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US markets start low
U.S. stocks opened lower Wednesday, a day after the Nasdaq Composite Index posted its worst daily decline since October.
Tech stocks were down 0.7% in early trading, while the S&P 500 was down 0.5%. The Dow Jones Industrial Average also fell 0.4%.
— Karen Gilchrist
Maersk shares rise as Red Sea turmoil continues
Shipping giant Maersk rose 4.6% as of 2:08 p.m. in London for the second time after analysts at Goldman Sachs upgraded the stock from “sell” to “neutral.” A significant increase was recorded.
Maersk said on Tuesday it would extend a suspension of shipping through the Red Sea after one of its ships was targeted by Houthi militants with missiles and small boats.
Mikkel Emil Jensen, senior analyst at Sidbank, told CNBC’s “Squawk Box Europe” that the Red Sea issue is “financially good for carriers.”
“You’re pulling capacity out of the market at a time when demand isn’t as strong.”
— Jenny Reid
HSBC says it’s time to sell risky assets in a ‘reverse Goldilocks’ environment
HSBC believes the time has come for investors to reduce their exposure to risk assets.
That’s because, following the recent Goldilocks rally, we believe the next step is a return to a ‘reverse Goldilocks’ environment.
“Markets typically trade on the direction of movement and the rate of change, and it’s been down and negative,” analyst Max Kettner said in a note Wednesday. , further amplifying this Goldilocks background.”
The analyst added that they have since reduced their overweight to the stock as they wait for a better re-entry point in terms of investor positioning and sentiment. Specifically, in terms of equities, we reduced our exposure to US and European assets from overweight to underweight.
— Lisa Kailai Han
UK economy is ‘significantly less competitive’ than US, Atmos strategist says
Haig Bathgate, head of investment at Atmos, discusses the economic outlook for the UK and US
European stock markets start mixed, then turn higher
European stock markets started trading calmly, but regional markets Stocks 600 The index was up 0.2% by 8:20 a.m. London time after opening flat.
Sectors remained mixed, with healthcare stocks gaining 1.04%, while technology and mining stocks both fell about 0.6%.
Britain’s FTSE 100 rose 0.25%, while France’s CAC 40 fell 0.1% and Germany’s DAX was flat.
STOXX 600 index.
Türkiye’s inflation rate rises to 64.8%
Turkey’s inflation rate rose to an annual rate of 64.8% in December, accelerating from 62% in November.
Still, the month-on-month inflation rate slowed to 2.9% from 3.3%, slightly below the 65.1% expected by economists polled by Reuters.
The province’s inflation rate reached a peak of 85.5% in October 2022, amid a sharp decline in the lira and Turkey’s central bank maintaining its unusual monetary policy of low interest rates.
The central bank then reversed course and began raising interest rates in June under new governor Hafizeh Gey Erkan.
— Jenny Reid
CNBC Pro: Goldman adds these stocks to its conviction list – giving them more than 50% upside potential
Goldman Sachs added a number of stocks to its list of top stocks, giving many of them significant upside potential.
The list, called “Conviction List – Director’s Cut,” includes the United States, Europe, and Asia Pacific.
These lists are an “actively selected” selection of the top 15 to 30 stocks rated buy by the bank in each region.
CNBC Pro covered five, with one giving more than 100% upside potential. All price targets are for the 12-month period starting December 2023.
Subscribers can read more here.
— Tan Weizhen
CNBC Pro: Investment pro says some sectors in China have ‘surprising strength’, names stocks to watch in 2024
China’s economic downturn and real estate issues have left many investors bearish in 2023, but certain parts of the country’s market are seen as holding a lot of promise.
“There was a view of, ‘Why would you invest in that?'” [Chinese economy]?’…I think there are a lot of people who are feeling a little bearish. Perhaps China believes it is on the verge of collapse. I don’t agree with that,” said Kingsley Jones, founder and chief investment officer of Australia-based investment firm Jevons Global.
“I think there are strong parts of the Chinese economy, so instead of buying the entire Chinese economy, you should buy those strengths,” he said, listing sectors and stocks that he is bullish on.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
European Market: Click here for opening call
European markets are set to open in negative territory on Wednesday.
british FTSE100 The index is expected to open 16 points lower at 7,717. dachshund 50 points down to 16,719, France CAC According to IG data, it decreased by 16 points to 7,514.
Germany’s unemployment rate statistics for December will be released on Wednesday.
— Holly Ellyatt
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