European stocks close higher
Stoxx 600 Index.
European shares closed higher on Friday, with regional stocks Stoke 600 The index rose 0.53%.
Germany’s DAX index rose 0.75% and France’s CAC 40 index rose 0.48%. Gains in Britain’s FTSE 100 were weaker, rising 0.19%.
—Jenny Reed
European stocks follow Wall Street higher
S&P 500 opens little changed
The S&P 500 opened little changed on Friday but was on course for a fifth straight weekly gain. The Nasdaq fell 0.3% and the Dow Jones Industrial Average rose 140 points, or 0.3%.
—Samantha Subin
Siemens Energy rose 3.8%
shares Siemens Energy According to Reuters, JPMorgan upgraded the German renewable energy company’s rating to “neutral” from “underweight” and the stock rose 3.8% on Friday afternoon to hit the top of the European benchmark index.
The Wall Street bank reportedly said the turbine and generator maker has strong order books for 2024 and that should continue into next year.
Siemens Energy stock year-to-date.
Gold prices extend gains
Gold prices rose on Friday, extending recent gains as investors awaited Friday’s U.S. producer price index data.
Spot gold was up 0.5% at $2,642.49 an ounce at around 12:50 pm London time. Last month gold climbed above $2,600 for the first time.
— Sam Meredith
Jeep and Dodge maker Stellantis shares fell 3.8%
Auto giant stocks star Shares fell about 3.8% on Friday, extending their decline. declare A series of senior management changes, and said CEO Carlos Tavares will retire in 2026.
The management shakeup comes not long after the maker of household names like Jeep, Dodge, Fiat and Chrysler. Cuts profit forecast for 2024 Last week, the reason was deteriorating global industry dynamics.
The company’s Milan-listed shares are down more than 44% so far this year.
Stellantis stock year to date.
Volkswagen’s global sales drop 7% in third quarter
Volkswagen It said on Friday its global deliveries fell 7% in the third quarter as the European auto market remained challenging.
The company’s deliveries to China fell 15% between July and September to 711,500 vehicles.
The stock was down 0.8% as of 11:10 a.m. London time.
“The competitive situation in China is particularly intense, which is the main reason for the decline in our global deliveries,” said Marco Schubert, a member of the company’s executive committee for sales expansion.
He added that “a better cost base, especially in Germany, will be critical to maintaining success in this environment in the future.”
— April Roach
Strategist: China’s increased focus on boosting consumer demand would be a ‘good sign’
Sophie Huang, senior cross-asset strategist at BNP Paribas Asset Management, said China is currently facing a “moment at all costs” and is preparing to launch new stimulus measures over the weekend.
Huynh told CNBC’s “Squawk Box Europe” on Friday that with the U.S. election approaching and local consumer confidence in China at a “very low” level, China knew it needed to take some measures.
Huang added that the focus of the fiscal package will be key. “Are they going to focus more on the investment side or will they focus more on the demand side because consumer confidence is very low, so I think if there’s more money going into stimulating consumer demand, I think that would be a good sign,” she said.
Sainsbury’s share price falls more than 4%
Shares in British grocery chain Sainsbury’s fell more than 4% on Friday morning, hitting the bottom of the pan-European Stoxx 600 index.
Not long ago, Qatar Investment Authority, Sainsbury’s largest shareholder, was said to have sold 306 million pounds ($400 million) worth of shares in the company, Reuters reported, citing regulatory investigations.
CNBC could not independently verify the report.
— Sam Meredith
Economists say France’s 2025 budget shows government wants to avoid hit to economic growth
Evelyn Herman, European economist at Bank of America Global Research, said France’s spending plan was structured to avoid a damaging hit to economic growth.
Her comments came after France unveiled its 2025 budget on Thursday, which includes a series of spending cuts and tax increases.
“I think the point to emphasize here is that it’s really a little bit. It’s a lot of measures, and each of them brings a little bit of benefit,” Herman told CNBC’s “Squawk Box Europe” on Friday.
“So the hope is that by doing that, and by focusing more on high-income groups and particularly profitable companies – and committing to doing that for the time being – maybe you can avoid the typically strong impact on growth that these measures have,” she said continued.
“I think that’s how this administration is trying to correct the large deficits that have been building up and make some corrections, but not necessarily compromise their growth elements.”
— Sam Meredith
Sanofi is in talks with CD&R to sell 50% of its consumer health business Opella
French pharmaceutical company Sanofi explain On Friday, the company had held discussions with US private equity firm Clayton, Dubilier & Rice (CD&R) about the possibility of selling a 50% controlling stake in its consumer health business Opella.
Sanofi did not disclose any expected financial details and said it would provide further updates once a decision is made.
Sanofi shares fell 0.4% on Friday morning.
— Sam Meredith
European markets open slightly lower
European stocks opened slightly lower on Friday, with most sectors falling.
Shortly after the opening bell, the pan-European Stoxx index fell 0.1%, with auto stocks leading the decline.
— Sam Meredith
UK Finance Minister Rachel Reeves welcomes return to economic growth
UK Finance Minister Rachel Reeves pledged to make “necessary”, “urgent” and “extremely difficult” choices to restore the country’s economic stability.
Pool | Getty Images News | Getty Images
Finance Minister Rachel Reeves said it was welcome news that the UK economy had returned to growth shortly after official data showed that gross domestic product (GDP) was expected to grow by 0.2% in August.
The data was in line with expectations of economists polled by Reuters and followed two months of no growth.
“The return to economic growth is great news,” Reeves said in a statement.
She added: “Growing the economy is a priority for this government so we can repair the NHS, rebuild Britain and give working people a better life.”
— Sam Meredith
UK GDP grew 0.2% in August
british economy Growth in August was 0.2%Figures released by the National Bureau of Statistics on Friday were in line with analysts’ expectations polled by Reuters.
The data comes shortly after UK GDP data showed no growth in both July and June.
— Sam Meredith
European Markets: Here are the opening calls
European markets are expected to open slightly higher on Friday.
British FTSE 100 The German stock index is expected to open 19 points higher at 8,254 points German DAX Index France rose 23 points to 19,228 CAC Up 15 points to 7,559 points, Italy FTSE MIB It rose 11 points to 33,943, according to IG data.
In terms of data, the UK’s August gross domestic product (GDP) data is scheduled to be released at around 7 am London time.
— Sam Meredith
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