European markets nudge higher, looking to build momentum

European markets were cautiously higher on Tuesday, having struggled to build on positive momentum seen at the end of last week.

The pan-European Stoxx 600 index climbed 0.2% in early trade, with basic resources adding 1.2% to lead gains while retail stocks slid 0.3%.

Elsewhere, U.S. stock futures were flat on Tuesday morning after all three major averages gained during the daily trading session.

Meanwhile, stocks in Asia-Pacific struggled to get off the ground Tuesday despite the positive rally on Wall Street. During Asia-Pacific’s Trading session, Anglo-Australian miner BHP shares rose 3.80% after posting its second-biggest profit in history and a record dividend worth $16.3 billion.

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may be one of the best-known electric vehicle makers, but fund manager and tech investor Paul Meeks thinks the stock is still too expensive.

Meeks revealed to CNBC Pro Talks the valuation at which he will find Tesla “more interesting.”

Anglo-Australian miner BHP soars after posting its second-biggest profit in history

Anglo-Australian miner BHP shares soared 3.80% after posting its second-biggest profit in history and a record dividend worth $16.3 billion.

Its full-year results ending 30 June have beaten expectations.

BHP Chief Executive Mike Henry said BHP enters the 2023 financial year “in great shape strategically, operationally and financially.”

He also expects China to “emerge as a source of stability for commodity demand in the year ahead, with policy support progressively taking hold.”

“At the same time, we expect to see a slowdown in advanced economies as monetary policy tightens, as well as ongoing geopolitical uncertainty and inflationary pressures,” he said in a press release.

“The direct and indirect impacts of Europe’s energy crisis are a particular point of concern. Tight labor markets will remain a challenge for global and local supply chains.”

The situation is reversed for peers Rio Tinto and Fortescue Metals

which have posted falls.

CNBC Pro: Strategist names the global stocks to buy despite slowing growth

There are pockets of “compelling value” in three sectors — even amid an economic slowdown, said Patrick Armstrong, chief investment officer at Plurimi Group.

These sectors are “incredibly cheap,” he told CNBC’s “Squawk Box Europe,” naming his favorite stocks and explaining why he likes them.

Source : CNBC