Stocks, News, Data & Earnings | Wilnesh News

European markets were higher at the start of trading on Monday, with the pan-European Stoxx 600 index last rising 0.24% at 8:15am London time.

Travel and leisure stocks rose about 1.1%, while oil and gas stocks fell 1.7%.

Regional stock markets were also mostly higher, with France’s CAC 40 index rising 0.7% and Germany’s DAX index rising 0.2%.

——Sophie Kidlin

Health device maker Philips CEO Roy Jakobs said on CNBC’s “Squawk Box Europe” on Monday that the company needs to “adapt to China’s new growth rate.”

He said the company originally expected the Chinese market to stabilize in the second half of the year, but the actual situation worsened.

However, Jacobs said China remains an important market for Philips.

“We believe that China remains fundamentally an attractive growth market for us. So it’s a matter of when to come back, not if,” he said.

After Jacobs commented Philips said on Monday The company lowered its full-year sales forecast after demand in China “deteriorated”.

In an interview with CNBC, Jacobs blamed China’s problems on slowing consumer confidence and the resulting slowdown in sales, as well as the impact of anti-corruption measures on health care, which he said have left the market at “low points.” ”.

——Sophie Kidlin

Dutch medical equipment giant Philips said on Monday it would lower its full-year sales forecast due to weak demand in China.

The company said it now expects full-year 2024 comparable sales growth to be between 0.5% and 1.5%. This was lower than previous sales growth expectations of 3% to 5%.

Philips CEO Roy said: “In the third quarter, hospital and consumer demand in China further deteriorated, while we continued to see strong growth in other regions. We have adjusted our full-year sales outlook to reflect the continued impact of China.” Ya Jacobs said in an article statement.

Philips said in its financial report on Monday that comparable sales growth in the third quarter was flat. Reuters reported that analysts had expected growth of 2.1%.

——Sophie Kidlin

European markets are expected to open mixed on Monday.

British FTSE 100 German stocks are expected to open 8 points lower at 8,243 German DAX Index France rises 30 points to 19,747 CAC Up 12 points to 7,508 points, Italy FTSE MIB It rose 108 points to 34,648 points, according to IG data.

Philips reports earnings on Monday. No major data releases.

— Holly Elliot

The yen fell to a three-month low against the dollar on Monday after the ruling Liberal Democratic Party lost its majority in the House of Representatives following Sunday’s election.

The currency hit a low of 153.32 against the dollar, its lowest level since July 31.

The Chinese technology company has sparked investor interest after its share price fell, but one market observer is unimpressed.

“I think there could be a rebound in the short term,” said Jason Hsu, founder and chief investment officer of Rayliant Global Advisors. “But it’s not really a (stock) issue, it’s some kind of broad-based rebound.”

Unlike Hsu, not everyone is negative on the stock, with 35 of 46 analysts giving it a buy or overweight rating, with the average upside being 40.1%.

CNBC Pro subscribers can read more about the stock and Hsu’s take here.

— Amala Balakrishna

The investment bank recommends investors buy shares of a warehouse automation company, with a price target that suggests potential upside of more than 50% over the next 12 months.

The use of these systems means warehouses can store items four times more densely than manually operated warehouses, while retrieving products faster than human workers. Improved customer efficiencies and lower operating costs allow the company to achieve healthy profit margins, making its stock more valuable.

CNBC Pro subscribers can read more here.

— Ganesh Rao