39 minutes ago
Thank you for reading this post, don't forget to subscribe!LVMH’s growth slowed as the bumper period ended; Shares fell 8%
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LVMH share price.
Shares of luxury giant LVMH opened nearly 8% down, after the company reported 14% revenue growth in the first nine months of 2023, down from 20% in the same period in 2022.
Several analysts cut target prices on the stock following the report after markets closed on Tuesday.
All LVMH sectors rose except wine and spirits, which it said was hit by a higher comparison base and declining demand from the US and China.
“After three vigorous years and excellent years, growth is moving toward numbers that are in line with historical averages,” LVMH Chief Financial Officer Jean-Jacques Guinon told analysts, according to Reuters.
– Jenny Reed
an hour ago
European stocks ready to open with losses
According to IG data, European stocks are set to open with losses on Wednesday.
The UK’s FTSE 100 fell 22.3 points to 7,612, France’s CAC 40 fell 61.5 points to 7,102 and Germany’s DAX fell 47 points to 15,376.
– Jenny Reed
6 hours ago
Seoul shares rise as Samsung leads the way
South Korean shares jumped nearly 2% to a two-week high on a boost from chip giant Samsung Electronics.
According to guidance issued by the company, Samsung expects a 78% decline in operating profit in the quarter ending September. Operating profit forecasts were slightly higher than analyst expectations. The company’s shares jumped 3.77%.
Peer SK Hynix rose about 3%.
-Shreyashi Sanyal
6 hours ago
CNBC Pro: Concerned about volatile markets? Analysts like these 10 global stocks with safe and high dividends
Investors have to contend with an increasingly volatile market – with broader geopolitical risks from the Israel-Hamas conflict adding to the existing uncertainty from rising bond yields and higher rates.
Some analysts recommend buying dividend stocks as a way to avoid this.
For those interested in that strategy, CNBC Pro examined safe and high dividend yield stocks.
CNBC Pro subscribers can read more here.
– Weizen Tan
6 hours ago
CNBC Pro: Goldman names global winners and losers from falling battery prices; Gives one 120% upside
Recent developments in the battery industry have revealed a number of winners and losers, according to Goldman Sachs analysts, as it anticipates a “more rapid decline” in prices.
There are several stocks he expects to benefit from, including one that he expects to rise.
CNBC Pro subscribers can read more here.
– Amala Balakrishner
15 hours ago
Gas prices rise due to Finland gas pipeline leak
An underwater gas and communications pipeline between Finland and Estonia has been damaged, according to an official statement, which the Finnish government attributed to “external activity”. European gas prices have increased as a result.
An investigation into what happened has been ongoing since Sunday, and it is unknown what specifically caused the damage. “These incidents have no impact on our security of supply,” Finnish President Sauli Niinistö said in a statement.
The price of gas next month at the Dutch Title Transfer Facility (TTF) hub, the European benchmark for natural gas trading, was last seen 11.8% higher, trading at 49.15 euros ($52.14) per megawatt hour.
“The drop in pressure in the pipeline was quite sharp, which suggests this is not a minor crack. But the cause is unclear,” a Baltic Energy official with knowledge of the situation told Reuters.
The pipeline extends from Inku in Finland and Paldiski in Estonia to a part of the Baltic Sea that extends into Russian waters.
-Hannah Ward-Glenton
15 hours ago
New York Fed survey shows inflation expectations rose in September
The consumer outlook for where inflation is headed worsened slightly in September, according to a New York Federal Reserve survey released Tuesday.
The survey showed that expectations for inflation next year have risen to 3.7%, up 0.1 percentage point from August. On a three-year basis, the outlook rose 0.2 percentage points to 3%. This occurred as the outlook for gas, medical care, and rent all declined.
Also in the survey, expectations for increases in the cost of education declined from 8.2% to 5.8%, the largest one-month decline in the history of the survey.
-Jeff Cox
6 hours ago
CNBC Pro: Bank of America: These 6 global AI stocks are ‘hidden gems’ with huge potential
ChinaPhotoPress | ChinaPhotoPress | getty images
Bank of America has identified five global stocks that it says will benefit from significantly increased use cases of artificial intelligence applications.
In a note titled “End-device AI: Great potential awaits with hidden gems” dated October 3, the bank said that customized and personalized AI services could soon be brought directly to users’ end devices, which are smartphones. , will revolutionize tablets, cars and more.
Analysts compared the end-device AI to Jarvis, the AI assistant used by Iron Man.
CNBC Pro subscribers can read more here.
-Ganesh Rao
Source: www.cnbc.com
