Betting companies Entain and Flutter fall over reports of possible tax hikes
Betting companies Entain and Flutter fell sharply in Europe on Monday after media reports last week suggested the British government could raise taxes on online casinos and bookmakers.
The Guardian newspaper on Friday reported that some of these taxes could be doubled and could be implemented as soon as the UK Budget is released later this month.
Entain’s stock price last fell 14.3%, while Flutter’s European-listed stock fell 7.6% last time.
— Sophie Kiderin
European markets open flat
European stocks were mixed at market open on Monday, with regional markets lacking direction after last week’s eventful week.
The pan-European Stoxx 600 index was little changed as markets opened and was last down 0.02% at 8:15 a.m. London time.
Travel and leisure stocks were an outlier, falling 1.7% in a range-based market.
— Sophie Kiderin
Goldman Sachs updates its global stock confidence list, giving three stocks more than 20% upside potential
Goldman Sachs has updated its list of the world’s top stocks for October, adding some and removing others.
The stocks are featured on the investment bank’s Conviction List – Director’s Cut, which the investment bank says provides a “curated, active” list of stocks with buy ratings.
CNBC Pro subscribers can read more about the three latest additions to the list with potential for gains of 20% or more, according to Goldman analysts.
— Amara Balakrishna
Goldman Sachs raises China’s GDP growth forecast amid economic stimulus
Goldman Sachs has increased its 2024 real GDP forecast for China to 4.9% from the previous 4.7%, in recognition of the “stronger and more coordinated” economic stimulus announced at two high-level press conferences last week. I raised it to .
The report said in an October 13 research note that China’s policymakers are “turning to cyclical policy management and increasing their focus on the economy.”
The company said the Ministry of Finance had indicated an upward revision indicating that a 2.3 trillion yuan ($325.48 billion) local government special bond fund would be used in the fourth quarter. And the National Development and Reform Commission said it would pre-approve next year’s 200 billion yuan project by the end of October.
Goldman Sachs raised its forecast for the country’s real GDP growth rate in 2025 from 4.3% to 4.7%, but said, “The easing measures announced and proposed so far are 0.4 percentage points higher than the previous forecast. I predict that will happen.”
However, it noted that the structural view of China’s growth remains unchanged, as growth challenges continue, including deteriorating demographics, multi-year trends in debt deleveraging, and global supply chain risks.
— Anique Bao
CNBC Pro: Is it time to invest in China? Two professionals share their thoughts
After a tough start to the week, the Chinese market is once again in the spotlight.
China’s blue-chip CSI 300 index soared more than 10% at the open on Tuesday on hopes for economic stimulus after the seven-day Golden Week holiday. However, the gains subsided as investors were overwhelmed as China’s National Development and Reform Commission refrained from announcing another major economic stimulus package.
As investors consider whether and how to invest in China, two experts share their views on the current market and the stocks they love.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
European Market: Click here for opening call
European markets are expected to open mixed on Monday.
The UK’s FTSE 100 index is expected to open 12 points lower at 8,240, Germany’s DAX is down 7 points to 19,351, France’s CAC is down 12 points to 7,568 and Italy’s FTSE is expected to open 12 points lower at 8,240, according to IG data. MIB is expected to rise six points to 34,144.
There will be no major earnings or data releases on Monday.
— Holly Ellyatt
