European markets bounced back to close higher on Wednesday as investors in the U.K. digested the 2024 budget statement.
European markets
The pan-European Stoxx 600 provisionally closed 0.4% higher, with most sectors and major bourses in positive territory. Technology stocks climbed 1.35%, with the sector also powering gains stateside, while media stocs fell 0.5%.
The U.K. budget was presented by British Finance Minister Jeremy Hunt, and contained announcements on the abolition of non-domiciled tax status as well as a reduction in National Insurance.
Investors are also assessingFed Chair Jerome Powell's testimonybefore the House Financial Services Committee on Wednesday. Powell again said he expects interest rates to start coming down this year, but it is not clear when.
Asia-Pacific markets were mixed Wednesday, with Hong Kong stocks leading gains in the region and up over 2%. Mainland Chinese stocks slid, sending the CSI 300 down 0.6%, after a tech slide on Wall Street led byApple, following a report that iPhone sales dropped in China.
U.S. stocks open higher
The three major indexes opened Wednesday's session higher, marking a turn from the prior two down days.
TheDowwas up about 0.5% shortly after 9:30 a.m. ET. TheS&P 500andNasdaq Compositeadded 0.7% and 1%, respectively.
— Alex Harring
Sterling inches up slightly against the dollar
In this photo illustration, £20 notes featuring the late Queen Elizabeth II are pictured with a one Dollar bill notes on December 02, 2023 in Bath, England.
Matt Cardy | Getty Images
Thepoundwas slightly higher against the dollar at the close of the U.K.'s Spring Budget announcements.
Sterling was seen trading up 0.13% against the greenback at $1.2720 by 1:40 p.m. London time. It was down 0.13% against the euro at 1.16.
— Karen Gilchrist
UK stocks slightly higher, sterling muted in early trade
Britain's FTSE 100 were cautiously higher in early trade, up 0.2%, with a cautious tone prevailing across European markets.
The pound was fractionally higher against the dollar, last seen trading at around $1.2720.
- Elliot Smith
Stocks on the move: Scor up 9.7%, Grifols down 15.1%
Shares of French reinsurance company Scor jumped 9.7% in early deals after it reported record 2023 results.
On the other end, Grifols was down 15.1% as it continues to battle weakening investor confidence after a damaging report earlier this year from hedge fund Gotham City Research.
— Karen Gilchrist
DHL Group not looking to acquire Schenker
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Squawk Box Europe
German logistics giant DHL Group on Wednesday dismissed rumors that it is looking to acquire Deutsche Bahn's subsidiary Schenker.
CEO Tobias Meyer told CNBC that the company is open to acquisitions but noted that DB Schenker does fit its requirements.
"We have a lot of things we can invest in. We are very interested in the e-commerce space. We just didn't see Schenker as a good fit for us," Meyer said.
— Karen Gilchrist
Galderma to list on Swiss stock exchange
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Galderma CEO says it's an 'excellent time' for Swiss IPO
Squawk Box Europe
Swiss skincare company Galderma on Wednesday announced that it will float on the Swiss stock exchange, in a move CEO Flemming Ørnskov described as the "next natural step" for the business.
Galderma is aiming to raise around $2.3 billion for the listing, saying it will use the funds to pay down debt and invest in innovation.
"It's an excellent time," Ørnskov told CNBC. "The outlook is really attractive for the company and the market."
— Karen Gilchrist
CNBC Pro: Diversify your AI plays — these are the best alternatives to Nvidia, fund managers say
Nvidia may have enjoyed a red-hot run on the back of the artificial intelligence craze, but many other tech stocks have also benefited.
As with any investing theme, diversification is needed.
Veteran tech investor Paul Meeks told CNBC Pro that even if Nvidia is a "great story," it's "too risky to be in just one" when it comes to AI.
Plus, one analyst names two startups that could be the next Nvidia.
CNBC Pro subscribers can read more here.
— Weizhen Tan
CNBC Pro: 'Once-in-a-lifetime opportunity'? Wealth manager names 3 stocks on his radar right now
Wealth manager Brian Vendig is bullish on stocks this year, and says there are opportunities for investors outside of 2023's headline-makers.
"We believe stocks have a chance to appreciate because earnings outlooks for this year are expansionary and we are past the slowdown in earnings that we observed for the majority of last year," Vendig, president of MJP Wealth Advisors, wrote in notes to CNBC.
"There are many areas of the market that did not significantly participate in the returns last year — such as healthcare, industrials, materials, financials and consumer staples — and that creates opportunities for investors."
CNBC Pro subscribers can read more here.
— Amala Balakrishner
European markets: Here are the opening calls
European markets are set to open lower Monday.
The U.K.'s FTSE 100 index is expected to open 25 points lower at 7,634, Germany's DAX down 75 points at 17,739, France's CAC 30 points lower at 7,998 and Italy's FTSE MIB down 118 points at 33,298, according to data from IG.
There are no major earnings or data releases.
— Holly Ellyatt
