European Markets Higher After Strong First Half Gains; mining stocks up 2.5%

Saudi Arabia will extend its voluntary 1 million barrels-a-day oil production cut initially scheduled for July until August, the country’s energy ministry said Monday, according to the state-owned Saudi news agency.

As a result, Riyadh’s output will reach nearly 9 million barrels per day next month. Saudi Arabia first introduced the voluntary production limit after the OPEC+ ministerial meeting in early June, when it also agreed to extend a separate voluntary cut of 500,000 barrels per day announced in April until the end of 2024.

Brent oil futures due in September traded at $76.35 a barrel at 10:49 a.m. London time, up 94 cents a barrel from Friday’s settlement price.

— Ruxandra Iordache

Shares of AstraZeneca fell more than 5% in morning trading following the results of a late-stage medical examination.

The results showed that an experimental precision drug slowed the progression of lung cancer, but analysts said the benefits may not be as pronounced as hoped.

Citi analysts said the results “may not be the absolute benefit investors were hoping for,” but said they still expect the treatment to receive regulatory approval. The bank maintained its buy rating on the stock.

It’s time for investors to consider returning to an important international market, Koul, who is vice president of Asia-Pacific portfolio strategy at the investment bank, told CNBC’s “Street Signs Asia” Friday.

“The amount of interest we are seeing, especially from global investors, is unprecedented,” he said.

Koul explains why it’s time and shares the stocks to consider.

CNBC Pro subscribers can read more here.

— Weizhen Tan

According to a private study by Caixin/S&P Global, Chinese manufacturing activity grew more slowly in June.

The country’s purchasing managers index fell from 50.9 in May to 50.5 in June, but slightly higher than the 50.2 expected by economists polled by Reuters.

China’s National Bureau of Statistics reported last week that the official manufacturing PMI stood at 49.0 in June, compared to 48.8 in May.

— Lim Hui Jie, Clement Tan

Tesla reported over the weekend second-quarter car production and shipment numbers that beat analysts’ expectations.

The company said on Sunday it placed 466,140 deliveries and produced a total of 479,700 vehicles.

The numbers mean shipments are up 83% year over year for the electric vehicle maker as it ramped up production capacity and production at its assembly plant in Austin, Texas.

It is the fifth consecutive quarter that Tesla has reported more vehicles produced than deliveries.

— Samantha Subin

Enthusiasm around artificial intelligence and the potential of generative AI have contributed to the market’s gains so far in 2023.

As the second half begins and technology stocks are well above year-earlier levels, some investors are beginning to wonder where they can find the next opportunities to capitalize on the fast-growing trend.

CNBC Pro subscribers can read more about how investors who missed the boat in the second half can bet on AI here.

— Samantha Subin

European stock markets will open higher at the start of the new trading week, according to data from IG. The UK FTSE 100 is expected to rise 24.2 points to 7,555.4, while Germany’s DAX is up 37 points. 16,184.9. France’s CAC is expected to rise 16.3 points to 7,422.9 points, and Italy’s MIB is estimated to increase by 67.5 points to 28,415.0.

—Hannah Ward Glenton