Friday, May 19, 2023, 11:54 a.m. EDT
Germany’s DAX index climbs 0.7% to mark record close
The pan-European Stoxx 600 index closed 0.77% higher on Friday, taking the benchmark to a weekly gain and a 52-week high.
Germany’s DAX index rose 0.7% to mark a record close.
Investors appeared encouraged by U.S. debt ceiling negotiations and cautious economic optimism after a strong earnings season, even though German producer prices rose slightly more than expected, suggesting the central bank European Union may have to continue its rate increases.
France’s CAC 40 gained 0.6% on Friday, while Britain’s FTSE 100 rose 0.2%.
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Stoxx 600 index.
Friday, May 19, 2023, 11:20 a.m. EDT
Stocks on the move: Volvo Cars up, JD Sports down
With European stocks largely up, Volvo Cars, UBS and BT were among the best performers at the end of the session.
The British telecommunications company BT announced on Thursday a series of job cuts to be carried out before 2030.
At the other end of the Stoxx 600 index, JD Sports fell 7.5%. The company reported full-year sales growth on Wednesday and said it expects underlying profit to exceed £1 billion ($1.246 billion) for the first time ). But analysts said investors appeared concerned about a heavy load of adjusted items from acquisitions and divestitures and a warning of macroeconomic headwinds.
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JD Sports share price.
Friday, May 19, 2023, 9:34 a.m. EDT
The S&P 500 opens higher
The S&P 500 rose 0.2%, while the Dow and Nasdaq also edged higher.
Friday May 19, 2023, 5:40 a.m. EDT
High interest rates could benefit telecoms operators like BT in the short term, analyst says
James Ratzer, Partner at New Street Research, discusses the latest developments in the telecommunications sector.
Friday May 19, 2023, 4:30 a.m. EDT
UK is ‘sick child’ of markets, says BNY Mellon
Mike Horan, head of EMEA trading at BNY Mellon, says UK inflation is persistent and explains why it is the “sick child” among its US and European counterparts.
Friday May 19, 2023, 3:16 a.m. EDT
G7 will fail to change China’s position on Russia, professor says
Stephen Nagy, professor at the International Christian University, discusses the G7 meeting in Hiroshima and explains the key themes that will be addressed.
Thu, May 18, 2023, 7:46 p.m. EDT
CNBC Pro: Outperforming fund manager bullish on these cybersecurity stocks, citing greater room for growth
Cybersecurity is currently an area that presents an opportunity for investors, according to portfolio manager Philip Ripman of Storebrand Asset Management.
Ripman, who manages the $1 billion Storebrand Global Solutions sustainable fund, is bullish on two cybersecurity companies.
He also explains why he doesn’t hold typical mega-cap tech stocks in his fund.
CNBC Pro subscribers can learn more here.
— Weizhen Tan
Thu May 18, 2023, 8:15 p.m. EDT
Core inflation in Japan rose 3.4% in April
Core inflation in Japan rose 3.4% year-on-year in April, in line with forecasts by economists polled by Reuters.
The figure is up from the previous month’s inflation rate of 3.1% and levels significantly above the central bank’s 2% target.
Headline inflation also increased, from 3.2% in March to 3.5% in April.
The Japanese yen strengthened 0.2% to 138.42 against the greenback after the U.S. dollar index rose above 103.5 overnight, marking its highest level in about two months.
Thu, May 18, 2023, 7:53 p.m. EDT
U.S., Taiwan reach first deal on trade initiative
The United States and Taiwan have reached agreement on a number of trade issues, marking the first part of the bilateral “21st Century Trade” initiative.
The first agreement under this initiative covers customs administration and trade facilitation, good regulatory practices, domestic regulation of services, anti-corruption and small and medium-sized businesses, said the US representative to the Trade in a press release.
U.S. Trade Representative Katherine Tai said of the agreement: “This achievement represents an important step forward in strengthening economic relations between the United States and Taiwan. »
The deal comes amid increased pressure from China, which has warned against deepening bilateral engagement between the United States and Taiwan.
Friday May 19, 2023, 1:54 a.m. EDT
European markets: here are the opening calls
European markets are expected to open higher on the last day of the trading week.
IG data suggests FTSE 100 will gain 22.2 points to 7,767.1, while Germany’s DAX index will rise to 16,249.7 with an increase of 82.1 points. The main French and Italian indices echo this positive sentiment, with the CAC 40 expected to gain 34.2 points to 7,481.5 and the FTSE MIB up 122.3 points to 27,139.8.