European stocks open to close, data, earnings and Fed meeting

Quantitative easing dismantling auction by Bank of England

The Bank of England accepted a record amount of gold bonds in a reverse auction on Wednesday.

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The Bank of England saw strong investor demand in the first quantitative easing auction.

Read the story over here.

– Matt Clinch

Stocks on the go: Ocado prices up 32% and delivery companies make big gains

okado Shares rose more than 32% on Tuesday after agreeing a partnership agreement with South Korean retailer Lotte that will see

German food delivery companies Delivery Champion And the HelloFresh It jumped 9% and 10%, respectively, on the back of an increase in its British counterpart.

At the bottom of the Stoxx 600, Denmark Jyske . Bank It fell 6.5% after missing its core earnings forecast for the third quarter.

– Elliot Smith

Ocado shares up 31% after partnering with Lotte Shopping

Online grocery store Ocado topped the Stoxx 600 Index in early trading as shares surged 31%. The gains come after the company entered into a partnership with South Korean retailer Lotte Shopping.

Ocado and Lotte are set to develop a network of robotic warehouses, coined by Ocado as “Customer Fulfillment Centers,” across South Korea in a move to expand their online shopping business.

– Hannah Ward Glinton

BP’s quarterly profit rose to $8.2 billion amid renewed calls for unexpected taxes

Bernard Looney, CEO of BP Plc, points out as he speaks during a press conference in London, United Kingdom, on Wednesday, February 12, 2020.

Bloomberg | Getty Images

Oil and gas giant BP On Tuesday, it reported stronger-than-expected third-quarter earnings.

The major British energy company reported an underlying replacement cost profit, used as an indicator of net profit, of $8.2 billion for the three months to the end of September. This is compared to $8.5 billion in the previous quarter and a net profit $3.3 billion During the same period a year ago.

The world’s largest oil and gas companies have reported bumper profits in recent months, benefiting from higher commodity prices in the wake of Russia’s invasion of Ukraine.

Read the full story here.

– Sam Meredith

CNBC Pro: This Chinese electric car maker’s stock could rise more than 260%, says Citi

Citi chose a large electric car maker as one of the “best” buying ideas among Chinese stocks.

It expects shares in the automaker to rise more than 260% over the next 12 months as sales of electric vehicles soar.

CNBC Pro subscribers can read more here.

– Ganesh Rao

A special survey revealed that Chinese factory activity contracted for the third consecutive month in October

The Caixin Manufacturing PMI for October showed that factory activity contracted for the third consecutive month.

The reading came in at 49.2, compared to expectations of a reading of 49. In September, the manufacturing PMI was at 48.1, below the 50 point mark that separates growth from contraction.

PMI readings compare activity from month to month.

Official data from the National Bureau of Statistics came in at 49.2 on Monday, missing expectations for a reading of 50.

– Abigail Ng

CNBC Pro: What investors should buy in this ‘short-term’ rally, according to an analyst

Analyst explains why he's still negative on technology right now

After the stock market rally in OctoberInvestors debate whether stocks have bottomed or whether there is another short-term bounce.

Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, is in the latter camp, and argues that the rally, once again, appears temporary.

He told CNBC what he thinks investors should buy — and short.

CNBC Pro subscribers can read more here.

– Weezin Tan

Hong Kong’s economy shrank 4.5% in the third quarter

Hong Kong’s GDP declined by 4.5% in the third quarter of the year compared to the same period a year ago, advance estimates From the Census and Statistics Department showed on Monday.

This is the worst contraction since the second quarter of 2020. Analysts polled by Reuters had forecast 0.7% growth, while GDP fell 1.3% in the second quarter.

“The deteriorating external environment and continued disruptions to cross-border land cargo flows dealt a serious blow to Hong Kong’s exports,” the statement said, adding that the decline in GDP was “mainly attributable to the weak performance in external demand during the quarter.”

Fixed capital formation, or investment, fell 14.3%, while exports and imports also declined.

– Abigail Ng

CNBC Pro: Did you forget about Tesla? Citi and HSBC name alternatives to electric car boom

Tesla may be the preferred investor for exposure to the electric car industry, but Citi and HSBC have identified two alternatives to play to the growing demand for electric cars.

Professional subscribers can Read more here.

– Xavier Ong

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