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European stocks traded slightly lower Wednesday, with global markets focused on upcoming U.S. inflation data.
The pan-European Stoxx 600 index was down 0.1% lower in early deals, with the majority of sectors in negative territory.
Shares of Just Eat Takeaway stock soared 20% shortly after the open Wednesday after the company said it had struck a deal to sell its U.S. unit Grubhub to Wonder for $650 million.
Shares of ABN Amro opened almost 1% lower after the Dutch lender posted a 9% fall in quarterly net profit, compared to a year earlier. Shares of Allianz were up 0.5% at the open after the financial services group beat expectations with a 22% rise in third-quarter net profit.
Investors' main focus on Wednesday will be October's inflation data out of the U.S., a key factor when it comes to the Federal Reserve's decision to cut or maintain interest rates.
Economists surveyed by Dow Jones are expecting the consumer price index to increase 0.2% for the month, which would put the 12-month rate at 2.6%.
Asia-Pacific stock markets were trading lower overnight, tracking losses on Wall Street Tuesday, with both the tech-heavy Nasdaq and the S&P 500 snapping five-day winning streaks. U.S. stock futures ticked lower Tuesday night.
- CNBC's Hakyung Kim contributed to this markets report.
Just Eat Takeaway soars 20%
A Just Eat sign displayed at the front of a pizza takeaway shop on May 19, 2020 in Fleet, England.
Alex Burstow | Getty Images
Shares of Just Eat Takeaway soared 20% shortly after the open Wednesday after the company said it had struck a deal to sell its U.S. unit Grubhub to Wonder for $650 million.
Europe's food delivery giant said back in 2022 that it was considering the sale of its U.S. arm after facing pressure from investors to explore strategic deals.
"The sale of Grubhub to Wonder will increase the cash generation capabilities of Just Eat Takeaway.com and will accelerate our growth," Jitse Groen, founder and CEO of Just Eat Takeaway.com, said in a statement Wednesday.
— Holly Ellyatt
Allianz beats forecasts with 22% rise in profit
The logo of Allianz SE is displayed on the company building in Puteaux at the financial and business district of La Defense near Paris, France, March 13, 2024.
Gonzalo Fuentes | Reuters
Germany's Allianz on Wednesday beat expectations with a 22% rise in third-quarter net profit, helped by lower claims from natural catastrophes, and it gave an improved outlook for 2024.
The property and casualty division was cited as a particular area of strength because claims from natural catastrophes were down from a year ago, even though such damages remained high, the company said.
Allianz, among Europe's largest financial services groups and operator of the giant PIMCO brand, reported net profit attributable to shareholders of 2.47 billion euros ($2.62 billion) in the three months through September, compared with a profit of 2.02 billion euros a year earlier. The figure surpassed a 2.37 billion euro consensus forecast.
— Reuters
Dogecoin surges 20% after Trump announces a Department of Government Efficiency
The crypto ecosystem has expanded significantly in recent years. While institutions such as the IMF are starting to embrace its innovation, they are also calling for investors to exercise caution.
Jakub Porzycki | NurPhoto via Getty Images
Dogecoin shot higher on Tuesday night, extending its postelection surge after President-elect Donald Trump formally announced the creation of the Department of Government Efficiency, which he referred to as "DOGE" in his statement.
Tesla CEO Elon Musk and Vivek Ramaswamy, former Republican presidential candidate and Strive Asset Management co-founder, will lead the department, Trump said in a statement. Together, they "will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."
Dogecoin was last up nearly 20%. It has been one of the biggest winners in the postelection rally, gaining 153% since election day compared to bitcoin's 30% rise in the same period. It also shot past XRP this week to become the sixth largest cryptocurrency by market cap.
— Tanaya Macheel
Dutch lender ABN Amro's third quarter profit beats expectations
An ABN Amro Group NV bank branch in Amsterdam, Netherlands, on Tuesday, Feb. 1, 2022.
Peter Boer | Bloomberg | Getty Images
Dutch lender ABN Amro beat third-quarter profit expectations, driven by sustained improvement of net interest income (NII), and strong performance of fees, the bank said on Wednesday.
ABN Amro, one of three dominant banks in the Netherlands, posted a 9% fall in quarterly net profit to 690 million euros ($732.30 million), compared to a year earlier.
That beat analysts' average forecast of 528 million euros in a poll compiled by the company.
— Reuters
CNBC Pro: This SpaceX-competitor's stock has bounced back postelection and analysts love it
Shares of a satellite startup have made a strong comeback, regaining their losses following President-elect Donald Trump's recent victory.
The company's stock tanked by about 10% in the two days after the U.S. elections as investors feared the company might be disadvantaged due to Musk's close relationship with the new U.S. administration.
But analysts say the company currently has "superior technology" compared to SpaceX's Starlink.
CNBC Pro subscribers can read more here.
— Ganesh Rao
CNBC Pro: Morgan Stanley fund manager picks stocks to play Trump's win
U.S. President-elect Donald Trump's election win has sent shock waves through the stock market and left investors scrambling to work out which sectors — and stocks — are set to benefit.
Aaron Dunn, portfolio manager at Morgan Stanley's U.S. Value Fund, noted the "great deal of volatility" in markets following the election result, as markets reprice "what had been a 50/50 election."
Speaking to CNBC's "Squawk Box Asia" on Tuesday, Dunn, who's also co-head of value equity at Morgan Stanley, identified three stocks he is betting on following the election result.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
European markets: Here are the opening calls
European markets are expected to open positive territory Wednesday.
The U.K.'s FTSE 100 index is expected to open 36 points higher at 8,056, Germany's DAX up 38 points at 19,081, France's CAC up 11 points at 7,356 and Italy's FTSE MIB up 68 points at 33,335, according to data from IG.
Earnings will come from ABN Amro, RWE, SSE, Alstom, Siemens Energy, Allianz and Telecom Italia.
— Holly Ellyatt
English (US)