19 minutes ago
US job openings dip below 10 million in February
US job openings plummeted in February, signaling that a very tight labor market may be easing.
A Labor Department report on Tuesday said available positions fell to 9.93 million for the month, down more than 600,000 from January and well below FactSet’s estimate of 10.4 million.
The decline marks the first time openings have fallen below 10 million since May 2021.
Turnover and employment also fell, but the number of retirees was just over 4 million.
— Jeff Cox
51 minutes ago
British pound hits 10-month high above $1.25
The British pound fell moderately over the afternoon after reaching a 10-month high of $1.2521 against the US dollar just before 10am London time.
At 2:30 pm, it traded at $1.2478, 0.5% higher than the previous session.
Silvana Tenreiro, a member of the Bank of England’s External Monetary Policy Committee, said in a morning speech that the central bank would return key rates “faster and faster” to “avoid a significant inflationary undershoot”. He said he expected there would be a need.
Hugh Pill, the bank’s chief economist, will speak at 3:30 p.m.
The pound has also benefited from a weaker dollar, according to ING analysts, who continue to reassess the Federal Reserve’s expected interest rate path following this week’s surge in oil prices.
For more clues, keep an eye on the US Jobs and Turnover Survey, which will be released at 3pm London time.
58 minutes ago
S&P 500 and Nasdaq open higher
The S&P 500 and Nasdaq Composite each rose 0.1%, while the Dow Jones Industrials opened Tuesday’s session slightly lower.
— Fred Imbert
2 hours ago
Tech stocks set for better years ahead, researchers say
Aneeka Gupta, Research Director at WisdomTree Investments, discusses the stock’s outlook.
4 hours ago
Merger of UBS and Credit Suisse could be a success story, even if it becomes a very large bank: private bankers
Bruno Verstraete, a partner at Lakefield Partners, said he feared Switzerland was “too big to be rescued”.
4 hours ago
Credit Suisse shareholders want answers and accountability, investor says
Vincent Kaufmann, CEO of the Ethos Foundation, which represents pension funds that represent 3% to 5% of Credit Suisse shareholders, has spoken out on UBS’s bailout of banks ahead of AGM.
5 hours ago
Credit Suisse and UBS stocks rise after annual shareholder meetings
Shares of UBS and Credit Suisse rose after Credit Suisse hosted its final annual shareholder meeting before the takeover.
See chart…
Credit Suisse stock.
Shares of both UBS and Credit Suisse were up 1.3% from the start of trading, showing some gains early in the session.
Credit Suisse chairman Axel Lehmann told shareholders he was “really sorry” for the bankruptcy that led to the bank’s takeover by UBS.
“It is a sad day for you and for us. said. Since the rescue, its leaders have addressed the public.
— Hannah Ward Glenton and Elliott Smith
5 hours ago
OPEC+ Rate Cut Shows Potential Market Weakness, Analysts Say
Morgan Stanley Chief Commodities Strategist Martijn Rats told CNBC about OPEC’s unexpected production cut.
6 hours ago
L’Oreal buys luxury brand Aesop for $2.5 billion
L’Oréal has agreed to acquire Australian luxury brand Aesop from Natura & Co for an enterprise value of $2.53 billion. press release.
Aesop posted $537 million in sales last year. The acquisition reflects L’Oréal’s expansion plans in China and travel retail.
L’Oréal shares rose 0.2% around 9am London time.
— Hannah Ward Glenton
7 hours ago
Credit Suisse meets with shareholders for the first time since its acquisition of UBS
Credit Suisse will meet shareholders for the first time since being bailed out by UBS last month at its annual shareholder meeting in Zurich later today.
This will be Credit Suisse’s first annual shareholder meeting in nearly four years, and shareholders are expected to react to the fact that UBS’s $3.25 billion takeover of distressed lenders was rejected in a vote. will be
Following its bankruptcy, Credit Suisse chose to drop certain items from its meeting agenda, including dismissal of management and plans for bonuses related to the bank’s transformation plans.
Credit Suisse shares were up 0.5% in early trading, while UBS shares were up 0.6%.
— Hannah Ward Glenton
12 hours ago
CNBC Pro: Bank of America has added this global stock to its 60% upside top ideas list.
Bank of America has added the global aerospace giant to its ’10 Best Ideas’ list for Q2 2023.
Wall Street banks added the stock to their list, citing several factors, including an improved supply chain and increased demand.
CNBC Pro subscribers can read more here.
— Ganesh Rao
11 hours ago
JPMorgan says OPEC+ move to cut supply targets is ‘preemptive’
Analysts at JP Morgan said the move by OPEC Plus was a “preemptive” move and had expected similar measures to be taken sooner.
“We view the current supply reduction as a precautionary measure to ensure that the surplus that began accumulating in global oil markets after mid-2022 does not widen until late 2023, with the global economy expected to drop by nearly 400 basis points. It has slowed following a cumulative rise in “since 2022,” analysts including Natasha Kaneva wrote in a note late Sunday.
In contrast to Goldman Sachs’ increased forecast for Brent crude to rise to $95 a barrel by December 2023, JP Morgan said its forecast for the second quarter of this year remains at $89. Yes, rising to $94 by the fourth quarter of 2023, ending the year at $96 a barrel.
– Lee Ji Hye
5 hours ago
CNBC Pro: Here’s What the Pro Says You Should Invest As Wall Street Becomes Bearish on the U.S.
Wall Street strategists don’t seem convinced that US stocks are the best place to look ahead, despite a strong first quarter.
Against this backdrop, where should investors put their money?
This is a professional idea.
— Xavier Ong
10 hours ago
European Market: Click here for the opening call
European markets are headed for higher trading volumes on Tuesday.
The UK’s FTSE 100 index is expected to open 23 points higher at 7,691, Germany’s DAX is up 49 points to 15,611, France’s CAC is up 25 points to 7,361 and Italy’s FTSE MIB is expected to open 33 points higher at 26,720, according to IG data. It has been.
On the data side, there will be no major gains and Eurozone producer prices for February will be released.
— Holly Eliyat
