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The World Economic Forum starts in Davos

Shares on the way: Temenos up 5%, Tecan down 4%

Temenos shares gained more than 5% in early trading to lead the Stoxx 600 after the Swiss software company announced that CEO Max Chuard would step down.

At the bottom of the European blue chip index, a countryman, manufacturer of laboratory equipment Tecan Group fell 4% after Kepler Cheuvreux downgraded the stock from “buy”[ads1]; to “hold” and cut the target price.

– Elliot Smith

CNBC Pro: Want a Tesla alternative? Analysts and fund managers reveal their best EV stocks

CNBC Pro: Analysts love these 12 cheap stocks — giving one 70% upside

2022 was a bad year for many investors, with most stocks – especially technology – plunging to levels not seen since 2008.

But there may be some opportunity in the chaos, with a number of companies trading at steeper price-to-earnings discounts than they have in recent history.

CNBC Pro surveyed these names that are also Wall Street favorites.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Inflation outlook softens again, traders fully price in quarter-point rate hike

Falling consumer inflation expectations coincide with expectations that the Federal Reserve is likely to taper the level of interest rate hikes in a few weeks, ending them soon.

The University of Michigan consumer survey on Friday showed the one-year inflation outlook down to 4%, the third straight monthly decline and the lowest level since April 2021.

At the same time, traders assigned a 94.2% chance of a 0.25 percentage point rate hike on February 1, when the Fed’s next two-day meeting ends. It marks a smaller move than the increase of 0.5 percentage points in December, which in itself was a slowdown from four straight increases of 0.75 percentage points.

“Inflation expectations are firmly anchored and improving as price pressures ease across many sectors. The Fed is likely to hike by 0.25% at its upcoming meeting later this month,” LPL Financial chief economist Jeffrey Roach said. “We shouldn’t be surprised if the Fed starts talking about a pause in the near future.”

-Jeff Cox

European markets: Here are the opening calls

European markets are headed for a higher open on Monday as investors gauge the inflation outlook globally following positive signs from US data last week.

Britain’s FTSE 100 the index is expected to open 10 points higher at 7,856, Germany’s DAX 84 points higher at 15,174, France’s CAC up 43 points to 7,063 and Italy’s FTSE MIB up 142 points to 25,895, according to data from IG.

Data releases include Germany’s ZEW survey of economic sentiment for January and preliminary Italian inflation figures for January. The World Economic Forum kicks off in Davos, Switzerland, on Monday.

—Holly Ellyatt

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