Tecan Group shares up 12%, Uniper down 7% after earnings
Tecan Group shares jumped 12% in early trade to lead the Stoxx 600 after the Swiss laboratory instrument company beat first-half earnings expectations and raised its full-year sales outlook.
At the bottom of the European blue chip index, German utility Uniper fell 7% after posting a net loss of 12.3 billion euros ($12.5 billion) for the first half, as reduced Russian gas supplies drove up costs. Uniper secured a 15 billion euro bailout from the German government last month.
UK inflation hits new 40-year high of 10.1% as food and energy price surge continues
U.K. inflation rose to another 40-year high in July as spiraling food and energy prices continued to intensify the country’s historic squeeze on households.
The consumer price index rose 10.1% annually, according to estimates published by the Office for National Statistics on Wednesday, above a Reuters consensus forecast of 9.8% and up from 9.4% in June.
Core inflation, which excludes energy, food, alcohol and tobacco, came in at 6.2% in the year to July 2022, rising from 5.8% in June and ahead of projections of 5.9%.
Rising food prices made the largest upward contribution to annual inflation rates between June and July, the ONS said in its report.
– Elliot Smith
CNBC Pro: Have markets hit the bottom? Strategist reveals the indicators to watch
A strong rebound in U.S. equities has sparked hope that the market has bottomed. But is the bear market truly behind us now?
Strategist Victoria Fernandez weighed in, and revealed the key indicators she is watching.
Pro subscribers can read the story here.
— Zavier Ong
European markets: Here are the opening calls
European stocks are expected to open cautiously higher on Wednesday with the U.K.’s FTSE index seen 18 points higher at 7,560, Germany’s DAX 33 points higher at 13,944, France’s CAC 40 up 18 points at 6,616 and Italy’s FTSE MIB up 42 points at 23,029, according to data from IG.
Data releases include preliminary euro zone unemployment data for the second quarter as well as second quarter gross domestic product. The latest U.K. inflation numbers for July will be released as well as preliminary second quarter Dutch GDP.
Earnings come from Uniper, Carlsberg, Persimmon, Balfour Beatty, BAT and National Grid.
CNBC Pro: Is ‘super cheap’ Meta a buy? Here’s what tech investor Paul Meeks says
Meta, like most tech stocks, has fallen sharply this year, and now investors might be wondering whether it’s time to buy the dip.
Paul Meeks, portfolio manager at Independent Solutions Wealth Management, explains whether he thinks investors should buy or skip this stock, and why.
Pro subscribers can read the story here.
— Weizhen Tan
