2 hours ago
Euro bounces on ECB rate hike news
The euro rose against the US dollar on news that the European Central Bank raised interest rates by 25 basis points to 3.5%. The currency, which opened at 1.0828 on the day, surged 0.4% to 1.0874 within 30 minutes of the announcement.
2 hours ago
ECB raises interest rate to 3.5% and revises inflation expectations
The European Central Bank raised interest rates by 25 basis points to 3.5%.
The increase was in line with expectations as the bank continued to grapple with persistent inflation across the eurozone.
Key inflation expectations have also been revised, with core figures projected to average 5.4% in 2023, 3% in 2024 and 2.2% in 2025, according to Eurosystem data, which is the central bank’s target. This means that we do not expect the inflation rate to reach 2% by 2026.
— Hannah Ward-Grenton
4 hours ago
HSBC downgrades UK market, accuses Europe of ‘holding back’
HSBC cut its rating on the UK market from neutral to underweight, according to a Bank of England memo.
British analysts said the UK was a “holdback” within Europe as British stocks were under special stress compared to other countries.
HSBC wrote that the FTSE 350 index is one of the worst performing indexes in developed markets and expects earnings to decline by about 2% in 2023.
HSBC cited inflationary pressures in the service sector, persistent core inflation and policy rates far from peaking as reasons for the downgrade.
France and Spain were also downgraded by the bank (overweight to underweight and overweight to neutral respectively), while Switzerland and Sweden were upgraded (underweight to overweight and neutral to overweight respectively).
— CNBC’s Michael Bloom contributed to this report.
4 hours ago
Macron: I think we need global regulation of AI
French President Emmanuel Macron told CNBC’s Karen Tso at the side of the game: “From my point of view… I think regulation is necessary and all the players, including the US players, agree with it. I think we need global regulation,” he said. His VivaTech conference in Paris.
7 hours ago
H&M rises 6% despite lower-than-expected second-quarter sales
H&M’s shares rose 6.7% to top the Stoxx 600 index despite second-quarter sales falling short of expectations.
See chart…
H&M stock price.
Net sales increased 6% in the second quarter compared to the same period last year, which the fashion group attributed to the impact of adverse weather conditions.
The Swedish company said June was “off to a good start”.
— Hannah Ward-Grenton
8 hours ago
Siemens to invest $2.2 billion in global production expansion
Siemens said in a press release that it will invest €2 billion ($2.2 billion) in accelerating global growth.
Investments will go to new high-tech factories, innovation labs and education centers as German manufacturers aim to become bigger players in digitization, automation and sustainability.
Siemens will first invest in Germany and the United States before expanding its production and R&D capabilities across Asia.
Siemens stock rose 0.2% after the announcement.
— Hannah Ward-Grenton
11 hours ago
CNBC Pro: Too Late to Join Market Rally? Morgan Stanley’s Slimmon Considers Opinions, Names Stocks to Buy
21 hours ago
See what changed in the Fed statement
Click here to see a comparison of the June Fed statement and the May statement.
— Alex Haring
21 hours ago
Stocks fall as the US Federal Reserve (Fed) hints at the possibility of further interest rate hikes
The S&P 500 and Nasdaq Composite pause June rate hikes, but the ‘dot plot’ cuts gains just after the central bank indicated two more rate hikes are on the way. and turned negative.
The S&P 500 dropped 0.6% and the Nasdaq dropped 0.7%. The Dow Jones Industrial Average fell more than 400 points, or about 1.2%.
–Darla Mercado
14 hours ago
CNBC Pro: Apple’s Vision Pro or Meta’s Quest? Analysts look into the future of VR tech
Apple and Meta hope that virtual reality technology will be the next big thing in consumer electronics, but it seems that there is still no consensus on which companies have the right strategy.
Apple’s recently announced Vision Pro headset, which costs $3,499, has drawn its fair share of criticism, but Jefferies equity analyst Andrew Werwitz doesn’t think the hefty price tag is a mistake. do not have.
Meanwhile, DA Davidson’s Tom Forte Meta Platforms’ Quest 3 is benefiting from the momentum Apple is driving.
CNBC Pro subscribers can read more here.
— Ganesh Rao
11 hours ago
European Market: Click here for the opening call
European markets are headed for a negative open as investors prepare for the European Central Bank’s latest monetary policy decision.
The UK’s FTSE 100 Index is down 29 points to 7,582, Germany’s DAX is down 36 points to 16,281, France’s CAC is down 26 points to 7,305 and Italy’s FTSE MIB is down 74 points to start at 27,719, according to IG data. is expected.
Proceeds will come from Halford. Boohoo. Fuller, Smith & Turner. and H&M. The data release includes French inflation data for May.
— Holly Eliyat