European stocks rise as markets assess data from US and China –

An hour ago

Biggest risers: Siemens Energy rises 7%, Alstom falls 10%

Siemens Energy shares rose more than 7% in early trading after the company secured 7.5 billion euros ($8.15). billion) in project-related state guarantees from the federal government.

The German economy ministry said late Tuesday that it had granted the backstop as part of a broader package of 15 billion euros of guarantee lines agreed with banks and other stakeholders.

At the bottom of Europe’s blue-chip index, shares of French train maker Alstom fell more than 10% after the company said it would cut 1,500 jobs and sell assets to strengthen its balance sheet.

-Elliot Smith

An hour ago

Positively open to Europe

European stocks got off to a positive start on Wednesday.

The pan-European Stoxx 600 rose 0.4% in early trading, with basic resources posting a 1.2% rise, leading gains as most sectors and major exchanges rose.

An hour ago

Siemens Energy secures government guarantees as the company posts an annual loss of 4.6 billion euros

Siemens Energy site in Mülheim an der Ruhr, Germany, August 3, 2022.

Wolfgang Rattay | Portal

Siemens Energy has secured 7.5 billion euros Hours before he announced a loss of almost 5 billion euros for his financial year, he received project-related state guarantees from the federal government.

Germany’s economy ministry said late Tuesday that it had granted the backstop as part of a broader package of 15 billion euros of guarantee lines agreed with banks and other stakeholders after discussions with private lenders and the company’s largest shareholder , Siemens AG.

The company denied that the tax guarantees amounted to “state aid”. Christian Bruch, CEO of Siemens Energy, told CNBC on Wednesday that this was not cash.

The company will “pay money for these counter-guarantees, so it’s like an insurance package,” he emphasized.

Read the whole story here.

-Elliot Smith

An hour ago

British inflation fell more than expected to 4.6% in October, its lowest level in two years

Shoppers walk along the high street in Whitstable, UK.

Bloomberg | Bloomberg | Getty Images

Inflation in the UK fell sharply to 4.6% in October from 6.7% the previous month, hitting a two-year low.

The consumer price index remained unchanged month-on-month. Economists polled by Portal had expected the consumer price index to rise 4.8% year-on-year and 0.1% from the previous month.

The core CPI – which excludes fluctuating food, energy, alcohol and tobacco prices – fell to an annual 5.7% in October from 6.1% in September.

Read the whole story here.

-Elliot Smith

8 hours ago

CNBC Pro: Time to invest in China? The professionals weigh up and name sectors and stocks that you should bet on now

China’s economy has been in crisis this year due to a decline in exports, a slowdown in consumer spending and a prolonged slump in the real estate sector, and several analysts are now bearish on the Asian giant.

Chinese stocks have performed poorly – Hong Kong’s Hang Seng index is down about 14% year to date, while the Shenzhen Component is down 10%.

Many emerging market funds have also reduced their allocations to China by about 200 basis points this year and shifted their weight to other markets such as Taiwan, India, South Korea, Brazil and Mexico in anticipation of better valuations and growth.

However, analysts are currently seeing opportunities in the Chinese market and are identifying sectors – and stocks – that are promising

CNBC Pro subscribers can read more here.

—Amala Balakrishner

8 hours ago

CNBC Pro: Harvesting tax losses? Scotiabank Names 10 Canadian Stocks as ‘Prime Candidates’

As the end of the year approaches, investors will likely review their portfolios and consider which stocks to sell to capture tax losses.

Tax-loss harvesting is a strategy to offset capital gains tax from stocks whose share price has risen with losses from distressed stocks.

To help investors, Scotiabank has identified several stocks in Canada’s TSX Composite Index that have fallen significantly this year but are still rated “Sector Outperform” by its analysts.

CNBC Pro subscribers can read more here.

– Ganesh Rao

4 hours ago

European markets: Here are the opening discussions

European markets are expected to open mixed on Wednesday.

According to IG data, the UK’s FTSE 100 index is expected to open 4 points lower at 7,419, the German DAX down 10 points to 15,628, the French CAC down 4 points to 7,191 and the Italian FTSE MIB down 81 points to 29,251.

The income comes from Infineon, Siemens Energy and Aviva. UK inflation figures for October are due.

– Holly Ellyatt