European markets retreat as investors gauge inflation outlook, Fed comments

Posted by Admin January 10, 2023 World

Stocks on the move: Euronav down 20%, Games Workshop down 5%

Shares of Euronav plunged more than 20% in early trade after Norwegian rival Frontline pulled out of a potential $4.2 billion merger with the Belgian oil shipping company.

British wargame manufacturer Games Workshop fell 5.6% after its half-year earnings report.

– Elliot Smith

CNBC Pro: Platinum prices are soaring. These buy-rated stocks with upside could be a way to cash in

Consumers see inflation, spending sliding over next year, according to New York Fed Survey

CNBC Pro: China’s reopening has gotten Wall Street excited. Here’s how the pros are playing it

Beijing’s sudden and rapid dismantling of its stringent Covid-19 controls after nearly three years has raised hopes that its battered economy could follow a similarly rapid pace of recovery.

From hotels and airlines, to “less obvious beneficiaries,” Wall Street analysts name their top Chinese and global stocks to play the reopening.

Pro subscribers can read more here.

— Zavier Ong

European markets: Here are the opening calls

European markets are heading for a lower open as investors gear up for more inflation data later this week, with U.S. consumer price data for December due Thursday.

The U.K.’s FTSE 100 index is expected to open 49 points lower at 7,676, Germany’s DAX 95 points lower at 14,698, France’s CAC down 52 points at 6,855 and Italy’s FTSE MIB down 204 points at 25,181, according to data from IG.

Data releases Tuesday include Dutch inflation figures for December and U.K. British Retail Consortium retail sales figures for December. Airbus will announce its annual commercial aircraft orders and deliveries.

— Holly Ellyatt