Glencore shares down 6% as profits fall
An employee stands by a logo for Glencore Agriculture in Glencore Plc’s offices in Rotterdam, Netherlands.
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Shares of Swiss mining company Glencore fell more than 6% in morning trade after the company posted a steep drop in annual profits and lowered its dividend.
Waning volatility in the energy market weighed on the company’s full-year earnings, which came in at $17.1 billion — half that recorded in the previous year, during the height of the energy crisis sparked by the Russia-Ukraine war.
— Karen Gilchrist
HSBC pre-tax annual profit jumps 78%, misses market estimates
HSBC reported on Wednesday its full year 2023 pre-tax profit climbed about 78% to $30.3 billion from a year ago, missing median estimates of $34.06 billion from analysts tracked by LSEG.
Its Hong Kong shares reversed gains to dip more than 2%, compared against the 3% gains for the Hang Seng Index. The bank’s shares have gained about 0.5% so far this year after jumping 23% in 2023 as the Hang Seng Index shed 14%.
It was last trading down 2.55%.
—Clement Tan, Lee Ying Shan
CNBC Pro: ‘Opportune time to invest in real estate’: Pros name 5 REITs to play right now
Mounting inflation and interest rates have put significant pressure on several sectors — especially real estate. But some market watchers think things could be about to turn around.
“I think it would be an opportune time to invest in real estate especially given that we are forecasting interest rates to decline over the next 12 months,” says Kevin Brown, senior equities analyst at financial services firm Morningstar.
Brown, along with PGIM Real Estate’s Rick Romano, reveal their top REITs to buy right now.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
CNBC Pro: Want steady, passive income? Buy these dividend stocks with higher yields, Wall Street says
Dividend stocks often appeal to investors who want steady income and long-term growth.
Wall Street and other pros share their tips on how to pick good dividend stocks and what names will generate sustainable income.
Some of these names are projected to have higher yields than cash, according to BofA.
CNBC Pro subscribers can read more here.
— Weizhen Tan
European markets: Here are the opening calls
European markets are set to open in mixed territory Wednesday.
The U.K.’s FTSE 100 index is expected to open unchanged at 7,718, Germany’s DAX down 12 points at 17,061, France’s CAC down 3 points at 7,796 and Italy’s FTSE MIB down 18 points at 31,786, according to data from IG.
Earnings are due from Danone, Wolters Kluwer, Heathrow, BAE Systems, Rio Tinto and Glencore. On the data front, preliminary consumer confidence data for the euro zone in February is set to be released.
— Holly Ellyatt
