The French Mayor: the EU must decouple the price of gas and low-carbon energy “as soon as possible”
French Finance Minister Bruno Le Maire said on Wednesday that the European Union must decouple the price of gas and low-carbon energy “as soon as possible”, and that France had worked with the European Commission on the matter.
“I am deeply convinced that it is of the utmost importance to change the rules of the European energy markets. We cannot have this link between the price of gas and the price of decarbonized energy,” said The Mayor to CNBC’s Charlotte Reed.
Stocks in motion: Ackermans & van Haaren up 6%, Drax down 2%
There were few substantial movements in the price of individual stocks on the Stoxx 600 at the start of trading.
Belgian diversified group Ackermans & van Haaren climbed 6.6% to top the index after its first-half results, while British electricals group Drax fell 2.5%.
CNBC Pro: What poses the greatest risk to stocks? Wall Street is watching these indicators closely.
Chinese factory activity contracted in August, official data shows
China’s official manufacturing purchasing managers’ index for August came in at 49.4, according to official data.
This is the second monthly contraction, but it’s better than the 49.2 than analysts expected, according to a Reuters poll. The PMI in July was at 49.
PMI readings are sequential and represent month-to-month expansion or contraction. The 50-point bar that separates growth from contraction.
The non-manufacturing PMI came in at 52.6 in August, down from 53.8 in July.
CNBC Pro: Morgan Stanley Names 3 EV Stocks to Benefit from Beijing’s Auto Sector Recovery
The Chinese government is working to boost auto sales, which should benefit electric vehicles more than their gas-powered counterparts, according to Morgan Stanley.
“As China braces for its slowest quarterly economic growth in two years, the auto industry is benefiting from multifaceted stimulus offered by central and local governments,” bank analysts said in a note this month. -this.
They named three long-listed stocks they expect to see boosted by the measures.
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European markets: here are the opening calls
According to IG data.
The data releases include preliminary eurozone unemployment data for the second quarter as well as gross domestic product for the second quarter. The latest UK inflation figures for July will be released along with the preliminary Dutch Q2 GDP.
Revenue comes from Uniper, Carlsberg, Persimmon, Balfour Beatty, BAT and National Grid.