An Hour Ago
FTSE 100 hits record high
The U.K.’s FTSE 100 hit a record high in early deals Wednesday, led by gains for credit data firm Experian.
The blue-chip index rose 0.5% in opening trade to hit a high of 8,474.41 points, surpassing a series of record highs over recent weeks.
By 9:50 a.m. London time, the index pared gains slightly to trade at 8,426 points.
Experian rose 7.6% on a strong annual revenue forecast.
— Karen Gilchrist
An Hour Ago
IEA lowers oil demand forecast for 2024
Offshore petroleum drilling rig in the Gulf of Mexico.
Ron Buskirk | Getty Images
The International Energy Agency on Wednesday lowered its forecast for oil demand by 140,000 barrels per day (bpd) to 1.1 million bpd, primarily due to weaker demand from OECD nations.
The Paris-based energy watchdog’s fresh forecast widens the gap with OPEC, which on Tuesday reiterated its forecast that world oil demand will rise by 2.25 million barrels per day in 2024.
— Karen Gilchrist
2 Hours Ago
Travel giant TUI says it is hopeful for the summer as quarterly revenue jumps 16%
A Boeing 787 ‘Dreamliner’ plane with the logo of tourism giant TUI at Hanover airport in Langenhagen, central Germany.
JULIAN STRATENSCHULTE | AFP | Getty Images
German travel giant TUI on Wednesday posted its results for the first fiscal quarter, saying the three months to the end of March 2024 were a “record” quarter. Revenue for the quarter came in at 3.6 billion euros ($3.9 billion), 16% higher than a year earlier, the tour operator said.
Sixty percent of summer trips for this year had sold so far, which was “promising” and in line with 2023, TUI said, adding that prices had increased by around 4% on average.
“Travelling is very popular with people. We see trends that will further strengthen this in the future: experiences are becoming more important than possessions, and the middle classes are growing in many parts of the world,” TUI CEO Sebastian Ebel said in a statement.
Shares in TUI dipped as markets opened, but pared back losses and were last around 2.1% higher as of 8:43 a.m. London time.
— Sophie Kiderlin
3 Hours Ago
Burberry reports 34% profit slump amid ‘challenging’ outlook
Shoppers walk past Burberry’s Shanghai store
Kevin Lee | Getty Images
British fashion house Burberry reported a 34% drop in annual operating profit on Wednesday and said the outlook for the company was set to remain “challenging” in the first half of this year amid waning demand in the luxury market.
Reported revenue was down 4% in the year to March 2024, as sales in the Americas dwindled over the period even as they picked up slightly in Europe and Asia.
The company said it expects the outlook to pick up slightly in the second half of the year, as cost savings bear fruit. However, it added that it expects around a £30 million ($37.7 million) hit to revenue and around a £20 million hit to adjusted operating profit due to currency headwinds over the coming year.
“While our FY24 financial results underperformed our original expectations, we have made good progress refocusing our brand image, evolving our product and strengthening distribution while delivering operational improvements,” CEO Jonathan Akeroyd said in a statement.
“We are using what we have learned over the past year to finetune our approach, while adapting to the external environment,” he added.
— Karen Gilchrist
3 Hours Ago
Dutch bank ABN Amro reports 29% increase in net profit in first quarter
An ABN Amro Group NV bank branch in Amsterdam, Netherlands, on Tuesday, Feb. 1, 2022.
Peter Boer | Bloomberg | Getty Images
Dutch bank ABN Amro on Wednesday reported its 2024 first-quarter earnings, posting a net profit of 674 million euro ($729.6 million).
That marked a sharp increase from the same period a year earlier, when the bank’s net profit came in at 523 million euros. An analyst forecast previously complied by the bank had estimated net profit of 521 million euros according to Reuters.
The bank said it benefited from the higher interest rates, citing strong net interest income and low cost of risks as some of the key contributors to its results.
— Sophie Kiderlin
4 Hours Ago
Commerzbank reports 29% increase in first-quarter net profits
The logo of German bank Commerzbank seen on a branch office near The Commerzbank Tower in Frankfurt.
Daniel Roland | Afp | Getty Images
Germany’s Commerzbank on Wednesday reported a better-than-expected 29% increase in first-quarter net profit to 747 million euros ($808 million), its strongest quarterly profit in 10 years.
Analysts had anticipated profits of 652 million euros, according to an April consensus forecast published by Commerzbank.
The bank also raised its outlook for net interest income to around 8.1 billion euros for the full year.
— Karen Gilchrist
10 Hours Ago
CNBC Pro: Is meme trading back? These 4 stocks could benefit from a retail investor boom
10 Hours Ago
CNBC Pro: These are Goldman Sachs’ favorite stocks with 50% or more upside
Stocks have been on a tear.
The S&P 500 is soaring to record highs this year and the Dow Jones Industrial Average just had its best week of the year — and its eighth-straight winning session last Friday.
But Goldman Sachs has still given some of its favorite stocks more than 50% potential upside, and one more than 100%.
CNBC Pro subscribers can read more about them here.
— Weizhen Tan
6 Hours Ago
European markets: Here are the opening calls
European markets are expected to open higher Wednesday.
The U.K.’s FTSE 100 index is expected to open 41 points lower at 8,470, Germany’s DAX up 60 points at 18,783, France’s CAC 22 points higher at 8,249 and Italy’s FTSE MIB up 142 points at 34,945, according to data from IG.
Earnings are due from Allianz, EON, RWE, Commerzbank, Thyssenkrupp, TUI, Bilfinger, ABN Amro, Telecom Italia, Burberry and Ubisoft. The latest preliminary gross domestic product reading for the euro zone is also due.
— Holly Ellyatt
Read More:U.S. inflation data, stocks and news
2024-05-15 10:00:00