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2 hours ago
US stocks open mixed
U.S. stocks were mixed in early trading Friday following the release of new economic data and corporate earnings.
The Dow Jones Industrial Average fell 0.3%, while the S&P 500 rose 0.4%. The tech-heavy Nasdaq also rose 0.9%, led by Meta, which rose 17% after announcing its first dividend.
— Karen Gilchrist
2 hours ago
Stock market growth in Europe stalls due to unexpected U.S. employment forecasts. Fed’s March interest rate cut ‘must be taken off the table’
Job seekers attend the Veterans Employment and Resources Fair on Tuesday, January 9, 2024, in Long Beach, California, USA. The Labor Department is scheduled to release its first unemployment insurance claims numbers on January 11th.
Eric Thayer | Bloomberg | Getty Images
Friday’s rally in European stocks lost momentum by mid-afternoon after January’s nonfarm jobs report showed the U.S. labor market remained surprisingly strong.
The pan-European Stoxx 600 index rose 0.3% by mid-afternoon, after rising more than 0.7% in the first half. Auto stocks led the gains, rising 1.8%, while mining stocks fell 0.8%.
The U.S. Department of Labor’s January jobs report showed employers added 353,000 jobs, well above expectations of nearly 185,000, according to a survey of economists from Dow Jones. As a result, relaxations were made.
Given the resilience of the labor market, there are questions about whether the Fed will be able to cut rates soon.
Seema Shah said: “Based on today’s employment report, there are no signs of softening in the labor market or abatement of wage pressures. It’s not just that January was a strong month; “It turned out to be stronger than we expected,” said Principal Asset Management’s chief global strategist.
“Given the sharp rise in average hourly wages, Fed officials must be wondering whether the interest rate hikes have had any effect on the economy. They are seeing a dramatic upside in both employment and wage growth. That means a rate cut in March must be off the table.”Currently, production cuts in May could also be frozen. ”
– Elliott Smith
2 hours ago
Super Dry’s stock price soars more than 100% as it considers going private
A female shopper holds a striped bag outside the window of fashion brand Superdry on April 18, 2017 in London, England.
Photo by Richard Baker from Getty Images
Superdry announced on Friday that the beleaguered British fashion retailer is considering taking the company private, as its co-founder and CEO Julian Dunkerton confirmed he was considering taking the company private. ‘s stock price soared more than 100%.
There has been growing speculation that Superdry, which floated on the London Stock Exchange in March 2010, could be a takeover target after recent poor sales and a drop in its share price.
The company said in Friday’s market update that Mr. Dunkerton had asked for “permission to begin considering the possibility of making an acquisition offer to the company” and for permission to begin negotiations with potential financial backers. confirmed that he had accepted this.
Read the full text here.
– Elliott Smith
4 hours ago
European stocks expand their rise
The pan-European Stoxx 600 index rose 0.7% by early afternoon, with autos leading the way with a 1.9% rise as most sectors and major stock exchanges rose. Oil and gas fell by 0.5%, bucking the positive trend.
4 hours ago
Delivery Hero falls 9% despite company label reporting Grab contract collapse as ‘false’
An employee rides a Foodora delivery bike, a food delivery service operated by Delivery Hero, on Monday, February 15, 2016 in Berlin, Germany.
Bloomberg | Bloomberg | Getty Images
Shares of German food delivery company Delivery Hero fell more than 10% to a record low on Friday after media reports that talks to sell its Southeast Asian business had collapsed.
The stock recouped some of its losses by around noon London time, but fell again after the company issued a statement claiming the report was “false.”
Malaysia’s New Straits Times newspaper reported, citing sources, that Delivery Hero and Singapore-based Grab could not agree on a valuation for the former’s Foodpanda business.
Delivery Hero immediately responded with ad hoc market updates.
“On September 20, 2023, Delivery Hero confirmed negotiations for the potential sale of its Foodpanda business in select Southeast Asian markets, including Singapore, Malaysia, the Philippines, Thailand, Cambodia, Myanmar and Laos,” the company said. Stated.
“There are rumors in the market that negotiations for a potential sale have broken down. We can confirm that negotiations for a potential sale are ongoing and therefore this rumor is false.”
Shares fell after Delivery Hero shares tumbled on Tuesday after the company announced it would sell a minority stake in UK peer Deliveroo at a loss.
-Elliot Smith
8 hours ago
Biggest gainers: Vallourec up 8%, Danske Bank up 6%, Electrolux down 5%.
Vallourec shares rose about 8% in early trading on Friday to a 10-month high after the French steel pipe maker said it expected full-year profits to beat prior expectations.
Danske Bank’s shares rose about 6% after the Danish financial institution announced a new share buyback program.
At the bottom of the Stoxx 600, shares in Electrolux fell more than 5% after the Swedish consumer electronics company said it expected consumer sentiment to remain weak into early 2024.
– Elliott Smith
9 hours ago
European stocks open higher led by autos
The pan-European Stoxx 600 index rose 0.4% in early trading, with autos leading the way with a 1.6% gain, with most sectors and major stock exchanges gaining. Oil and gas prices bucked the positive trend and fell by 0.8%.
10 hours ago
Click here for opening call
The UK’s FTSE 100 index is expected to open around 50 points higher at 7,672, Germany’s DAX index is expected to rise around 107 points to 16,966 and France’s CAC 40 index is expected to rise around 31 points to 7,620, according to IG data.
17 hours ago
CNBC Pro: Family offices are booming.They’re putting money into it now and over the next five years.
Family offices have been growing rapidly in recent years, partly due to the increase in the number of wealthy people.
In the past three years alone, “extreme” wealth has skyrocketed.
UBS told CNBC Pro that “family offices have been planning large-scale changes to their strategic asset allocations in recent years,” adding that “an inflection point across policy rates, inflation and economic growth is occurring. He added that he would come “when the time is right.”
CNBC Pro scoured recent research and spoke to family office leaders to find out how they’re allocating now and in the coming years in the face of major global changes. Ta.
CNBC Pro subscribers can read more here.
— Tan Weizhen
17 hours ago
CNBC Pro: ‘Big Opportunity’: One Pro Names Top Long- and Short-term Energy Stocks
Energy stocks had a mixed start to the year as geopolitical uncertainty continues and oil price volatility continues to impact the sector.
But one chief investment officer sees oil’s potential, citing one immediate investment opportunity and one long-term investment opportunity.
“I think there’s a huge opportunity in geopolitics,” Jevons Global’s Kingsley Jones said on CNBC’s Pro Talks on January 25, naming his two favorite stocks.
— Amara Balakrishna
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