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1 hour ago
Glencore shares fall 6% on lower profits
An employee stands by the Glencore Agriculture logo at Glencore Plc’s offices in Rotterdam, Netherlands.
Bloomberg | Bloomberg | Getty Images
Shares in Swiss mining company Glencore fell more than 6% in morning trading after the company announced a sharp decline in annual profits and a cut in its dividend.
Lower energy market volatility weighed on the company’s full-year profit, which came in at $17.1 billion, half of what it was a year earlier, at the height of the energy crisis sparked by the Russia-Ukraine war.
— Karen Gilchrist
5 hours ago
HSBC’s annual pre-tax profit soars 78%, below market expectations
HSBC on Wednesday reported full-year 2023 pre-tax profit of $30.3 billion, up about 78% from a year earlier, but below the median estimate of $34.06 billion of analysts tracked by LSEG.
The company’s Hong Kong shares reversed gains, falling more than 2% compared with a 3% rise in the Hang Seng Index. The bank’s shares are up about 0.5% so far this year after surging 23% in 2023 as the Hang Seng Index fell 14%.
It had fallen 2.55% in the previous trading session.
—Clement Tan, Li Yingshan
10 hours ago
CNBC Pro: ‘The best time to invest in real estate’: Pros list 5 REITs to play right now
Inflation and rising interest rates have put significant pressure on several sectors, particularly real estate. However, some market participants believe the situation could improve.
“I think it’s a great time to invest in real estate, especially given that interest rates are expected to fall over the next 12 months,” said Kevin Brown, senior equity analyst at financial services firm Morningstar. .
Brown and Rick Romano of PGIM Real Estate reveal the top REITs to buy now.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
10 hours ago
CNBC Pro: Want steady passive income? Wall Street says to buy these dividend stocks with higher yields
Dividend stocks are often attractive to investors looking for stable income and long-term growth.
Wall Street and other experts share tips on how to pick high-dividend stocks and those that generate sustainable income.
According to BofA, some of these stocks can offer higher yields than cash.
CNBC Pro subscribers can read more here.
— Tan Weizhen
6 hours ago
European Market: Click here for opening call
European markets are set to open in mixed territory on Wednesday.
According to IG data, the UK’s FTSE 100 index is expected to open unchanged at 7,718, Germany’s DAX is down 12 points to 17,061, France’s CAC is down 3 points to 7,796 and Italy’s FTSE MIB decreased by 18 points to 31,786.
Revenues are expected from Danone, Wolters Kluwer, Heathrow, BAE Systems, Rio Tinto and Glencore. On the data front, preliminary figures for euro area consumer confidence for February are scheduled to be released.
— Holly Ellyatt
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