European stocks move higher as investors digest fresh euro zone inflation; JD Sports down 5.1%

European stocks move higher as investors digest fresh euro zone inflation; JD Sports down 5.1%

An Hour Ago

Flutter shares fall 4.5% on listing relocation

Shares of Flutter Entertainment fell 4.5% after the betting company transferred its listing on the main market of the London Stock Exchange from “premium” to “standard” as part of preparations to relocate its primary listing to New York.

The move is one of a number of recent blows to the London stock market as companies are seen moving to the U.S. market.

— Karen Gilchrist

3 Hours Ago

Flash French inflation rises in first quarter

French consumer prices rose by a higher-than-expected 2.7% in May, preliminary data from the National Institute of Statistics and Economic Studies (Insee) showed Friday.

Higher energy costs pushed up inflation from 2.4% in April and beyond the average EU-harmonized rate of 2.5% forecast by a Reuters poll of economists.

The Insee also confirmed France’s economy grew by 0.2% in the first quarter, in line with expectations, according to Reuters.

— Karen Gilchrist

4 Hours Ago

Euro zone inflation rises to 2.6% in May

People walking in the streets of Montmartre, Paris, France, on April 23, 2024. 

Nurphoto | Nurphoto | Getty Images

Inflation in the euro zone rose to 2.6% in May, statistics agency Eurostat said Friday.

Economists polled by Reuters had forecast a 0.1 percentage point increase from April’s headline figure of 2.4%.

Core inflation, excluding the volatile effects of energy, food, alcohol and tobacco, increased to 2.9% from 2.7% in April. A Reuters poll of economists had projected a flat reading.

The data print comes with the European Central Bank widely expected to cut interest rates at its June 6 meeting, the first reduction since 2019. The ECB began its latest hiking cycle in July 2022, hauling rates out of negative territory to 4% at present.

— Jenni Reid

4 Hours Ago

Italy’s economy grew 0.3% in the first quarter

Two women hold an umbrella while sitting at an outdoor table of a cafe on April 01, 2024 in Rome, Italy. 

Emanuele Cremaschi | Getty Images News | Getty Images

Italy’s economy grew in line with expectations in the first quarter, expanding 0.3%, fresh data from the national statistics bureau ISTAT showed Friday.

On an annual basis, gross domestic product for the January to March period was up to 0.7% from the 0.6% previously estimated.

— Karen Gilchrist

5 Hours Ago

JD Sports shares drop 12.4%

LONDON, UNITED KINGDOM – 2021/05/17: A scene outside JD sport shop. The Prime Minister announced that England can proceed to Stage Three on May 17, 2021. Most shops can reopen including indoor. (Photo by May James/SOPA Images/LightRocket via Getty Images)

Sopa Images | Lightrocket | Getty Images

Shares of British retailer JD Sports fell to the bottom of the Stoxx 600, down 12.4%, after the company reported a 6.4% fall in like-for-like first-quarter U.K. sales on Friday.

CEO Regis Schultz said the downturn was on the back of “very strong” results the previous year.

The group’s overall like-for-like sales were 0.7% lower for the period.

— Karen Gilchrist

7 Hours Ago

Europe stocks head for lower open

European stock markets are set to open lower on Friday, reversing gains from the previous session, according to IG data.

The U.K.’s FTSE 100 was last seen down 2 points at 8,230, Germany’s DAX 48 points lower at 18,463, and France’s CAC down 9 points at 7,967. Italy’s MIB was seen slipping 13 points to 34,486.

— Karen Gilchrist

14 Hours Ago

CNBC Pro: ‘Many happy returns’: Barclays names 2 global stocks it says has over 100% upside to play right now

Investment bank Barclays is bullish on European stocks thanks in large part to “solid earnings beats and [an] uptick in EPS [earnings per share revisions]” in the first quarter.

“Overall, margins are resilient, capital returns are strong, firms are optimistic and EPS revisions have picked up. Cyclicals are seeing more upgrades, but defensives have outperformed in the recent rally,” the analysts wrote, naming two stocks with over 100% upside potential to play right now.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

14 Hours Ago

CNBC Pro: Goldman Sachs names top global stocks to play the coming power boom in AI and other areas

The artificial intelligence boom is fueling demand for power, with many tech companies rapidly developing infrastructure as they compete for dominance.

Power needs are only set to rise in the coming years, as large language models require a lot of data center capacity.

But the need for power goes beyond data centers and other infrastructure, according to Goldman.

Against that backdrop, the bank introduced what it called its power and electricity basket of stocks, comprising 50 stocks across China, South Korea, Taiwan, India and Australia.

CNBC Pro subscribers can read more here.

— Weizhen Tan

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