Investors await US inflation data

52 minutes ago

European shares open slightly higher

European stocks were mostly higher at Wednesday’s open.

The pan-European Stoxx 600 was up 0.3% in early trade, with technology shares rising 1% to lead the way as most sectors and major bourses pushed into positive territory. Travel and leisure shares fell 0.6 per cent.

An hour ago

Bank of England: UK banks strong enough to support households and businesses

Andrew Bailey, Governor of the Bank of England, attends the Bank of England’s Monetary Policy Report press conference, at the Bank of England, London, Britain, February 2, 2023.

Pool | Reuters

The Bank of England said on Wednesday that UK banks are strong enough to support households and businesses through the pressure of higher borrowing costs and rising living costs.

In its Financial Stability Report, the central bank noted that UK households and businesses are in a safer position than they were before the financial crisis, with a lower proportion of household income spent on mortgage payments and a lower proportion of business spending being used to service debt. .

“Higher interest payments on loans mean that some households and businesses may not be able to pay. This increases the risk that banks may incur some losses,” the bank said.

“However, UK banks are resilient and they are strong enough to continue to support households and businesses through a period of higher interest rates. In line with our rules, they have large capital buffers to absorb losses.”

Although the banks have yet to see an increase in borrowers being unable to meet loan payments, the bank said interest rate hikes will gradually trickle through the economy. As such, the full impact is yet to be felt by households and businesses.

– Elliott Smith

2 hours ago

Here are the opening talks

Britain’s FTSE 100 is seen around 16 points higher at 7,299, Germany’s DAX is set to add around 53 points to 15,843 and France’s CAC 40 is expected to climb around 34 points to 7,254, according to IG data.

7 hours ago

CNBC Pro: Stocks will bounce back if US avoids recession, says Investec equity strategist

Equity markets could suffer if the US economy avoids a recession that many believe is just around the corner, according to Investec equity strategist Roger Lee.

Lee also explained why markets will fall and where to hide when the decline begins.

CNBC Pro subscribers can read more here.

– Ganesh Rao

7 hours ago

CNBC Pro: Goldman picks a slew of discounted global stocks — giving two more than 100% upside

Analysts at Goldman Sachs have picked a number of global stocks they say are trading at a discount – and said two of their picks could rise more than 100% over the next 12 months.

The stocks all appear on Goldman’s list called “value buys with earnings upside potential.”

“We look for buy-rated stocks that are trading at attractive valuations relative to their own history … and the broader market (SXXP), where our analysts see upside risks to consensus 2023/24E EPS [earnings per share]”, the bank’s analysts said.

CNBC Pro subscribers can see which stocks made the list here.

– Lucy Handley

5 hours ago

New Zealand keeps interest rates at 5.5%, first break since October 2021

New Zealand’s central bank has kept its benchmark interest rate at 5.5%, marking the first break for the Reserve Bank of New Zealand since October 2021.

The RBNZ said the current level of interest rates “restrains spending and inflationary pressures as expected and necessary.”

However, the central bank said that interest rates must still “remain at a restrictive level for the foreseeable future,” to ensure that consumer inflation returns to the target range of 1-3%.

– Lim Hui Jie

6 hours ago

Japan’s wholesale inflation eases for sixth straight month to 4.1%

Japan’s corporate goods price index rose at a slower pace of 4.1% year-on-year in June, the sixth straight month that growth has slowed.

Also known as the wholesale inflation gauge, 4.1% is lower than May’s revised print of 5.2%, and also the lowest inflation rate recorded since April 2021.

The business commodity price index measures the price companies charge each other for their goods and services.

– Lim Hui Jie

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