Allianz boosts financial targets
German insurance company Allianz raises financial targets Tuesdayahead of Munich Capital Markets Day 2024.
The company has pledged to return more money to shareholders and aims to increase earnings per share by 7% to 9% annually by 2027, up from a 2027 target of 5%-7%. 2021 and 2024. Allianz also said on Tuesday it was targeting a return on equity of at least 17%, up from a 13% target for the three years to 2024.
The company said revenue from its property casualty unit is growing 6% to 7% annually and that the segment’s operating profit could be as high as 9.5 billion euros ($10 billion) by 2027.
Allianz shares fell 1.2% on Tuesday morning.
—Chloe Taylor
Germany confirms unified inflation rate at 2.4% in November
Germany releases final inflation reading for November data Preliminary unified figures for year-on-year growth of 2.4% were confirmed on Tuesday, according to state news agency Destatis.
The report pointed out that inflation in November was exacerbated by rising prices in the service industry, but benefited from the “suppressing effect” of energy prices.
—Chloe Taylor
China imports unexpectedly slow down
import and export data Data from China Customs on Tuesday missed expectations.
In U.S. dollar terms, imports fell by 3.9% year-on-year in November, the largest decline since September 2023.
—Chloe Taylor
CNBC Pro: Deutsche Bank names its UK ‘top picks’ as stocks with compound growth potential, including one with more than 50% upside
Deutsche Bank ranks seven London-listed business services companies as top investment options through 2025, highlighting stocks with strong growth potential and defensive characteristics in an uncertain market environment.
The bank said one of the stocks has the potential to rise more than 50% in the next 12 months.
CNBC Pro subscribers can read more here.
— Ganesh Rao
European Markets: Here are the opening calls
European markets are expected to open in negative territory on Tuesday.
British FTSE 100 German stocks are expected to open 38 points lower at 8,315 German DAX Index France fell 76 points to 20,274 CAC Down 31 points to 7,454 points, Italy FTSE MIB It fell 139 points to 34,429, according to IG data.
There are no major earnings releases in Europe on Tuesday. The data release includes final German inflation data for November.
— Holly Elliot
