European stocks rise as global markets focus on the Fed; Ocado shares 38%

The Bank of England saw strong investor demand in its first quantitative easing unwind auction.

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—Matt Clinch

ocado shares soared more than 32% on Tuesday after it struck a partnership deal with South Korean retailer Lotte that will see the

German food delivery companies delivery hero and hellofresh jumped 9% and 10% respectively thanks to the rise of their British counterpart.

At the bottom of the Stoxx 600, the Danish Bank Jyske fell 6.5% after missing core third-quarter earnings expectations.

-Elliot Smith

Online grocery store Ocado topped the Stoxx 600 in early trading with shares up 31%. The gains come after the company teamed up with South Korean retail company Lotte Shopping.

Ocado and Lotte are set to develop a network of robotic warehouses, dubbed “Customer Fulfillment Centers” by Ocado, across South Korea in a bid to expand online commerce.

—Hannah Ward-Glenton

Oil and gas giant BP reported stronger-than-expected third-quarter earnings on Tuesday.

The British energy major posted underlying profit at replacement cost, used as a proxy for net profit, of $8.2 billion for the three months to the end of September. That compares with $8.5 billion in the prior quarter and net income of $3.3 billion in the same period a year earlier.

The world’s biggest oil and gas majors have posted windfall profits in recent months, benefiting from soaring commodity prices following Russia’s invasion of Ukraine.

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-Sam Meredith

Citi picked a major electric car maker as one of its “best” buy ideas in Chinese stocks.

He expects the automaker’s shares to rise more than 260% over the next 12 months as electric vehicle sales soar.

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—Ganesh Rao

Caixin Manufacturing’s Purchasing Managers’ Index for October showed factory activity contracted for the third consecutive month.

The reading came in at 49.2, against expectations for a print of 49. In September, the manufacturing PMI was at 48.1, below the 50 point mark that separates growth from contraction.

PMI readings compare month-to-month activity.

Official data from the National Bureau of Statistics came in at 49.2 on Monday, missing expectations for a print of 50.

—Abigail from

After October’s stock market rally, investors are wondering if stocks have bottomed out or if this is another short-lived rebound.

Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, is in the latter camp, saying the rally, once again, appears temporary.

He told CNBC what he thinks investors should buy — and short.

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—Weizhen Tan

Hong Kong’s gross domestic product fell 4.5% in the third quarter of the year from the same period a year ago, preliminary estimates from the Census and Statistics Department showed on Monday.

It was the worst contraction since the second quarter of 2020. Analysts polled by Reuters had expected growth of 0.7%, while GDP fell 1.3% in the second quarter.

“The deteriorating external environment and continued disruptions to cross-border inland freight flows have dealt a severe blow to Hong Kong’s exports,” the statement said, adding that the decline in GDP was “mainly attributable to the weak performance of the external demand during the quarter”.

Fixed capital formation, or investment, fell 14.3%, while exports and imports also fell.

—Abigail from

Tesla may be an investor favorite for exposure to the electric vehicle industry, but Citi and HSBC cite two alternatives to meet growing demand for electric vehicles.

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— Zavier Ong