Stocks, news, data and earnings, Türkiye

Julio Terzariol, Chief Financial Officer of Allianz, discusses the company’s latest results.

Shares of Siemens Energy rose as much as 4% in morning trading after the German company reported record orders and sales that beat expectations in the second quarter.

Energy company Siemens also raised its revenue forecast, with its order book exceeding 100 billion euros ($109 billion).

Sales for the months January-March were up 24% from the precious year at €8 billion, and the group now expects revenue growth between 10% and 12%, up from its initial forecast of 3-7%.

– Hannah Ward Glinton

Alban de Mailly Nesle, AXA Chief Financial Officer, discusses the insurance company’s first-quarter earnings and discusses its pricing strategy as it looks to navigate macroeconomic challenges.

The European Commission, the EU’s executive arm, raised its inflation forecasts for the region and warned of tougher financing conditions.

In its latest economic forecasts, the Brussels Foundation estimates that inflation will reach 5.8% this year and 2.8% in 2024 for the eurozone. This is well above the European Central Bank’s target of 2%.

As a result, the Commission now expects the ECB to continue its rate-raising cycle, which in turn could lead to a deterioration in lending conditions across the region.

“As inflation remains high, financing conditions are set to tighten even further. Although the ECB and other EU central banks are expected to be nearing the end of their rate hike cycle, the recent turmoil in the financial sector is likely to lead to Increasing pressure on cost and access to credit, slowing investment growth and hitting residential investment particularly hard,” the European Commission said in a statement.

Back in March, many of the smaller US banks were pressured by rising interest rates. The string of bailouts in the US has raised questions about the stability of the banking system and whether more lenders will succumb to pressure from higher interest rates.

European officials emphasized that European banks are well capitalized and subject to stricter regulations. However, in an environment where interest rates are rising, borrowers may struggle to honor credit payments.

The European Commission also said there are better growth prospects for the region, as it revised its GDP estimates upward. It now expects growth in the European Union to come in at 1% this year versus the 0.8% expected about three months ago, and to come in at 1.7% in 2024 instead of the previous forecast of 1.6%.

Silvia Amaro

Turkey’s BIST-100 index fell 6% as markets opened, as investors responded to the uncertainty raised by the results of the country’s inconclusive presidential election.

Turkey now faces an unprecedented run-off after neither Recep Tayyip Erdogan, in 20 years, received more than 50% of the vote, nor his opponent, Kemal Kilicdaroglu.

– Hannah Ward Glinton

The global platinum shortage will be worse than expected in 2023, according to the latest report from the World Platinum Investment Council.

The WPIC report said the 2023 platinum deficit will be about 983,000 ounces (983 koz), an upward revision of 77% from its latest forecast in March.

Global platinum demand will be up 28% this year compared to last year, while supply will be down 1% year-on-year.

– Hannah Ward Glinton

European bank stocks are poised to outperform automakers for the foreseeable future, according to UBS.

The investment bank highlighted three structural changes that could lead to big gains for bank stocks over their auto counterparts, despite the similarities in their economic cycles.

CNBC Pro subscribers can read more about these three reasons here.

– Ganesh Rao

Bank of America strategists have named the 10 European stocks they believe are currently undervalued and can provide significant investment returns.

These picks, which the investment bank refers to as the “Beat Factor Top 10,” consist primarily of industrial and financial companies.

According to the investment bank, one stock is projecting an upside of more than 60% over the next 12 months.

CNBC Pro subscribers can read more here.

– Ganesh Rao

European markets are preparing to start the new trading week in mixed territory.

Britain’s FTSE 100 is expected to open 1 point higher at 7751, Germany’s DAX 10 points lower at 15,895, France’s CAC 3 points at 7,401 and Italy’s FTSE MIB 7 points at 27,085, according to data from IG.

Profits are set to come from Porsche.

– Holly Ellytt