stocks, news, data and earnings

3 hours ago

China’s economy grew by 4.5% in the first quarter of 2023

China’s gross domestic product grew by 4.5% in the first quarter of 2023, the National Bureau of Statistics said on Tuesday.

That compared with a 4% forecast in a Reuters poll and was the fastest growth since the first quarter of last year. In the fourth quarter of 2022, the economy grew by 2.9 percent.

Retail trade rose 10.6% in March, beating Reuters expectations for a 7.4% increase. industrial output rose 3.9% on the month, below the Reuters forecast of 4%.

After the report, the Chinese yuan strengthened by 0.1% to 6.8712 against the US dollar.

– Jihe Lee

4 hours ago

CNBC Pro. Citi Says It’s Time to Rethink ESG, Names 3 Stocks That Could Grow 30%

Investments in environmental, social and governance stocks underperformed the broader market in 2022, but strategists at Wall Street bank Citi believe the theme should rebound this year.

The investment bank has identified several ESG stocks that are expected to rebound this year, with at least three stocks poised for 30% upside potential.

CNBC Pro subscribers can read more here.

— Ganesh Rao

17 hours ago

According to Bank of America, earnings season starts at least as early as 2012

Despite steady inflation, higher rates and fears of a looming recession, the earnings season is off to its best start in a decade, according to Bank of America data.

Of the 30 companies that have reported so far, 90% beat earnings per share expectations, marking the best first-week performance since at least 2012, Savita Subramanian wrote in a note to clients on Monday.

He added that 73% of companies reporting last week beat sales expectations, while 67% beat both metrics. Last quarter’s one-week results showed just 46% of companies beat both EPS and sales figures, compared to a historical average of just 48%.

“Fueled by bank hits, 1Q EPS follows 30bp surprise,” said an equity and quant strategist. “We forecast a balanced quarter, but expect more bearish guidance and some commentary around changes in cash usage if credit conditions worsen.”

Overall, consensus expectations call for a more than 7% decline in first-quarter earnings for the S&P 500 on a year-over-year basis, he noted.

Big bank earnings may offer some relief, but the market is still not reeling as credit effects play out in sectors such as manufacturing.

“A massive, systemic shock to financial confidence appears to have been averted, but tighter credit is showing up in the real economy,” he said.

– Samantha Subin

4 hours ago

CNBC Pro. Goldman cites 4 stocks to play $5 trillion e-commerce opportunity, including 70% upside.

The e-commerce sector has seen growth slow after two years of growth spurred by the pandemic. But the industry is far from down, according to Goldman Sachs.

The bank says e-commerce will benefit from the effects of secular growth, with global sales reaching $4.8 trillion by 2026.

Pro subscribers can read more here.

— Zavier Ong

An hour ago

European markets. Here are the opening calls

European markets are headed for a higher open on Tuesday.

Britain’s FTSE 100 is expected to open 17 points higher at 7,899, Germany’s DAX up 30 points at 15,821, France’s CAC up 14 points at 7,516 and Italy’s FTSE MIB up 116 points at 27,303, according to IG- of data.

Earnings come from Easyjet and data releases include Germany’s ZEW survey of economic sentiment for April.

– Holly Elliott


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