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Business

European markets climb as global markets rally; Stoxx 600 up 1.6%




Shares on the way: Greggs, Accelleron up 5%

Shares in UK bakery chain Greggs rose 5.6% in early trade after reporting a rise in quarterly sales despite the deepening cost of living crisis and falling consumer confidence in the UK

Accelleron shares rose 5% as investors snapped up the stock at a discount following the former ABB turbocharger unit’s weak market debut on Monday.

CNBC Pro: Want a “defensive move” with up to 5% returns? Buy this fund, says strategist

It̵[ads1]7;s been a volatile year for both stocks and bonds, with major Wall Street indexes just ending their worst month since March 2020 and Treasury yields remaining high.

However, David Dietze, investment strategist at Point View Wealth Management, says “pockets of opportunity” still exist.

“Short-term defensive measures are probably warranted,” Dietze told CNBC’s “Street Signs Asia” on Monday, naming his favorite fund to play the market right now.

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— Weizhen Tan

See fourth-quarter earnings guidance more than third-quarter actuals, says S&P Global

Profit forecasts for the fourth quarter that companies give when they report results for the third quarter will be far more important for the market’s future direction than the actual third quarter figures themselves, believes S&P Global.

“October brings earnings, with Q3 estimates already down 7%, and the whisper numbers are little more than that,” Howard Silverblatt, senior index analyst, wrote over the weekend. “The bigger concern (than the actual figures for Q3, when consumers were still spending) is the guidance for Q4, as consumers have retreated, inflation continues and the Fed’s “adjustments” will have a more significant impact.”

Third-quarter earnings for the S&P 500 are projected by analysts to grow 6.1% compared with the same quarter a year ago, and nearly 18% during the second quarter of 2022, S&P Global said.

Next year’s estimates call for earnings growth of 14.3% over 2022, and a corresponding P/E ratio of 15.0.

Silverblatt also looked at typical performance for the S&P 500 in the month of October. “Historically, the index shows gains 57.4% of the time, with an average gain of 4.18% for the up months, an average decline of 4.67% for the down months, and an overall average decline of 0.46%, ” he wrote.

— Scott Snapper

CNBC Pro: Here’s what’s next for stocks, according to the Wall Street pros

September is finally behind us, much to the relief of many equity investors who endured a difficult month, with all major US indices posting heavy losses.

With a historically weak month now well in the rearview mirror, what is the outlook for stocks as we enter the fourth quarter of the year?

CNBC Pro combed through the research to find out what Wall Street thinks.

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— Zavier Ong

European markets: Here are the opening calls

European stocks are heading for a higher open on Tuesday, based on gains in yesterday’s trade.

Britain’s FTSE index is expected to open 30 points higher at 6,934, Germany’s DAX 126 points higher at 12,324, France’s CAC 40 up 58 points at 5,850 and Italy’s FTSE MIB 245 points higher at 21,043, according to data from IG.

The higher opening expected in Europe comes after a rally on Wall Street on Monday. There, stocks rose to start the new month and quarter on a positive note, as Treasury yields fell from levels not seen in about a decade. It was the best day since June 24 for the Dow, and the S&P 500’s best since July 27.

Earnings are due from Greggs on Tuesday, and Eurozone producer price data for August has been released.

—Holly Ellyatt



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