Stocks at the bottom: Kingfisher down 5%, Kion down 4%
Shares of German materials manufacturer Kion were down 3.9% in morning trade after Invesco announced it would divest its stake in the group, Reuters reported.
Invesco placed 4.41 million of its shares in the group to sell, which corresponds to around 3% of the company’s shares in the group.
Kion share price.
Kingfisher fell to the bottom of the Stoxx 600 index after the company cut its annual profit outlook.
Shares of the home improvement retailer were down 5%.
Kingfisher share price.
Ocado shares rise on confirmed revenue outlook
Shares of Ocado were up 3% in early trade after the food delivery service reaffirmed its full-year outlook. The company reported an increase in revenue growth for the third quarter, up 7.2% year on year to £569.6 million ($705 million).
Ocado share price.
Ocado Retail, a joint venture between Ocado Group and Marks & Spencer, said there had been a 1.5% increase in active customers to 961,000 at the end of the quarter.
— Hannah Ward-Glenton
European markets open lower
European markets opened lower Tuesday, with investors looking ahead to the start of the U.S. Federal Reserve’s two-day monetary policy meeting.
The pan-European Stoxx 600 index opened 0.2% lower, with sectors spread across tentatively positive and negative territory. Health-care stocks made the biggest losses, down 0.7%, while travel and leisure stocks were up 0.2%.
— Hannah Ward-Glenton
CNBC Pro: Morgan Stanley says higher oil prices could boost 2 global commercial real estate stocks
The recent increase in oil prices could provide a boost to London’s prime office real estate market, according to Morgan Stanley.
The Wall Street bank explained the newly discovered correlation between the sectors and named the two stocks expected to benefit from the trend.
Goldman Sachs says the Fed is done hiking even if the dot plot shows differently
The Federal Reserve is done hiking this year, even if the dot plot that’s set to release this week shows one more increase, according to Goldman Sachs.
“On November, we think that further labor market rebalancing, better news on inflation, and the likely upcoming Q4 growth pothole will convince more participants that the FOMC can forgo a final hike this year, as we think it ultimately will,” the firm’s chief economist Jan Hatzius wrote on Saturday.
“But we expect the dot plot to show a narrow 10-9 majority still penciling in one more hike, if only to preserve flexibility for now,” he added.
The dot plot shows where individual members expect to see rates trending over the next several years. The Fed concludes its two-day policy meeting Wednesday.
— Sarah Min
CNBC Pro: Analysts name 2 stocks to play the $104 billion EV charging industry — giving one 95% upside
Public electric vehicle charging infrastructure remains “critical” in driving further EV adoption, said analysts at investment bank TD Cowen.
The bank concluded that the world will require a “massive and rapid” buildout of charging infrastructure and installation that it estimates would require a total U.S. investment of $104 billion through 2030.
Here are some areas that will take up the bulk of that opportunity, as well as stocks that could benefit, according to TD Cowen.
European markets are expected to open in mixed territory Tuesday.
The U.K.’s FTSE 100 index is expected to open 14 points higher at 7,662, Germany’s DAX up 7 points at 15,274, France’s CAC 4 points lower at 7,266 and Italy’s FTSE MIB down 10 points at 28,598, according to data from IG.
Earnings are set to come from Kingfisher and Ocado Retail. Data releases include euro zone final inflation figures for August.