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☆ Armstrong: Tariffs, trade wars are the negatives that may come with this new administration.
▼ + stars: | 2024-12-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArmstrong: Tariffs, trade wars are the negatives that may come with this new administration. Patrick Armstrong, CIO at Plurimi Wealth LLP, discusses the trading day ahead, highlighting the impact of trade wars and recent probes into companies like NVIDIA. He notes that while recent market weakness is due to concerns over tariffs and trade policies, he expects the market to trend higher in the coming months.

Persons: Patrick Armstrong Organizations: Armstrong, Plurimi Wealth, NVIDIA

☆ See the 95 executives Goldman Sachs tapped to join its exclusive partnership — a record high under David Solomon
▼ + stars: | 2024-11-07 | by ( Reed Alexander | ) www.businessinsider.com time to read: +11 min

Goldman Sachs on Thursday promoted 95 executives to its partnership. AdvertisementDavid Solomon, CEO of Goldman Sachs. The average tenure of the partner class is 16 years at Goldman Sachs. Marine Abiad, Global Banking & Markets, ParisBenny Adler, Global Banking & Markets, New YorkAdvertisementShahzad Ali, Controllers, New YorkAsh Ang, Global Banking & Markets, SingaporeLucia Arienti, Global Banking & Markets, LondonMatthew Armas, Asset & Wealth Management, New YorkAdvertisementPatrick Armstrong, Asset & Wealth Management, New YorkSebastian Ayton, Global Banking & Markets, ParisAmitayush Bahri, Asset & Wealth Management, LondonRob Barlick Jr, Asset & Wealth Management, MiamiAdvertisementDavid Bear, Global Banking & Markets, New YorkAmanda Beisel, Controllers, New YorkJeff Bernstein, Asset & Wealth Management, New YorkLyla Bibi, Global Banking & Markets, New YorkAdvertisementAnne Bizien, Global Banking & Markets, ParisTristan Blood, Asset & Wealth Management, LondonBrittany Boals Moeller, Asset & Wealth Management, AtlantaMarc Boheim, Asset & Wealth Management, LondonAdvertisementChris Bonner, Global Banking & Markets, New YorkKevin Boova, Global Banking & Markets, New YorkRelated storiesOonagh Bradley, Compliance, LondonTimothy Braude, Asset & Wealth Management, New YorkAdvertisementSteven Budig, Asset & Wealth Management, New YorkJacqueline Cassidy, Global Banking & Markets, New YorkSorubh Chandani, Asset & Wealth Management, New YorkPamela Codo-Lotti, Global Banking & Markets, New YorkAdvertisementBracha Cohen, Asset & Wealth Management, New YorkShaun Cullinan, Asset & Wealth Management, New YorkMarc d'Andlau, Global Banking & Markets, ParisAdam Davis, Global Banking & Markets, New YorkAdvertisementMatthew Doherty, Asset & Wealth Management, New YorkJason Eisenstadt, Global Banking & Markets, New YorkAshley Everett, Global Banking & Markets, New YorkAlex Finston, Global Banking & Markets, New YorkAdvertisementAlison Flood, Global Banking & Markets, New YorkArvind Giridhar, Global Banking & Markets, New YorkAshwin Gupta, Asset & Wealth Management, New YorkSonia Gupta, Global Banking & Markets, San FranciscoAdvertisementTerry Hagerty, Global Banking & Markets, New YorkRobert Hamilton Kelly, Asset & Wealth Management, West Palm BeachAxel Hoefer, Global Banking & Markets, FrankfurtDylan Hogarty, Global Banking & Markets, New YorkAdvertisementTim Holliday, Corporate Treasury, LondonKazuya Iketani, Global Banking & Markets, TokyoSumedh Jaiswal, Global Banking & Markets, LondonKyle Jessen, Global Banking & Markets, San FranciscoAdvertisementLotfi Karoui, Global Investment Research, New YorkFeroz Khosla, Global Banking & Markets, New YorkLarry Kleinman, Tax, New YorkJared Klyman, Asset & Wealth Management, New YorkAdvertisementDaniel Korich, Global Banking & Markets, New YorkRebecca Kruger, Global Banking & Markets, New YorkKosuke Kurosawa, Global Banking & Markets, TokyoShane Lee, Global Banking & Markets, CalgaryAdvertisementMichael Leister, Global Banking & Markets, New YorkMatthew Leskowitz, Global Banking & Markets, New YorkHilary Lopez, Asset & Wealth Management, LondonCedric Lucas, Asset & Wealth Management, New YorkAdvertisementMazen Makarem, Global Banking & Markets, New YorkMatthew Mason, Global Banking & Markets, Hong KongJans Meckel, Global Banking & Markets, ParisPatrick Moran, Legal, New YorkAdvertisementLeonie Morel, Global Banking & Markets, LondonJohn O'Connor, Global Banking & Markets, New YorkSteve Orr, Global Banking & Markets, New YorkLeke Osinubi, Engineering Division, New YorkAdvertisementElizabeth Overbay, Platform Solutions, New YorkJonathan Perry, Engineering Division, LondonThomas Plank, Global Banking & Markets, SingaporeCaitlin Pollak, Global Banking & Markets, New YorkAdvertisementLing Pong, Asset & Wealth Management, Hong KongJoe Porter, Global Banking & Markets, San FranciscoVishaal Rana, Global Banking & Markets, New YorkAlexandre Reinert, Global Banking & Markets, Hong KongAdvertisementMonique Rollins, Corporate Treasury, New YorkMarcos Rosenberg, Asset & Wealth Management, RichardsonMarc Schaffer, Global Banking & Markets, New YorkJan Scheffel, Global Banking & Markets, LondonAdvertisementRahul Sharma, Engineering Division, Menlo ParkEric Sheridan, Global Investment Research, New YorkSalil Sheth, Global Banking & Markets, New YorkJonathan Shugar, Global Banking & Markets, New YorkAdvertisementAlyson Shupe, Asset & Wealth Management, New YorkAaron Siegel, Global Banking & Markets, New YorkAdam Siegler, Global Banking & Markets, New YorkCraig Smart, Global Banking & Markets, New YorkAdvertisementAndre Souza, Global Banking & Markets, LondonThom Spoto, Asset & Wealth Management, West Palm BeachLesley Steele, Risk, LondonTeppei Takanabe, Global Banking & Markets, TokyoAdvertisementLaura van Alkemade, Global Banking & Markets, LondonDennis Walsh, Asset & Wealth Management, New YorkAlexandra Wilson-Elizondo, Asset & Wealth Management, New YorkSylvia Yeh, Asset & Wealth Management, New

Persons: Goldman Sachs, David Solomon, —, Solomon, John Waldron, Goldman, Michael Kovac, Beth Hammack, Stephanie Cohen, Katie Koch, Paris Benny Adler, Shahzad Ali, York Ash Ang, Singapore Lucia Arienti, London Matthew Armas, Patrick Armstrong, New York Sebastian Ayton, Paris Amitayush, London Rob Barlick Jr, David Bear, New York Amanda Beisel, Jeff Bernstein, New York Lyla Bibi, Anne Bizien, Tristan Blood, London Brittany Boals Moeller, Atlanta Marc Boheim, Chris Bonner, New York Kevin Boova, Oonagh Bradley, Timothy Braude, Steven Budig, Jacqueline Cassidy, New York Sorubh, New York Pamela Codo, Bracha Cohen, Shaun Cullinan, New York Marc d'Andlau, Paris Adam Davis, Matthew Doherty, New York Jason Eisenstadt, New York Ashley Everett, New York Alex Finston, Alison Flood, New York Arvind Giridhar, Ashwin Gupta, New York Sonia Gupta, Terry Hagerty, New York Robert Hamilton Kelly, Beach Axel Hoefer, Frankfurt Dylan Hogarty, Tim Holliday, London Kazuya Iketani, Kyle Jessen, Lotfi, New York Feroz Khosla, New York Larry Kleinman, New York Jared Klyman, Daniel Korich, New York Rebecca Kruger, New York Kosuke Kurosawa, Tokyo Shane Lee, Michael Leister, New York Matthew Leskowitz, New York Hilary Lopez, London Cedric Lucas, Mazen, New York Matthew Mason, Hong Kong Jans, Paris Patrick Moran, Leonie Morel, London John O'Connor, Steve Orr, New York Leke, Elizabeth Overbay, New York Jonathan Perry, Thomas Plank, Singapore Caitlin Pollak, Ling, Hong Kong Joe Porter, San Francisco Vishaal Rana, New York Alexandre Reinert, Monique Rollins, New York Marcos Rosenberg, Richardson Marc Schaffer, New York Jan Scheffel, Rahul Sharma, Eric Sheridan, New York Salil, New York Jonathan Shugar, Alyson, Aaron Siegel, New York Adam Siegler, New York Craig Smart, Andre Souza, London Thom Spoto, Palm Beach Lesley Steele, Laura van Alkemade, London Dennis Walsh, New York Alexandra Wilson, New York Sylvia Yeh, Piotr Zurawski, Emmalyse Brownstein, Reed Alexander Organizations: Service, Goldman, Business, Wall Street, Global Banking, Markets, Paris, New, Wealth Management, Asset, London, Atlanta, Compliance, San, Beach, Frankfurt, Corporate Treasury, Global Investment Research, Hong, Engineering Division, Solutions, Engineering, Menlo, Palm Beach Locations: Wall, New York, York, Singapore, London, Paris, Paris Amitayush Bahri, Miami, New, San Francisco, Tokyo, Calgary, Hong Kong

☆ Plurimi Wealth: Still comfortable with the multiples on the mega-cap names
▼ + stars: | 2024-06-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPlurimi Wealth: Still comfortable with the multiples on the mega-cap namesPatrick Armstrong, CIO of Plurimi Wealth, says you have to own the big cap tech companies as their growth is just incredible even as their multiples are at lofty levels.

Persons: Patrick Armstrong Organizations: Plurimi

PITTSBURGH (AP) — The Andy Warhol Museum in Pittsburgh has announced plans to expand with a $45 million events venue. The entertainment project is part of the museum's ‘Pop District’ initiative and would be built on an existing museum parking lot, according to Dan Law, the museum’s associate director. Museum officials presented plans for the project to the city's Planning Commission on Tuesday. The third floor would be used for offices and support spaces. Rick Armstrong, a museum spokesman, said work on the project could begin as soon as spring 2024, but the timelines are “still flexible” as the project moves through the planning and design processes.

Persons: Andy Warhol, Dan Law, Rick Armstrong Organizations: PITTSBURGH, Andy Warhol Museum, Associated Press Locations: Pittsburgh, city's

Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. "They almost certainly have to hike again this year because today's inflation data shows there's still more work to do." INFLATION WATCHGovernment bond yields in the euro zone rose broadly after inflation data suggested the ECB may still have to hike rates again. Germany's two-year bond yields rose 7 bps to 3.09% . Spanish inflation rose 2.6% in August, as economists polled by Reuters had expected.

Persons: Issei Kato, Patrick Armstrong, there's, SEB, Elisabet Kopelman, Jerome Powell's, Naomi Rovnick, Shashwat Chauhan, Mark Potter, Chizu Organizations: REUTERS, European Central Bank, ECB, Nasdaq, Wall, SEB Group, Fed, Reuters, Bank's, U.S, Treasury, Brent, Thomson Locations: Tokyo, Japan, Asia, Spain, North Rhine Westphalia, Germany's, United States, Gulf, Mexico, Bengaluru

☆ Big Tech fund manager reveals how to trade expensive valuations — and the stocks to buy
▼ + stars: | 2023-06-27 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Investors should focus on trading momentum rather than worry too much about lofty valuations in Big Tech stocks, according to chief investment officer Patrick Armstrong. "I've kept the mega-cap tech stocks that have really been the driver of returns for my portfolio and for the market," Armstrong told CNBC's Squawk Box Europe Monday. Yet Big Tech valuations have pushed the index's forward average price-to-earings ratio to 21 times, its highest level since 2004, barring a brief period in 2018 and 2021, according to FactSet data. Despite his discomfort about these steep valuations, Armstrong said he's not selling yet for two reasons. Armstrong added that if the economy slips into a recession, the recent tech rally could become a period of stagnation, with Big Tech stocks treading water as they attempt to grow into their lofty valuations.

Persons: Patrick Armstrong, Armstrong, I've, CNBC's, It's, he's, you've Organizations: Global Equity Strategy, Big Tech, Tech, Microsoft, Apple, Adobe, Investors Locations: Big Tech

☆ Tech sector could be overvalued, but I'm not selling: Investment chief
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTech sector could be overvalued, but I'm not selling: Investment chiefThe near-15% rally in the S&P 500 led by the tech sector could have gone to far, according to Patrick Armstrong, chief investment officer of Plurimi Wealth. Yet the fund manager isn't selling his Big Tech positions. Armstrong, who manages funds including the Plurimi AI Global Equity Strategy, revealed how he's trading the mega-valuations and the stocks to buy.

Persons: Patrick Armstrong, isn't, Armstrong Organizations: Email Tech, Investment, Big Tech, Global Equity

☆ Major central banks were expected to pause rate hikes soon. Now it's not so clear cut
▼ + stars: | 2023-05-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Brendan McDermid | ReutersThe market has long been pricing in interest rate cuts from major central banks toward the end of 2023, but sticky core inflation, tight labor markets and a surprisingly resilient global economy are leading some economists to reassess. Economic resilience and persistent labor market tightness could exert upward pressure on wages and inflation, which is in danger of becoming entrenched. The Bank of England The U.K. faces a much tougher inflation challenge than the U.S. and the euro zone, and the U.K. consumer price inflation rate fell by less than expected in April. Meanwhile core inflation jumped to 6.8% from 6.2% in March, which will be of greater concern to the Bank's Monetary Policy Committee. Risk management considerations will, we think, force the MPC to push rates higher and further than previously intended."

☆ Asset manager explains why he's shorting commercial property stocks
▼ + stars: | 2023-05-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsset manager explains why he's shorting commercial property stocksPatrick Armstrong, chief investment officer at Plurimi, believes commercial property stocks are valued too high right now, in a trend also seen at private equity companies.

☆ Banks now incredibly cheap, but see no massive upside amid low growth, argues CIO
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanks now incredibly cheap, but see no massive upside amid low growth, argues CIOPatrick Armstrong, chief investment officer at Plurimi Wealth LLP, discusses the latest in the SVB fallout, and where the Fed and investors alike could go from here.

☆ Upbeat earnings help FTSE 100 rebound from last week's selloff
▼ + stars: | 2023-02-27 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Bunzl, Associated British Foods up after resultsRolls-Royce top of FTSE 100 after price target raiseFTSE 100 up 0.8%, FTSE 250 adds 0.4%Feb 27 (Reuters) - The UK's FTSE 100 rose on Monday after upbeat earnings reports from Associated British Foods and Bunzl helped pull the index up from last week's battering on worries about high U.S. interest rates. The blue-chip FTSE 100 (.FTSE) rose 0.8%, after recording its worst weekly performance so far this year as hotter-than-expected U.S. consumer spending data on Friday sparked a selloff on both sides of the Atlantic. Primark owner Associated British Foods (ABF.L) climbed 1.3% after raising its outlook for the full year 2022-23 for the clothing retailer. The FTSE 100 has had a stellar start to the year so far, rising 6.4% as strong earnings and a steady rise in commodity prices helped the index outperform major global peers, outweighing a gloomy economic outlook. The more domestically-inclined FTSE 250 midcap index (.FTMC) rose 0.4%, with a near 16% slump in shares of Dechra Pharmaceuticals(DPH.L) capping gains.

☆ FTSE 100 at record high on positive Centrica, StanChart earnings
▼ + stars: | 2023-02-16 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 hits record high, trading above 8,000 pointsCentrica, StanChart, Relx jump on upbeat resultsVodafone rises on report of looking at options for Africa unitFTSE 100 up 0.3%, FTSE 250 adds 0.4%Feb 16 (Reuters) - UK's FTSE 100 rose to a record high on Thursday, underpinned by corporate earnings from Centrica and Standard Chartered, while higher commodity prices drove up heavyweight miners. The blue-chip FTSE 100 (.FTSE) gained 0.3%, trading comfortably above the 8,000-point mark it had breached in the previous session. The exporter-heavy FTSE has had a stellar start to the year as positive corporate earnings and rising commodity prices supported the index. Shares of Centrica (CNA.L) jumped to top the FTSE 100, adding 4.2%, after the British gas owner's annual profit more than tripled and as it announced an extension of its share buyback programme. Standard Chartered (STAN.L) rose 1.8% after the lender reported a 28% rise in annual pretax profit and unveiled a $1 billion share buyback programme.

☆ The Fed won't be what drives markets in 2023, wealth manager says
▼ + stars: | 2022-12-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Prior to that, the U.S. saw a four consecutive three-quarter point hikes — the most aggressive policy decisions since the early 1980s. Fed officials and economists expect rates to stay high next year, with reductions unlikely until 2024. But that doesn't mean the Fed will remain the primary driver of the markets. "Next year I think it's not going to be the Fed determining the market. It was hard to expect a return above inflation where yields were."

☆ FTSE 100 falls as consumer, commodity stocks drag on China COVID worries
▼ + stars: | 2022-12-29 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 eyes worst day in two weeksFalling crude drags oil giants lowerFTSE 100 down 0.4%, FTSE 250 off 0.3%Dec 29 (Reuters) - UK's FTSE 100 fell on Thursday, with energy and consumer stocks leading declines, as optimism over China's reopening fizzled out in the face of surging COVID-19 cases in the world's second largest economy. The blue-chip index (.FTSE), down 0.4%, will post its biggest single day drop in two weeks if losses hold. Commodity prices broadly fell as surging COVID cases in China dimmed hopes of a recovery in fuel demand for the world's largest crude oil importer even as it began dismantling strict COVID curbs. Oil majors BP (BP.L) and Shell (SHEL.L) lost 1.2% and 0.8%, respectively, on Thursday as crude prices fell more than 2%. Consumer stocks such Unilever (ULVR.L) and British American Tobacco (BATS.L) weighed on the FTSE 100, slipping nearly 1%.

☆ Asset manager says Big Tech is set for a comeback — and names 2 stocks to get ahead of it
▼ + stars: | 2022-11-29 | by ( Zavier Ong | ) www.cnbc.com time to read: +2 min

Tech stocks have endured a brutal year so far, but asset manager Patrick Armstrong believes investor interest in Big Tech could reignite next year. "I do think Alphabet and Apple are [going to retain] their dominant market shares. Tech stocks have borne the brunt of this carnage, with the tech-heavy Nasdaq Composite down around 30% this year. Tech stocks have pared some losses since hitting their lows, but investor confidence in the sector remains shaky amid several bouts of bear market rallies that fizzled out quickly. 'Everyone wants to own' Big Tech "Going into year-end, I think Big Tech as a whole is going to see investors allocating to it.

☆ Outperforming asset manager picks 3 global retailers to short amid a fall in consumer spending
▼ + stars: | 2022-11-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Shares of mass market retailers will fall as profit margins are squeezed, and consumers curtail spending next year, according to Plurimi Wealth's chief investment officer. Selling shares "short" means borrowing shares through a broker to sell them immediately with a plan to repurchase them when the price is lower. In such an environment, mass market retailers that benefit from discretionary spending will see their revenues decline. While investors are split over the health of the American consumer, European shoppers are mostly expected to curtail their spending habits next year. Elsewhere in Europe, economists are also expecting a recession for the first half of next year that will impact discretionary spending.

☆ Outperforming asset manager picks the stocks set to win as margins get squeezed
▼ + stars: | 2022-11-25 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

"Consumers are going to have their purse strings pulled by utility bills, higher mortgage costs, higher petrol prices, and there's going to be margin squeeze." He said wage pressure and higher commodity prices were particularly challenging and could eat into companies' margins. Luxury Luxury stocks are another favorite for Armstrong. Moreover, the "massive" profit margins of luxury companies are also insulated from increases in input prices, he added. Within the space, Armstrong's fund owns French luxury goods companies LVMH and Hermes , given their "defendable margins" and the ability to be price setters.

☆ Asset manager names a UK sector that's now turned 'toxic,' revealing two stocks to bet against
▼ + stars: | 2022-11-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The U.K. commercial property sector has become a "toxic environment" for investors, according to Plurimi Wealth's chief investment officer. Shares of British Land and Land Securities have fallen by 23.1% and 18.5% this year, respectively. With U.K. government bonds offering a yield of about 3%, commercial property valuations have fallen to compensate for a rise in yields above sovereign gilts. British Land now offers a yield of 7.1%, a full percentage point above its long-term average, according to UBS. The investment bank suggests that with every 0.5 to 1 percentage point rise in yield, values fall by 15-20%.

☆ CNBC Pro Talks: Asset manager Patrick Armstrong on Big Tech, market outlook and stocks to short
▼ + stars: | 2022-11-22 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

As investors continue to navigate a slew of market risks, join CNBC's next Pro Talks for insights on how to come out on top. Armstrong manages funds including the Plurimi AI Global Equity Strategy. Watch the Pro Talks on Wednesday, Nov. 23 at 8 p.m. Singapore time/12 p.m. London time/7 a.m. Learn more from our previous Pro Talks: Fund manager names 3 recession-proof stocks and reveals how to rescue your portfolio if underwater Tech stocks are tumbling but one fund manager still loves Microsoft. Watch the Pro Talks on Wednesday, Nov. 23 at 8 p.m. Singapore time/12 p.m. London time/7 a.m.

☆ Instant View: UK finance minister Jeremy Hunt outlines budget
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +5 min

Much of Hunt's budget had been widely expected, meaning markets offered a muted reaction. Sterling fell against the dollar, while UK government bond prices also eased, but remained clear of the day's lows. FOREX: Sterling fell 0.9% against the dollar to $1.1809 from $1.1845 prior to the budget. MARCUS BROOKES, CHIEF INVESTMENT OFFICER AT QUILTER INVESTORS, LONDON:"Today’s Autumn Statement has painted a bleak picture for the UK... Markets originally reacted well to the steady hand of Jeremy Hunt. SIMON HARVEY, HEAD OF FX ANALYSIS, MONEX EUROPE, LONDON:"The austerity’s going to be welcome (to the Bank of England) purely because there’s going to be less support for UK consumers.

Johnson & Johnson (JNJ.N) rose 1.5% in premarket trading after the healthcare conglomerate beat Wall Street expectations for third-quarter sales, helped by strong demand for its cancer drug Darzalex and Crohn's disease drug Stelara. read moreGoldman Sachs Group Inc (GS.N) gained 0.9%, while Netflix (NFLX.O) added 1.6% ahead of earnings later in the day. read moreThe reversal of parts of a controversial UK fiscal plan that had roiled bond markets also aided sentiment. read more"Initial Q3 company reports have been positive, and you've had some stabilization in the United Kingdom with its government. ET, Dow e-minis were up 340 points, or 1.12%, S&P 500 e-minis were up 50.25 points, or 1.36%, and Nasdaq 100 e-minis were up 179.75 points, or 1.62%.

☆ European shares edge higher as investors await new UK fiscal plan
▼ + stars: | 2022-10-17 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

The region-wide STOXX 600 index (.STOXX) was up 0.3%, extending gains for a third straight session. European equities have suffered losses in the recent weeks as investors fret about the prospects of a recession from aggressive central bank actions to tame inflation. Most STOXX 600 sectors were trading up, with energy stocks (.SXEP) up 0.6% as oil prices rose driven by hopes of better demand from China. The bank has agreed to pay $495 million to settle a case brought against it in the United States. read moreNel (NEL.OL) rose 7.3% after the Norwegian hydrogen company received a NOK 600 million ($56.4 million) order from Woodside Energy (WDS.AX) for a U.S. hydrogen project.

The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. Analysts said iPhone 14's Pro and Pro Max versions were selling at a brisk pace, although demand for the base model, typically Apple's best seller, was underwhelming. Apart from satellite connectivity and crash detection features, the iPhone 14 model looks and feels similar to its previous iteration, although it sells for $100 more at $799 for the base version. Prospective iPhone 14 buyers may opt for iPhone 13, given the hefty discount on the older model, said Abhilash Kumar of data research firm Strategy Analytics. Shares of Apple suppliers Qualcomm (QCOM.O), Taiwan Semiconductor , STMicroelectronics , Infineon (IFXGn.DE) and ASML (ASML.AS) were also trading lower on the news.

read more read moreAmong the 11 S&P 500 sector indexes, technology (.SPLRCT) was the sole decliner, down 1.2%. read moreEli Lilly & Co , which is also developing an Alzheimer's drug, rose 7.7% and was the biggest boost to the S&P 500 index. In the previous session, Wall Street's main indexes sank deeper into a bear market, with the S&P 500 recording its lowest close in almost two years on rate hike worries. read moreAdvancing issues outnumbered decliners by a 3.55-to-1 ratio on the NYSE and by a 2.45-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 29 new lows, while the Nasdaq recorded 16 new highs and 140 new lows.

☆ Apple worsens selloff in beleaguered growth stocks
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - Apple Inc shares (AAPL.O) fell 4% in premarket trading on Wednesday and piled pressure on other growth stocks following a report that the tech giant was dropping its plans to boost production of the latest model of its flagship iPhone. Register now for FREE unlimited access to Reuters.com RegisterOther growth stocks including Microsoft Corp , Amazon.com , Google-parent Alphabet and Tesla Inc (TSLA.O) fell between 1.5% and 3% on the news. "Apple is not immune to that and it's probably symptomatic of what's happening across many different companies right now." The rate-sensitive growth stocks have taken a beating this year on the U.S. Federal Reserve's rapid pace of interest rate hikes. The S&P 500 growth index (.IGX) has shed 29% this year, compared with a 17% slide in its value (.IVX) counterpart.

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