An Hour Ago
Sterling marks fresh six-month low against U.S. dollar
The British pound hit a new six-month low against the U.S. dollar Tuesday, trading 0.12% lower on the previous session at $1.2071 at 11:13 a.m. London time. Sterling sharply declined against the greenback in September, pulled down by weak U.K. growth forecasts and a revision lower of peak interest rate expectations.
See Chart…Pound/U.S. dollar
An Hour Ago
Fast fashion retailer Boohoo slides 10% after outlook cut
Shares of online fashion retailer Boohoo plunged 10.7% after the company reported lower profit and significantly lowered its revenue forecast in results for the six months ending Aug. 31.
Revenue fell 17% to £729 million ($880.9 million) in the period, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped 12% to £31 million.
It now expects a revenue decline of between 12% and 17% this year, up from a prior forecast of flat to a 5% fall.
See Chart…Boohoo share price.
2 Hours Ago
Oil prices continue to slide
Oil prices continued to slip from recent highs Tuesday, but their elevated level continued to cause inflation concerns globally after they hit their highest level in more than a year.
Global benchmark Brent crude futures were 0.45% lower at $90.30 at 9:48 a.m. in London, and U.S. West Texas Intermediate futures were 0.38% lower at $88.46.
Oil and gas stocks were 0.2% higher.
See Chart…ICE Brent Crude (Dec′23)
4 Hours Ago
Europe stocks open lower
Negative sentiment from the start of the week rolled into Tuesday’s open, with the regional Stoxx 600 index 0.32% lower at 8:15 a.m. London time.
Utilities fell 1.3%, while health-care stocks managed to gain 0.37%.
The U.K.’s FTSE 100 was flat as Germany’s DAX and France’s CAC 40 were both down by around 0.4%.
See Chart…Stoxx 600 index.
5 Hours Ago
UK retail inflation slows as food prices fall for first time in two years
British shop prices rose by 6.2% on an annual basis in September, down from 6.9% in August and the lowest rate for a year, according to the British Retail Consortium.
Food price inflation cooled to 9.9% from 11.5%, and on a monthly basis prices dipped 0.1% — the first month-on-month decline in over two years.
The fall in prices was predominantly seen in supermarket-brand items as cost-cutting to gain a competitive edge intensified, the BRC found.
The trade body said it expects shop price inflation to continue to fall for the rest of the year, though it noted risks including high interest rates, higher oil prices, product shortages and supply chain issues.
The Bank of England paused interest rate hikes in September after a cooler-than-expected inflation print of 6.7% in August.— Jenni Reid
11 Hours Ago
CNBC Pro: Goldman Sachs says this global delivery platform’s shares are set to soar over 100%
Shares in this European delivery company are set to double over the next 12 months, according to analysts from Goldman Sachs.
The U.S. investment bank describes the company as a “market leader” of sorts and expects it to benefit from a “more competitive landscape.”
CNBC Pro subscribers can read more here.— Amala Balakrishner
11 Hours Ago
CNBC Pro: Outperforming portfolio manager names 5 discounted global stocks to buy right now
Many stocks have become “a bit cheaper” and investors could get good returns, according to Ted Alexander, chief investment officer of BML Funds.
Alexander manages the BML Global Fund, which was launched only in September. The fund aims to invest in strong businesses that are undervalued by the market, without a bias toward growth or value stocks.
He named five discounted stocks to consider right now, including one he calls a “long-term winner.”
CNBC Pro subscribers can read more here.— Weizhen Tan
11 Hours Ago
CNBC Pro: A ‘phenomenal’ stock: Irrationality has made this wealth manager look super cheap, investor says
Irrational behavior due to concerns over the stability of the U.S. banking system has made one wealth manager’s stock a cheap investment opportunity, according to value investor Daniel O’Keefe.
O’Keefe, who manages the Artisan Global Value Fund, believes this fear is unfounded and stems from a misunderstanding of the business.
CNBC Pro subscribers can read more here.— Ganesh Rao
7 Hours Ago
European markets: Here are the opening calls
European markets are expected to open flat to lower Tuesday.
The U.K.’s FTSE 100 index is expected to open 1 point higher at 7,506, Germany’s DAX down 44 points at 15,200, France’s CAC down 22 points at 7,043 and Italy’s FTSE MIB down 34 points at 27,780, according to data from IG.
Turkey and Switzerland will release September inflation data today.— Holly Ellyatt
