4 Mins Ago
European stocks are choppy
Europe’s Stoxx 600 index moved between narrow losses and gains in early trade, with stronger-than-expected earnings from Barclays and Deutsche Bank boosting the banking sector.
France’s CAC 40 was 0.3% higher at 10:15 a.m. Paris time, while Germany’s DAX was flat and the U.K.’s FTSE 100 was 0.05% lower.
See Chart…
Stoxx 600 index.
3 Hours Ago
CNBC Pro: How to trade Deutsche Bank and Barclays quarterly results based on history
Two of Europe’s largest banks — Britain’s Barclays and Germany’s Deutsche Bank — are set to announce their first-quarter earnings later on Thursday.
Using data from FactSet going back five years, CNBC Pro has found how well the lenders’ stock performs against benchmark indexes based on different outcomes of their quarterly earnings reports.
CNBC Pro subscribers can read more here.
— Ganesh Rao
7 Hours Ago
Samsung Electronics sees 87% year-on-year drop in net profit for first quarter
Samsung Electronics saw its net profit for the first quarter of 2023 tumble by 87.14% compared to the same period last year, coming in at 1.4 trillion won (roughly $1.04 billion) compared to 11.1 trillion won in the same period a year earlier.
Operating profit saw a 95% drop in the first quarter, falling to 640 billion won from 14.12 trillion won a year earlier, and largely in line with the 600 billion won guidance given by the company earlier
Revenue for the first quarter slid 18% to 63.7 trillion won compared to the same period last year.
Shares of Samsung were trading down 0.47% on Thursday.
— Lim Hui Jie
13 Hours Ago
First Republic halted for volatility after Bloomberg report on potential regulator downgrade
First Republic‘s stock has turned south again after trimming some of its losses in midday trading.
The latest move lower comes after a Bloomberg News report that U.S. bank regulators were considering downgrading their assessments of the bank. This move could curb First Republic’s ability to borrow from the Federal Reserve.
Shares of First Republic have been halted multiple times since the report. The stock was last down about 30%.
— Jesse Pound
20 Hours Ago
First Republic shares continue to slide
First Republic shares were down 8% in premarket trading as the troubled regional bank continued its slide.
The San Francisco-based lender said late Monday that it lost roughly 40% of its deposits in the first quarter. First Republic was seen by customers and investors as a risk after the collapse last month of Silicon Valley Bank, which had a similar financial profile.
First Republic also said that it was reviewing strategic options to help reshape its balance sheet.
The stock lost nearly 50% on Tuesday and is down more than 90% year to date.
— Jesse Pound
4 Hours Ago
CNBC Pro: Investor warns it’s ‘looking a lot like the tech bubble’ and names 3 cheap stocks to buy outside it
The S&P 500 is “supported” by just seven mega-cap tech stocks right now — and it’s starting to look a lot like the 1990s tech bubble, one analyst told CNBC on Wednesday.
Eric Lynch, managing director of Scharf Investments, named three cheap stocks to buy outside it.
CNBC Pro subscribers can read more here.
— Weizhen Tan
4 Hours Ago
European markets: Here are the opening calls
European markets are heading for a negative open Thursday.
The U.K.’s FTSE 100 index is expected to open 18 points lower at 7,826, Germany’s DAX 35 points lower at 15,757, France’s CAC down 24 points at 7,438 and Italy’s FTSE MIB 96 points lower at 26,787, according to data from IG.
Earnings are set to come from Deutsche Bank, Unilever, AstraZeneca, Barclays, WPP, Sainsbury’s and TotalEnergies, among others.
On the data front, Italy releases consumer confidence figures for April.
— Holly Ellyatt
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