Schroders shares fall 13% after Q3 trading update
Schroders shares fell more than 13% after the market opened on Tuesday, hitting levels last seen in March 2020, according to London Stock Exchange Group (LSEG) data.
Schroders on Tuesday reported quarterly net outflows from clients worth 2.3 billion pounds ($2.99 billion). The company attributed this to market volatility in China.
The company said total assets under management stood at 777.4 billion pounds at the end of the third quarter, up slightly from 773.7 billion pounds at the end of the previous quarter.
As of 8:41 a.m. London time, Schroders shares were down 11%.
——Sophie Kidlin
European markets were little changed at the start of trading on Tuesday
European markets were little changed at the start of trading on Tuesday.
At 8:06 am London time, the pan-European Stoxx 600 index fell 0.06%. Mining stocks rose 0.75%, while oil and gas stocks fell 0.52%.
Stoke 600
Auto parts maker Schaeffler to cut thousands of jobs in Europe
German machinery and automotive parts manufacturer Schaeffler Tuesday explain The company is cutting thousands of jobs in Europe after core profits fell 44.9% in the third quarter.
The company said it planned to cut about 4,700 jobs in Europe, but the production relocation would mean a net loss of about 3,700 jobs.
Schaeffler said about 2,800 jobs would be cut in Germany alone, noting that 10 of its factories there would be affected. Five other locations in Europe will be affected, two of which are already closed.
——Sophie Kidlin
DHL Group third-quarter net profit fell 7%, lower than expected
Logistics giant DHL Group on Tuesday reported a 6.9% drop in third-quarter net profit compared with the same period last year.
Net profit for the quarter was 751 million euros ($817.6 million). Reuters reported that this was lower than the consensus observed by 787 million companies.
DHL Group releases third quarter financial results cut last week Its full-year and medium-term operating profit outlook cited softer macroeconomic conditions in Europe and lower business-to-business mail volumes.
——Sophie Kidlin
Hugo Boss third-quarter operating profit beats forecast, showing weakness in China
Christian Boch | Bloomberg | Getty Images
luxury goods retailer Hugo Boss The company said on Tuesday its third-quarter operating profit fell 7% to 95 million euros ($103 million), Reuters reported, while it provided a finding of 90 million euros.
The company also confirmed its full-year revenue and profit outlook, although it said business in the Asia-Pacific region declined in the third quarter.
“Sales in the Asia Pacific region fell 7% on a currency-adjusted basis, primarily reflecting lower revenue in China, where weak consumer demand continues to weigh on domestic retail consumption,” the company said in a statement on Tuesday.
Hugo Boss said that after currency adjustments, the group’s global sales increased by 1% in the third quarter.
——Sophie Kidlin
European Markets: Here are the opening calls
European markets are expected to open mixed on Tuesday.
British FTSE 100 German stocks are expected to open 15 points lower at 8,177 points German DAX Index France fell 12 points to 19,149 CAC Down 1 point to 7,374, Italy FTSE MIB It rose 73 points to 34,358 points, according to IG data.
Profit will come from Saudi Aramco, Adecco, Schaeffler, Deutsche Post DHL, Zalando, Hugo Boss, Bouygues, Ørsted, Vestas Hyundai and Fresenius Medical Care.
Data releases include UK BRC retail sales data and Spanish unemployment data.
— Holly Elliot
CNBC Pro: Barclays says how European investors are hedging the risk of a Trump win
European investors worried about former President Trump’s potential return to the White House have a number of options, Barclays strategists said.
The bank said European stocks could face significant headwinds if Trump wins the presidency, mainly because Trade tariffs and protectionist policiesand specifies stock and option contracts to play out various outcomes.
CNBC Pro subscribers can read more here.
— Ganesh Rao
CNBC Pro: Goldman Sachs names two of Asia’s top auto stocks – one up 44%
Goldman Sachs updated its list of top Asian stocks to include two auto stocks. The stocks appear on the investment bank’s “Conviction List – Director’s Picks,” which aims to provide a “carefully curated and active” list of Buy-rated stocks.
Against this backdrop, automotive companies have become the focus of the region SUV sales strong In countries such as India Popularity of electric vehicles in China.
CNBC Pro subscribers can read more here.
— Amala Balakrishna
