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☆ European markets lower ahead of key inflation prints; Italian banks sink on windfall tax
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The pan-European Stoxx 600 index slipped 0.3% at the open, with basic resources shedding 1.4% to lead losses as most sectors and major bourses traded in the red. The European blue chip index closed Monday's session up 0.1% as markets appeared to enter suspended animation after last week's global pullback, as investors took profits near the end of earnings season and risk sentiment returned to focus. A Reuters poll of economists produced a consensus forecast for the July print of 3.3% year on year, up from 3% in June. Roughly 85% of S&P 500 stocks have reported quarterly results, and nearly 80% of them have beaten Wall Street's expectations, according to FactSet. Back in Europe, Deutsche Wohnen , Porsche , Bayer, ABRDN and Glencore all report Tuesday.

Organizations: Federal, Deutsche Wohnen, Porsche, Bayer, ABRDN Locations: China, United States, Beijing, The U.S, Asia, Pacific, Europe

☆ Moody's cuts ratings of 10 U.S. banks and puts some big names on downgrade watch
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Moody's cut the credit ratings of a host of small and mid-sized U.S. banks late Monday and placed several big Wall Street names on negative review. Moody's also changed its outlook to negative for 11 banks, including Capital One , Citizens Financial and Fifth Third Bancorp . Among the smaller lenders receiving an official ratings downgrade were M&T Bank , Pinnacle Financial , BOK Financial and Webster Financial . "Meanwhile, many banks' Q2 results showed growing profitability pressures that will reduce their ability to generate internal capital. Though the stress on U.S. banks has mostly been concentrated in funding and interest rate risk resulting from monetary policy tightening, Moody's warned that a worsening in asset quality is on the horizon.

Persons: Moody's, Cullen, Frost, Jill Cetina, Ana Arsov Organizations: New York Stock Exchange, Bank, New York Mellon, U.S . Bancorp, Truist, Frost Bankers, Northern Trust, Capital, Citizens Financial, Fifth Third Bancorp, T Bank, Pinnacle Financial, BOK, Webster, Regional, Silicon Valley Bank, Signature Bank, Credit Suisse, UBS, Federal Reserve, Fed Locations: New York City, U.S, Regional U.S, Silicon, Europe, Swiss

☆ Niger hangs in the balance as junta ignores ultimatum from West African bloc
▼ + stars: | 2023-08-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The 7-day deadline given by Economic Community of West African States (ECOWAS) to the military junta on July 30 for the release and reinstatement of President Mohamed Bazum expired at midnight. Niger's coup leaders on Monday closed its airspace after an ultimatum from the Economic Community of West African States to reinstate elected President Mohamed Bazoum expired on Sunday night. The military junta calling itself the National Council for the Safeguarding of the Fatherland seized power on July 26 and detained Bazoum, with the commander of the country's presidential guard, General Abdourahmane Tchiani, proclaiming himself the country's new leader. Many foreign countries have already begun evacuating embassy staff and citizens from Niger, while the likes of the U.S. and U.K. have partially suspended aid programs. The 15-member ECOWAS gave the military junta one week to return the elected government to power and restore constitutional order, threatening the use of force if its demands were not heeded.

Persons: Mohamed Toumba, Mohamed Bazum, Mohamed Bazoum, Bazoum, Abdourahmane Tchiani Organizations: National Council for, Fatherland, Economic Community, West African States, Economic, West, National Council, European Union, ECOWAS, France Locations: NIAMEY, Niger, West African States, U.S, Russia, France, Nigerian, Niamey

☆ Siemens Energy CEO on $2.4 billion wind turbine hit: We were 'going too fast' with new products
▼ + stars: | 2023-08-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

A Siemens Gamesa blade factory on the banks of the River Humber in Hull, England on October 11, 2021. Siemens Energy CEO Christian Bruch said Monday that the company needs to slow down its rollout of new products after booking 2.2 billion euros ($2.4 billion) in costs due to quality issues at its wind turbine unit. In June, Siemens Energy scrapped its profit forecast and warned that costly failures at wind turbine subsidiary Siemens Gamesa could drag on for years, sending shares tumbling. Though well below worst-case estimates, Siemens Energy said the 2.2 billion euro hit will push its net loss for the year to around 4.5 billion euros —significantly worse than previously expected. This included "negative tax effects from valuation allowances on deferred tax assets in connection with the charges at Siemens Gamesa," the company said.

Persons: Christian Bruch, Bruch, CNBC's, we've Organizations: Siemens, Siemens Energy, Grid Technologies, Siemens Gamesa Locations: Hull , England, Frankfurt

☆ Shipping giant Maersk beats expectations despite 72% profit plunge on falling container rates
▼ + stars: | 2023-08-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Danish shipping giant Maersk on Friday reported a sharp fall in second-quarter earnings on the back of plunging container rates, but still managed to beat market expectations and upgrade its full-year guidance. Analysts had projected an EBITDA of $2.41 billion, according to Refinitiv data. "Our decisive actions on cost containment together with our contract portfolio cushioned some of the effects of this market normalisation. Cost focus will continue to play a central role in dealing with a subdued market outlook that we expect to continue until end year." Maersk also narrowed its profit forecast for the full year and now expects underlying EBITDA to come in between $9.5 billion and $11 billion, having previously estimated a range of between $8 billion and $11 billion.

Persons: destocking, Vincent Clerc Organizations: Maersk, Analysts, Revenue Locations: North America, Europe

☆ The Fitch U.S. ratings cut is here to stay, says analyst who worked on the S&P downgrade in 2011
▼ + stars: | 2023-08-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

In this article ANF Follow your favorite stocks CREATE FREE ACCOUNTFitch Ratings in New York, United States. Cem Ozdel | Anadolu Agency | Getty Imageswatch now"The ratings are basically a slow-moving signal," he told CNBC's "Squawk Box Europe" on Thursday. Hentov was part of the Standard & Poor's team that famously downgraded the U.S. government's credit rating in 2011, citing political polarization after a prolonged and fraught squabble in Washington over raising the debt ceiling. In May of this year, another standoff between the White House and opposition Republicans over raising the U.S. debt limit once again pushed the world's largest economy to the brink of defaulting on its bills, before President Joe Biden and House Speaker Kevin McCarthy struck a last-minute deal. Asked if the U.S. was likely to regain its "risk-free" AAA rating from Fitch anytime soon, Hentov responded with a flat "no."

Persons: Cem Ozdel, CNBC's, Hentov, Joe Biden, Kevin McCarthy Organizations: Anadolu Agency, Getty, White House, Fitch Locations: New York, United States, U.S, Washington

☆ Tom Brady takes minority stake in second-tier English soccer club Birmingham City
▼ + stars: | 2023-08-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Tom Brady #12 of the Tampa Bay Buccaneers waves to the crowd as he runs off the field after defeating the New England Patriots in the game at Gillette Stadium on October 03, 2021 in Foxborough, Massachusetts. LONDON — Seven-time Super Bowl champion Tom Brady has become a minority owner of English soccer club Birmingham City. The legendary NFL quarterback ended his football career in February at the age of 45 after 23 seasons, a record seven Super Bowl titles and five Super Bowl MVP trophies. "Birmingham City is an iconic club with so much history and passion and to be part of the Blues is a real honour for me," Brady said in a statement. Although based in the U.K.'s second-largest city, the club has languished outside the coveted Premier League since 2011 and has long been eclipsed by crosstown rival Aston Villa.

Persons: Tom Brady, Brady Organizations: Tampa Bay Buccaneers, New England Patriots, Gillette, LONDON, soccer, Birmingham City, —, Knighthead Capital Management, NFL, Super, Knighthead, Premier League, Aston Villa Locations: Foxborough , Massachusetts, New York, Birmingham

☆ Bank of England hikes rates by quarter percentage point in split vote
▼ + stars: | 2023-08-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. The Monetary Policy Committee (MPC) voted 6-3 in favor of the quarter-point hike, with two members preferring a second straight 50 basis point increase and one voting to keep rates unchanged. Market pricing was split roughly 60/40 in favor of a quarter-point hike as of Thursday morning, according to Refinitiv data. Inflation is expected to dip below 2% during the second quarter of 2025, the Bank said in its accompanying Monetary Policy Report, finishing 2024 at 2.5% and 2025 at 1.6%. Prices have since shown signs of cooling, but the MPC is navigating a more complicated picture in the labor market.

Persons: imminently, Rishi Sunak, Jeremy Hunt, Hunt Organizations: Bank of England, LONDON, Monetary Policy, MPC, Bank, Committee Locations: City, London, Britain

☆ U.S. debt downgrade sinks global markets — but economists are not concerned
▼ + stars: | 2023-08-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Global stock markets tumbled on Wednesday after ratings agency Fitch downgraded the United States' long-term credit rating — but top economists say there is nothing to worry about. U.S. stock futures were sharply lower after the downgrade, pointing to a fall of almost 300 points for the Dow Jones Industrial Average at the Wednesday open on Wall Street. Current Treasury Secretary Janet Yellen described the downgrade as "outdated." Phillips said the downgrade "should have little direct impact on financial markets as it is unlikely there are major holders of Treasury securities who would be forced to sell based on the ratings change." Harvey noted that, ahead of the 2011 S&P downgrade, stocks were in correction territory, credit spreads were widening, rates were falling, and the global financial crisis "was still in the market's collective conscience" — whereas the conditions today are "almost the opposite."

Persons: Fitch, Larry Summers, Mohamed El, Erian, Summers, Janet Yellen, Goldman Sachs, Alec Phillips, Phillips, Wells, Chris Harvey, Harvey, Mark Mobius, they've, CNBC's Organizations: United, AAA, Dow Jones, U.S ., Allianz Chief, Treasury, Wells Fargo Securities Head, Equity, CNBC, ., Mobius Capital Partners Locations: United States, London, Asia, Pacific, Wells Fargo, U.S

☆ Bank of England's next move divides economists as data paints a mixed picture
▼ + stars: | 2023-08-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Andrew Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, February 2, 2023. Pool | ReutersLONDON — Market expectations are split over the Bank of England's next monetary policy move on Wednesday, as policymakers near a tipping point in their fight against inflation. The other 38% of market participants expect a second consecutive 50 basis point hike, after the central bank surprised markets with a bumper increase in June. watch nowThe British economy has proven surprisingly resilient, despite a run of 13 consecutive rate hikes from the Bank of England. "While core inflation surprised to the downside in June, services inflation momentum remains strong.

Persons: Andrew Bailey, Goldman Sachs, James Moberly, Ibrahim Quadri, Jari Stehn, BoE, Goldman, —, Abbas Khan, Mariano Cena, Silvia Ardagna, Matthew Swannell, Paul Hollingsworth, Andrew Bailey's Organizations: Bank of England, Press, Bank of, Monetary, British Retail Consortium, MPC, Fed, ECB, U.S . Federal Reserve, European Central Bank, PMI, Bank of England's, Barclays, BNP Paribas Locations: London, Britain, Sintra

☆ HSBC CEO on Farage-Coutts spat: 'We do not exit clients based on their lawful personal views'
▼ + stars: | 2023-08-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

HSBC's U.K. headquarters are seen at the Canary Wharf financial district of London on July 31, 2018. Although refusing to discuss details of other banks and their clients, HSBC boss Quinn told CNBC on Tuesday that "our policy is not to de-bank or exit a client based on their lawful personal views." "We also have a responsibility as an institution to look at any areas of financial crime compliance or we have an obligation to collect information on KYC (Know Your Customer), so we have those competing obligations but to reiterate, as a policy we do not exit clients based on their lawful personal views." The closure of Farage's account triggered a heated debate in the U.K. and rocked the domestic banking industry. NatWest CEO Alison Rose was forced to resign, after she admitted discussing details of Farage's Coutts account with a BBC reporter in the wake of his allegations.

Persons: Tolga Akmen, Noel Quinn, Coutts, Nigel Farage's, Farage, Coutts —, —, Quinn, Alison Rose, Farage's Coutts, Peter Flavel, Rishi Sunak, Jonathan Bachman Organizations: AFP, Getty, LONDON, HSBC, Trump, NatWest Group, CNBC, NatWest, BBC, Brexit Party, UKIP Locations: London, U.K

☆ Niger coup draws condemnation from Russia and the West as regional body threatens force
▼ + stars: | 2023-07-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

NIAMEY, Niger - July 30, 2023: Coup supporters take to the streets carrying Nigerien and Russian flags after the army seized power in Niger. LONDON — West African leaders on Sunday threatened military action against the junta that seized power last week in a coup in Niger, as protesters carrying Russian flags stormed the French embassy in capital city Niamey. The U.S. and France, which have troops stationed in Niger, called for calm, but strongly condemned the coup, along with much of the international community. Thousands of Nigeriens took to the streets on Sunday in support of the coup, with many carrying Russian flags and chanting pro-Putin messages. Images purporting to be from the scene, which CNBC could not independently verify, showed fires outside the French embassy in Niamey, along with French flags being burned and projectiles thrown at the former colonial power's mission.

Persons: Mohamed Bazoum, General Abdourahmane Tchiani, Bazoum's, Mahamadou, Bazoum, Mahamat Idriss Déby Itno, Nigeriens, Dmitry Peskov, Wagner, Yevgeny Prigozhin Organizations: West, Sunday, National Council, Fatherland, CNBC, Reuters, Wagner Group, Kremlin Locations: NIAMEY, Niger, Russian, LONDON, Niamey, U.S, France, Moscow, Africa

☆ A CEO quits and the BBC apologizes to Trump ally Nigel Farage. A banking scandal erupts in Britain
▼ + stars: | 2023-07-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +9 min

Alison Rose, NatWest chief executive, (right) departs 10 Downing Street in London, after meeting with Chancellor Jeremy Hunt. Prime Minister Rishi Sunak and several members of his Conservative government issued statements condemning the bank and characterizing the termination of Farage's account as an affront to free speech. Farage was offered an alternative account at regular main street bank NatWest, but declined. His critics maintain that although frequent references are made to Farage's political profile and controversial views, the reasons outlined for allowing the banking relationship to lapse were primarily commercial, and he was not "de-banked" as he claims. Without the mortgage, the bank indicated that Farage's account value would fall below its commercial criteria.

Persons: Jonathan Bachman, Alison Rose, Nigel, Coutts, Rose, Danni Hewson, AJ Bell, Farage, Coutts —, Chancellor Jeremy Hunt, James Manning, Rishi Sunak, Nigel Farage, —, DANIEL LEAL, Donald Trump, Vladimir Putin, Frances Coppola, Coppola, Dave Rushen Organizations: Getty, LONDON, NatWest, BBC, UBS, Conservative, Brexit Party, Independence Party Leader, U.K, Independence Party, UKIP, Sky News, NatWest Group, Company Locations: London, U.K, inclusivity, Leicester, British

☆ Jeep, Dodge maker Stellantis posts first-half revenue jump, confirms 2023 guidance
▼ + stars: | 2023-07-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Carmaker Stellantis on Wednesday posted a 12% year-on-year jump in net revenues and 37% spike in net profit for the first half of 2023, boosted by higher shipments. The manufacturer of Jeep, Dodge, Peugeot and other brands recorded second-quarter net revenues of 98.4 billion euros ($108.8 billion) and a net profit of 10.9 billion euros. The company confirmed its 2023 guidance while raising its growth outlook in Europe and the Middle East & Africa from 5% to 7%. Global battery electric vehicle (BEV) and low emission vehicle (LEV) sales were up 24% and 28% year-on-year to 169,000 units and 315,000 units, respectively. "It takes a united effort and open mindset across all our employees to embark on our no-compromise transformation journey while protecting the Company from external challenges."

Persons: Carmaker Stellantis, BEV, Stellantis, Carlos Tavares Organizations: Dodge, Peugeot, Fiat Chrysler, France's PSA Group, Global Locations: Europe, East, Africa, American

☆ Deutsche Bank beats expectations despite 27% drop in profit, jump in costs
▼ + stars: | 2023-07-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A Deutsche Bank AG branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty ImagesDeutsche Bank on Wednesday reported a net profit of 763 million euros ($842 million) for the second quarter of 2023, narrowly beating expectations despite a 27% year-on-year decline. related investing news Citi downgrades Goldman Sachs, says targets will take time to be reached We're selling some shares of this health-care company and changing our rating However, second-quarter non-interest expenses rose 15% year-on-year to 5.6 billion euros, with adjusted costs up 4% to 4.9 billion euros. Nonoperating costs includes 395 million euros in litigation charges and 260 million euros in "restructuring and severance related to execution of strategy." In its first-quarter report, the bank flagged job cuts for its non-client facing staff and reported a sharper-than-expected year-on-year fall in investment bank revenues.

Persons: Alex Kraus, Citi downgrades Goldman Sachs, James von Moltke, CNBC's Silvia Amaro, von Moltke, we've Organizations: Deutsche Bank AG, Bloomberg, Getty Images Deutsche Bank, Citi, Deutsche Bank, CNBC Locations: Frankfurt, Germany

☆ Saudi soccer dominance could still take 'decades' despite reported $332 million Mbappé bid
▼ + stars: | 2023-07-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Aurelien Meunier - PSG/PSG via Getty ImagesSaudi Arabian soccer club Al-Hilal reportedly tabled a world record 300 million euro ($331.9 million) bid for Paris Saint-Germain star Kylian Mbappé, a further signal of the kingdom's efforts to shake up the sport's global order. Al-Ahli snapped up Chelsea goalkeeper Edouard Mendy and former Liverpool striker Roberto Firmino, and have just agreed a £30 million ($38.54 million) deal to bring in forward Riyad Mahrez from reigning English Premier League and European champions Manchester City. A medium-term threat Soccer isn't the first sport to be rocked by a sudden wave of Saudi investment. This is more like a couple of decades before I think we could see some significant impact." Cristiano Ronaldo stands prior to the Saudi Pro League week 28 soccer match between Al-Nassr and Al-Shabab at Alawwal Park Stadium in Riyadh, Saudi Arabia on May 23, 2023.

Persons: Kylian, Paris Saint, Germain, Le, Aurelien Meunier, Hilal, Mbappé, Nassr, Cristiano Ronaldo, Marcelo Brozovic, Alex Telles, Ronaldo, Ballon, Karim Benzema, N'Golo Kante, Edouard Mendy, Roberto Firmino, Mahrez, Anmar Al, Khalid Alhaj, Al, Ruben Neves, Kalidou Koulibaly, Sergej Milinkovic, Savic, LIV, Michael Goldberg, DBRS Morningstar, Goldberg, Jude Bellingham, Mohammed Saad Organizations: Paris Saint, Campus PSG, PSG, Getty Images, Al, French, country's Public Investment Fund, Real, English Premier League, Newcastle United, Saudi, — Al, Saudi Pro League, Inter Milan, Manchester United, Real Madrid, Chelsea, Liverpool, Manchester City, King Abdullah Sports City, Premier League's Wolverhampton Wanderers, Senegalese, Lazio, UEFA, Champions League, England's Premier League, Liga, Germany's Bundesliga, Italian Serie, isn't, DBRS, CNBC, Bayern Munich, Juventus, Borussia Dortmund, Alawwal, Anadolu Agency, Getty Locations: POISSY, France, Paris, Le Havre, Getty Images Saudi Arabian, Qatar, Real Madrid, Spanish, Saudi, Ittihad, Al, Hilal, Ahli, JEDDAH, Saudi Arabia, Europe, Italian, Barcelona, Liverpool, Shabab, Riyadh

☆ European stocks cautious, with earnings and central banks in focus
▼ + stars: | 2023-07-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were muted as investors assessed economic data and corporate earnings, while gearing up for a big week of central bank meetings . The pan-European Stoxx 600 index hovered just below the flatline in early trade, with mining stocks jumping 2.7% while health care stocks fell 1%. Global investors are navigating a busy week of corporate earnings and central bank meetings. The European Central Bank meets on Thursday, when policymakers are expected to announce a 25 basis point rate hike and offer guidance for the final stages of their efforts to fight inflation. It's another bumper day for earnings stateside, with Microsoft , Google parent Alphabet , Spotify and General Motors all due to report.

Persons: Hong Organizations: Global, European Central Bank, Unilever, Deutsche, Dow Jones, Microsoft, Google, General Motors, U.S . Federal Locations: France, Germany, Europe, Italgas ., Asia, Pacific

☆ What new norm of slower Chinese growth could mean for the global economy
▼ + stars: | 2023-07-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Ying Tang | NurPhoto | Getty ImagesThe Chinese economy could be facing a prolonged period of lower growth, a prospect which may have global ramifications after 45 years of rapid expansion and globalization. The ruling Chinese Communist Party has set a growth target of 5% for 2023, lower than usual and notably modest for a country that has averaged 9% annual GDP growth since opening up its economy in 1978. For the global economy, however, the most immediate spillover of a Chinese slowdown will likely come in commodities and the industrial cycle, as China reconfigures its economy to reduce its reliance on a property sector that has been "absorbing and driving commodity prices." "This shift from a complementary economy, where Beijing and Berlin kind of benefit from each other, to now being competitors is another big consequence of the structural slowdown," Green said. He noted that beyond the immediate loss of demand for commodities, China's reaction to its shifting economic sands will also have "second order impacts" for the global economy.

Persons: Ying Tang, Julian Evans, Pritchard, Evans, it's, Xi Jinping's, Rory Green, Green Organizations: Beijing, Communist Party, Capital Economics, Triple, TS Lombard, CNBC Locations: Suzhou, Shanghai, China, Asia, Beijing, Japan, Brazil, Australia, Germany, Berlin

☆ A 'momentous week' ahead as the Fed, ECB and Bank of Japan near pivot point
▼ + stars: | 2023-07-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Bloomberg | Bloomberg | Getty ImagesThe U.S. Federal Reserve, Bank of Japan and European Central Bank will all announce key interest rate decisions this week, with each potentially nearing a pivotal moment in their monetary policy trajectory. The Fed Each central bank faces a very different challenge. "The FOMC will, however, maintain a tight monetary policy stance to aid continued softening in demand and consequently, inflation." Several analysts over the past week have suggested that policymakers will remain "data dependent," but push back against any talk of interest rate cuts in the near future. ECB Chief Economist Philip Lane last month warned markets against pricing in cuts to interest rates within the next two years.

Persons: Goldman Sachs, Michael Cahill, Cahill, Steve Englander, Englander, Philip Lane, Paul Hollingsworth, Christine Lagarde, Hollingsworth Organizations: Bank of Japan, U.S, Bloomberg, Getty, . Federal Reserve, European Central Bank, ECB, Federal, Moody's Investors Service, Standard Chartered, Downside, Fed, BNP, Bank of Locations: U.S, North America, Bank of Japan, Japan

☆ European markets flat ahead as traders react to earnings, look ahead to Spanish election
▼ + stars: | 2023-07-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were flat on Friday as investors digested a fresh round of corporate earnings and looked ahead to a crucial Spanish election over the weekend. Tech stocks shed 1.6% to continue the previous session's slide, while insurance stocks added 0.8%. The European blue chip index closed out Thursday's session 0.4% higher, though the tech sector dropped 2.5% on the back of weak U.S. tech earnings. The results were ominous for Sunak's ruling party as it looks ahead to a general election in 2024. Earnings season kicks off in earnest next week, when Europe's major banks, pharmaceutical firms, automakers, energy giants and aircraft manufacturers are all due to report.

Persons: Rishi, Pedro Sanchez, Glencore Organizations: Tech, Dow Jones, Nasdaq, Conservative Party, Labour Party, Liberal Democrats Locations: Asia, Pacific, Europe, Europe's, Swiss

☆ European markets mixed as tech stocks sink 2% on weak U.S. earnings
▼ + stars: | 2023-07-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were muted on Thursday as investors assessed the implications of some big U.S. corporate results and the start of earnings season at home. The pan-European Stoxx 600 hovered around the flatline in early trade, with tech stocks shedding 2.4% to lead losses on the back of weak U.S. earinings, while mining stocks added 1.4%. Markets in Asia-Pacific were mixed overnight as investors digested a slew of economic data across the region. Japan's Nikkei 225 led losses after the country posted a surprise trade surplus of 43 billion yen ($308 million), its first surplus in 23 months. Stateside, Nasdaq 100 futures slid in after-hours trading Wednesday evening as shares of Netflix sank after the company missed second-quarter earnings expectations.

Persons: Tesla, Elon Musk Organizations: Nikkei, Nasdaq, Netflix, Sweden's Volvo, SAP, France's, Nokia, ABB, Givaudan Locations: Asia, Pacific, Europe, France's Publicis

☆ Ukraine seeks to lure global firms from Moscow as Danone and Carlsberg assets seized
▼ + stars: | 2023-07-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Alexander Demianchuk | RussiaUkraine is urging global companies to divest from Russia and relocate to its war-stricken neighbor, as Moscow continues to seize the assets of foreign companies. Sergiy Tsivkach is the CEO of UkraineInvest, a government agency tasked with attracting foreign direct investment to Ukraine and promoting the country as a secure long-term investment option for international business. "It is important to show that the aggressor cannot receive any investments or any operations from international companies." 28, 2022 that it would seek a full disposal of its business in Russia, and signed an agreement on Jun. 'Your war investment could be wiped out'Ukraine's allies pledged nearly $60 billion toward the country's recovery and reconstruction at the Ukraine Recovery Conference in London in June.

Persons: Alexander Demianchuk, Vladimir Putin, Danone, Tsivkach, Carlsberg, UkraineInvest, David Roche Organizations: Carlsberg, CNBC, videolink, Yale School of Management, Danone, Baltika Breweries, Danone Russia, Russian Federal Agency, Rosimushchestvo, Mar, Initiative, Conference, Independent, NATO Locations: Carlsberg, St . Petersburg, Russia, Russia Ukraine, Moscow, Russian, Ukraine, Uniper, Kyiv, London

☆ UK inflation rate slides to 7.9% in June, below expectations
▼ + stars: | 2023-07-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — U.K. inflation cooled significantly in June, coming in below consensus expectations at 7.9% annually. On a monthly basis, headline CPI increased by 0.1%, below a consensus forecast of 0.4%. Falling prices for motor fuel made the largest downward contributions to the monthly change in the CPI annual rate, the Office for National Statistics said Wednesday. Food prices rose in June, but by less than in the same period of last year. Chief Secretary to the Treasury John Glen told CNBC on Wednesday that the larger-than-expected decline in the inflation rate was "very encouraging."

Persons: Sterling, John Glen Organizations: Reuters, Bank of England's, National Statistics, CNBC, Treasury, Bank of England Locations: London, lockstep

☆ Twitter laid off most of its workers in Africa last year. They say they've been ignored and left without severance
▼ + stars: | 2023-07-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Former Twitter employees in Ghana, who were laid off in November, have been left without severance pay and have not heard from the company for three months, sources told CNBC. As part of new owner Elon Musk's cost-cutting efforts, Twitter fired nearly all of the staff at its only office in Africa. Under Ghanaian employment law, staff must be paid redundancy and should be granted three months' notice before they are made redundant. Twitter's workers in the capital Accra were given less than a month, according to the sources. "Twitter has dealt with us in bad faith since we were laid off in November 2022.

Persons: Elon Musk, Porte, Elon Musk's, Musk Organizations: SpaceX, Tesla, Viva Technology, Porte de, Twitter, CNBC, Labour Office Locations: Paris, France, Ghana, Africa, Accra

☆ Chinese property developer Evergrande posts $81 billion loss over the past two years
▼ + stars: | 2023-07-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China. China Evergrande Group posted a combined loss of $81 billion in its long overdue earnings report late on Monday. Evergrande's net losses for 2021 and 2022 were 476 billion yuan ($66.36 billion) and 105.9 billion yuan ($14.76 billion), respectively, as a result of writedowns of properties, return of lands, losses on financial assets and financing costs, the company said. In its last normal year of operation, 2020, Evergrande posted a net profit of 8.1 billion yuan. Evergrande's colossal debt pile in recent years has become the source of serious concern about China's property sector, a bedrock of the Chinese economy, with defaults and abandoned property projects seen across the country.

Persons: Evergrande Organizations: Group, China Evergrande Locations: Shenzhen, Guangdong Province of China, China

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