European markets open for closing, earnings, data and news
40 minutes ago
Two-year-old British gilts reach a height of 15 years
British two-year gilt yields hit their highest point since April 2008 on Friday, extending gains over previous sessions.
Yields on the 2-year Treasury bond reached 4.935% in morning trade, according to Refinitiv data.
See diagram…
British 2-year gilt.
The rise in bond yields, which move inversely to prices, comes as Britain reported warmer-than-expected economic data last week.
—Hannah Ward-Glenton
An hour ago
Sterling nears 14-month high against US dollar
The British pound teetered on a 14-month high as it hit 1.2817 against the US dollar, extending gains from earlier sessions.
See diagram…
GBP/USD is moving.
The currency has rallied recently thanks to better-than-expected economic data and a weaker dollar, with the Bank of England’s expectations turning more hawkish, while the US central bank continues to strike a more cautious tone.
—Hannah Ward-Glenton
8 hours ago
CNBC Pro: ‘Green Light for Stocks:’ Fundstrat’s Tom Lee Shares His S&P 500 Target, Names Stocks to Buy
The S&P 500 has further upside heading into next year, Fundstrat’s Tom Lee predicts, as he gives his S&P 500 target for 2024.
“Our view is that you want to be risk this year,” he added, citing stocks to buy.
CNBC Pro subscribers can read more here.
— Weizhen Tan
5 hours ago
India ‘fantastic’ location for manufacturing as more countries adopt ‘China plus one’ strategy, says portfolio manager
More countries are reducing their reliance on China, and India may be the next best option for nations looking to relocate their manufacturing operations, said Matthew Culley, portfolio manager at Janus Henderson Investors.
“The long-term outlook for India is clearly positive, and it is the only country blessed with the demographics to rival China on the global stage,” Culley told CNBC’s Squawk Box Asia on Friday.
India is therefore a “fantastic place” for countries looking to move away from China because of its strong economic background and cheap labor, he added.
Culley highlighted that the South Asian nation is now starting to see “green shoots of private sector capital”, and banks will also play a central role.
“There’s a ton of infrastructure that needs to be done, because it’s not just about building a manufacturing facility … you really need the whole supply chain to be replicated for it to be successful.”
— Charmaine Jacob
8 hours ago
CNBC Pro: UBS loves this major global airline and expects its shares to rise 50% over the next year
Swiss investment bank UBS expects shares of a major global airline to rise 50% in the next year
The airline’s shares are already up 50% this year as it plans to grow by nearly three times by 2030.
CNBC Pro subscribers can read more here.
– Ganesh Rao
4 hours ago
The Bank of Japan leaves rates unchanged, keeping them at ultra-low levels
Japan’s central bank maintained its extremely loose monetary policy on Friday, choosing to support fragile economic growth at a time of swirling global uncertainty.
The Bank of Japan kept its short-term interest rate target at -0.1% and made no changes to its yield curve management policy, in line with economists’ expectations.
The Japanese yen fell after the decision, falling as much as 0.3% to around 140.70 per US dollar before losses. The Nikkei 225 reversed similar earlier losses to creep higher.
— Clement Tan
3 hours ago
European markets: Here are the opening calls
The European stock exchanges are expected to open mixed on Friday.
Britain’s FTSE 100 will see a rise of 3.7 points to 7,634.6, according to IG data, while Germany’s DAX 40 index will rise 9 points to 16,302.9. France’s CAC 40 index will fall 0.9 points to 7,288.2, while Italy’s MIB 40 will fall 24.1 points to 27,688.4.
—Hannah Ward-Glenton
