2 hours ago
US stocks open slightly lower
Friday’s opening prices for the major indexes are:
— Peer Singh
3 hours ago
Eurozone manufacturing activity continues to decline
Eurozone manufacturing remained weak in November, according to latest report, but some bright spots emerged purchasing managers index HCOB and S&P Global numbers.
Last month’s overall PMI reading was 44.2, putting the sector in contraction territory for the 17th consecutive month. The rate of decline in new orders, inventory, and overall purchasing activity was less severe.
Austria performed worst in November, followed by Germany and France.
The indicator is weighing investors on whether the European Central Bank may cut interest rates sooner than previously indicated, given a decline in a key inflation measure and the economy contracting by 0.1% in the third quarter. It was announced during the evaluation.
— Jenny Reid
5 hours ago
UK house prices rise unexpectedly in November
Houses in the Maida Vale area of London on June 30, 2022.
Bloomberg | Bloomberg | Getty Images
UK house prices rose 0.2% in November, according to data from financial firm Nationwide published on Friday. Economists polled by Reuters had expected a decline of 0.4%.
House prices remained 2% lower than a year ago.
“There has been a significant change in market expectations about the future direction. [the Bank of England’s] “Bank rates in recent months could provide much-needed support to housing market activity if sustained,” said Robert Gardner, chief economist at Nationwide.
In mid-August, investors were expecting interest rates to peak at 6% and then fall to around 4% over the next five years, but the market now believes interest rates have already peaked at 5.25% and are expected to decline in the coming years. We expect the rate to drop to around 3.5%. , He said. This has resulted in lower long-term swap rates, which underpin mortgage pricing.
“If sustained, this could ease the affordability pressures that have constrained housing market activity in recent quarters, with mortgage approvals for home purchases still around 30% below pre-pandemic levels. “It will help,” Gardner said.
— Jenny Reid
9 hours ago
European stocks head towards an upward trend
European stocks got off to a strong start on Friday, extending November’s strong momentum into the new month.
The UK’s FTSE 100 index is expected to open 42 points higher at 7,487, according to IG data. Germany’s DAX rose 60 points to 16,293, France’s CAC40 rose 25 points to 7,338 and Italy’s MIB rose 125 points to 29,891.
— Jenny Reid
14 hours ago
China’s manufacturing activity unexpectedly expands in November: Caixin survey
A worker assembles a mini excavator at a heavy equipment factory in Suzhou, eastern China’s Jiangsu province, on October 23, 2023.
Future Publishing | Future Publishing | Getty Images
China’s manufacturing industry expanded unexpectedly in November, According to Caixin research.
The Caixin Purchasing Managers’ Index rose to 50.7 last month from 49.5 in October, as an increase in new orders helped boost factory production.
November’s PMI recorded the highest growth in three months, beating the Reuters poll’s forecast of 49.8.
“Although modest, the rate of growth in new orders is the highest since June, and companies often point to strong market conditions as contributing to the increase in sales. However, new orders from overseas continue to decline slightly, “This highlights the relatively difficult external demand environment,” the study said.
Any number above the 50 point mark means growth.
— Shreyashi Sanyal
7 hours ago
European stocks start higher
Stock markets got off to a positive start to the new month, with the Stoxx 600 index up 0.5% and all sectors trading in the green at 9am UK time.
London’s FTSE 100 index rose 0.8%, while France’s CAC40 index and Germany’s DAX index rose 0.45% and 0.7%, respectively.
See chart…
STOXX 600 index.
16 hours ago
CNBC Pro: Goldman Sachs loves this Chinese subsector, names 3 stocks to buy
This corner of the Chinese economy is one of Goldman’s favorite subsectors, and six key themes will take center stage in 2024.
The bank named three Chinese stocks that it says are “well-positioned” for these themes.
One of the stocks is on Goldman’s Conviction List, which is made up of stocks rated buys that are expected to outperform.
CNBC Pro subscribers can read more here.
— Tan Weizhen
20 hours ago
Market prices suggest five interest rate cuts following inflation data
Markets on Thursday received new signals that inflation is falling, solidifying their view that the Fed is done raising interest rates and will cut them significantly in 2024.
Futures prices suggest only a minimal chance of a rate hike at the Federal Open Market Committee meeting in December and January, according to CME Group data. Furthermore, futures markets indicate that there is a high probability that the central bank will cut the benchmark interest rate five times next year, equivalent to 1.25 percentage points.
The move followed Thursday morning’s economic data showing core PCE inflation fell to 3.5% and jobless claims rose to a two-year high.
—Jeff Cox