BMW shares fall as automaker reports quarterly net profit drops 83%
German automaker BMW reported on Wednesday that third-quarter net profit fell 83% from the same period last year to 476 million euros ($512 million), causing its shares to fall.
BMW said braking system issues and “challenging market conditions in China” were affecting results, while noting that the company was “on track” to meet its 2024 target. The automaker in September cut 2024 Margin Outlook.
BMW Chief Executive Officer Oliver Zipse said in a statement on Wednesday that the company “faced extraordinary challenges in the third quarter” and was now turning its attention to the future.
“Despite high planned upfront expenses, we will be back on track to deliver stronger earnings in the fourth quarter to meet our annual targets,” he said.
As of 9:08 a.m. London time, BMW shares were down 3.77%.
——Sophie Kidlin
Siemens Healthineers, Novo Nordisk drive healthcare stocks higher
Healthcare stocks in the Stoxx 600 index rose 2.8% at the start of trading on Wednesday, benefiting from gains after Siemens Healthineers and Novo Nordisk reported their quarterly results.
As of 8:25 a.m. London time, Siemens Healthineers shares were up 8.8% and Novo Nordisk shares were up 7.4%.
Novo Nordisk said on Wednesday that quarterly profit was in line with expectations and it narrowed its full-year 2024 growth guidance.
Meanwhile, Siemens Healthineers said its comparable revenue growth for the full fiscal year ended Sept. 30 was 4.7%, which Reuters said was just below the consensus compiled by Vara Research. The company said its revenue grew “despite the current challenging market conditions in China.”
——Sophie Kidlin
European markets open higher on Wednesday
European markets were higher after trading began on Wednesday.
At 8:04 a.m. London time, the pan-European Stoxx 600 index rose 0.93%, with regional exchanges and sectors generally rising. Healthcare stocks ended up leading the gains, rising 2.53%, while auto stocks fell 1.95%.
Stoke 600
British fintech company Wise’s profits rise 55% as it expands market share
wise On Wednesday, profit rose 55% in the first half of fiscal 2025 on customer growth and market share expansion.
The British digital payments company said its first-half profits totaled 217.3 million pounds, up from 140.6 million pounds in the same period last year.
This was due to a 25% increase in active customers, with Wise reporting a total of 11.4 million consumer and business customers.
— Ryan Brown
Novo Nordisk quarterly profit in line with expectations
On March 8, 2024, a box of Wegovy produced by Novo Nordisk was sold at a pharmacy in London, England.
Holly Adams | Reuters
Novo Nordisk on Wednesday reported third-quarter earnings that were largely in line with expectations and narrowed its full-year 2024 growth guidance.
The Danish pharmaceutical giant said third-quarter net profit reached 27.3 billion Danish crowns ($3.92 billion), beating LSEG’s overall forecast of 26.95 billion Danish crowns.
Read the full story here.
——Sophie Kidlin
Deutsche Bank maintains short euro bets
George Saravelos, global head of FX research at Deutsche Bank, explained that his team is holding on to its short euro bets as U.S. results come out.
At around 5am UK time, just as NBC News was projecting Donald Trump to win North Carolina, he said in a research note:
“While the results are not confirmed at the time of publishing, poll forecasts suggest a Trump likely victory. We remain committed to our long-term short EUR/USD view given the asymmetric USD positive risks we have highlighted this year and we are revising our year-end EUR/USD forecast downwards to 1.05.”
——Matt Clinch
Strategists say markets predict Trump election
Steve Sosnick, chief strategist at Interactive Brokers, noted that the market is pointing to a victory for former President Donald Trump over Vice President Kamala Harris.
“Right now, the market is calling it Trump. Whether that’s true or not is yet to be determined. It will be an interesting thing to watch,” Sosnick told CNBC. “But the market has been ahead of the pollsters and experts for some time. ”
Dow Jones Industrial Average futures soar More than 480 points, or 1.2%. Bitcoin, which is seen as benefiting from Trump’s victory, hit an all-time high, last trading at $74,148, up 6.7%. U.S. Treasury yields have also climbed, with the benchmark 10-year note yielding about 4.4%.
To be sure, several battleground states are still too close to call or too early to call, According to NBC News.
— Fred Ambert
Bitcoin surges to new record of $75,000 as traders bet on Trump’s electoral advantage
Omar Marquez | Light Rocket | Getty Images
Bitcoin Stocks rose to a record late Tuesday night as investors bet former President Donald Trump would gain an advantage in the U.S. election.
The price of the flagship cryptocurrency hit a record $75,000, according to Coin Metrics. NBC News’ gains have increased as Trump takes the lead in the Electoral College, although the polls haven’t yet been cast in any of the key battleground states.
exchange operator Coin library rose 3% in after-hours trading, while micro strategyup 4%.
For more on Bitcoin price action on election night, read our full article here.
— Tanaya Machel
10-year Treasury yields rise sharply
Treasury yields rise sharply In early trading late Tuesday, traders were betting that former President Donald Trump had the advantage in the election.
this 10-Year Treasury Bond The yield rose 16 basis points to 4.44%, its highest level since July 2. 2-Year Treasury Bond rose 10 basis points to 4.30%. 1 basis point is equivalent to 0.01%. There is a reciprocal relationship between output and price.
Although NBC News has not yet released a list of key swing states, traders speculate that early returns will be in Trump’s favor.
Bond yields could rise sharply If Trump wins, the Republicans could make a sweeping victory, taking control of Congress and the White House. That’s because Republicans are likely to roll out tax cuts and high tariffs, which could widen the fiscal deficit and reignite inflation.
“Bonds are seeing a massive sell-off across the yield curve as Trump trades re-implement,” Byron Anderson, head of fixed income at Laffer Tengler Investments, wrote. “We see markets anticipating Trump. Win and have a real shot at a Republican sweep.”
— Yun Li
CNBC Pro: These 3 stocks to buy regardless of election outcome, analysts say
as a result of one of America’s most hotly contested election Once in, investors rush to build positions for the most likely outcome.
Shelby McFaddin, senior analyst at Motley Fool Asset Management, said she expected volatility this week but “limited impact on long-term investing as the market awaits real policy impact.”
She told CNBC’s “Street Signs Asia” on Nov. 5 that any bets made before the final results are known are “pure speculation.” “Regardless of the potential for the government to increase infrastructure spending, inflation remains a concern.”
Looking back at the election results, McFaddin listed three stocks she likes right now.
CNBC Pro subscribers can read more here.
— Amala Balakrishna
Citibank’s Scott Cronut says investors should sell stocks that rise on Trump or buy stocks that fall on Harris
Investors should sell on a potential market rebound if: trump card Citibank’s Scott Chronert said he won the election.
“You’re starting from a fairly broad valuation environment based on very strong earnings growth going forward into 2025,” the bank’s U.S. equity strategist told CNBC.quack in the street” Tuesday. “What we worry about is that once Trump wins, you introduce tariffs into the discussion… (and) as we take action on tariffs, the growth expectations for 2025 become more questionable.
On the other hand, if Harris Chronert said investors should consider buying in anticipation of market declines.
“It really comes down to Trump and tariffs and Harris and taxes,” he said.
— Sean Conlon
Goldman Sachs says oil markets could face volatility if Trump wins
Goldman Sachs said a second Trump administration is more likely to bring volatility to the oil market.
Donald Trump is likely to tighten sanctions on Iran, reducing Iranian supplies and putting upward pressure on prices in the near term, the investment bank told clients in a note on Monday.
Oil prices rose about 1% as U.S. voters headed to the polls. U.S. crude oil As of 8:56 a.m. ET, oil prices rose 35 cents, or 0.49%, to $71.82 a barrel. global benchmark Brent Crude oil futures rose 33 cents, or 0.44%, to $75.41 a barrel.
Yulia Zhestkova Grigsby, vice president of commodities research at Goldman Sachs, told clients in a note on Monday: “Conceptually, the impact of a potential Trump re-election on oil prices The impact is ambiguous.”
However, Goldman Sachs said that in the medium term, a second Trump administration could escalate trade tensions through tariffs, putting downward pressure on global oil demand and prices.
— Spencer Kimball
CNBC Pro: No matter who wins, these two stocks beat the S&P 500 in November election
Two stocks outperforming the market S&P 500 Index According to a study by CNBC Pro, the election has been held every November for the past three decades — regardless of the outcome.
CNBC Pro screens for stocks in the MSCI World Index that are rising above average right now S&P 500 Index Its losses have been lower than the index in November of every election year since 1988. In 36 years, four Republicans and five Democrats were elected to the White House.
CNBC Pro subscribers can read about Here are two stocks.
— Ganesh Rao
European Markets: Here are the opening calls
European markets are expected to open lower on Wednesday.
British FTSE 100 German stocks are expected to open 8 points lower at 8,167 German DAX Index France fell 65 points to 19,189 CAC Down 22 points to 7,383 points, Italy FTSE MIB It fell 134 points to 34,098, according to IG data.
Earnings came from Novo Nordisk, Skanska, Lundin Petroleum, Ahold del Haiz, PUMA, Crédit Agricole, Pandora, Commerzbank, Henkel and Enel, among others.
— Holly Elliot
