European markets open to close, earnings, data and news

European stocks were broadly in the red at Tuesday’s open, with the pan-European Stoxx 600 index down 0.26%.

France’s CAC 40 and the U.K.’s FTSE 100 were both lower by around 0.4%, as Germany’s DAX dipped 0.2%.

Pharmaceutical giant AstraZeneca on Wednesday announced a target of $80 billion in total revenue by 2030, up from $45.8 billion in the full-year 2023, via “significant growth in its existing oncology, biopharmaceuticals and rare disease portfolio.”

The company plans to launch 20 new medicines before that time, it said in a release on its investor day.

Those drugs have the potential to generate more than $5 billion in peak year revenues, it said.

— Jenni Reid

Shares of a global video game developer are currently being overlooked by the market and are up for grabs at a “very cheap” price, according to Schroders fund manager Vera German.

The company’s shares have been hit hard over the past few years, with the stock price declining significantly from its peak in 2021. It has fallen by 40% over the past 12 months alone.

The value investor believes that the company is well-positioned for future growth as it has a net cash of $1.1 billion and a strong cash flow generation.

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— Ganesh Rao

The U.S move to impose higher tariffs on Chinese electric vehicles is set to have an impact on the U.S. battery supply chain — and create investing opportunities, according to Bernstein.

Those tariffs will benefit the U.S. battery supply chain, where demand is expected to grow at a compound annual growth rate of 25% to 30%, according to Bernstein in a May 13 note.

It names global stocks that investors can consider.

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— Weizhen Tan

European markets are expected to open lower Tuesday.

The U.K.’s FTSE 100 index is expected to open 43 points lower at 8,381, Germany’s DAX down 60 points at 18,708, France’s CAC 33 points lower at 8,139 and Italy’s FTSE MIB down 140 points at 34,788, according to data from IG.

Earnings come from Kingfisher, Smiths Group, Fresnillo and Generali. Euro zone trade balance and construction data for March are due.

— Holly Ellyatt

Crypto prices rallied on Monday amid a late surge in optimism around the U.S. Securities and Exchange Commission decision on spot ether exchange-traded funds applications, due this week. The previous consensus was that the funds would likely not be approved.

Ether led the crypto market, surging about 15% to about $3,500, according to Coin Metrics. Bitcoin gained more than 4%, briefly touching $70,000 at one point for the first time since April.

In regular trading, crypto-related stocks rode the wave, with Coinbase and MicroStrategy jumping 8% and 9%, respectively. Miners Marathon Digital and CleanSpark advanced 14% each.

— Tanaya Macheel