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Europe stocks open slightly higher; China stimulus underwhelms

8 Mins Ago

Europe stocks open higher

The pan-European Stoxx 600 index opened higher Monday, and was up by 0.5% at 8:50 a.m. London time.

All sectors posted gains, led by oil and gas, up 1.17%.

France’s CAC 40 advanced 0.8% as Germany’s DAX and the U.K.’s FTSE 100 gained 0.5% and 0.2%, respectively.

See Chart…

Stoxx 600 index.

An Hour Ago

Europe stocks: here are the opening calls

European stocks are heading for a mixed open to Monday’s session, according to data from IG.

Futures were choppy, with the U.K.’s FTSE 100 last seen opening flat at 7,263, Germany’s DAX 0.03% higher at 15,587, and France’s CAC 40 up by 0.08% at 7,170.

— Jenni Reid

4 Hours Ago

China’s financial regulators urge support for resolving local debt risks

Chinese financial regulators at a central and regional government level held a video conference Friday to discuss the resolution of financial risks, according to a readout Sunday from the People’s Bank of China.

The meeting called for coordinating financial support to resolve local debt risks, and adjusting policy for real estate loans.

It also reflected a gathering of a new set of financial policymakers in China’s overhaul of its regulatory system this year.

Read more about the meeting here.

—Evelyn Cheng

4 Hours Ago

CNBC Pro: ‘People are stupid’: Strategist sees big downside as stocks ignore global crises — and names what to own

Despite ongoing economic crises around the world, global stock markets have remained resilient so far this year. However, one veteran strategist warns that this disconnect between geopolitics and equities won’t last forever.

David Roche, president and global strategist at Independent Strategy, said equity markets were still relatively buoyant “because people are stupid” and overly complacent.

Roche also named the asset he would prefer to own, amid the rising risks in a high interest rate environment.

CNBC Pro subscribers can read more here.

— Ganesh Rao

5 Hours Ago

Country Garden Holdings to be removed from Hang Seng Index

Chinese real estate company Country Garden Holdings is set to be removed from Hong Kong’s Hang Seng Index after the benchmark’s latest quarterly review. In its place, pharmaceutical firm Sinopharm will be added.

Country Garden Services Holdings, which is a property management firm and Country Garden affiliate, will also be removed from the Hang Seng China Enterprises Index. It will be replaced by online travel agency Trip.com.

Shares of Country Garden have plunged over 70% from the start of the year and hit record lows after the company failed to meet bond coupon payments, issued a profit warning and suspended trading in 11 of its onshore bonds.

6 Hours Ago

China cuts one-year LPR, but leaves five-year rate unchanged

The People’s Bank of China cut its one-year loan prime rate by 10 basis points to 3.45%, but held the five-year LPR at 4.2%.

This is in contrast with expectations from economists polled by Reuters, which expected both rates to be cut.

The move also comes after the PBOC cut its short-term loan rates, as well as its medium-term lending facility rates last week.

The one-year MLF rate was lowered from 2.65% to 2.5%, while the 7-day reverse repurchase rate was cut from 1.9% to 1.8%.

— Lim Hui Jie

7 Hours Ago

CNBC Pro: Uber and more: Bank of America names over 10 top stocks with ‘triple momentum’

Analysts at Bank of America screened for “triple momentum” stocks based on their momentum in three areas: earnings, price and positive news.

Earnings momentum refers to the change in consensus earnings per share estimates for each stock over three months, according to BofA. Price momentum concerns market sentiment, while news momentum refers to media coverage and corporate news releases.

CNBC Pro subscribers can read more here.

— Lucy Handley

Read More:Europe stocks open slightly higher; China stimulus underwhelms