European markets open to closed, data, news, earnings

Anglo-Swiss mining and commodities trading giant Glencore saw its shares fall more than 5% to the bottom of the Stoxx 600 in early trade.

Reckitt Benckiser shares fell 4% after the Anglo-Dutch consumer goods company said CEO Laxman Narasimhan will step down at the end of the month after three years at the helm.

There was little positive stock price action to report in early deals.

-Elliot Smith

“In 2022, a larger proportion of mutual funds outperformed their benchmarks than in any year since 2009,” Goldman Sachs said.

What drives outperformance? And what are these funds buying?

Pro subscribers can read more here.

– Zavier Ong

The results of a private survey showed China’s factory activity Contract signed in August.

The Caixin/Markit Manufacturing PMI was 49.5 in August compared to 50.4 in July.

PMI readings are sequential and represent monthly expansion or contraction. The 50-point mark that separates growth from contraction.

China’s official manufacturing PMI for August came in at 49.4, slightly beating expectations.

– Abigail Ng

European stocks are expected to open cautiously higher on Wednesday, with the UK FTSE index up 18 points to 7,560, Germany’s DAX up 33 points to 13,944, France’s CAC 40 up 18 points to 6,616 and Italy’s FTSE MIB up 42 points data from IG has risen to 23,029.

The data releases include preliminary euro-zone unemployment figures for the second quarter and second-quarter gross domestic product. The latest UK inflation figures for July are released, as is the preliminary Dutch GDP for the second quarter.

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