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Stocks on the move: Credit Suisse down 9%, Accelleron down 12% on debut

Credit Suisse shares plunged 9% on Monday as market jitters over the Swiss bank’s capital position persist after a surge in credit default swaps.

Reuters reported on Friday that Credit Suisse CEO Ulrich Koerner told staff in an internal memo that capital and liquidity were strong.

Credit Suisse is due to announce the outcome of its strategic review on October 27.

At the bottom of the Stoxx 600, Accelleron fell more than 12% on its debut on the SIX Swiss Exchange in Zurich, after the former ABB supercharger unit was spun off by the Swiss automation company.

Sterling jumps on reports that the British government will reverse the cut in the highest tax rate

The pound jumped on Monday morning following reports that the UK government would reverse its plans to scrap the top rate of income tax.

The pound gained 0.8% against the dollar to trade at around $1.1250 shortly after 7 a.m. London time, bringing the pound back to the level seen before Finance Minister Kwasi’s announcement. Kwarteng from a series of widely criticized tax cuts on September 23.

ANZ sees a significant chance of an OPEC+ cut as big as 1 million barrels per day

Ahead of an OPEC+ meeting on Oct. 5, ANZ sees a “significant chance for a cut” of up to 1 million barrels per day, company analysts said in a note.

This decision will probably be made “to counter the excessive decline in the market”.

The note adds that any reduction in production below 500,000 barrels per day would, however, be “ignored by the market”.

– Jihye Lee

CNBC Pro: Investment Professional Claims ETFs Are a $10 Trillion Opportunity — and Reveals Areas of “Huge” Value

Exchange-traded funds offer the benefit of diversification, says Jon Maier, chief investment officer at Global X ETFs. He said the ETF market is “growing exponentially” and estimates it is worth $10 trillion.

He names several opportunities for ETF investors in this volatile market.

Pro subscribers can learn more here.

— Zavier Ong

Oil prices jump on reports of planned OPEC+ production cut

CNBC Pro: Five Global Stocks Knowing the De-Globalization Trend, According to HSBC

Supply chains, geopolitical tensions and deteriorating financial conditions have forced many global companies to look “substantially” inward in the search for resilient revenue and growth, new research from HSBC says.

In a tough economic environment with recessionary pressures, the bank said looking inward is “probably helpful” for those stocks.

The report entitled “A wave of de-globalization? said overseas sales of European companies fell below 50% in 2021, the lowest level in five years.

European markets: here are the opening calls

European stocks are expected to open in negative territory on Wednesday as investors react to the latest US inflation data.

Britain’s FTSE index is expected to open down 47 points to 7,341, Germany’s DAX down 86 points to 13,106, France’s CAC 40 down 28 points and Italy’s FTSE MIB down 132 points to 22,010 , according to data from IG.

Global markets fell following a stronger-than-expected U.S. consumer price index report for August, which showed prices rose 0.1% for the month and by 8.3% a year in August, the Bureau of Labor Statistics reported on Tuesday, defying economists’ expectations that headline inflation would fall 0.1% month-over-month.

Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.

UK Inflation figures for August are due and Eurozone Industrial Production for July will be released.

—Holly Ellyatt


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