European markets close slightly higher ahead of Powell speech
This is CNBC's live blog covering European markets.
European markets nudged fractionally higher Tuesday as investors awaited comments from central bank officials including Fed Chairman Jerome Powell.
The pan-European Stoxx 600 was choppy through the session and provisionally closed up 0.15%. Oil and gas stocks climbed 2.8% as household goods shed 0.9%.
The U.K.'s FTSE 100 was the only major index in the green, up 0.35% as banks and mining stocks gained. Germany's DAX and France's CAC 40 both fell around 0.1%.
U.S. stocks were lower in early trade as investors braced themselves for the latest commentary due from Federal Reserve Chairman Jerome Powell.
Markets interpreted as dovish a slew of Powell's comments during last week's press conference following the Fed's monetary policy meeting and stocks rallied. His appearance today could offer more clarity on where rates are headed, or clarify some comments made after last week's 25 basis point rate hike.
Stocks in the Asia-Pacific region closed mixed as investors digested the Reserve Bank of Australia's interest rate hike.
European markets close slightly higher
Europe's Stoxx 600 index closed 0.15% higher on Tuesday after a choppy session reflecting investor uncertainty over the next moves of central banks.
The U.K.'s FTSE 100 gained 0.36% as energy and mining stocks climbed and BP added 8% after reporting record annual profits. France's CAC 40 and Germany's DAX were both down around 0.1%.
— Jenni Reid
EMEA company credit ratings have fallen less than expected during Ukraine war: Moody's
The credit quality of companies in the EMEA region suffered less as a result of Russia's invasion of Ukraine than initially forecast by Moody's, research from the ratings agency showed Tuesday.
Moody's said it downgraded around 20% of nonfinancial firms, versus the 45% it had initially projected. It said this was because the energy crisis developed relatively slowly, allowing governments and companies time to implement measures such as consumption reduction, switching to alternative fuels and financial support schemes.
Moody's nevertheless said it expected the credit quality of the nonfinancial companies it rates to continue to weaken this year. Among the main risks for profitability, it listed cost inflation, energy scarcity in industrial segments, weak consumer sentiment and the deterioration of financing conditions because of higher interest rates.
Companies in energy-intensive and cyclical sectors are most exposed to credit quality erosion while energy prices remain high, Moody's said, while a combination of lower demand and squeezed margins could see firms in industrial sectors such as chemicals and steel move operations out of Europe.
— Jenni Reid
Siemens Energy wind business is stabilizing, CEO says
Siemens Energy Chief Executive Christian Bruch says there are "highlights and lowlights" in the company's first-quarter results and discusses reforms to turn around its struggling wind business.
The company's stock was 3% lower in afternoon trade.
‘Stay cautious’ as earnings recession could be a risk for stock markets, strategist says
Monica Defend, head of Amundi Institute at Amundi Asset Management, says it wants to get a clear picture "if not on the economic cycle, at least on the earnings cycle."
Erdogan has lost control of the narrative, analyst says
Turkish President Recep Tayyip Erdogan has lost control of the narrative, an analyst told CNBC.
Mike Harris, founder of Cribstone Strategic Macro, says that "in a strange way is a healthy thing because when he's in control of the narrative he can do some nutty things."
French bank BNP reports bumper profit for 2022
BNP Paribas reported a 7% rise in net income for 2022 and revised up its profit targets.
The French bank said net profit attributable to shareholders came in at 2.2 billion euros ($2.36 billion) for the fourth quarter, taking its full-year profit figure for 2022 to 10.2 billion euros.
Analysts had expected a figure of 2.36 billion euros for the quarter and 10.9 billion euros for the year, according to Refinitiv.
Details of BNP's earnings can be found here.
— Silvia Amaro
‘A good set of results’: BP CEO reflects on record 2022 earnings after fossil fuel prices surge
BP CEO Bernard Looney discusses the oil major's record annual profits and says the company is "leaning in" to its strategy.
BP posts record 2022 earnings; shares up 4.2%
Oil major BP reported record annual profits, more than doubling last year's total as fossil fuel prices soared following Russia's full-scale invasion of Ukraine.
The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $27.7 billion for 2022. That's up from the previous year's $12.8 billion.
Shares of BP were up 4.2% following the announcement and oil and gas stocks led gains in the Stoxx 600 index around 9 a.m., having gained 1.7%.
The full story can be found here.
Stocks on the move: Ambu up 17%, ams Osram slides 13%
Ambu topped the Stoxx 600 index with gains of 17% after the Danish medical device company reported strong first-quarter revenue results.
Revenue increased organically by 4%, while reported growth for the quarter was 10%, according to Ambu's interim report.
Austrian electronics company ams Osram shares dropped 13% after posting disappointing fourth-quarter results and a "weak" outlook for the first quarter. The company also suspended its 2022 cash dividend.
— Hannah Ward-Glenton
CNBC Pro: Market veteran is still bullish on tech despite earnings upset, and reveals his other top picks
Tech stocks have rallied strongly this year — a big turnaround for one of 2022's worst performers. But the strength of the rally now hangs in the balance, as investors weigh the implications of a series of earnings disappointments.
Market veteran Kenny Polcari, however, is still a fan of the sector and has a number of stock picks to play it.
Pro subscribers can read more here.
— Zavier Ong
CNBC Pro: Want to play the ChatGPT buzz? Analysts love these A.I. stocks — giving one upside of 150%
Much buzz has been generated around ChatGPT, an artificial intelligence chatbot that's gone viral and reportedly reached 100 million monthly active users in January.
Its popularity has sparked much interest in artificial intelligence tech.
"You really have to consider the role that artificial intelligence is going to play … it's made this quantum leap almost, you know, overnight. And so I think that puts it right smack in the front and center of people's portfolios," Kenny Polcari, chief market strategist at SlateStone Wealth, told CNBC's "Street Signs Asia" on Monday.
For investors considering investing in AI, CNBC Pro screens for related stocks that analysts love, with big potential upside.
CNBC Pro subscribers can read more here.
— Weizhen Tan
CNBC Pro: These ETFs and mutual funds face millions in losses amid the Adani crisis
Retail investors and pension funds are facing millions of dollars in losses on investments in Adani Group companies, CNBC Pro can reveal.
New analysis shows that 951 mutual funds and ETFs worldwide have cumulatively lost more than $4.2 billion in the value of their Adani shares this year.
CNBC Pro subscribers can search for mutual funds and ETFs that have been exposed to Adani companies here.
— Ganesh Rao
European markets: Here are the opening calls
European markets are heading for a broadly higher open Wednesday.
The U.K.'s FTSE 100 index is expected to open 2 points lower at 7,485, Germany's DAX 35 points higher at 15,175, France's CAC up 15 points at 7,103 and Italy's FTSE MIB 57 points higher at 25,915, according to data from IG.
Earnings are set to come from Next and data releases will include Italian and Russian unemployment figures for February.
— Holly Ellyatt