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An hour ago

Shares on the way: SBB up 4.5%, Embracer Group down 7.3%

Swedish property group SBB climbed to the top of the Stoxx 600 in afternoon deals, up 4.5%, after announcing it was exploring strategic options, including a sale of the company or of specific assets and segments. Shares in the company have fallen 80% in the past year as it struggles with the higher interest rate environment.

Meanwhile, Swedish video game maker and media company Embracer Group fell to the bottom of the European benchmark, down 7.3%, amid uncertainty over the status of its latest game release.

—Karen Gilchrist

4 hours ago

The debt ceiling agreement is unlikely to trigger a major increase in relief, says the investment manager

Antonio Cavarero, chief investment officer at Generali Insurance Asset Management, discussed the market outlook in light of strong US economic data and continued pressure on interest rates.

6 hours ago

Earnings expectations must be revised upwards when the global economy falls, says asset manager

John Ricciardi, head of global asset allocation at Deuterium Capital Management, says it’s “quite supportive of risk assets, which are trading … at very steep discounts to benchmarks.”

8 hours ago

Data complicates the central bank’s interest rate decisions

The market has long priced interest rate cuts by major central banks towards the end of 2023, but sticky core inflation, tight labor markets and a surprisingly robust global economy are causing some economists to reconsider.

Stronger-than-expected US jobs and gross domestic product data have highlighted a key risk to the Federal Reserve potentially taking the foot off the monetary brake. Economic resilience and persistent tightness in the labor market may lead to upward pressure on wages and inflation, which is in danger of becoming entrenched.

Read the whole story here.

– Elliott Smith

8 hours ago

European markets: Here are the opening calls

European markets are expected to open higher on Monday.

Britain’s FTSE 100 index is expected to open 12.1 points higher at 7,641, Germany’s DAX up 34 points to 16,015, France’s CAC up 6.2 points at 7,331 and Italy’s FTSE MIB 80 points higher at 26,838, according to data from .

– Jenny Reid

11 hours ago

US dollar index to strengthen with economic data in focus this week, says SMBC

The dollar index could strengthen further to 105 in the near term with the US jobs report to be released later this week, as well as a looming vote on the debt ceiling deal, SMBC said in a Monday note.

“Asian currencies are expected to weaken, but the decline may be limited as several market participants also look for chances for Asian currencies to strengthen in preparation for the risk on sentiment after the Fed stops rate hikes,” Ryota Abe, Asia Pacific economist at Sumitomo Mitsui Banking Corporation (SMBC) wrote.

The dollar index fell marginally to 104.164 in Asia’s morning session. The Japanese yen strengthened slightly to 140.52 against the US dollar, while the offshore Chinese yuan weakened to 7.0791 against the dollar.

“U.S. economic data released last week supports hawkish stances on interest rate hikes,” Abe wrote in the note. “Combined with the CPI released earlier this month, the data show stronger-than-expected inflationary pressures, raising concerns about US inflation,” he wrote.

– Jihye Lee

11 hours ago

Turkish lira falls near all-time lows after Erdogan retains office

The Turkish lira weakened against the US dollar as incumbent Recep Tayyip Erdogan swept to victory in the 2023 presidential election, extending his reign to a third decade in power.

The currency traded at 19.97 against the dollar on Monday at 04.00 London time.

“We have a fairly pessimistic view on the Turkish lira as a result of Erdogan staying in office after the election,” Wells Fargo’s emerging markets economist and currency strategist Brendan McKenna told CNBC’s “Squawk Box Asia.”

“There is a very bleak economic and market outlook for Turkey,” McKenna added, predicting the lira will hit a new record low of 23 against the dollar by the end of the second quarter.

– Lee Ying Shan

13 hours ago

CNBC Pro: How much of AI is just hype? A bull and a bear share their tips on how to invest

Artificial intelligence has taken the investment world by storm since early this year – largely thanks to the rise of ChatGPT, which sparked a wave of buying in AI-related stocks.

Is it here to stay or just hype?

A bull and a bear met on CNBC’s “Street Signs Asia,” telling investors how to navigate the dilemma, as well as which stocks to play the trend.

CNBC Pro subscribers can read more here.

— Weizhen Tan

13 hours ago

CNBC Pro: TSMC or Samsung? A chipmaker is the better play on AI, geopolitics and earnings, analyst says

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