European markets open to close, earnings, data and news

UK house prices rose by 1.7% in the year to June Information From Office for National Statistics. The figure was a drop from the 1.8% increase recorded in May, the smallest rise since July 2020.

The average UK house price in June was £288,000 ($367,000), £5,000 below the recent peak in November 2022.

London saw the lowest annual percentage change in the UK, with prices falling 0.6%.

– Hannah Ward-Glenton

Sterling rose against the dollar after data showed UK inflation eased to 6.8% in July.

The pound was up 0.2% against the greenback at $1.2729 at 7.39am London time.

UK intervention inflation edged up to 6.8% year-on-year in July, but the core consumer price index was unchanged, causing headaches for the Bank of England.

The CPI’s headline follows a cooler-than-expected 7.9% figure in June, in line with a consensus forecast among economists polled by Reuters. On a monthly basis, the headline CPI fell 0.4% and the consensus estimate was -0.5%.

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– Elliott Smith

HSBC has identified 9 ‘unwanted stocks’ listed on the London Stock Exchange that are likely to rise due to a number of factors.

The investment bank said UK markets had outperformed other global indices for the first time this year since the UK’s June inflation data was released on July 18.

The bank’s strategists said a basket of 9 stocks outperformed the broader FTSE 350 over the past two months, returning 9% compared with a 0.6% decline.

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– Ganesh Rao

Fitch warned that dozens of banks, including JPMorgan Chase, may have to be downgraded. The firm already downgraded its rating on the industry in June, but another downgrade would force it to revise its ratings on more than 70 banks it covers.

“It’s inevitable that it will decline,” analyst Chris Wolff said. “We can stay in AA for the next 10 years. But if it goes down, there will be consequences.”

– Fred Imbert, Hugh Sonn

Despite last week’s selloff, the strong rally this year means U.S. markets are now trading at only a small discount compared to the start of the year, according to top Morningstar strategist Dave Segara.

chief US market strategist told CNBC’s “Squawk Box Asia” on Monday. He expects earnings to be “pretty muted” for the rest of the year.

In fact, “it’s a good time to sell some stocks that have risen so high and lock in the profits. [they] They are now exaggerated and exaggerated,” he said.

He named six such stocks to sell and told investors to buy five more names.

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– Weissen Don

European markets will open lower on Wednesday, according to IG data. Britain’s FTSE was down 12 points at 7,374, Germany’s DAX was down 48 points at 15,715, France’s CAC was down 16 points at 7,248 and Italy’s FTSE MIB was down 91 points at 28,173.

– Hannah Ward-Glenton