This is CNBC’s live blog covering European markets.
European stocks are heading for a lower open as markets struggle to find positive momentum ahead of the European Central Bank meeting later this week.
The ECB is expected to hold interest rates steady on Thursday even as inflation shows more signs of easing.
Asia-Pacific markets are mixed as China’s “Two Sessions” meeting got under way, with investors watching out for the details of its economic plans after the country projected a gross domestic product growth target of “around 5%” for 2024.
The country is set to boost its defense spending by 7.2% in 2024. It expects the inflation rate to rise to “around 3%.”
U.S. stock futures ticked lower Monday night after the Nasdaq Composite retreated from its record high.
CNBC Pro: We’re in a ‘boomer renaissance,’ top hedge fund manager says — naming sectors and stocks to play it
Top hedge fund manager David Neuhauser says the world is in a “boomer renaissance” and investors should be betting big on certain sectors that play the theme.
“I think the world is in this boomer renaissance now and there are some stocks that are seeing great moves,” he told CNBC Pro.
He added that the stocks “are not mega tech which shows you other areas tied to the wealth [effect] are helping broadening out gains.”
CNBC Pro subscribers can read more here.
— Weizhen Tan
CNBC Pro: Skip EV stocks like Tesla, says fund manager, naming a ‘phenomenal’ alternative
Competition is heating up in the electric vehicle industry, especially between investor favorite Tesla and Chinese automakers like the Warren Buffett-backed BYD.
However, one fund manager has some serious reservations about the sector.
“We don’t own any of the [EV] auto manufacturers and I think the arms race to develop EVs is going to be profitless for a lot of these businesses, including Tesla. So, I would avoid it all, I’m afraid,” he added.
The fund manager instead has his sights on what he calls “bigger integrated covers,” naming his favorite alternative stocks.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
European markets: Here are the opening calls
European markets are set to open lower Tuesday.
The U.K.’s FTSE 100 index is expected to open unchanged at 7,633, Germany’s DAX down 37 points at 17,676, France’s CAC 8 points lower at 7,943 and Italy’s FTSE MIB down 83 points at 32,846, according to data from IG.
Earnings are expected from Thales and Schaeffler today. Data releases include euro zone producer prices for January.
— Holly Ellyatt