1 hour ago
Germany’s Scholz emphasizes “unwavering solidarity” with Ukraine in telephone conversation with President Zelensky
German Chancellor Olaf Scholz discussed the latest political, military and humanitarian situation in Ukraine in a telephone conversation with President Volodymyr Zelenskiy on Thursday, the German government said.
Scholz told the Ukrainian president that Germany, together with its European and international partners, will continue to support Ukraine.
Scholz also reiterated the “continued and unwavering solidarity” between Germany and Ukraine, and said Germany’s “future lies in the European Union,” according to the statement.
President Zelensky noted the recent Russian attacks on Ukraine’s civilian energy infrastructure and thanked Germany for its military support.
— Jenny Reid
2 hours ago
US stocks start slightly higher
Thursday’s opening prices for the major indexes are:
— Peer Singh
3 hours ago
Fed’s John Williams says he expects interest rates to remain high for “a very long time”
New York Fed President Williams said Thursday that the central bank will need to keep interest rates at “restrictive” levels to get inflation back on target.
“We expect that maintaining a restrictive stance for a significant period of time is appropriate to fully restore equilibrium and return inflation to our long-term 2% target on a sustained basis,” Williams said in prepared remarks. “I am doing so,” he said.
But he also said he believes the level at which the Fed needs to set the federal funds rate, a benchmark for short-term lending, is “at or near its peak level.” Williams added that he expects inflation to recede to around 2.25% in 2024 and return to target the following year.
—Jeff Cox
5 hours ago
Euro depreciates as euro zone inflation falls more than expected
The euro weakened against the British pound and the US dollar after inflation in the euro zone hit 2.4%, below the 2.7% level expected by economists polled by Reuters.
The euro was down 0.55% against the dollar at $1.091 as of 11:35 a.m. London time, as investors assess what the numbers mean about potential rate cuts next year by the European Central Bank. It fell 0.06% from the pound to 0.863 pounds.
Joe Tuckey, head of currency analysis at Argentex Group, said the central bank’s latest forecasts of average inflation of 3.2% in 2024 and 2.1% in 2025 may not be too high, and the latest The figures “pose a difficult situation for all economies,” he said. The rest of the ECB hawks. ”
The new outlook is expected to be announced at the ECB’s Governing Council meeting in mid-December.
”“Markets are now starting to price in an April rate cut, and EUR/USD price movements in the coming weeks will be driven in part by the timing of the ECB’s rate cuts relative to the Fed,” Tuckey said in an emailed comment. mentioned in. .
See chart…
euro dollar exchange rate.
8 hours ago
Unemployment rate rises in Germany in November
The number of unemployed people in Germany rose by a seasonally adjusted 22,000 in November, bringing the total to about 2.702 million, the German Labor Ministry said on Thursday.
This was in line with expectations of analysts previously polled by Reuters.
The unemployment rate in November was also seasonally adjusted to 5.9%, up from 5.8% in October.
— Sophie Kiderin
9 hours ago
European markets started with higher prices at the end of November.
European markets opened higher at the end of the month, but sectors were mixed.
Oil and gas stocks recently rose nearly 1%, while chemicals fell about 0.4%.
As of 8:15 a.m. London time, the Stoxx 600 index was up about 0.14%, slightly below November’s 6% rise.
— Sophie Kiderin
9 hours ago
Inflation slows in France, third quarter GDP declines
France’s inflation rate rose by an annualized 3.4% in November, the National Institute of Statistics and Economic Research announced on Thursday.
This slowed down from 4% in the previous month.
Compared to the previous month, the inflation rate in November decreased slightly to 0.2%.
France’s economy shrank slightly in the third quarter, with gross domestic product (GDP) falling by 0.1%, data showed.
— Sophie Kiderin
10 hours ago
German retail sales rise more than expected
German retail sales rose 1.1% in October compared to the previous month, the Federal Statistical Office said on Thursday.
This is much higher than the 0.4% increase expected by analysts polled by Reuters.
While food retail sales declined, non-food products were the main driver of sales growth.
On an annual basis, retail sales declined slightly by 0.1%.
— Sophie Kiderin
16 hours ago
CNBC Pro: These stocks form a bullish “golden cross” chart and have risen every time in the past.
Three stocks are on the verge of rising, based on chart patterns that are being watched closely by technical analysts.
This phenomenon, known as a “golden cross,” occurs when a stock’s 50-day moving average price rises above its long-term 200-day moving average. Wall Street views this pattern as a bullish sign of possible future upside.
This comes as the S&P 500 index is up nearly 10%, and chart analysts expect it to rise further.
Technical analysis is often used to identify entry points for stocks. Granted, this process uses historical data to chart future results, but the results are not guaranteed.
CNBC Pro subscribers can read more about the three stocks here.
— Ganesh Rao
16 hours ago
CNBC Pro: Nvidia and more: These global stocks will soar on $324 billion self-driving car boom, analysts say
Self-driving cars, or vehicles embedded with chips or sensors that enable self-driving, are gaining traction, and several stocks are playing well on this theme, according to Fubon Research.
Analysts at the research organization said, “Automobiles will replicate the development of the smartphone industry and drive the next industrial revolution. ”, they wrote in a November paper. 27 Memo distributed by Jeffries.
Autonomous driving and power transportation systems, such as electric vehicles, are expected to grow at a compound annual growth rate (CAGR) of 24%, reaching $324 billion by 2030, making them the industry’s “biggest growth area.” analysts added.
CNBC Pro subscribers can read more about covered stocks here.
— Amara Balakrishna
16 hours ago
CNBC Pro: Cash vs. Bonds – A Pro Says What to Buy in the Next Two Years and Beyond
Depending on whether interest rates remain high for an extended period of time or start falling, investors may wonder whether they should continue investing in cash or start flocking to bonds.
British wealth management firm Schroders said cash deposits now earn returns of 5% in the US and UK, and 3% to 4% in Europe. That’s about the same yield investors can get on government bonds, but yields on high-quality corporate bonds are even higher at around 6.5% in the U.S. and U.K. and 4.6% in Europe.
“But while bond prices can go up and down, cash doesn’t. This leaves many investors wondering, ‘Is it worth even bothering with bonds?’ ” he said.
Here’s what the pros have to say about how to invest in the fixed income space (cash or bonds) over the next two years and beyond.
CNBC Pro subscribers can read more here.
— Tan Weizhen
Tuesday, November 28, 2023 11:45 PM EST
European Market: Click here for opening call
European markets are heading for a positive move on Thursday.
According to IG data, the UK’s FTSE 100 index rose 3 points to 7,425, Germany’s DAX rose 29 points to 16,194, France’s CAC rose 6 points to 7,277 and Italy’s FTSE MIB rose 18 points to open at 29,730. It is expected that
Regional investors will be keeping an eye on Thursday’s release of preliminary euro zone inflation statistics for November. France’s final third-quarter gross domestic product (GDP) statistics and Germany’s unemployment rate for November are also scheduled to be announced.
— Holly Ellyatt