Brent crude drops below $85 a barrel as the dollar rises
Brent crude fell below $85 a barrel on Monday, as recession fears escalated and U.S. dollar soared.
Brent crude futures contracts As for the November settlement, it was trading down more than 1% around $84.92 at 8am London time. West Texas Intermediate crude futures also fell to trade around $77.93.
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– Hannah Ward Glinton
Stocks on the go: Belimo up 7%, K+S down 8%
Shares of Swiss heating and ventilation manufacturer Belimo Holding rose more than 7% in early trading after Berenberg upgraded the stock to “buy” and raised its price target, citing increased demand for home renovations.
At the bottom of the Stoxx 600, German chemical company K+S fell 8%.
– Elliot Smith
Opinion polls show Giorgia Meloni and her far-right Brothers of Italy party lead in Italian elections
Giorgia Meloni was seen speaking during the campaign. Giorgia Meloni, leader of the Italian nationalist Brotherhood party and right-wing conservative, organized the crucial electoral rally in Arenel, in the left-leaning Bagnoli district, Naples.
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Italians are on their way to electing the country’s first female prime minister and the first far-right government since the end of World War II.
Georgia Meloni’s Fratelli d’Italia (Brothers of Italy) party is set to receive 26.4% of the vote, according to a poll Monday exiting the polling station. The party is in a broad right-wing alliance with Lega, led by Matteo Salvini, Forza Italia led by Silvio Berlusconi, and a secondary coalition partner, Noi Modrati.
This alliance is set to win 44.43% of the vote, according to opinion polls, which is enough to obtain a parliamentary majority with the center-left bloc at 26.57%. Early predictions of actual election results are due Monday morning.
Sterling hit a record low against the dollar, with Asia-Pacific currencies also weakening
CNBC Pro: Morningstar reveals its high-earning global stocks — and gives three up 30%
Morningstar revealed its pick of the world’s highest-yielding stocks, saying it stands out in an environment where many companies may not be able to maintain their profits due to “economic stress.”
– Ganesh Rao
CNBC Pro: Dan Niles predicts when the S&P 500 may dip, reveals how it has benefited this year
Stocks are preparing to test their lowest levels in the last week of trading for September
Heading into the last week of trading for September, the Dow and S&P 500 are down about 6% for the month, while the Nasdaq is down 8%.
Dow Jones and Standard & Poor’s now stand at 1.2% and 1.6%, respectively, above their lowest levels since mid-June. The Nasdaq is 2.9% above its lowest level.
European markets: here are the opening calls
European shares are expected to open their doors in negative territory on Wednesday as investors react to the latest US inflation data.
The UK FTSE is expected to fall 47 points at 7341, the German DAX 86 is down at 13106, the French CAC 40 is down 28 points, and the Italian FTSE MIB is down 132 points at 22010, according to data from IG.
Global markets fell after a higher than expected US Consumer Price Index The Bureau of Labor Statistics reported Tuesday that an August report that showed prices rose 0.1% for the month and 8.3% annually in August, defying economists’ expectations that headline inflation will fall 0.1% on a monthly basis.
Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.
UK inflation figures are due for August, and Eurozone industrial production for July will be published.
– Holly Eliat