Live updates of European markets; Stocks, Credit Suisse, OPEC+ Cut, News

29 minutes ago

CNBC Pro: Should more oil drive up prices? Analysts love this stock, giving one an upside of over 160%

2 hours ago

UBS shares fell 2% after the job cut reports

Shares in UBS fell 2.2% in early trade following reports the bank could make more job cuts as part of its Credit Suisse acquisition.

A reported that up to 30,000 jobs are at risk at both banks According to a Swiss newspaper Tages-Anzeiger, translated by CNBC.

The report cited an unnamed senior UBS manager as a source of the information. UBS declined to comment on the report when contacted by CNBC.

It comes after the Swiss banking giant agreed to buy its rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) on March 19.

– Hannah Ward-Glenton

2 hours ago

Cineworld shares fell 20% after failing to find a buyer

Shares in Cineworld fell 20% at 9.30am London time after the British cinema operator said it would no longer put its US, UK and Ireland-based businesses up for sale.

After most of the business was placed under bankruptcy protection in September, the group has been unable to find a buyer as it struggles to control huge debt.

The company said it has proposed a restructuring agreement with creditors to reduce debt by about $4.53 billion.

Check out the chart…

Cineworld share price

Shares fell as much as 35% on the news, according to a Reuters report.

– Hannah Ward-Glenton

4 hours ago

Oil and gas companies are profitable; The sector rose 3.8%

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Graph to show Harbor Energy’s share price.

The oil and gas sector as a whole rose 3.8%.

– Hannah Ward-Glenton

11 hours ago

Oil futures remain open after OPEC announces sudden cuts

Oil futures rose as much as 8% at the open after OPEC+ membership declared A total cut of more than 1 million barrels per day is required to extend through the end of 2023.

Brent crude futures rose 5.98% to $84.67 a barrel, while US West Texas Intermediate crude Fures (WTI) rose 6.04% to $80.24 a barrel.

This comes after oil prices rebounded last week, seeing a weekly gain of more than 9%.

The latest announcement is “an unpleasant start to a new week for risk markets and policymakers dealing with still sticky inflation and fallout from the latest banking crisis,” IG’s Tony Sycamore said in a note Monday.

National Australia Bank said the unexpected announcement would add pressure to European economies, with core inflation rising slightly last month.

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7 hours ago

Analysts warn of $95 per barrel and above following OPEC+ production cuts

Analysts forecast a 20% rise in oil prices following OPEC’s surprise production cut of 1.16 million barrels per day.

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“OPEC+’s plan for further production cuts, seen as China’s reopening and Russia’s production cuts in response to Western sanctions, could push oil prices back toward $100,” CMC Markets analyst Tina Teng told CNBC.

In October last year, the oil cartel announced its decision It cut production by two million barrels per day.

“However, unlike [the cut in October]”The momentum for global oil demand picked up, not slowed by a strong China recovery,” Goldman Sachs said in a note.

That could raise Goldman’s Brent forecasts by $5 to $95 a barrel for December 2023, the investment bank said in a note after the surprise overnight result.

– Lee Ying Shan

6 hours ago

CNBC Pro: What history has in store for US and global stocks in April

Fri, Mar 31 2023 9:46 AM EDT

Gold on pace for best month since 2020

Gold is on pace to post monthly gains not seen in more than two years.

With only Friday’s session remaining in the March trading month, gold is on pace to reach a 9% rally. This would be its best monthly performance since July 2020, when the metal rallied 10.3%.

If Friday’s sell-off pushes its monthly advance below 7.8%, March will instead become the metal’s best month since 2021.

Gold prices were flat at the start of Friday.

– Alex Haring, Gina Francola

7 hours ago

European markets: Here are the opening calls

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