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stocks, news, data and earnings

Philips needs to ‘adjust to a new speed of growth in China,’ CEO Roy Jakobs says

Health device maker Philips needs to “adjust to a new speed of growth in China,” its CEO Roy Jakobs told CNBC’s “Squawk Box Europe” on Monday.

The company had been expecting China to stabilize in the second half of the year, but instead saw deterioration, he said.

China however is still a key market for Philips, Jakobs said.

“We believe that China fundamentally ******** an attractive growth market for us. So it’s a matter of when that comes back, not if it comes back,” he said.

Jakobs’ comments come after Philips on Monday said it was cutting its full-year sales

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after demand in China “deteriorated.”

Speaking to CNBC, Jakobs attributed the issues in China to slowing consumer confidence and a resulting easing of sales, as well as the impact of anti-*********** measures on the health care side, which he said were keeping the market at a “low-point.”

— Sophie Kiderlin

Philips cuts sales

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as China demand has ‘deteriorated’

Dutch medical devices giant Philips on Monday said it was cutting its full-year sales

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due to weak demand from China.

Comparable sales growth is now expected to come in between 0.5% and 1.5% for full-year 2024, the company said. This is down from a previously expected sales growth range of 3% to 5%.

“In the [third] quarter, demand from hospitals and consumers in China further deteriorated, while we continue to see solid growth in other regions. We have adjusted our full-year sales

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to reflect the continued impact from China,” Philips CEO Roy Jakobs said in a

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.

Comparable sales growth was flat in the third quarter, Philips said in its earnings release on Monday. According to Reuters, analysts had been expecting 2.1% growth.

— Sophie Kiderlin

********* markets: Here are the opening calls

********* markets are expected to open in mixed territory Monday.

The U.K.’s FTSE 100 index is expected to open 8 points lower at 8,243, Germany’s DAX up 30 points at 19,747, France’s CAC up 12 points at 7,508 and Italy’s FTSE MIB up 108 points at 34,648, according to data from IG.

Earnings come from Philips Monday. There are no major data releases.

— Holly Ellyatt

Oil prices slide more than 4% after *******’s ‘limited’ ******* on Iran Yen weakens to fresh 3-month low after Japan elections

The ********* yen weakened to fresh three-month lows against the dollar on Monday, after the ruling LDP lost its majority in the country’s lower house following elections on Sunday.

The currency hit a low of 153.32 against the greenback, marking its weakest level since July 31.

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CNBC Pro: Analysts give this ******** tech stock 40% upside – but one CIO warns it could be a ‘one trick pony’

This ******** tech company has garnered interest among investors following a drop in its share price – but one market watcher is unimpressed.

“I think you might have a short-term rally. But that’s not really about [the stock]- it’s about sort of the broad based rally,” Jason Hsu, founder and chief investment officer of Rayliant Global Advisors says.

Unlike Hsu, not everyone is so negative about the stock with 35 out 46 analysts having a buy or overweight rating and an average upside of 40.1%.

CNBC Pro subscribers can read more on the stock – and Hsu’s take – here.

— Amala Balakrishner

CNBC Pro: Buy this tech stock that’s quietly automating warehouses with robots, say Berenberg and Citi — giving it 50% upside

Investment banks are telling investors to buy shares in a warehouse automation company, with price targets suggesting potential gains of more than 50 percent over the next 12 months.

The use of these systems means warehouses can store items four times more densely than manually operated warehouses while retrieving products faster than human workers. The increased efficiency and lower operating costs for its customers have allowed the firm to command significant profit margins, making its shares more valuable.

CNBC Pro subscribers can read more here.

— Ganesh Rao

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#stocks #news #data #earnings

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