2 hours ago
European markets open mixed; Oil & Gas up 3.8% on OPEC+ news
European markets were mixed on Monday, with oil markets in focus following a surprise production cut by the OPEC+ alliance, a group made up of OPEC members like Saudi Arabia and non-OPEC top oil producers like Russia.
European markets
| TICKER | COMPANY | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|
| .FTSE | FTSE100 | 7,685.08 | +53.34 | +0.70% |
| .GDAXI | DAX | 15,631.72 | +2.88 | +0.02% |
| .FCHI | CAC 40 index | 7,351.64 | +29.25 | +0.40% |
| .FTMIB | FTSE MIB | 27,251.66 | +137.71 | +0.51% |
| .CAPRICORN | Capricorn 35 Idx | 9,212.30 | -20.20 | -0.22% |
The pan-European Stoxx 600 index was flat at market open, with sectors and major exchanges spread across marginal gains and losses.
Oil & gas stocks led gains, up 3.9%, while travel & leisure slipped 1%.
– Hannah Ward-Glenton
5 hours before
Analysts warn of USD 95 per barrel and more after OPEC+ production cuts
Analysts are forecasting a rise in oil prices of up to 20% after OPEC’s surprise production cuts of 1.16 million barrels a day.
“OPEC+’s plan for another production cut could push oil prices back towards $100, given China’s reopening and Russia’s production cuts in retaliation against Western sanctions,” CMC Markets analyst Tina Teng told Opposite CNBC.
In October last year, the oil cartel announced its decision to cut production by two million barrels a day.
“But different [the cut in October]momentum for global oil demand has risen, not fallen, with a strong rebound in China,” Goldman Sachs said in a note.
That could raise Goldman’s Brent guidance by $5 a barrel to $95 a barrel for December 2023, the investment bank said in a note after the surprise overnight decision.
– Lee Ying Shan
5 hours before
Tesla’s Asian suppliers are mostly rising after Musk’s alleged visit to China in April
9 hours ago
Oil futures rise at open after OPEC announced surprise cut
Oil futures rose as much as 8% on open after OPEC+ members announced they would cut a total of more than 1 million barrels a day through the end of 2023.
Brent crude futures were last up 5.98% to $84.67 a barrel and US West Texas Intermediate Crude futures (WTI) were up 6.04% to $80.24 a barrel.
This comes after oil prices rebounded last week, gaining more than 9% for weeks.
The latest announcement is an “unwelcome start to the new week for risk markets and policymakers who are still grappling with persistent inflation and the fallout from the recent banking crisis,” IG’s Tony Sycamore said in a statement Monday.
The National Australia Bank added that the unexpected announcement is likely to add pressure on European economies, where core inflation edged up slightly over the past month.
5 hours before
CNBC Pro: Here’s what history suggests for US and global equities in April
10 hours ago
McDonald’s is temporarily closing offices, preparing for layoffs
McDonald’s is preparing to lay off employees this week and will temporarily close its offices, according to a report by The Wall Street Journal.
According to the report, the fast-food giant is set to virtually update its employees on their job status this week.
— Jesse Pound
10 hours ago
Tesla first-quarter deliveries up 36% year over year
Tesla reported on Sunday that it had delivered 422,875 vehicles in the first quarter.
The result exceeded the 310,048 deliveries reported in the year-ago quarter and the 405,278 reported in the fourth quarter. The sales also came after price cuts by the electric car maker.
According to FactSet, Wall Street analysts’ estimates for Friday’s deliveries ranged from 410k to 451k. The median estimate was 432,000.
— Jesse Pound
11 hours ago
Oil futures rise after Saudi Arabia announces production cuts
Oil futures surged Sunday night after Saudi Arabia and other OPEC+ members announced surprise oil production cuts.
The cost of production would be around 1.16 million, according to a Reuters report, on top of previously announced cuts.
Futures on US benchmark West Texas Intermediate Crude and European Brent crude were each up about 7%.
— Jesse Pound
11 hours ago
A look back at Q1
Tech stocks and the Nasdaq were the stars of the first quarter, while bank stocks weighed on the broader market. Here are some of the notable stats from the first three months of 2023.
The Nasdaq Composite:
- won 16.77%
- snapped a four-quarter losing streak
- is still 24.61% below its record high
The Dow Jones Industrial Average:
- gained 0.38%.
- is still 9.95% below its record high
The S&P 500:
- gained 7.03%
- is still 14.72% below its record high
— Jesse Pound, Christopher Hayes
11 hours ago
Nasdaq 100, S&P 500 futures open lower
Futures for the Nasdaq 100 and S&P 500 started trading slightly lower on Sunday evening. The Dow futures were flat.
— Jesse Pound
12 hours ago
WWE is close to deal with UFC mother Endeavor, reports CNBC
Sports entertainment company WWE is close to merging with Endeavor, CNBC’s Alex Sherman reported Sunday.
The deal would value WWE at more than $9 billion and give Endeavor shareholders 51% of the combined company, sources said Sherman. Endeavor is the parent company of the UFC martial arts league.
WWE was on the sales block after a series of scandals involving Vince McMahon, its longtime CEO. The stock is up 33% year-to-date.
The deal could be announced as early as Monday.
— Jesse Pound
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