Market Pulse - Europe
UK private sector activity drops in August for first time since early 2021
Activity levels in the UK's private sector fell over the preceding three months, marking the first decline since March 2021, a leading business lobby group said.
Liberum raises upside case target price for Centamin on projected savings
Analysts at Liberum raised their upside case target price for shares of Centamin to reflect the saving that could accrue from its 'in-house' underground mining, solar generation and grid electricity.
Euro area core consumer prices rise more quickly than expected in August
The cost of living in the euro area picked up a tad more quickly than anticipated during the month of August, driven by gains for food, non-industrial goods and services' prices.
Sector movers: Electricity and Mining shares slump as London traders play catch-up
Electricity stocks and miners' shares dragged on the FTSE 350 as the benchmark played catch up with the selling seen in global markets during the bank holiday the day before.
Europe midday: Stocks extend early gains
Stocks were holding higher on the last session of the month, more than recouping the previous day's losses, despite the release of two worse-than-expected economic data points.
Households continue to draw on savings in July, but recession still on its way
Consumers in the UK continued to save less and borrow more last month in a bid to maintain their lifestyles, but absent "massive" government support, that might not be the case for much longer.
Deutsche Bank downgrades Europe stocks to 'neutral', point to slowing growth in China and Europe
Equity strategists at Deutsche Bank downgraded their view on European equities to 'neutral' after the Euro Stoxx 50 moved slightly above their year-end 2022 target of 3,640.
JP Morgan names Hargreaves Lansdown 'key' underweight
Analysts at JP Morgan reiterated their underweight stance on Hargreaves Lansdown due to the combination of their forecasts for a drop in UK gross domestic product in 2023, alongside "elevated" inflation and the rise in overall living costs, amongst other factors.
Germany's business climate beats forecasts, still at 2-year low
An indicator of Germany’s business climate came in better than expected for August on Thursday, but was still down month-on-month.
Thursday preview: Jackson Hole Symposium, German business confidence in focus
All eyes on Thursday will be on the start of the central banking symposium at Jackson Hole, Wyoming (U. S. A. ), as investors search for guidance on the path that monetary policy will follow in 2023.
Rio Tinto raises bid for owner of massive Mongolian copper mine
Rio Tinto upped its bid for Turquoise Hill, the majority owner of the Oyu Tolgoi copper mine in Mongolia.
Aveva says it would evaluate an offer from Schneider if it received one
Aveva recommended to its shareholders that they take no action following Schneider Electric's confirmation that it was mulling a possible bid for the shares that it did not already own.
Europe midday: Stocks claw back earlier losses ahead of Jackson Hole
European stocks were clawing back earlier losses by lunchtime on Wednesday as investors eyed the Jackson Hole symposium and in particular, a speech by Federal Reserve chair Jerome Powell.
ShoreCap stays at 'buy for Bunzl ahead of 1H results
Analysts at ShoreCap reiterated their 'buy' recommendation for shares of Bunzl ahead of the value added distributor's first half results.
Europe midday: Stocks hold their ground despite surveys pointing to contraction
European stocks were little changed despite the release of mixed survey readings for euro area manufacturing and services which some economists said pointed towards economic contraction in the third quarter.
Europe close: Gas price spike hits stocks
European shares finished sharply lower on Monday amid a spike in natural gas prices even as investors were already questioning just how quickly inflation would fall back in 2023.
Natural gas futures surge as Gazprom announces three-day halt to NS1 flows
Gazprom announced at the weekend that it would shut natural gas flows through the Nord Stream 1 pipeline for three days, sending gas futures sky-high.
Berenberg still expecting 200m gbp of annual cashflow from IWG over medium-term
Analysts at Berenberg slashed their target price for shares of IWG, conceding that the three pillars of its investment thesis might take longer to play out.
Citi sees potential risks from centre-right win in Italian September elections
Italy's centre-right bloc seems to be clearly headed towards an absolute majority at the elections due to take place on 25 September, Citi said.
London midday: Stocks slip as European gas futures spike
London stocks were trading lower at the start of the week as natural gas futures jumped after Russia said the Nordstream 1 pipeline would be closed for three days of maintenance and as investors eyed next Friday’s Jackson Hole central banking symposium.