Stocks on the move: Bachem Holding up 13%, Future down 12%
There were some big share price moves in early European trade. Swiss biotech company Bachem Holding surged 13% to lead the Stoxx 600 after signing two new peptide contracts.
British media company Future PLC plunged more than 12% after Sky News reported on Monday that CEO Zillah Byng-Thorne intends to step down in 2023.
– Elliot Smith
CNBC Pro: Fund manager says the bear market is going to get ‘nasty’
Fund manager Cole Smead believes the stock market is still in the early innings of a bear market — and warns that it won’t be a “garden variety” one.
But, he is not losing any sleep over it. Here’s why:
Pro subscribers can read more here.
— Zavier Ong
Stocks finish Monday’s volatile session higher
Stocks seesawed on Monday but ended the session in positive territory as a big Federal Reserve week kicked off.
The Dow Jones Industrial Average closed 197.26 points higher, or 0.64%, to settle at 31,019.68. The S&P 500 jumped 0.69% to 3,899.89 and the Nasdaq Composite gained 0.76% to 11,535.02.
— Samantha Subin
CNBC Pro: Goldman says copper demand is about to surge. Here are the stocks it expects to benefit
A copper deficit could be on the horizon, with demand set to surge on the push toward net zero — and some metal stocks could shine in this scenario, according to Goldman Sachs.
— Weizhen Tan
European markets: Here are the opening calls
European stocks are expected to open in negative territory on Wednesday as investors react to the latest U.S. inflation data.
The U.K.’s FTSE index is expected to open 47 points lower at 7,341, Germany’s DAX 86 points lower at 13,106, France’s CAC 40 down 28 points and Italy’s FTSE MIB 132 points lower at 22,010, according to data from IG.
Global markets have pulled back following a higher-than-expected U.S. consumer price index report for August which showed prices rose by 0.1% for the month and 8.3% annually in August, the Bureau of Labor Statistics reported Tuesday, defying economist expectations that headline inflation would fall 0.1% month-on-month.
Core CPI, which excludes volatile food and energy costs, climbed 0.6% from July and 6.3% from August 2021.
U.K. inflation figures for August are due and euro zone industrial production for July will be published.
— Holly Ellyatt