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European markets continue sell-off, tracking global negativity

Soegeefx AppsEU MarketEuropean markets continue sell-off, tracking global negativity

Elliot Smith

European markets retreated on Monday morning, tracking negative global sentiment as investors bet that last week’s U.S. jobs data will keep the Federal Reserve on an aggressive path of interest rate hikes.

TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME
.FTSE FTSE 100 *FTSE 6944.8 -46.29 -0.66 68371693
.GDAXI DAX *DAX 12251.4 -21.6 -0.18 9440669
.FCHI CAC 40 Index CAC 5809.13 -57.81 -0.99 8888343
.FTMIB FTSE MIB *FTSE MIB 20814.87 -86.69 -0.41 70003129
.AEX AEX Amsterdam Index AEX 641.78 -5.33 -0.82 8522413
.IBEX IBEX 35 Idx *IBEX 35 7401.2 -35.7 -0.48 14631135

The pan-European Stoxx 600 fell 0.4% in early trade, with tech stocks shedding 1.2% to lead losses as most sectors and major bourses slid into the red.

U.S. stock futures were lower in early premarket trade on Monday, with Wall Street looking ahead to a key inflation print on Thursday and the beginning of corporate earnings season.

Markets in Asia-Pacific also retreated overnight, with Hong Kong’s Hang Seng index

leading losses as Chinese chip stocks listed in the city plunged following new export rules from the U.S.

Bank of England announces liquidity measures to help ease pension fund issues

The Bank of England is set to introduce further liquidity measures as it seeks to ensure financial stability in the U.K.

It comes after the central bank on Sep. 28 announced a two-week emergency two-week purchase program for long-dated U.K. government bonds. It was designed to protect liability driven investment (LDI) funds from imminent collapse.

Now, the BOE has announced further measures to ensure an “orderly end” to its purchase scheme on Oct. 14, including increasing the size of its daily auctions to allow headroom for gilt purchases ahead of Friday’s deadline.

Yield on U.K. 30-Year, 10-Year and 2-Year Gilts Chart

Elliot Smith

CNBC Pro: Goldman says these ‘cheap’ global stocks are set to win in the short and long-term

As Europe struggles with soaring electricity and gas bills, Goldman Sachs says global companies focussing on energy efficiency are set to outperform.

“We think Energy Efficiency companies can outperform over the short term, with the focus on energy efficiency to tackle the current energy crisis that followed the Russian invasion of Ukraine,” the analysts wrote in a note on Oct. 3.

″[And] over the long term, with the focus on energy efficiency to tackle the climate change and reach the ambitious ‘net zero’ targets.”

— Weizhen Tan

Here are the opening calls

Britain’s FTSE 100 is seen around 51 points lower at 6,940, Germany’s DAX is set to slide by around 122 points to 12,151 and France’s CAC 40 is expected to drop around 61 points to 5,806.

CNBC Pro: Porsche is now more valuable than VW: Here’s what the pros think of the carmakers

A week after its stock market debut, luxury automaker Porsche’s market cap raced past its former parent company Volkswagen Group’s.

Some fund managers are already comparing the German firm to Tesla, the largest electric carmaker in the world, saying Porsche’s electrification plan for its hot-selling Macan EV is expected to be an instant success.

Compared to its parent company VW, which makes nearly 10 million cars annually, Porsche manufactures just over 300,000 cars but accounts for a quarter of the profits at Volkswagen.

— Ganesh Rao

Source ” CNBC

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