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3 hours ago
UK PMI data shows accelerating growth
UK services and manufacturing PMI data released on Thursday beat expectations, with the headline index rising to a seven-month high in January.
The services PMI was 53.8, higher than expected at 53.2, and the manufacturing PMI was 47.3, higher than expected at 46.7.
The data will reassure policymakers that inflation is easing ahead of next week’s Bank of England interest rate meeting, but it may not put them on a fast track to cutting rates.
— Karen Gilchrist
4 hours ago
Abdon stock falls 2.5% after lower-than-expected capital outflows
Thursday 11th November 2021, abrdn office, Edinburgh, UK.
Jonne Loris | Bloomberg | Getty Images
Shares in British asset manager Abdon fell 2.5% after the bank announced plans to cut jobs as part of wider cost-cutting measures amid higher-than-expected capital outflows.
In a pre-close trading update, the Edinburgh-based company said net outflows for the second half of 2023 were 12.4 billion pounds ($15.75 billion), more than double the 5.2 billion pounds reported in the first half of the year. It was announced that it had become.
The company also confirmed in media reports on Tuesday, including Reuters, that it plans to cut 500 positions, or about 10% of its workforce, as part of a £150m cost-cutting plan.
— Karen Gilchrist
4 hours ago
Eurozone PMI data shows improvement in economic activity
Economic activity in the euro zone improved at the start of the year, with the slowest drop in six months, according to the latest survey of purchasing managers on Wednesday.
The HCOB Eurozone Composite PMI Production Index, which measures manufacturing and services sector activity, rose to 47.9 in January from 47.6 in December, the data showed. This fell slightly short of economists’ expectations of 48.0.
Cyrus de la Rubia, chief economist at HCOB, said the data points to a “broad-based moderation of the downward trajectory” seen into 2023.
France and Germany, the euro zone’s biggest economies, both recorded declines in the index, but the euro zone as a whole returned to growth after a five-month decline.
— Karen Gilchrist
5 hours ago
Stock prices rise: Siemens Energy up 10%, Ericsson down 4.6%
Shares in German tech company Siemens Energy rose 11% in early trading after the company reported better-than-expected first-quarter results.
German software company SAP also rose 7.7% after the company reported its latest financial results and announced plans to restructure 8,000 jobs to support growth in artificial intelligence.
Meanwhile, Ericsson shares fell 4.6% after the telecom company said it expected demand for 5G equipment to decline despite beating fourth-quarter operating profit forecasts.
— Karen Gilchrist
14 hours ago
CNBC Pro: Swiss auto parts maker’s stock could rise 75%, says Vontobel
Vontobel said the Swiss-listed auto parts maker’s share price could rise by more than 70% next year.
The company manufactures lightweight auto parts for automakers such as BMW, Ford, Renault, Mercedes, GM, and Volvo.
Vontobel expects the company’s profit margins and free cash flow to increase.
CNBC Pro subscribers can read more here.
— Ganesh Rao
14 hours ago
CNBC Pro: Goldman Sachs names four battery stocks to buy now – one with 120% upside potential
Electric car makers like Tesla and BYD have been making headlines in recent weeks, but Goldman Sachs is currently monitoring one corner of the market.
That’s the battery department. This includes lithium, nickel, and electrolyte batteries, which are key raw materials for EV manufacturing.
The investment bank said the sector and stocks look attractive on the back of growing EV adoption and falling battery prices.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
9 hours ago
European Market: Click here for opening call
European markets are set to open higher on Wednesday.
According to IG data, the UK’s FTSE 100 index rose 15 points to 7,508, Germany’s DAX rose 92 points to 16,724, France’s CAC rose 36 points to 7,421 and Italy’s FTSE MIB rose 188 points. It is expected to start at 30,395.
Earnings are provided by Swedbank, Easyjet, SAP, Alstom, and trading updates are provided by JD Wetherspoon.
— Holly Ellyatt
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