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An Hour Ago
German wholesale prices fall 2.8% in July
German wholesale prices fell 2.8% in July, according to the German federal statistics office.
The figure comes after a 2.9% drop year on year in June, and a 2.6% fall in May.
The steepest annual drop in prices was in mineral oil products, which were down 20.8% from July 2022.
Wholesale waste and scrap, grain and unmanufactured tobacco prices were also lower than in the previous year, while live animal and fruit and vegetable prices rose from July 2022.
— Hannah Ward-Glenton
8 Hours Ago
CNBC Pro: Goldman Sachs says this large automaker could be a ‘strong EV player’ – and take 10% market share
Goldman Sachs has said that a large global automaker’s aggressive plans to grow its electric vehicle sales could be a ‘strong EV player’ by 2030.
The Wall Street bank said the car maker’s cost-reduction strategy for EV sales could give it a 10% market share and drive a re-rating in its stock.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Fri, Aug 11 2023 4:42 PM EDT
Crude oil extends rally to 7th week for first time since June, 2022
September West Texas Intermediate crude oil contracts this week rallied for a 7th consecutive week for the first time since June 2022, while October Brent — the international benchmark — also rose for a 7th straight week.
September natural gas contracts climbed 7.5% this week — the biggest weekly increase since mid-June.
September gasoline added 6.5% this week, the most in a week since early March, and rising for a 4th week in five.
The S&P 500 Energy Index turned in the best performance of the 11 main sectors in the S&P 500, rising 3.5% this week versus the S&P 500 Health-Care Index’s 2.5% gain and the S&P 500’s 0.3% loss.
See Chart…
S&P 500 Energy vs S&P 500 this week.
— Scott Schnipper, Gina Francolla
8 Hours Ago
CNBC Pro: Alibaba is doubling down on A.I. — Chinese stocks to watch
3 Hours Ago
European markets: Here are the opening calls
European markets are set to open lower Monday morning, according to IG data. Britain’s FTSE is poised to drop 16.3 points to 7,508.5, Germany’s DAX 58.5 points to 15,773.2, France’s CAC 31.1 points to 7,308.7, and Italy’s MIB 126.2 points to 28, 266.3.
— Hannah Ward-Glenton
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