Individual stock trends: Wacker Chemical rose 7.4%, BT Group fell 4.7%
German chemicals company Wacker Chemie outperformed gains in the Stoxx 600 in afternoon trading, rising after UBS analysts raised their price target on the stock to 137 euros ($148.23) from 130 euros. 7.4%.
BT Group BT Meanwhile, UBS analysts cut the price to 100p ($1.26) from 110p, sending the stock down 4.7%.
—Jenny Reed
S&P 500 opens lower
this S&P 500 Index A lower opening on Wednesday put the index on track for a third straight session of losses.
The composite index fell 0.1% shortly after 9:30 a.m. ET, while Nasdaq Index down 0.4%.this Dow Chemical fell by about 0.1%.
— Alex Harling
OPEC+ technical committee recommends no changes to oil output policy: sources
The Organization of the Petroleum Exporting Countries (OPEC) logo on Thursday, July 6, 2023 in Vienna, Austria.
Bloomberg | Bloomberg | Getty Images
A technical committee of the Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, ended its meeting on Wednesday without recommending changes to the group’s production policy, two representatives said.
The sources could only speak on condition of anonymity due to the sensitive nature of the talks.
The Joint Ministerial Monitoring Committee can only recommend policy changes, which must be reviewed by Union ministers at formal OPEC+ meetings.
According to a source, the next meeting of the JMMC will be held on June 1.
Some OPEC+ members agreed in March to extend voluntary crude production cuts of 2.2 million barrels per day into the second quarter of this year, which is not part of the broader group’s agreed production strategy. The broader group will separately cut production by 2 million barrels per day until the end of 2024 as part of its formal policy.
— Ruksandra Jordash
Strategists say U.S. macro backdrop and profits drive stocks higher
Nick Nelson, head of equity strategy at Absolute Strategy Research, discusses the strong performance of U.S. stocks and whether it can be sustained.
HSBC analysts say investors are moderately optimistic about emerging markets
Murat Ulgen, global head of emerging markets research at HSBC, sat down with CNBC to discuss emerging markets.
Finecobank rally in Itaty
Finecobank shares were up about 6% as of midday London time on Wednesday, amid reports that JPMorgan analysts had taken an “overweight” stance on the stock.
At the other end of the Stoxx 600 index, Austria’s largest electricity supplier Verbund fell 4.5% after a rating downgrade.
——Matt Clinch
Eurozone inflation unexpectedly slows
New PMI data came in below expectations, pointing to a slowdown in the economy.
Bloomberg | Bloomberg | Getty Images
According to preliminary data released on Wednesday, the inflation rate in the 20 euro zone countries fell to 2.4% in March.
Economists polled by Reuters had expected interest rates to be unchanged from last month at 2.6%.
Read our full story here.
—Jenny Reed
Türkiye’s inflation rate rises to 68.5% despite rate hike
A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul on August 8, 2018.
Yassin Akgul | AFP | Getty Images
Turkey’s annual inflation rate rose to 68.5% in March, up from 67.1% in February, according to the Turkish Central Bank. The Turkish Statistical Institute released the report on Wednesday.
Consumer prices increased by 3.16% month-on-month, with prices for education, communications, accommodation and catering rising by 13%, 5.6% and 3.9% respectively from the previous month.
On an annual basis, education cost inflation was once again the highest, with an annual increase of 104%, followed by hotels, restaurants and cafes, with an increase of 95%, and health care with an increase of 80%.
— Natasha Turak
CNBC Pro: ‘A fantastic market’: Strategists name an under-the-radar stock to invest in Japan right now
Some investors have been bullish on Japanese stocks over the past few months, and market strategist Matt Orton is no exception.
“Overall, Japan is an outstanding market… Japan is the best performer in the Asian stock market complex,” Raymond James Investment Management’s chief market strategist told CNBC’s “Squawk Box Asia” on April 1. market.”
A little known name now has a great show for him.
CNBC Pro subscribers can read more here.
— Amala Balakrishna
CNBC Pro: Feeling FOMO about Reddit or Truth Social?Here’s Another Way to Profit from Meme Stocks
From the GameStop mania of 2021 to the recent surge Reddit and truth society stocks, many investors may be concerned about missing out on these seemingly lucrative opportunities.
However, for investors who can’t stomach the risks associated with meme stocks, there are less volatile ways to take advantage of the trading phenomenon, said Hannah Gooch-Peters, global equity investment analyst at Sanlam Investments.
CNBC Pro subscribers can read more about these stocks here.
— Ganesh Rao
European Markets: Here are the opening calls
European markets opened lower on Wednesday.
British FTSE 100 German stocks are expected to open 27 points lower at 7,909 German DAX Index France fell 25 points to 18,266 CAC 9 points lower than Italy at 8,121 FTSE MIB It fell 18 points to 33,703, according to IG data.
Corporate earnings data will be light on Wednesday, but inflation data from the euro zone and Türkiye will be released.
— Karen Gilchrist
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