeping an eye on the latest business activity data out of the euro zone. The pan-European Stoxx 600 index dipped 0.1% lower after a marginally upbeat open, with sectors spread across positive and negative territory. Mining stocks led gains with a 1% increase, while banking stocks dropped 0.9%. Barclays led the banking decline with a 6% fall following third-quarter results. Preliminary purchasing managers' index data for the euro zone for October is due Tuesday.
Organizations: Barclays
Parents thinking of saving for their children's college education in around a decade could be in for some sticker shock. In 10 years, tuition fees in the U.S. could soar to over $300,000, thanks to inflation — that's around twice the cost right now, according to estimates from experts CNBC Pro spoke to. Here's the cost breakdown and how to invest, according to those experts. CNBC Pro subscribers can read more here. — Weizhen Tan
Persons: Weizhen Tan Organizations: CNBC Locations: U.S
Swiss health care company Roche on Monday announced it would acquire Telavant Holdings in a $7.1 billion transaction. Telavant produces drugs for people suffering from inflammatory and fibrotic diseases and is in the process of developing a "promising new therapy" for patients with Crohn's disease, Roche said in a press release. "We are eager to develop this antibody further and bring it to market and patients in the US and Japan as soon as possible." Telavant is currently owned by Pfizer and Roivant Sciences. In the Monday announcement, Roche also said it would obtain an option to collaborate with Pfizer on a new inflammatory bowel disease drug.
Persons: Roche, — Roche, Teresa Graham, Telavant Organizations: Monday, Telavant Holdings, Roche Pharmaceuticals, CNBC, Pfizer, Roivant Sciences Locations: Japan
The pan-European Stoxx 600 index opened 0.7% down, with most sectors in negative territory. Mining stocks saw the biggest drop with a 1.5% decline, followed by household goods, which fell 1.3%. European equity markets opened at a seven-month low Friday, Reuters data shows, as investors digest comments out of the U.S. and global sentiment stutters. Powell did not lay out a specific policy path but also gave no indication that a further interest rate hike was on the cards. The pan-European Stoxx 600 index provisionally closed 1.16% lower Thursday, its lowest close since March 15, according to LSEG data.
Persons: Jerome Powell, Powell Organizations: Federal, Fed, Union, Treasury Locations: Washington, Asia, Pacific
Ukraine fired long-range ATACMS missiles for the first time after they were delivered by the U.S., Ukraine's Volodymyr Zelenskyy said in his nightly address Tuesday. "Today, special thanks to the United States. They are executed very accurately, ATACMS have proven themselves," he said, according to a Google translation of a transcript. The Wall Street Journal reported the news earlier Tuesday, citing people familiar with the matter. Ukraine has repeatedly said ATACMS are important to advance its difficult counteroffensive in Russian-occupied areas.
Persons: Ukraine's Volodymyr Zelenskyy, Biden, Oleksiy Goncharenko, — Jenni Reid Organizations: Street Journal, U.S . State Department, CNBC Locations: Ukraine, U.S, United States, Berdyansk
Russia is revoking ratification of the Comprehensive Nuclear Test Ban Treaty because of the irresponsible attitude of the United States to global security, the speaker of the lower house of the Russian parliament said on Tuesday. President Vladimir Putin said on Oct. 5 that he was not ready to say whether or not Russia should resume nuclear testing after calls from some Russian security experts and lawmakers to test a nuclear bomb as a warning to the West. "In the interests of ensuring the security of our country, we are withdrawing the ratification of the Comprehensive Nuclear Test Ban Treaty," Duma Speaker Vyacheslav Volodin said ahead of a debate and parliamentary vote on revoking ratification. Volodin said that while Russia ratified the 1996 treaty in 2000, Washington failed to ratify because of its "irresponsible attitude to global security issues". "The Russian Federation will do everything to protect its citizens and to maintain global strategic parity," Volodin said.
Persons: Vladimir Putin, Vyacheslav Volodin, Volodin, Organizations: Comprehensive, Russian Federation Locations: Russia, United States, Washington
The pan-European Stoxx 600 index was down 0.2%, with most sectors in negative territory. Autos and construction stocks each dropped 0.8%, while mining stocks rallied 0.9%. European markets turned lower, after starting the new trading week on a positive note, as investors assess the turmoil in the Middle East. Roughly 1.1 million Palestinians were given a 24-hour notice to evacuate northern Gaza last week and move to southern Gaza, but the order and deadline were heavily criticized by many humanitarian agencies. Over the weekend, hundreds of thousands of Palestinians were trying to flee northern Gaza but the journey is hazardous and difficult.
Locations: Gaza, Israel
Joe Kaeser delivers a speech during the Siemens Annual Shareholders' Meeting on February 3, 2021 in Munich, Germany. Pool | Getty Images News | Getty ImagesThe results of two state elections in Germany sent "a clear message" to Berlin that the government needs "to get their act together," Joe Kaeser, chairman of the Supervisory Board at Siemens Energy, told CNBC. The execution I think is something which has potential for improvement," Kaeser, the former CEO of Siemens, said in an interview with CNBC's Annette Weisbach Tuesday. The far-right Alternative for Germany (AfD) party gained votes in the two key regions. The AfD's candidate in Hesse, Robert Lambrou, had anticipated that voters would swing toward his party, saying that people were "heavily disappointed by the policy of the government."
Persons: Joe Kaeser, CNBC's Annette Weisbach, Angela Merkel's, Robert Lambrou, Kristalina Georgieva Organizations: Siemens, Getty, Board, Siemens Energy, CNBC, Conservative, Christian Democratic Union, CDU, Christian Social Union, Social Democrats, Greens, Free Democrats, IMF Locations: Munich, Germany, Berlin, Hesse, Bavaria, Germany's
(Photo by Kirill KUDRYAVTSEV / AFP) (Photo by KIRILL KUDRYAVTSEV/AFP via Getty Images) Kirill Kudryavtsev | Afp | Getty ImagesGermany is not the sick man of Europe, Bundesbank President Joachim Nagel told CNBC on Wednesday, while acknowledging that growth is "not good for this year." Speaking from the IMF World Bank annual meeting in Marrakech, Nagel said we shouldn't compare Germany's current economic situation with the period when it was last described as "the sick man." "It's a completely different, different situation," Nagel said. "I believe there is that understanding that we need to do something, but we are not the sick man of Europe," he added. Debate has sparked over whether Germany should once more be described as the "sick man," after Europe's largest economy was predicted to be the only major European economy to contract in 2023.
Persons: Kirill KUDRYAVTSEV, KIRILL KUDRYAVTSEV, Kirill Kudryavtsev, Joachim Nagel, Nagel, " Nagel Organizations: Getty, Afp, CNBC, IMF, Bank, Analysts, Monetary Fund Locations: Frankfurt, Germany, AFP, Europe, Marrakech
Robert Holzmann, governor of Austria's central bank, speaks during an event in Vienna, Austria, on Tuesday, Sept. 26, 2023. Bloomberg | Bloomberg | Getty ImagesAustrian central bank Governor Robert Holzmann said the European Central Bank could implement one or two further interest rate increases, if there are "additional shocks" to the economy. watch nowThe European Central Bank opted to hike interest rates to a record in September, continuing a cycle that has lasted almost two years. In a market-moving statement in mid-September, the ECB also indicated that further hikes may be off the table for now. He added that there was a "clear downward trend" in prices, in an interview with franceinfo, as translated by CNBC.
Persons: Robert Holzmann, Holzmann, Holzmann's, Francois Villeroy de Galhau, franceinfo Organizations: Bloomberg, Getty, European Central Bank, CNBC, International Monetary, Bank, ECB Locations: Austria's, Vienna, Austria, Marrakech
The winner of the 2023 Prize in Economic Sciences in Memory of Alfred Nobel American economist Claudia Goldin is seen on a display at the Royal Swedish Academy of Sciences, in Stockholm on October 9, 2023. The Nobel economics prize was on Monday awarded to Professor Claudia Goldin of Harvard University for her research on women in the labor market. Goldin provided the first comprehensive account of women's earnings and labor market outcomes through the centuries, the Nobel committee said in the prize announcement while announcing the prize. Her research reveals new patterns, identifies causes of change but also speaks to the main sources of the remaining gender gaps. The winners of the award, which is officially titled the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, receive 10 million Swedish krona ($907,000) between them.
Persons: Alfred Nobel, Claudia Goldin, Goldin Organizations: Economic Sciences, Royal Swedish Academy of Sciences, Harvard University, Sveriges Locations: Stockholm
Photo: Arne Dedert/dpa (Photo by Arne Dedert/picture alliance via Getty Images)Germany's conservative opposition was slated to win two state elections while the far-right gained ground on Sunday, exit polls showed, halfway into the government of social democratic Chancellor Olaf Scholz. The two states were led by the main opposition Union alliance that reunites the Christian Social Union party and the Christian Democratic Union. In Hesse, theBoris Rhein's CDU had led as part of a coalition with the Greens — and was set to win 35.5% of votes, exit polls showed. Here, too, AfD strengthened its presence, from 13.1% of votes previously to 16% on Sunday. The ruling Social Democratic Party is expected to gain 16% in Hesse and 8.5% in Bavaria.
Persons: Arne Dedert, Olaf Scholz, , theBoris Rhein's, Friedrich Merz, Hesse, Robert Lambrou Organizations: Getty, Union, Christian Social Union, Christian Democratic Union, ARD, CSU —, Free, Greens, Google, Social Democratic Party, CNBC Locations: Frankfurt, Hesse, Germany, Bavaria, Munich
Adenovirus (highly contagious virus causing lymphadenopathy symptomatizing swelling of the glands in the neck, accompanied by a cold, or pharyngitis, or bronchitis, sometimes also conjunctivitis, keratitis, or a combination of the two (keratoconjunctivitis). LONDON — A U.K. study showed that symptoms of a cold can linger well beyond the main period of illness, suggesting that rather like "long Covid," "long colds" can also exist. The study, published Friday in scientific journal The Lancet, showed that non-Covid infections can be associated with a range of illnesses more than four weeks after the initial infection. After studying 10,171 participants, scientists at the Queen Mary University of London concluded that there may be long-lasting health impacts from other respiratory infections, such as the common cold, that are unrecognized. They were unable to say whether the symptoms of "long colds" would last as long as those of "long Covid."
Organizations: Queen Mary University of London
The Nobel Peace Prize was awarded on Friday to Iranian human rights activist Narges Mohammadi. Mohammadi received the prize for "her fight against the oppression of women in Iran and her fight to promote human rights and freedom for all," the awards committee said. The award will further encourage Mohammadi to continue her work, her husband Taghi Rahmani told Reuters. "This Nobel Prize will embolden Narges' fight for human rights, but more importantly, this is in fact a prize for the woman, life and freedom movement," Rahmani said Friday in an interview with the news agency. The announcement follows much speculation over who would win this year's prize, with the likes of Ukrainian President Volodymyr Zelenskyy and Russian dissident Alexei Navalny both touted as frontrunners for the illustrious award.
Persons: Narges Mohammadi, Mohammadi, Taghi Rahmani, embolden Narges, Rahmani, Volodymyr Zelenskyy, Alexei Navalny Organizations: Reuters Locations: Iran
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), speaks to the media following talks at the Chancellery on November 29, 2022 in Berlin, Germany. "If you look at the policy decisions Germany is taking, they are around stimulating structural change. And of course, like any other country, structural reforms are a must in this more uncertain world with low gross growth prospects," Georgieva said Wednesday. The auto industry should be a particular focus for reform in Germany if the country wants to increase productivity, according to Georgieva. "For Germany, this is very visible in the need to restructure the automobile sector for this economy of tomorrow," she said.
Persons: Kristalina Georgieva, Carsten Koall, CNBC's Joumanna, Georgieva, Hans, Werner Sinn, Joachim Nagel Organizations: International Monetary Fund, Getty, Ifo Institute, CNBC Locations: Berlin, Germany, Europe, Italy, Ukraine
The AFD party leadership (front row) holds a banner reading OUR LAND FIRST! during a protest against the rising cost of living in a demonstration organized by the right-wing Alternative for Germany (AfD) political party on October 8, 2022 in Berlin, Germany. The Christian Democratic Union party (CDU), formerly led by chancellor of 16 years, Angela Merkel, currently polls the highest. "First of all you need a political will to stop it and we don't see this will among the other parties. "There is a backlash clearly … The population is now moving to the right," Sinn said, referring to the popularity of the AfD.
Persons: Omer Messinger, Angela Merkel, Robert Lambrou, Lambrou, CNBC's Annette Weisbach, Chancellor Olaf Scholz, Manfred Knof, Hans, Werner Sinn, Sinn Organizations: Getty, Social Democrats, Greens, Free Democrats, Christian Democratic Union, CDU, CNBC, Federal Ministry for Economic Affairs, Handelsblatt Locations: Germany, Berlin, Hesse, Frankfurt, Bavaria, Munich, Sonneberg, Thuringia, Europe
The pan-European Stoxx 600 index was up by 1.1% in early afternoon trading, with most sectors trading in positive territory. It comes a day after the index closed 0.36% higher Thursday, after ending Wednesday at a six-month low. Investors analyzed euro zone inflation, which fell to its lowest level since October 2021. The announcement is in line with recent country-specific data, with preliminary inflation figures from Germany showing inflation slowed more than expected Thursday. Harmonized data for Europe's biggest economy showed a 4.3% increase in consumer prices since September 2022 — the lowest level since Russia's full-scale invasion of Ukraine.
Organizations: Investors Locations: Germany, Ukraine
Schott Pharma shares climb in Frankfurt debut
  + stars: | 2023-09-28 | by ( Hannah Ward-Glenton | ) www.cnbc.com   time to read: +1 min
Schott Pharma debuted on the Frankfurt stock exchange on Thursday at 30 euros per share, trading well above analyst expectations. Shares of the company were up 10% in the first minutes. Schott Pharma said sales were up 8.4% year-on-year for the first nine months of the 2023 fiscal year, hitting 670 million euros ($704 million) over the period. Schott Pharma has production and sales units across 33 countries. The Schott Pharma IPO is only the third new listing on the Frankfurt stock exchange this year and is expected to be the largest.
Persons: Andreas Reisse Organizations: Schott Pharma, Moderna Locations: Frankfurt
Skyscrapers in the Canary Wharf financial, business and shopping district in London, UK. LONDON — London's office market is in a "rental recession," according to financial services company Jeffries, who reported that vacancies in the capital's business hub had hit a 30-year high. Jeffries analysts estimated there had been a 20% contraction in London office usage as working from home and hybrid working, as well as a move toward green offices, continue to be a priority. It said the level of vacancies was also above the tipping point at which rents would typically start to fall, apart from in the case of sustainability-focused buildings. Flexible, co-working and serviced offices take up around 9% of London's space and have moved into some of the vacant spaces, Jeffries said.
Persons: Jeffries Organizations: LONDON Locations: Canary, London
European markets lower as negative momentum continues
  + stars: | 2023-09-26 | by ( Holly Ellyatt | ) www.cnbc.com   time to read: 1 min
Air France-KLM plans to order 50 Airbus A350 long-haul jets, along with the purchase rights for 40 extra aircraft, the carrier announced Monday evening. The first deliveries are expected from 2026, and completing the order would make Air France-KLM the world's largest operator of Airbus A350s. The planes will replace older vehicles, including Airbus A330 and older Boeing 777 aircraft. Shares of Air France-KLM were down 0.8% in early trading. — Hannah Ward-Glenton
Persons: — Hannah Ward, Glenton Organizations: Air France, KLM, Airbus, Boeing
I think the optimism of India is actually completely justified," Dimon told CNBC-TV18's Shereen Bhan at the conference Monday . LONDON — JPMorgan Chase Chairman and CEO Jamie Dimon struck a bullish tone at the India Investor Summit, saying the optimism surrounding the country at the moment is "completely justified." The bank has increased its employee numbers in India from around 6,000 in 2005 to 60,000 today, Dimon added. India became the world's most populous country in April, with a total of 1.4 billion citizens, according to the United Nations. In his interview with CNBC-TV18, Dimon emphasized that it wasn't just a lack of confidence in China that was turning businesses towards India.
Persons: Dimon, Jamie Dimon, Narendra Modi, We're, It's, Morgan Stanley, Goldman Sachs, Olaf Scholz, Scholz, Modi Organizations: CNBC, LONDON, JPMorgan Chase, India Investor Summit, Indian, Accenture, McKinsey, Tata, United Nations, P Global, European Union, TV18 Locations: China, India, Japan, Germany, U.S, New Delhi
European markets opened lower Monday as investors reflected on a spate of central bank decisions last week and the prospect of higher-for-longer interest rates. The pan-European Stoxx 600 index was down 0.3% in early trade, with all sectors in negative territory. The Bank of England and the Swiss National Bank opted to pause their interest rate hiking cycles last week, in contrast to the "dovish hike" delivered by the European Central Bank on Sept. 14. Elsewhere, U.S. stock futures edged higher in overnight trading, set to enter the last week of trading in September with big losses. Stocks stateside have struggled this month as the Federal Reserve signaled higher interest rates for longer, sending bond yields rising.
Persons: Carsten Brzeski Organizations: Bank of England, Swiss National Bank, European Central Bank, ING, CNBC, Stocks, Federal Reserve
U.S. Abrams tanks will arrive in Ukraine next week, President Joe Biden said Thursday, and Ukrainian President Volodymyr Zelenskyy plans to address the Canadian Parliament in the next leg of his North American trip. In January, the U.S. said it would send 31 M1A1 tanks to Ukraine, which amounts to one entire Ukrainian tank battalion. Zelenskyy is expected to ask Prime Minister Justin Trudeau, a staunch ally of Ukraine, for further aid, while Biden hopes to provide a further $24 billion in aid, despite opposition from some Senate members.
Persons: Abrams, Joe Biden, Volodymyr Zelenskyy, Justin Trudeau, Biden Locations: Ukraine, U.S, Ukrainian
The sun sets behind the lignite-fired power plant of Boxberg on August 18, 2023 in Neuliebel, Germany. Florian Gaertner | Photothek | Getty ImagesGermany needs to implement structural changes if it wants to prevent a political shift to the right, Commerzbank CEO Manfred Knof told CNBC at the Handelsblatt Banking Summit 2023. Knof also said Germany's small-to-medium-sized companies, known as the Mittelstand, were reluctant to invest in their own country because of the structural issues in Europe's largest economy. "We need more activities and ... [a] better framework for the German SMEs to invest in this country," he added. "A lot of family-owned companies ... have very operational plans to relocate," Russwurm said, adding that the current business conditions in Germany had created a "cocktail" of obstacles for companies.
Persons: Florian Gaertner, Manfred Knof, Knof, Siegfried Russwurm, CNBC's Annette Weisbach, Russwurm Organizations: Photothek, Getty, CNBC, Handelsblatt, Federal Ministry for Economic Affairs, Germany, German Industry Federation Locations: Boxberg, Neuliebel, Germany, Bavaria, Europe's
Sweden's central bank hiked interest rates for the eighth consecutive time on Thursday, taking the main rate to 4%, as the country continues to battle high inflation. The quarter-point increase is in line with the expectations of analysts polled by Reuters. Sweden's headline inflation, which excludes energy costs, slowed more than expected last month, coming to 7.2% for the month of August, according to Statistics Sweden. The Swedish economy is "going in the right direction," the central bank said in a statement, while nevertheless highlighting that inflationary pressures "are still too high." Stefan Ingves, former central bank governor, in January warned that Sweden was facing its "day of reckoning," as house prices plummeted and the wider economy stuttered.
Persons: Stefan Ingves, I've, Ingves Organizations: Reuters, Statistics Sweden, U.S Locations: Swedish, Sweden
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