25 minutes ago
A “Goldilocks scenario” will depend heavily on what the Fed says, the strategist says
Kiran Ganesh, multi-asset strategist at UBS Global Wealth Management, says: “If you get a combination of strong growth, falling inflation and rapid rate cuts from the Fed, then that's what's needed to drive the market higher from here .”
An hour ago
Philips loses 6.2%, reaches settlement in US over ventilator recall
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Philips share price.
Philips shares fell 6.2% in mid-morning trading after the Dutch conglomerate missed earnings expectations and said it had reached an agreement with the U.S. Food and Drug Administration over a ventilator recall.
The company made a 363 million euro ($393.5 million) provision in the fourth quarter for the FDA settlement, which also details improvements that need to be made to resume selling new ventilators in the United States to be able to.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the quarter were slightly above the previous year at 653 million euros, while comparable sales fell by 1%.
Analysts forecast EBITDA of 672 million euros and comparable sales growth of 2.6% in a survey conducted by the company.
Read more here.
– Jenni Reid
2 hours ago
Holcim rose 5% after announcing its North American spinoff
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Holcim share price.
Swiss building materials group Holcim topped the Stoxx 600 index in early trading, rising 5% after announcing plans to spin off its North American business in an initial public offering in New York.
The spinoff could value the new company at around $30 billion, CEO Jan Jenisch said, although Holcim would retain no stake.
“Our North American business is a real rockstar. We have doubled the size of the company in the last four years alone through strong organic growth and acquisitions. And we have leading margins, the EBITDA margin is already over 27%,” Jenisch told CNBC on Monday.
“Now I am happy that we can reach the next level of performance for the company to reach $20 billion in sales. We want to separate it to focus more on the North American customers and get all the synergies from our offering chain.”
The company also announced that Miljan Gutovic, Holcim's current European head, will replace Jenisch as CEO from May 1.
Read more here.
– Jenni Reid
4 hours ago
Holcim CEO: “Our North American business is a real rock star”
Jan Jenisch, CEO and Chairman of Holcim, talks to CNBC about the building materials giant's plans for a US spin-off.
4 hours ago
European markets: Here are the opening discussions
European markets are heading for a slightly lower opening price, IG data showed.
The British FTSE 100 fell 9.6 points to 7,636, the German DAX fell 42.5 points to 16,918. France's CAC 40 is expected to fall 3.8 points to 7,633, while Italy's MIB looks to buck the trend with a 5-point rise to 30,546.
– Jenni Reid
7 hours ago
Oil prices rise slightly after Iran-linked missiles kill US troops
Oil prices rose after rockets fired by Iran-backed militants killed US troops in Jordan.
Global benchmark Brent crude traded 0.35% higher at $83.84 a barrel on Monday, while U.S. West Texas Intermediate futures rose 0.42% to $78.34 a barrel.
Three U.S. soldiers were killed Sunday in an unmanned drone strike on forces stationed at an outpost in northeastern Jordan near the Syrian border, according to the White House.
–Lee Ying Shan
8 hours ago
Evergrande shares plunge 12% before trading is halted as court orders liquidation
Evergrande's Hong Kong-listed shares plunged 12.2% in early trading before being halted on Monday when a Hong Kong court ordered the Chinese property developer to be liquidated.
Evergrande, once one of the country's largest real estate developers, has been hit by Beijing's debt crisis in recent years.
The world's most indebted property developer defaulted in 2021 and announced an offshore debt restructuring program in March last year.
Ahead of the ruling, the Wall Street Journal reported that Evergrande's foreign creditors were unable to reach a short-term restructuring agreement this weekend, which could mean an imminent liquidation of the properties
—Shreyashi Sanyal
11 hours ago
CNBC Pro: These 6 non-AI stocks could benefit from the AI boom, says Scotiabank
While demand for artificial intelligence applications is growing rapidly, several non-tech companies are well-positioned to directly benefit from the AI boom in the next few years, according to Scotiabank.
Analysts at the Canadian bank's investment banking division named six stocks that are well-positioned to benefit from rising demand.
CNBC Pro subscribers can read more here.
– Ganesh Rao
11 hours ago
Six Dow companies report earnings this week
Six of the 30 stocks in the Dow Jones Industrial Average will report quarterly results this week.
Microsoft will report earnings after the bell on Tuesday. Boeing, which is suffering from problems with its 737 Max 9 aircraft, will report its quarterly results on Wednesday morning.
Honeywell and Merck report on Thursday, followed by Apple after the bell. Chevron will report its results on Friday morning.
– Hakyung Kim
11 hours ago