European stocks, markets, earnings, data and news

British pound jumps on reports the UK government will reverse the cut to the top tax rate

The British pound jumped on Monday morning on reports that the British government will reverse plans to scrap the top income tax.

Sterling gained 0.8% against the dollar to trade at around $1.1250 just after 07:00 London time, taking the pound back to levels before Finance Minister Kwasi Kwarteng’s announcement of a raft of widely criticized tax cuts on 23 September.

ANZ sees a significant chance of an OPEC+ cut as large as 1[ads1] million bpd

Ahead of an OPEC+ meeting on October 5, ANZ sees a “significant chance of a cut” as large as 1 million bpd, analysts at the firm said in a note.

This move is likely to be made “to counteract the excessive bearishness in the market.”

The note added that any production cut below 500,000 barrels per day, however, would be “shot on the shoulders of the market.”

– Jihye Lee

CNBC Pro: Investment Pro Says ETFs Are a $10 Trillion Opportunity – Revealing Areas of ‘Huge’ Value

Exchange-traded funds offer the advantage of diversification, says Jon Maier, chief investment officer at Global X ETFs. He said the ETF market is “growing exponentially” and estimates it is worth $10 trillion.

He mentions several opportunities for ETF investors in this volatile market.

Pro subscribers can read more here.

— Zavier Ong

Oil prices jump on reports that OPEC+ is considering production cuts

CNBC Pro: The five global stocks experiencing the de-globalization trend, according to HSBC

New research from HSBC says supply chains, geopolitical tensions and worsening economic conditions have forced many global companies to turn “significantly” inward in search of robust revenue and growth.

In a tough economic environment with recessionary pressures, the bank said turning inward is “probably helpful” for these stocks.

The report entitled “A de-globalization wave?” said European firms’ overseas sales fell below 50% in 2021, the lowest level in five years.

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 Tuesday, defying economist expectations for the 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.

—Holly Ellyatt

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