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1 hour ago
German retail sales fall more than expected
Germany’s retail sales fell 2.5% in November from the previous month, the National Statistics Office said, far below the 0.1% decline expected in a Reuters poll of analysts.
Overall, sales in 2023 were estimated to be 3.1% lower than in 2022.
However, statistics agency Destatis noted that the pandemic accelerated strong growth, with sales still 1.6% above 2019 levels.
— Jenny Reid
2 hours ago
UK house prices to rise in 2023, financier Halifax says
Matt Cardy | Getty Images News | Getty Images
UK house prices rose more than expected in 2023, according to figures from Halifax, the country’s largest mortgage lender.
House prices at the end of 2023 were 1.7% higher than in December 2022, although the growth was concentrated in the last three months of the year.
Analysts had expected the market to fall by as much as 10% in 2023.
Halifax Mortgages director Kim Kinnaird said the rise was “likely driven by a lack of real estate on the market rather than strong buyer demand.”
Mr Kinnaird said the recent fall in UK mortgage rates could help boost buyer confidence in the coming months.
But Halifax still says home prices could fall between 2% and 4% this year.
— Jenny Reid
2 hours ago
European stocks start lower
European stock markets are set to open lower on Thursday.
According to IG data, France’s CAC40 index fell 43.8 points to 7,412, Germany’s DAX index fell 103 points to 16,527, and the UK’s FTSE 100 index fell 48 points to 7,682.
— Jenny Reid
9 hours ago
CNBC Pro: Looking beyond valuations — this fund manager employs a unique strategy to generate returns that beat inflation
13 hours ago
Oil prices fall as US fuel inventories build and Middle East tensions cast a shadow
Oil prices fell on Thursday as a huge buildup of U.S. fuel inventories overshadowed concerns about supply disruptions due to escalating tensions in the Middle East.
The February contract for West Texas Intermediate fell 51 cents, or 0.7%, to settle at $72.19 per barrel. The March contract for Brent crude oil fell 66 cents, or 0.84%, to settle at $77.59 per barrel.
U.S. gasoline inventories rose by 10.9 million barrels for a total of 237 million barrels for the week ending Dec. 29, according to Energy Information Administration data. Automotive fuel supplied to the market, a measure of demand, fell by 1.2 million barrels per day to a total of nearly 8 million barrels per day.
The US inventory buildup has shifted the focus away from rising tensions in the Middle East. Oil prices rose more than 2% on Wednesday after militant attacks disrupted shipping in the Red Sea and Libyan oil fields were shut down by protests.
— Spencer Kimball
9 hours ago
CNBC Pro: Ritholtz’s Josh Brown reveals stocks that are ‘twice as cheap’ as the S&P 500
Ritholtz Wealth Management’s Josh Brown named stocks he believes are undervalued relative to the broader U.S. stock market.
Brown said these stocks present an opportunity for investors in 2024 as they trade at a 34% discount to the S&P 500 index, compared to an average 16% discount over the past 20 years. .
CNBC Pro subscribers can read more here.
— Ganesh Rao
20 hours ago
ADP report shows December job growth was stronger than expected
Thursday’s ADP report said private payroll growth exceeded December’s growth expectations, pointing to a still vibrant labor market.
The number of companies increased by 164,000 in the month, exceeding the downwardly revised 101,000 in December and the Dow Jones estimate of 130,000. Leisure and hospitality led the way with 59,000 new jobs, followed by construction, which added 24,000. Small businesses were the biggest job creators, with 74,000 jobs added to small businesses with fewer than 50 employees.
The report comes ahead of the Labor Department’s release of non-farm payrolls, which are expected to increase by 170,000.
—Jeff Cox
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