8 Mins Ago
Universal Music Group slightly higher after agreeing TikTok licensing deal
Taylor Swift performs during “Taylor Swift | The Eras Tour” at the National Stadium on March 02, 2024 in Singapore.
Ashok Kumar | Getty Images Entertainment | Getty Images
Shares of Universal Music Group were fractionally above the flatline at 10:15 am in London, after the record label for bestselling artists such as Taylor Swift, Adele and Harry Styles struck a new licensing agreement with app TikTok.
TikTok earlier this year removed songs from artists signed to UMG from videos posted by its users, after the two firms failed to agree a deal.
UMG said in a statement that the new deal would “deliver significant industry-leading benefits for UMG’s global family of artists, songwriters and labels and will return their music to TikTok’s billion-plus global community.”
Read more here.
—Jenni Reid
An Hour Ago
Europe stocks see choppy start
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Stoxx 600 index.
European stocks had a choppy start to Thursday trade amid a flurry of earnings, with major bourses trading mixed.
The benchmark Stoxx 600 index shed early gains to trade 0.14% lower by 8:56 am in London. The UK’s FTSE 100 rose 0.45%, while France’s CAC 40 dropped 0.8%. Germany’s DAX was down 0.1%.
—Jenni Reid
An Hour Ago
Stocks on the move: Novo Nordisk, Shell slide despite profit beats
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Novo Nordisk share price.
Shares of pharmaceutical giant Novo Nordisk and oil giant Shell dropped in early deals despite both companies beating profit estimates for the first quarter on Thursday.
Denmark’s Novo Nordisk was down 2.7% at 8:30 am in London despite reporting strong sales growth in its weight loss drug Wegovy, and nudging its sales growth outlook higher by one percentage point.
“They’ve raised their annual guidance a little bit, which is fine. Really there was no other expectation than continued growth, and substantial growth,” John Rountree, managing partner at pharmaceutical consultancy Novasecta, told CNBC’s “Squawk Box Europe.”
“This is extraordinary growth and analysts now expect it to continue,” Rountree added.
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Shell share price.
Shell shares were 1.1% lower after the oil major reported adjusted earnings of $7.7 billion for the first three months of the year, down from $9.6 billion over the same period in 2023.
The firm also announced a $3.5 billion share buyback program.
—Jenni Reid
14 Hours Ago
US crude oil falls below $80, hits seven-week low as stockpiles surge on lackluster demand
A lone pumpjack located in the middle of a large solar array outside of Bakersfield, Kern County, California.
Citizens Of The Planet | Universal Images Group | Getty Images
US oil prices tumbled more than 3% to dip below $80 a barrel on Wednesday as crude stockpiles surged on lackluster demand.
The West Texas Intermediate contract for June delivery fell $2.83, or 3.45%, to $79.10 a barrel, the lowest level in seven weeks. Brent July futures lost $2.77, or 3.21%, to $83.56 a barrel.
US oil inventory levels have risen to the highest levels since June 2023 as refiners process less crude as demand for gasoline has softened.
“The refiner is totally floundering on the run rate and that’s because they don’t believe there’s demand there,” said Bob Yawger, director of energy futures at Mizuho Americas.
—Spencer Kimball
6 Hours Ago
CNBC Pro: Citi just added these global stocks with over 30% upside to its ‘highest conviction ideas’ list
Citi has just refreshed its list of “highest conviction ideas” in Europe and recommended a specific trading strategy that investors can adopt right now.
The ideas – or stocks – are captured in the investment bank’s focus list – and include names that analysts have the “strongest buy and sell ideas [on] for the next 12 months.”
“The focus is on bottom – up ideas,” Citi’s analysts wrote, adding that the list also “highlights liquid names in which investors can build positions.
Citi’s focus list delivered returns of 3.4% over the last 12 months and 5.4% in the past three months.
CNBC Pro subscribers can read more on the stocks added here.
—Amala Balakrishner
15 Hours Ago
Federal Reserve keeps rates steady, moves to ease the pace of balance sheet reduction
Federal Reserve Chair Jerome Powell announces interest rates will remain unchanged during a news conference at the bank’s William McChesney Martin building in Washington, DC, on May 1, 2024.
Chip Somodevilla | Getty Images
The Federal Reserve on Wednesday kept interest rates steady, deciding not to lower rates as it contends with persistent pricing pressures.
The central bank kept its benchmark short-term borrowing rate in a targeted range between 5.25% and 5% in what was a widely anticipated move. The federal funds rate has been at that level since July 2023.
The Federal Open Market Committee voted to ease the pace at which it is lowering bond holdings on the Fed’s balance sheet, a move that could signal an incremental easing of monetary policy.
The S&P 500 was slightly lower following the decision.
—Sarah Min, Jeff Cox
5 Hours Ago
European markets: Here are the opening calls
European markets are expected to open higher Thursday.
The UK’s FTSE 100 index is expected to open 31 points higher at 8,148, Germany’s DAX up 79 points at 17,935, France’s CAC 38 points higher at 7,969 and Italy’s FTSE MIB up 135 points at 33,491, according to data from IG.
Earnings in Europe Thursday come from AXA, ArcelorMittal, Novo Nordisk, Orsted, Vestas, Hugo Boss, DSM Firmenich, Shell and Standard Chartered. Data releases include Swiss inflation figures for April and Italian producer prices for March.
—Holly Ellyatt
