Investors await US inflation data

58 minutes ago

European stocks open slightly higher

European stocks were mostly higher at the open on Wednesday.

The pan-European Stoxx 600 rose 0.3% in early trade, as most sectors and major bourses pushed into positive territory, while technology stocks added 1% to lead the gains. Travel and leisure stocks fell 0.6%.

An hour ago

Bank of England: UK banks are strong enough to support households and businesses

Bank of England Governor Andrew Bailey attends the Bank of England Monetary Policy Statement press conference at the Bank of Britain on February 2, 2023 in London, England.

Pool | Reuters

The Bank of England said on Wednesday that British banks are strong enough to support households and businesses through high borrowing costs and rising living costs.

In its Financial Stability Report, the Central Bank noted that UK households and businesses are in a safer position than before the financial crisis, with mortgage payments at a lower proportion of household income and business spending at a lower rate.

“Higher interest payments on loans mean that some households and businesses may not be able to repay their loans. This increases the risks that banks may incur some losses,” the bank said.

“However, UK banks are resilient and strong enough to continue supporting households and businesses at high interest rates. In line with our rules, they have large capital buffers to absorb losses.”

While banks are yet to see an increase in borrowers, the bank said its rate hikes will gradually feed into the economy. Therefore, the full impact is yet to be felt by households and businesses.

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– Elliott Smith

2 hours ago

Here are the opening calls

Britain’s FTSE 100 rose 16 points to 7,299, Germany’s DAX added 53 points to 15,843 and France’s CAC 40 rose 34 points to 7,254, IG data showed.

7 hours ago

CNBC Pro: Stocks Will Fall If U.S. Avoids Recession, Investec Stock Strategist Says

According to Investec equity strategist Roger Lee, equity markets could suffer if the US economy ignores a recession.

Lee also explains why markets fall and where to hide when a decline begins.

CNBC Pro subscribers can read more here.

– Ganesh Rao

7 hours ago

CNBC Pro: Goldman picks discounted global stocks — and raises two more than 100%

Analysts at Goldman Sachs have picked a number of global stocks they say are trading at a discount — and said two of its picks could rise more than 100% over the next 12 months.

All of the stocks are on Goldman’s list of so-called “value buys with earnings upside potential.”

“We screen for buys rated stocks that trade at attractive valuations relative to their own history … and the broader market (SXXP), where our analysts see upside risks to consensus 2023/24E EPS. [earnings per share],” analysts at the bank said.

See which stocks CNBC Pro subscribers have listed here.

– Lucy Handley

5 hours ago

New Zealand keeps interest rate at 5.5%, first pause since October 2021

Central Bank of New Zealand It holds its key interest rate At 5.5%, it marks the Reserve Bank of New Zealand’s first pause since October 2021.

The RBNZ said that current interest rates “retain expected and necessary spending and inflationary pressures.”

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However, the central bank said interest rates should still “remain at a contained level for the foreseeable future” to ensure consumer inflation returns to its target range of 1-3%.

– Lim Hui Jee

6 hours ago

Japan’s headline inflation fell to 4.1% for the sixth consecutive month

Japan’s consumer price index rose A slower pace of 4.1% year-on-year in JuneGrowth declined for the sixth consecutive month.

Also known as headline inflation, the 4.1% figure was lower than May’s revised reading of 5.2% and the slowest inflation rate since April 2021.

Corporate Goods Pricing Index The fees companies charge each other for their goods and services.

– Lim Hui Jee

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