Brent oil falls below $85 a barrel as dollar rises
Brent crude fell below $85 a barrel on Monday as recession fears grow and the US dollar gains.
Brent futures for November settlement were trading down more than 1% around $84.92 at 08:00 London time. West Texas Intermediate futures also fell to trade around $77.93.
Central banks around the world – including the US and UK – continue to raise interest rates in an attempt to tackle inflation.
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Shares on the way: Belimo up 7%, K+S down 8%
Shares of Swiss heating and ventilation maker Belimo Holding rose more than 7% in early trading after Berenberg upgraded the stock to “buy” and raised its price target, citing rising demand for home renovations.
At the bottom of the Stoxx 600, the German chemical company K+S fell 8%.
– Elliot Smith
Giorgia Meloni and her far-right party Brothers of Italy are voting in the Italian election, exit polls show
Giorgia Meloni seen speech during the campaign. Giorgia Meloni, leader of the right-wing nationalist and conservative party Brothers of Italy (Fratelli dItalia, FDI) held the decisive election meeting at Arenile, in the left-wing district of Bagnoli, Naples.
Sopa pictures | Lightrocket | Getty Images
Italians are about to elect the country’s first female prime minister and the first government led by the far right since the end of World War II.
Giorgia Meloni’s Fratelli d’Italia (Brothers of Italy) party is set to get 26.4% of the vote, according to an exit poll early Monday morning. The party is in a broad right-wing coalition with Lega, under Matteo Salvini, Silvio Berlusconi’s Forza Italia and a more minor coalition partner, Noi Moderati.
This alliance is set to win 44.43% of the vote, according to exit polls, enough to secure a parliamentary majority with the centre-left bloc on 26.57%. Early estimates from the actual election results will come on Monday morning.
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Sterling hits record low against dollar as Asia-Pacific currencies also weaken
CNBC Pro: Morningstar reveals its top global high-dividend stocks – and gives three 30% upside
Morningstar has revealed its selection of global stocks with the highest dividend yields, saying they stand out in an environment where many companies may not be able to sustain dividends due to “financial strain”.
Pro subscribers can read more here.
– Ganesh Rao
CNBC Pro: Dan Niles Predicts When S&P 500 Could Bottom, Reveals How He’s Earned This Year
Stocks are preparing to test their lows in the final trading week of September
Heading into the final trading week for September, the Dow and S&P 500 are each down about 6% for the month, while the Nasdaq has lost 8%.
Both the Dow and the S&P are now 1.2% and 1.6% respectively above their lows from mid-June. The Nasdaq is 2.9% above the low.
European markets: Here are the opening calls
European stocks are expected to open in negative territory on Wednesday as investors react to the latest US inflation data.
Britain’s FTSE index is expected to open 47 points lower at 7,341, Germany’s DAX 86 points lower at 13,106, France’s CAC 40 down 28 points and Italy’s FTSE MIB 132 points lower at 22,010, according to data from IG.
Global markets have pulled back after a higher-than-expected U.S. consumer price index report for August showed prices rose 0.1% for the month and 8.3% annually in August, the Bureau of Labor Statistics reported on Tuesday, defying economists’ expectations for headline inflation. will fall 0.1% month-on-month.
The core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.
UK inflation figures for August are out, and Eurozone industrial production for July will be published.