Stock market trends: Continental up 7%, Maersk down 2%
Shares in German auto and industrial supplier Continental rose more than 7% in early trading, surging to the top of the regional benchmark after reporting better-than-expected third-quarter profit.
danish shipping giant MaerskMeanwhile, shortly after the market opened, the stock price fell about 2%.
— Sam Meredith
European stocks open higher
European stocks were higher shortly after the opening bell on Monday.
The pan-European Stoxx 600 index rose about 0.7%, with all sectors rising.
— Sam Meredith
Continental reports profit-beating forecasts and lowers sales guidance
The Continental logo in front of the automotive supplier’s headquarters.
Image Alliance | Image Alliance | Getty Images
Continental Airlines Monday release Third-quarter core profit was stronger than expected and it lowered its sales guidance for the second time this year.
The automotive and industrial supplier reported adjusted EBIT of 873 million euros ($934 million) for the three months to the end of September. That beat consensus expectations provided by the company, which cited price adjustments and “rigorous cost management.”
Looking ahead, Continental said it now expects sales in 2024 to be between 39.5 billion euros and 42 billion euros, down from its previous forecast of 40 billion euros to 42.5 billion euros, pointing to weaker industrial development in Europe and North America.
— Sam Meredith
Oil prices mixed
Oil prices were little changed from the previous session as energy market participants closely focused on the threat of supply disruptions caused by U.S. storms.
International benchmark Brent crude futures expiring in January rose 0.1% to $73.95 a barrel, while U.S. West Texas Intermediate crude futures were flat at $70.36 a barrel.
— Sam Meredith
Bitcoin bets exceed $2.8 billion, surpassing $90,000, hitting all-time high
A Bitcoin cryptocurrency sign is seen at a cryptocurrency ATM in Hong Kong, China, Wednesday, November 6, 2024.
Yi Lin | Bloomberg | Getty Images
Bitcoin hit an all-time high of nearly $81,000 and futures contango surged, a clear sign that investors believe more gains will come from the world’s largest cryptocurrency’s record run, bolstered by the U.S. election. The candidate wins.
Open interest in Bitcoin prices above $90,000 rose to more than $2.8 billion on the popular Deribit derivatives exchange, one of the few crypto-native platforms that offers futures trading. Deribit covers most of the offshore options market.
Read the full story here.
— Mackenzie Sigalos
CNBC Pro: Wind power stocks plummeted after Trump’s victory. Analysts now say buy the dip, giving it scope for significant upside
A European stock market fell on news that Donald Trump had won the 2024 presidential election. However, analysts at investment banks said investors were overreacting to fears of a recession in the industry.
All analysts agree that the stock has a price target of more than 50% upside.
CNBC Pro subscribers can read more here.
— Ganesh Rao
CNBC Pro: Nomura lists some Japanese stocks that trade like Bitcoin – analysts give more than 80% upside
Investment bank Nomura has screened Japanese stocks that are “highly sensitive to Bitcoin prices” after the cryptocurrency surged.
The bank noted that “stocks from exchange operators and semiconductor, IT and non-ferrous metals names track BTC but are currently lagging.”
Analysts say that after President-elect Trump wins, the price of Bitcoin could reach $100,000 by the end of the year.
CNBC Pro has singled out 10 stocks with huge upside potential from the investment bank, based on consensus price targets from FactSet.
CNBC Pro subscribers can read more here.
Bitcoin
European Markets: Here are the opening calls
European markets are expected to open higher on Monday.
British FTSE 100 German stocks are expected to open 19 points higher at 8,159 points German DAX Index France rose 48 points to 19,263 CAC Up 21 points to 7,359 points, Italy FTSE MIB It rose 109 points to 34,090, according to IG data.
Proceeds will come from Continental, Hannover Re and Mediobanca. No major data releases.
— Holly Elliot
About The Author
