BP quarterly profits soar to $8.2 billion amid renewed calls for windfall taxes
Bernard Looney, chief executive officer of BP Plc, gestures while speaking during a news conference in London, U.K., on Wednesday, Feb. 12, 2020.
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Oil and gas giant BP on Tuesday reported stronger-than-expected third-quarter profits.
The British energy major posted underlying substitute cost profit, used as a proxy for net profit, of $8.2 billion for the three months through to the tip of September. That compared with $8.5 billion within the previous quarter and a net profit of $3.3 billion over the identical period a yr earlier.
The world’s largest oil and gas majors have reported bumper earnings in recent months, benefitting from surging commodity prices following Russia’s invasion of Ukraine.
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– Sam Meredith
CNBC Pro: This Chinese electric carmaker’s stock could rally by greater than 260%, Citi says
Citi has picked a big electric automobile maker as considered one of its “top” buy ideas amongst Chinese stocks.
It expects shares within the automaker to rise by greater than 260% over the subsequent 12 months as EV sales soar.
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— Ganesh Rao
China’s factory activity shrank for a 3rd consecutive month in October, private survey says
The Caixin manufacturing Purchasing Managers’ Index for October showed that factory activity contracted for the third month in a row.
The reading got here in at 49.2, compared with expectations for a print 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 got here in at 49.2 on Monday, missing expectations for a print of fifty.
— Abigail Ng
CNBC Pro: What investors should purchase on this ‘short lived’ rally, in response to one analyst
After October’s stock market rally, investors are debating whether stocks have hit the underside or if it’s one other short-lived bounce.
Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, is within the latter camp, arguing the rally, once more, looks temporary.
He told CNBC what he thinks investors should purchase — and short.
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— Weizhen Tan
Hong Kong’s economy shrank by 4.5% within the third quarter
Hong Kong’s gross domestic product fell by 4.5% within the third quarter of the yr compared with the identical period a yr ago, advance estimates from the Census and Statistics Department showed Monday.
That is the worst contraction because the second quarter of 2020. Analysts polled by Reuters expected 0.7% growth, while GDP decreased 1.3% within the second quarter.
“The worsened external environment and continued disruptions to cross-boundary land cargo flows dealt a serious blow to Hong Kong’s exports,” the statement said, adding the drop in GDP was “mainly attributable to the weak performance in external demand through the quarter.”
Fixed capital formation, or investment, decreased by 14.3%, while exports and imports also fell.
— Abigail Ng
CNBC Pro: Forget Tesla? Citi and HSBC name 2 alternatives to play the EV boom
Tesla could also be an investor favorite for exposure to the EV industry, but Citi and HSBC name two alternatives to play the growing demand for electric vehicles.
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— Zavier Ong
European markets: Listed here are the opening calls
European markets are heading for a positive begin to the trading session on Tuesday with global investors specializing in the U.S. Federal Reserve’s policy meeting, which begins today. The central bank is predicted to hike rates of interest by 75 basis points on Wednesday when its meeting concludes.
As for Europe’s opening calls, here they’re:
London’s FTSE index is predicted to open 31 points higher at 7,135, Germany’s DAX up 80 points at 13,348, France’s CAC up 31 points at 6,304 and Italy’s FTSE MIB up 178 points at 22,696, in response to data from IG.
European markets closed higher Monday despite euro zone GDP and inflation data pointing to further pain ahead for the 19-member bloc, with consumer price inflation soaring to a record high in October and growth slowing markedly within the third quarter.
Earnings come from BP, Fresenius and DSM on Tuesday. Data releases include manufacturing purchasing managers’ index figures from the Netherlands, Ireland and Sweden for October.
— Holly Ellyatt