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2 hours ago
Stocks move: Burberry falls 12% as luxury goods stocks fall
A pedestrian (left) passes by a Burberry Group store in Hong Kong’s Causeway Bay shopping district.
Shaume Oleros | Bloomberg | Getty Images
British luxury brand Burberry fell 12% to the bottom of the Stoxx 600 after issuing a profit warning due to slowing demand.
The stock was briefly on track to post its biggest one-day loss since 2012, but the announcement also sent shares of other luxury brands lower, including Kering, LVMH and Christian Dior.
The stock rebounded slightly after the market opened, trading 7% lower by 8:30 a.m. London time.
— Karen Gilchrist
3 hours ago
UK economy grew 0.3% in November
The UK economy returned to growth in November, with gross domestic product (GDP) expanding by 0.3%, according to the latest data released by the Office for National Statistics on Friday.
This is slightly ahead of the 0.2% growth expected by economists and follows a 0.3% contraction in October.
This increase was mainly due to the services sector, which rose 0.4% during the month and made the largest contribution to economic growth.
However, the data showed GDP contracted by 0.2% in the three months from September to November, more than expected by 0.1%.
— Karen Gilchrist
10 hours ago
CNBC Pro: TSMC and more: Goldman Sachs loves these Asian tech stocks, giving each one 37% upside potential
Many investors have been bullish on tech stocks over the past few months, and Goldman Sachs is no exception.
The investment bank highlighted opportunities for Asia’s high-tech hardware industry, citing “focus points” for 2024 including cyclical recovery, artificial intelligence and the impact of the geopolitical situation, including changes in semiconductor supply chains.
Goldman Sachs analysts led by Daiki Takayama said in a note: “While we expect a very gradual cyclical recovery overall, we continue to explore opportunities in individual stocks.” We have listed stocks that are rated as buys, including the four listed. Play theme.
The bank’s conviction list includes stock ideas with top buy ratings that are expected to beat the market.
read
— Amara Balakrishna
10 hours ago
CNBC Pro: These European stocks are likely to outperform once interest rate cuts begin, BofA says
Investors are looking forward to a rate cut this year. The U.S. Federal Reserve has signaled at least three interest rate cuts, which would end the aggressive interest rate hike campaign of the past few years.
The question is when the first rate cut will occur.
BofA has created a screen of global companies that are likely to outperform as interest rates fall, but “have not yet rebounded as strongly” as their historical average performance after the first cut of the cycle.
We also screened companies based on scenarios such as whether the Fed cuts rates faster or slower than the European Central Bank, or vice versa.
CNBC Pro subscribers can read more here.
— Tan Weizhen
3 hours ago
European Market: Click here for opening call
European markets are set to open in positive territory on Thursday.
According to IG data, the UK’s FTSE 100 index rose 25 points to 7,673, Germany’s DAX rose 92 points to 16,783, France’s CAC rose 51 points to 7,470 and Italy’s FTSE MIB rose 164 points. It is expected to start at 30,696.
— Karen Gilchrist
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