20 Mins Ago
UBS shares pop 8% on results beat
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UBS share price.
UBS shares were 8% higher at 9:39 am London time, after the Swiss banking giant reported a swing back to profit after two quarterly losses and smashed first-quarter expectations.
Lower expenses and consolidation benefits following the takeover of Credit Suisse in June 2023 helped the bank post a net profit of $1.8 billion in the first quarter, ahead of a consensus forecast in an LSEG poll of $721.4 million.
Read more here.
—Jenni Reid
9 Hours Ago
CNBC Pro: Will China’s comeback stock rally last? Wall Street weighs in and shares stock picks
China stocks have staged such a strong rally after a protracted slump for the past few years that they’re beating even the S&P 500 so far this year.
That breakout has come after a deep and lengthy decline in Chinese markets, as they lost nearly $5 trillion in three years. Investors were bearish as a result of the property debt crisis, slowing growth and other factors.
But is the bounce back sustainable? Here’s what Wall Street and other analysts say, and what to buy in the market.
CNBC Pro subscribers can read more here.
— Weizhen Tan
9 Hours Ago
CNBC Pro: After a tough quarter for global luxury, Barclays reveals its top 3 stocks to play the sector right now
Macroeconomic uncertainties may have pushed consumers – particularly those from China – to tighten their purse strings and reduce spending on luxury goods. However, Barclays notes that several companies in the sector make good plays right now.
While Chinese consumers’ spending intentions for the ongoing quarter shows that they plan to spend more money on luxury, the investment bank’s analysts “remain cautious about the possibility of seeing improving trends.”
Still, expenditure on luxury goods is expected to 68% this year, up from 66% in 2023, they wrote, revealing the three names the like.
CNBC Pro subscribers can read more here.
—Amala Balakrishner
5 Hours Ago
European markets: Here are the opening calls
European markets are expected to open higher Tuesday.
The UK’s FTSE 100 index is expected to open 37 points higher at 8,301, Germany’s DAX up 45 points at 18,217, France’s CAC 14 points higher at 8,009 and Italy’s FTSE MIB up 79 points at 33,775, according to data from IG.
On Tuesday, earnings are set to come from BP, S4 Capital, Siemens Healthineers, Deutsche Post, Infineon, Bouygues, UBS, Adecco, Banco de Sabadell and Unicredit, among others.
—Holly Ellyatt
