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Dodge maker Stellantis posts 27% drop in revenues, flags progress in slashing U.S. inventories
Auto giant Stellantis on Thursday reported a 27% decline in third-quarter net revenues, but said it was making headway in addressing operational issues such as U.S. inventories.
The Netherlands-based company, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, said that net revenues for the July-September period came in at 33 billion euros ($35.8 billion). Analysts had expected third-quarter net revenues to come in at 36.6 billion euros, according to an LSEG-compiled consensus.
— Sam Meredith
Carlsberg posts 0.9% revenue growth in third quarter
Brewer Carlsberg on Thursday reported 0.9% revenue growth in the third quarter of 2024, totalling 20.5 billion Danish krone ($2.98 billion).
"It was a tough quarter, impacted by a challenging consumer environment and weather," Carlsberg CEO Jacob Aarup-Andersen said. The company noted that volumes were lower in China, the U.K. and France.
Carlsberg left its expectations for the full year 2024 unchanged, saying it was anticipating organic growth in its operating profit before special items to come in between 4% and 6%.
— Sophie Kiderlin
Beer giant AB InBev misses third-quarter revenue expectations, but raises outlook
Belgium's beer giant AB InBev on Thursday reported that its total revenue grew 2.1% in the third quarter, coming in short of the 3.4% increase analysts had forecast, according to Reuters.
Volumes also fell by more than expected. The company said it had sold less beer in several key markets including the United States, Mexico and China.
The world's largest brewer nevertheless raised its full-year 2024 outlook, saying it was expecting its organic core profit (EBITDA) to now come in at 6% to 8%, compared with a previous outlook of 4% to 8%.
AB InBev also announced a $2 billion share buyback program over the next 12 months.
— Sophie Kiderlin
Oil giant Shell posts $6 billion profit beat, launches new share buyback program
British oil giant Shell on Thursday posted a small year-on-year drop to a stronger-than-expected third-quarter profit, partly owing to a sharp drop in crude prices and to lower refining margins.
The energy company reported adjusted earnings of $6 billion for the July-September period, beating analyst expectations of $5.3 billion, according to estimates compiled by LSEG.
— Sam Meredith
Wed, Oct 30 20241:00 AM EDT
European markets: Here are the opening calls
European markets are expected to open in negative territory Thursday.
The U.K.'s FTSE 100 index is expected to open 14 points lower at 8,145, Germany's DAX down 78 points at 19,184, France's CAC down 12 points at 7,412 and Italy's FTSE MIB down 193 points at 34,110, according to data from IG.
Traders will be keeping an eye on flash euro zone inflation data Thursday, while earnings come from Shell, Stellantis, Maersk, AB Inbev and Carlsberg.
— Holly Ellyatt
Bank of Japan reiterates resolve to keep hiking rates if economy continues to recover
Japan's central bank said it will keep hiking rates if the country's economy continues to recover, the BOJ wrote in its quarterly outlook report.
This comes after the bank held its benchmark policy rate at 0.25% on Thursday.
The report puts Japan's "potential growth rate" at 0.5% to 1%, with the BOJ adding that the country's economy is likely to "keep growing at a pace above its potential growth rate."
However, the BOJ also highlighted that it needs to "pay due attention" to the course of overseas economies, particularly the U.S., as well as developments in capital and financial markets.
— Lim Hui Jie
China's manufacturing activity expands for the first time since April
China's manufacturing purchasing managers index flipped into expansion territory for the first time since April, with the National Bureau of Statistics revealing the manufacturing PMI came in at 50.1.
This beat forecasts from a Reuters poll of economists, who expected the manufacturing PMI to come in at 49.9, a softer contraction than the 49.8 the month before.
The composite PMI stood at 50.8, higher than the 50.4 in August. China's non-manufacturing PMI also came in stronger at 50.2, up from 50.0 the month before.
Read more in the full story here.
— Lim Hui Jie
CNBC Pro: As Diwali begins, these 4 Indian stocks are set to rise over 30%, analysts say
Interest in India has been growing steadily among investors.
As the Diwali festive season gets underway in the South Asian powerhouse, several sectors — and stocks — are expected to do well, analysts say.
Samvat 2081 — which starts on the day of Diwali on Oct. 31 — marks the start of the Hindu new year. It can lead to stock market moves, as some investors view it as a new beginning.
Indian markets made history in Samvat 2080 with the BSE Sensex surpassing 85,900 in September while the benchmark Nifty 50 index is crossed 26,250. Both indexes gained around 25% in the year, analysts from Kotak Securities flagged.
Analysts from Kotak and Mirae Asset revealed four buy-rated Indian stocks with over 30% potential upside they are betting on this Diwali.
CNBC Pro subscribers can read more here.
— Amala Balakrishner