European stocks open to close, data, earnings and market moves

European markets opened broadly lower on Monday with the pan-European Stoxx 600 Down 0.45% before matching losses to trade 0.2% lower.

Banking, retail, home goods and healthcare were among the sectors trading in negative territory.

China’s exports in US dollar terms fell 0.3% in October from a year earlier, significantly missing expectations for an increase of 4.3% in a Reuters poll and a sharp decline from growth of 5.7% in September.

Imports also fell by 0.7%, missing forecast for a gain of 0.1% from a year earlier after rising 0.3% in September.

The decline in US dollar terms last month marked the first year-on-year decline since May 2020, according to Refinitiv Eikon data.

The yuan weakened by nearly 3% against the US dollar in October, according to Refinitiv Eikon.

In yuan terms, exports rose by 7% and imports by 6.8%, customs data released on Monday showed.

— Evelyn Cheng

Morgan Stanley expects shares in the Asian battery materials maker to rise 85% by the end of next year.

This under-the-radar battery materials supplier to Teslawhich already has triple-digit revenue growth, plans to expand manufacturing in the United States.

Even JP Morgan analysts who use a “conservative valuation approach” expect the stock to rise 25% in a year.

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— Ganesh Rao

Speculation of China’s reopening led to a rally in markets last week, but Goldman Sachs economists say it is still “months away.”

“Actual reopening is still months away as vaccination rates for the elderly remain low and case fatality rates appear high among the unvaccinated based on official Hong Kong data Kong,” economists led by Hui Shan said in a note.

They added that the government is probably working on an exit strategy, and that the firm expects the country to reopen in the second quarter of 2023.

— Jihye Lee

Technology firms are facing a double whammy of bad news, with disappointing earnings and continued rate hikes by the Federal Reserve both weighing on the sector.

But with the tech-heavy Nasdaq down more than 30% year to date, analysts say there are some strong points that could offer opportunities to investors.

Here are some of their best picks, including one stock with an average upside of more than 50%.

CNBC Pro subscribers can read more here.

— Weizhen Tan

European markets are eyeing a positive start to trading on Wednesday as investors brace for the latest monetary policy decision from the US Federal Reserve.

Many analysts expect the meeting to result in an interest rate increase of 75 basis points. Investors will also monitor the central bank’s statement and Fed Chair Jerome Powell’s press conference for signs of slowing down in the tight pace.

London’s FTSE index is expected to open 21 points higher at 7,115, Germany’s DAX up 84 points at 13,422, France’s CAC up 36 points at 6,364 and the FTSE MIB of Italy up 119 points at 22,771, according to data from IG.

The proceeds will come from Next, Aston Martin Lagonda, GSK, Metro and Maersk. German unemployment data for October will also be released.

— Holly Elliott