An Hour Ago
Europe stocks open higher
European stocks opened higher on Wednesday as global markets aim to overcome a gloomy October. The Stoxx 600 index rose by 0.48% at 8:15 a.m., with the health-care, autos, and retail sectors all experiencing gains of around 1%. Utilities, however, fell by 0.7%. France’s CAC 40 index increased by 0.44%, while Germany’s DAX and the U.K.’s FTSE 100 both saw a 0.4% rise.
See Chart…Stoxx 600 index.
An Hour Ago
UK house prices rise in October
U.K. house prices unexpectedly rose by 0.9% month-on-month in October, according to lender Nationwide. Economists polled by Reuters were anticipating a 0.4% monthly decline. Year-on-year, prices were 3.3% lower, compared to an expectation of 4.8%, following a decline of 5.3% in September. “Housing market activity has remained extremely weak, with just 43,300 mortgages approved for house purchase in September, around 30% below the monthly average prevailing in 2019,” said Robert Gardner, chief economist at Nationwide. “This is not surprising as affordability remains stretched. Market interest rates, which underpin mortgage pricing, have moderated somewhat but they are still well above the lows prevailing in 2021.” Gardner attributed the rise in October to supply constraints on properties and robust labor market conditions.
— Jenni Reid
7 Hours Ago
China manufacturing contracts unexpectedly in October, private survey shows
China’s manufacturing activity unexpectedly contracted in October, according to a private survey. The Caixin/S&P Global manufacturing PMI decreased to 49.5 in October from 50.6 in September, marking the first contraction in four months. Economists polled by Reuters were anticipating a reading of 50.8. A PMI reading below 50 indicates a contraction. This survey aligns with the official figure released by China’s national bureau of statistics on Tuesday.
— Shreyashi Sanyal
8 Hours Ago
Japan markets pop about 2% a day after BOJ decision
Japan’s markets experienced a strong open, extending gains from Tuesday when the Bank of Japan introduced more flexibility to its yield curve control policy. The Nikkei 225 rose by 2.05%, driven by gains in distribution services and consumer durable stocks. Some of the top gainers on the Nikkei include automaker Subaru, investment broker Daiwa Securities, and Lasertec, a manufacturer of inspection equipment for semiconductor firms.
— Lim Hui Jie
7 Hours Ago
Yen holds at over one-year lows
Japan’s yen remains at over one-year lows against the U.S. dollar following the Bank of Japan’s decision to maintain interest rates and adopt a more flexible yield curve control policy. The yen weakened by 0.25%, falling below the 150 per dollar level to trade at 151.29. This is the lowest level since late October 2022. The Bank of Japan stated that the target level of the 10-year Japanese government bond yield will be kept at 0%, with 1% as the upper bound “as a reference.”
— Shreyashi Sanyal
9 Hours Ago
CNBC Pro: Stagflation and a possible world war – here’s how trade right now and “make money,” according to one hedge fund manager
Global markets may be plagued with stagflation and the possibility of a world war, but according to David Neuhauser, founder and chief investment officer at Livermore Partners, there are several themes that present profitable opportunities in the short and medium term. Neuhauser identifies two asset classes and one theme in the equities market that he is currently positive on. To read more, CNBC Pro subscribers can visit the link below.
— Amala Balakrishner
9 Hours Ago
CNBC Pro: ‘It’s going to surprise you’: An old tech brand is pivoting to AI, and this investor loves the stock
According to Philip Blancato, CEO of Ladenburg Thalmann Asset Management, traders should reconsider their perspective on a particular tech stock associated with an old sector of the industry. Blancato describes the stock as one of his favorite names in years, emphasizing its transition into an AI and cloud company. With its expansion in net-based cloud services, the stock is trading at significantly better valuations compared to its peers. Blancato believes that the company will surprise investors with its performance in the next few years. CNBC Pro subscribers can find more details in the link below.
— Weizhen Tan
4 Hours Ago
European markets: Here are the opening calls
European markets are expected to open higher on Wednesday ahead of the Federal Reserve’s latest monetary policy decision. According to data from IG, the U.K.’s FTSE 100 is predicted to open 19 points higher at 7,332, Germany’s DAX up 55 points at 14,842, France’s CAC up 20 points at 6,900, and Italy’s FTSE MIB up 40 points at 27,700. Earnings reports are expected from Lundin Petroleum, Wolters Kluwer, Next, Metro Bank, GSK, and Aston Martin on Wednesday. There are no major data releases.
