shares, data, news and earnings

Shares in Credit Suisse fell 23.79% around 11 a.m. London time. Trading was stopped several times by the exchange operator when the stock fell.

The price was stopped at $1.7430 just after 11 a.m. London time.

—Hannah Ward-Glenton

Shares in troubled bank Credit Suisse hit a new all-time low for a second straight day, falling as much as 10% around 9:47 a.m. London time on Wednesday.

Investors are weighing the impact of the bank’s announcement on Tuesday that it had found “material weaknesses” in its financial reporting processes for 2022 and 2021.

—Hannah Ward-Glenton and Elliot Smith

Factors including blackouts in South Africa, the war in Ukraine and increased production of hybrid cars could push platinum prices higher in 2023.

Investment bank UBS adjusted its 2023 price forecast for platinum, estimating that the precious metal will cost $1,150 an ounce for June, up from a previous estimate of $1,100, and will reach $1,200 an ounce in December.

“The key point is that we expect a fairly significant 24% year-over-year growth in terms of total demand,” Ed Sterck, director of research at the World Platinum Investment Council told CNBC, but supply will only increase. by 13% compared to last year.

The full story is available here.

—Hannah Ward-Glenton

Shares in French logistics company Bollore rose 8% in early trading after the company decided to launch a cash tender offer for its own shares.

It will aim to acquire a maximum of just over 288.6 million shares, representing 9.78% of the share capital, according to a press release from the company.

IG Group fell to the bottom of the Stoxx 600 index in early trade after third-quarter net trading revenue fell lower due to market volatility and the company experienced a 5% decline in the number of active clients.

The online retail organization reported turnover for the last quarter as 7% lower than the corresponding quarter the previous year.

European stock markets opened lower, with banking stocks still in negative territory following the global Silicon Valley Bank fallout.

The pan-European Stoxx 600 index fell 0.4% in early trade, with most sectors and major exchanges trading in the red. Retail stocks led losses with a 1.9% drop, followed by oil and gas stocks which fell 1.4%. Bank shares fell 0.5 percent.

—Hannah Ward-Glenton

German carmaker BMW said on Wednesday it expects an EBIT (earnings before interest and tax) margin of between 8-10% for the car range in 2023, with deliveries expected to pick up slightly from 2022. Selling prices are targeted to remain at “stable ” “level.

The company confirmed the full 2022 results reported last week, including an EBIT of 10.6 billion euros ($11.4 billion) for the automotive segment, which had a margin of 8.6% last year.

BMW is undertaking an extensive rollout of battery electric vehicles and expects to reach more than 50% BEV share well before 2030. The company’s BEV share is projected to reach 15% in 2023.

— Ruxandra Iordache

UBS has named a number of Chinese stocks that it says have remained “resilient” during periods of heightened geopolitical tensions between the US and China.

In a note to clients on March 13, the Swiss bank said more market volatility is expected when a potential US investment ban in some Chinese sectors is announced.

CNBC Pro subscribers can read more about UBS’s stock picks here.

– Ganesh Rao

China’s industrial output rose 2.4% in the January-February period, official data showed.

Retail sales rose 3.55% in the same period, in line with expectations.

China’s investment in fixed assets in the first two months of the year saw an increase of 5.5%, beating the expectations of economists polled by Reuters who had predicted growth of 4.4%.

China’s onshore yuan weakened after the data was released, trading at 6.8822 against the US dollar.

The People’s Bank of China held the interest rate on 481 billion yuan of one-year medium-term credit facility loans at 2.75%.

Worried about contagion from the collapse of Silicon Valley Bank? Veteran strategist Kenny Polcari believes the impact of SVB’s failure will be quite limited.

While investors are largely avoiding the banking sector in the short term, Polcari sees “some very interesting opportunities” in the area, as well as in other segments of the market.

Pro subscribers can read more here.

— Zavier Ong

Markets have had a rocky March so far, as inflation fears returned and the collapse of Silicon Valley Bank sent investors into risk-off mode.

Against this backdrop, CNBC Pro used FactSet to search for stocks on the MSCI World Index and the S&P 500 that look well-positioned to weather the volatility and are expected to do well going forward.

CNBC Pro subscribers can read more about the shares here.

— Weizhen Tan

Moody’s Investors Service moved its outlook on the US banking system to negative from stable on Monday, citing a “rapidly deteriorating operating environment”.

The move comes as the sectors reel after the closure of Silicon Valley Bank and Signature Bank. Bank stocks staged a comeback on Tuesday after falling in recent sessions as concerns about contagion from the closures swirled.

“We have changed to negative from stable our outlook on the US banking system to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank (SNY) and the failures of SVB and SNY,” Moody’s said in a report.

– Alex Harring, Jeff Cox

The consumer price index rose 0.4% in February from the previous month, matching a Dow Jones estimate. The year-on-year increase of 6% was also in line with expectations.

— Fred Imbert

European markets are headed for a mixed open on Wednesday.

Britain’s FTSE 100 index is expected to open 7 points higher at 7,636, Germany’s DAX 21 points higher at 15,242, France’s CAC up 6 points at 7,144 and Italy’s FTSE MIB down 20 points at 26,312, according to data from IG.

The income will come from Prudential, Balfour Beatty, Lanxess, E.On, Inditex and H&M. On the data front, industrial production figures for the eurozone for January will be published.

—Holly Ellyatt