UK housing market shows signs of recovery
Luxury properties in the Kensington and Chelsea district of London, UK, on Monday, Aug. 21, 2023.
Jason Alden | Bloomberg | Getty Images
The U.K. house market is showing signs of strength, with asking prices rising toward a record high, according to new data released Monday by property portal Rightmove.
The average price of property coming to the market rose by 1.1% in April to £372,324 ($458,893), the research found, just £570 shy of the record set in May 2023.
Rightmove’s property expert Tim Bannister said the uptick was primarily driven by wealthy homebuyers, who are typically less impacted by higher interest rates.
“Top-of-the-ladder sector continues to drive pricing activity at the start of the year, with movers in this sector typically less sensitive to higher mortgage rates, and more equity rich, contributing to their ability to move,” he said.
— Karen Gilchrist
UK’s FTSE 100 nears record high
The U.K.’s FTSE 100 was on track for its fourth daily gain Monday, rising 112 points or 1.4% to trade at 8008 points on hopes of a forthcoming interest rate cut from the Bank of England.
The index is currently just 39 points shy of its all-time high hit in February 2023.
FTSE 100.
Stocks on the move: Galp up 17%, Sartorius Stedim down 2.6%
Shares of Portugal’s Galp Energia soared to a 16-year-high, rising 17% in morning trade after the oil and gas company announced positive prospects for its gas exploration project in Namibia.
Meantime, shares of British biopharma firm Sartorius Stedim fell 2.6% as it struggled to pare losses after reporting a fall in first-quarter sales and net income last week.
— Karen Gilchrist
Europe stocks open higher
European stocks opened higher Monday, with the benchmark Stoxx 600 index up 0.5% by 8:05 a.m. London time.
The U.K.’s FTSE 100 climbed 1.1%, while France’s CAC 40 was 0.5% higher and Germany’s DAX was up 0.7%.
Stoxx 600.
CNBC Pro: A top fund manager is using these 7 global stocks to beat the market
Global stock markets may be coming under pressure from geopolitical tensions and sticky inflation — but one portfolio manager sees potential in several stocks.
“There are always investment opportunities to be found in all market conditions. We’re looking out for stocks that we think are better than the market currently believes,” Rob Hinchliffe, managing director and equity analyst at PineBridge Investments, told CNBC Pro last month.
Hinchliffe oversees more than $1 billion of PineBridge’s assets via its Global Focus Equity Fund. The fund — launched in 1999 — has holdings in around 40 stocks.
He named a number of his top stocks right now.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
CNBC Pro: Analysts love this gold explorer’s stock — and even the most cautious expect it to soar 114%
Shares of a Canadian gold explorer could double, according to analysts at Scotiabank.
The investment bank reiterated its bullish stance after the mining company released new drilling results from its mine in the United States.
And Scotiabank’s aren’t the only anaysts who like the stock. BMO Capital Markets gives it an upside of 209%, while Beacon Securities suggests the stock could rise by 400% over the next 12 months.
CNBC Pro subscribers can read more here.
— Ganesh Rao
European markets: Here are the opening calls
European markets are set to open in positive territory Monday.
The U.K.’s FTSE 100 index is expected to open 78 points higher at 7,974, Germany’s DAX up 58 points at 17,797, France’s CAC 43 points higher at 8,050 and Italy’s FTSE MIB up 136 points at 33,373, according to data from IG.
There are no major earnings or data releases Monday.
— Holly Ellyatt