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German property market to slow but see overvaluations: Central bank

The German central bank sees a slowdown in the property market but no significant correction ahead

A new report from the German central bank predicts a slowdown but no significant correction in the housing market.

Claudia Buch, vice president of the Bundesbank, told CNBC: “We have seen a slowdown in price growth for residential real estate, but not that the overall dynamics have reversed.

— Jenny Reid

Stocks on the move: LEG Immobilien up 6%, Bridgepoint up 5%

Shares of LEG Immobilien rose 6.5% to lead the Stoxx 600 by mid-afternoon after Morgan Stanley upgraded the German property company’s stock to “overweight” from “equal-weight.”

British private investment company Bridgepoint Group increased more than 5%.

Turkey cut rates by 150 basis points and ended the easing cycle

Turkey’s central bank on Thursday cut interest rates by 150 basis points to 9% and decided to end the cycle of monetary policy easing, citing rising inflation risks.

The CBRT [Central Bank of the Republic of Turkey] is under constant pressure from President Recep Tayyip Erdogan to keep cutting rates despite rising inflation, which hit 85.5% year-on-year in October as food and energy prices continue to rise .

“Considering the increased risks regarding global demand, the Committee evaluated that the current policy rate is sufficient and decided to end the rate cut cycle that started in August,” the central bank said in a statement. .

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Read the full story here.

– Elliot Smith

German economic sentiment improved in November, says the Ifo Institute

The Ifo Institute’s German business climate index rose to 86.3 points in November from 84.5 in October.

“While companies are somewhat less satisfied with their current business, pessimism about the coming months has decreased significantly. The recession may prove to be less severe than many expected,” said Ifo President Clemens Fuest.

The index rose significantly in manufacturing, where companies are less pessimistic about the future, but assess their current situation more seriously, explained Fuest.

“The number of new orders fell again. While the uncertainty about the future development of the business remains high, it fell a little. But in the strong industries, the uncertainty increased even more,” said he.

– Elliot Smith

Sterling breaks above $1.20 as dollar weakens on softer Fed hike expectations

Sterling broke above a key level of $1.20 on Wednesday night as the US dollars softened in response to weak PMI (purchasing managers’ index) data and minutes from the Federal Reserve’s last policy meeting.

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The pound gained another 0.3% in early trade on Thursday to trade at around $1.209, while the euros and the Japanese yen also gained ground against the retreating greenback.

Bulgari says wealthier consumers continue to spend despite growing recession fears

Bulgari says wealthier consumers continue to spend despite growing recession fears

Jean Christophe-Babin of Italian luxury fashion house Bulgari Group says while demand for entry-level products tends to contract in recessionary times, high-end consumers still have that we

Stocks on the move: Elekta down 4%, UMG up 3%

Share price movements were muted across the European blue chip index on Thursday morning.

Swedish radiation therapy equipment manufacturer Elect slid more than 4% to the bottom of the Stoxx 600 after missing second-quarter earnings expectations.

Above the index, Universal Music Group fell 3.3% higher.

– Elliot Smith

CNBC Pro: Betting against a British supermarket, short seller expects nearly 50% collapse in share price

There is more pain to come for investors in a British supermarket company when a short seller forecast comes through.

The hedge fund currently holds a bearish bet worth £32.6 million and expects the grocer’s shares to fall by 44%.

The fund’s chief investment officer also believes the supermarket will raise new capital by diluting shareholders every year to keep itself afloat in a challenging environment.

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CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Asset manager says investors should buy this big-cap stock now

There is one large-cap stock that investors should buy right now, according to Rob Luna, chief investment strategist at asset manager Surevest.

He called its CEO an “important visionary.”

While Luna chose a large-cap stock, he advised investors to generally relocate to smaller names, naming two stocks he called “best of breed.”

CNBC Pro subscribers can read more here.

— Weizhen Tan

European markets: Here are the opening calls

European markets headed for a higher open on Tuesday as investors in the region appeared unconcerned by their US and Asia-Pacific counterparts about China’s tightening of Covid restrictions, which continues to pressure the output.

The UK’s FTSE index is expected to open 27 points higher at 7,407, Germany’s DAX is up 33 points at 14,419, France’s CAC is up 20 points at 6,653 and Italy’s FTSE MIB is up 70 points at 24,433. , according to data from IG.

Data releases include preliminary consumer confidence data for the euro zone in November.

— Holly Elliott


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