European markets are up with the Stoxx 600 up 1.1%; UK shows signs of rebound from recession – CNBC

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European markets are up with the Stoxx 600 up 1.1%;  UK shows signs of rebound from recession – CNBC

13 minutes ago

IEA lowers oil demand growth forecast

The International Energy Agency on Friday lowered its forecast for oil demand growth in 2024, citing “exceptionally weak” deliveries from the OECD, a largely complete post-Covid-19 rebound and an electric vehicle fleet. in expansion.

In its latest monthly report on the oil market, the IEA announced that it had revised downwards its oil demand growth forecast for 2024 by around 100,000 barrels per day (bpd), to 1.2 million barrels per day (bpd). b/d.

The global energy watchdog said it expected the pace of expansion to slow further to 1.1 million bpd next year.

“We are seeing a sharp increase [electric vehicle] sales, particularly in China and also in Europe, taking into account the demand for gasoline, but also in the United States,” Toril Bosoni, head of the industry and oil markets division at the IEA, told “Street” on Friday. Signs Europe” from CNBC.

“There has been a lot of talk about the fact that sales are not growing as much as expected, but sales of electric vehicles and the increase in fuel efficiency of the vehicle fleet are lowering the demand for gasoline, at least in advanced economies and particularly in China.”

International benchmark Brent crude futures with June delivery traded 0.8% higher at $90.5 a barrel at 10:40 a.m. Friday in London, while U.S. West Texas Intermediate futures with delivery in May rose 1% to trade at $85.9 per barrel.

Learn more here.

—Sam Meredith

An hour ago

UK government bond yields fall and sterling falls as markets reassess rate path

The exterior of the Bank of England in the City of London, United Kingdom.

Mike Kemp | In pictures | Getty Images

British government bond yields were lower on Friday as sterling fell against the US dollar but appreciated against the euro.

The 10-year Gilt yield was 6 basis points lower at 9:30 a.m. in London, while the 2-year Gilt yield fell 4 basis points. Yields move inversely to prices.

Gilts have proven a popular asset in early 2024, with the Bank of England’s base rate at a high 5.25% and policymakers emphasizing a ‘higher for longer’ message. Interactive Investor claims that gilts have seen the highest net inflows of any investment on the platform since June 2023.

The U.S. dollar led Friday as markets continued to weigh whether a strong U.S. inflation reading would mean the Federal Reserve would begin cutting rates later than expected.

Sterling was down 0.3% against the greenback at $1.251. The British pound managed to gain 0.16% against the euro following the UK’s gross domestic product figures and the latest monetary policy announcement from the European Central Bank.

-Jenni Reid

2 hours ago

European stocks open higher

European markets opened higher on Friday.

The pan-European Stoxx 600 index rose 0.9% in early morning trading, with all sectors and major exchanges in positive territory.

Mining stocks led the gains, up 1.7%.

—Sam Meredith

3 hours ago

UK economy grows 0.1% in February, in line with expectations

British economic output increased by 0.1% in monthly terms in February, in line with expectations, according to figures released on Friday by the Office for National Statistics.

Economists polled by Reuters had expected monthly gross domestic product growth of 0.1%.

The data follows economic growth of 0.3% in January, which the ONS said had been revised upwards from 0.2%.

—Sam Meredith

4 hours ago

CNBC Pro: Goldman Sachs Just Refreshed Stocks on Its “Conviction List” of Top Asian Picks for April – Improving Over 40%

Goldman Sachs updated its “conviction list” of Asia Pacific top picks for April by adding some stocks and removing others.

The bank remains optimistic about the region, noting that it has a “strong outlook for the second quarter.”

“Five factors are likely to influence the performance of Asian markets in the 2nd quarter: the start of a cycle of rate cuts, led by the Fed; elections and geopolitics; 1st quarter results; market-specific policy ; and (less fundamentally, but notable) seasonality.” » said the investment bank’s analysts, unveiling their latest additions to the list.

CNBC Pro subscribers can learn more here.

-Amala Balakrishner

4 hours ago

4 Cheap Stocks to Buy and Hold for the Next Decade, According to the Pros

Many stocks look expensive in today’s market, but there are still cheap stocks, some of which can be held for the next 10 years, according to the pros.

They shared with CNBC Pro their tips for picking cheap, long-term promising stocks, as well as their top picks.

CNBC Pro subscribers can learn more here.

— Weizhen Tan

3 hours ago

European markets: here are the opening calls

European markets are expected to open in positive territory on Friday.

Britain’s FTSE 100 index is expected to open up 31 points at 7,949, Germany’s DAX up more than 100 points at 18,051, France’s CAC up 47 points at 8,064 and Italy’s FTSE MIB up 150 points to 33,212, according to IG data.

Investors are eagerly awaiting UK gross domestic product data for February and the International Energy Agency’s monthly oil market report.

—Sam Meredith

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