European markets expected to open lower after a downbeat week
This is CNBC's live blog covering European markets.
LONDON — European markets closed mixed Monday after a downbeat string of sessions last week.
The pan-European Stoxx 600 index provisionally closed 0.1% higher, with sectors spread across negative and positive territory. Retail stocks led gains, up 0.7%, as financial services gained 0.6%.
The basic resources sector fell 1.5% and mining stocks retreated as investors assessed weak Chinese credit data that brought consumer demand and property sector fears back to the fore.
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Philips ended the session 4.3% higher after holding company Exor, owned by the billionaire Agnelli family, announced it had taken a 15% stake in the Dutch conglomerate.
Asia-Pacific markets largely fell on Monday, dragged by basic materials and consumer cyclical stocks.
U.S. stocks were choppy as Wall Street looked to shake off a poor start to August.
Money Report
U.S. stocks inch down Monday
The Dow Jones Industrial Average opened little-changed Monday morning. The index declined just 10 points, or 0.03%.
Meanwhile, the S&P 500 and the Nasdaq Composite fell 0.2% and 0.4%, respectively.
— Hakyung Kim
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Sharon Bell of Goldman Sachs discusses the latest earnings season, which she says went better than expected, and weighs in on the outlook for the economy.
Philips up 5% on Exor stake purchase
Shares of Philips were up 5% after it was announced that Dutch investment firm Exor N.V. bought a 15% stake in the health technology group.
The stake was purchased for 2.6 billion euros ($2.9 billion).
A Philips spokesperson told CNBC via email that it was "great to have a shareholder make this significant long-term investment as it expresses the confidence Exor has in the healthcare sector, as well as their confidence in Philips."
— Hannah Ward-Glenton
German wholesale prices fall 2.8% in July
German wholesale prices fell 2.8% in July, according to the German federal statistics office.
The figure comes after a 2.9% drop year on year in June, and a 2.6% fall in May.
The steepest annual drop in prices was in mineral oil products, which were down 20.8% from July 2022.
Wholesale waste and scrap, grain and unmanufactured tobacco prices were also lower than in the previous year, while live animal and fruit and vegetable prices rose from July 2022.
— Hannah Ward-Glenton
CNBC Pro: Goldman Sachs says this large automaker could be a 'strong EV player' – and take 10% market share
Goldman Sachs has said that a large global automaker's aggressive plans to grow its electric vehicle sales could be a 'strong EV player' by 2030.
The Wall Street bank said the car maker's cost-reduction strategy for EV sales could give it a 10% market share and drive a re-rating in its stock.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Crude oil extends rally to 7th week for first time since June, 2022
September West Texas Intermediate crude oil contracts this week rallied for a 7th consecutive week for the first time since June 2022, while October Brent — the international benchmark — also rose for a 7th straight week.
September natural gas contracts climbed 7.5% this week — the biggest weekly increase since mid-June.
September gasoline added 6.5% this week, the most in a week since early March, and rising for a 4th week in five.
The S&P 500 Energy Index turned in the best performance of the 11 main sectors in the S&P 500, rising 3.5% this week versus the S&P 500 Health-Care Index's 2.5% gain and the S&P 500's 0.3% loss.
— Scott Schnipper, Gina Francolla
CNBC Pro: Alibaba is doubling down on A.I. — Chinese stocks to watch
Chinese e-commerce giant Alibaba talked up business opportunities in artificial intelligence in a conference call with analysts Thursday.
Cloud rival Tencent is also expected to discuss AI business plans when it reports results Wednesday. Baidu, which has its AI-powered Ernie chatbot, is set to release earnings on Aug. 22.
All that AI interest is driving demand for Nvidia's chips — and some components made by Chinese companies.
CNBC Pro subscribers can read more here.
— Evelyn Cheng
European markets: Here are the opening calls
European markets are set to open lower Monday morning, according to IG data. Britain's FTSE is poised to drop 16.3 points to 7,508.5, Germany's DAX 58.5 points to 15,773.2, France's CAC 31.1 points to 7,308.7, and Italy's MIB 126.2 points to 28, 266.3.
— Hannah Ward-Glenton
