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European markets open higher, recession risk, data, earnings

Interest rates on British government bonds fall before the financial statements

Yields on long-dated British government bonds, known as gilts, have fallen ahead of a fiscal policy statement from new Chancellor of the Exchequer Jeremy Hunt expected later today.

The 10-year gilt yield fell 19 basis points to trade around 4.129%.

The yield on 20-year gilts was down around 15 basis points at the opening of the market, while 30-year index-linked gilt yields were down around 17 basis points.

The yields of 5- and 2-year-old gilts also fell on Monday.

—Hannah Ward-Glenton

British pound strengthens after policy changes

Sterling rose on Monday morning in Asia after several policy reversals by the British government late last week. The pound was last 0.56% higher at $1.1233.

CNBC Pro: Approaching retirement? How to allocate your portfolio right now, according to the pros

Despite the volatility in the markets, asset managers say it’s important to stay invested if you’re nearing retirement.

But how should one allocate funds, considering turbulent markets, shorter investment horizons and the need for pensioners to have some liquidity?

CNBC Pro asks the experts for their views.

Pro subscribers can read more here.

— Weizhen Tan

China’s central bank leaves medium-term interest rates unchanged

The People’s Bank of China rolled over its medium-term lending facility (MLF) loans and kept interest rates unchanged at 2.75%, according to a statement on its website.

The central bank announced it would keep the one-year interest rate unchanged for another month and injected 500 billion yuan ($70 billion) through the MLF.

A Reuters poll expected no change in the MLF interest rate and a partial transfer of loans from the central bank.

– Jihye Lee

CNBC Pro: As market volatility persists, Wall Street analysts say to sell these stocks

Stocks around the world have taken a beating this year, with major indexes still deep in negative territory.

As investors consider whether to sell or stay invested, CNBC Pro examined nearly 1,500 large- and mid-cap global stocks and found a number of large companies with sell or underweight ratings.

CNBC Pro subscribers can read more here.

– Ganesh Rao

European markets: Here are the opening calls

European markets are headed for a lower open on Monday as investors take stock of the deteriorating economic outlook.

Britain’s FTSE index is expected to open 31 points lower at 6,819, Germany’s DAX down 60 points at 12,377 and France’s CAC 29 points lower at 5,902, according to data from IG.

The lower open in Europe comes amid increasingly pessimistic global sentiment; Shares in the Asia-Pacific region fell on Monday as fears of a recession weighed on sentiment.

In the US, meanwhile, stock futures traded higher early on Monday as investors waited for big earnings reports to roll in from Bank of America on Monday, while Goldman Sachs will release numbers on Tuesday morning.

Last week, a warmer-than-expected inflation reading created wild price swings in markets as investors adjusted their expectations for the US Federal Reserve’s upcoming interest rate hikes.

On the data front in Europe, final inflation data for Italy will arrive in September.

—Holly Ellyatt

CNBC Pro: Morgan Stanley’s Mike Wilson flags a key risk to earnings — and names the stocks to avoid

Morgan Stanley’s US equities team, led by Michelle Weaver and Mike Wilson, says there is a key risk to earnings on the horizon.

The investment bank mentioned several stocks it believes will be most impacted over the next 3-6 months and could see downside to their share prices over the same period.

Pro subscribers can read more here.

— Zavier Ong

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