European markets open to close; the pound sterling collapses against the dollar

Brent Crude Falls Below $85 a Barrel as Dollar Rises

Brent crude fell below $85 a barrel on Monday as recession fears mount and the American dollar arose

Brent Futures for November settlement they traded down more than 1% around $84.92 at 8am London time. West Texas Intermediate futures also fell to trade around $77.93.

Central banks around the world — including the US Y the United Kingdom. — continue to raise interest rates in an effort to address inflation.

You can read the full story on CNBC here.

— Hannah Ward-Glenton

Stocks on the move: Belimo up 7%, K+S down 8%

Shares in Swiss heating and ventilation maker Belimo Holding rose more than 7% in early trading after Berenberg upgraded the stock to “buy” and raised his price target, citing surging demand for home renovations.

At the bottom of the Stoxx 600, German chemical company K+S fell 8%.

-Elliot Smith

Giorgia Meloni and her far-right Brothers of Italy party lead the vote in Italian elections, exit poll shows

Giorgia Meloni seen speaking during the campaign. Giorgia Meloni, leader of the right-wing conservative and nationalist Brothers of Italy party (Fratelli dItalia, FDI) celebrated the concluding election rally in Arenile, in the left-wing Bagnoli district of Naples.

Soup Images | Light Rocket | fake images

Italians are on track to elect the country’s first female prime minister and the first far-right-led government since the end of World War II.

Giorgia Meloni’s Fratelli d’Italia (Brothers of Italy) party will get 26.4% of the vote, according to an exit poll conducted early Monday morning. The party is in a broad right-wing coalition with Lega, under Matteo Salvini, Silvio Berlusconi’s Forza Italia and a smaller coalition partner, Noi Moderati.

This alliance is poised to obtain 44.43% of the vote, according to exit polls, enough to obtain a parliamentary majority with the center-left bloc at 26.57%. The first projections of the actual results of the elections are due on Monday morning.

Read more about the story here

British Pound Hits All-Time Low Against Dollar as Asia-Pacific Currencies Weaken Too

CNBC Pro: Morningstar reveals its top global high-dividend stocks and gives three 30% upside

Morningstar has revealed its picks for global stocks with the highest dividend yields, saying they stand out in an environment where many companies may not be able to maintain their dividends due to “economic stress”.

Professional subscribers can read more here.

— Ganesh Rao

CNBC Pro: Dan Niles predicts when the S&P 500 will bottom and reveals how it has benefited this year

Stocks prepare to test their lows in the last trading week of September

Heading into the final trading week of September, the Dow and S&P 500 are each down 6% for the month, while the Nasdaq is down 8%.

Both the Dow Jones and S&P are now 1.2% and 1.6%, respectively, above their mid-June lows. The Nasdaq is 2.9% above its low.

European markets: here are the opening calls

European stocks are expected to open in negative territory on Wednesday as investors react to the latest US inflation data.

The UK’s FTSE index is expected to open 47 points lower at 7,341, Germany’s DAX 86 points lower at 13,106, France’s CAC 40 down 28 points and Italy’s FTSE MIB down 132 points. drops to 22,010, according to IG data.

Global markets have retreated after a higher than expected result US Consumer Price Index August report showing prices rose 0.1% monthly and 8.3% annually in August, the Bureau of Labor Statistics reported Tuesday, defying economists’ expectations that headline inflation would fall 0.1 % monthly.

The core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.

UK inflation figures are expected for August and Eurozone industrial production for July will be released.

— Holly Ellyatt

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