Stocks, data, earnings and World Economic Forum news

The Standard Chartered chief says the UK “knows what to do” in a challenging environment

The second half of the year will be better with China surprises to the upside: Standard Chartered

Standard Chartered Chairman Jose Vinals said long- and short-term factors including an imminent recession would cause challenges for the UK this year, but that the government must “maintain discipline” in its fiscal policies, and “maintain confidence” in the economy. private sector work. Well, and improve its relationship with the European Union.

He also discussed his macro outlook for next year, why he thinks China will surprise to the upside, and speculation that the bank is an acquisition target, which he said he had “read about in the news.”

Wholesale prices in the United States fell 0.5% in December

Wholesale prices of goods and services in the United States fell sharply in December, providing another sign of easing inflation.

The producer price index (PPI) fell 0.5% month over month, the Labor Department reported, well below the consensus forecast for a 0.1% decline in a Dow Jones poll of economists.

Read the full story here.

Stocks on the go: ASMI, Just Eat Takeaway price up 10%, EQT down 7%

Shares of Just Eat Takeaway jumped 10% by mid-afternoon Wednesday after the Dutch food delivery company reported second-half earnings and pledged to prioritize profitability over future growth.

ASMI semiconductor company Compatriot jumped more than 10% after beating fourth-quarter earnings expectations on improving supply chain conditions.

At the bottom of the Stoxx 600, Swedish private equity firm EQT fell 7% after its full-year earnings report.

– Elliott Smith

Korner, CEO of Credit Suisse, says the usual interest rate environment is much better for the world

Korner, CEO of Credit Suisse, says the usual interest rate environment is much better for the world

Ulrich Korner, CEO of Credit Suisse, discusses his forecasts for interest rates, inflation and growth in China for 2023.

UniCredit CEO says Europe may defy the odds and avoid a recession

UniCredit CEO says Europe may avoid recession

Recent data points suggest that the eurozone may defy the odds and avoid a recession, according to Andrea Ursell, CEO of Italy’s UniCredit bank.

“Our view was a mild recession for this year, but since then if we look at all the indicators that we see, we probably see the risk to the upside, so we’re looking for something that may not even be a recession,” Ursell told CNBC. World Economic Forum in Davos, Switzerland.

Read the full story here.

– Elliott Smith

Stocks on the Go: Just Eat a Takeaway Up 15%, ASMI Up 8%

Just eat takeaway Shares jumped 15% in early trade on Wednesday after the Dutch food delivery company reported second-half earnings and pledged to prioritize profitability over future growth.

National Semiconductor Company ASMI It jumped more than 8% after beating fourth-quarter earnings expectations on the back of improving supply chain conditions.

The UK inflation rate is falling for the second month in December

The UK’s annual rate of inflation fell again in December to 10.5% – just below analysts’ expectations.

It was the second month of decline, after the rate eased from a 41-year high to 10.7% in November.

The UK’s Office for National Statistics said the largest contribution to change “came from transport (particularly motor fuel), clothing and footwear, leisure and culture, with higher prices in restaurants and hotels, and higher prices for food and non-alcoholic beverages offsetting the largest in part.”

ABN AMRO CEO says the energy

CNBC Pro: Morgan Stanley says cheaper electric cars are coming – and states that global stocks will benefit

With electric vehicles becoming more and more popular, new manufacturing technology that could make them more affordable is gaining traction, according to Morgan Stanley.

The Wall Street bank said some automakers are outsourcing the process, which could benefit three major Asian parts suppliers.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Oil prices rose as China reopened to optimism and demand recovery

Oil prices are being supported as China reopens to optimism and fuel demand, with OPEC anticipating that Chinese oil demand is on track to rebound.

Brent crude futures rose 0.85% to $86.65 a barrel, while US Brent crude futures rose 0.91% to $80.91 a barrel.

OPEC’s monthly oil report stated that “Chinese oil demand is on the way to recovery due to the recent easing of measures to prevent the spread of the Corona virus in the country.”

She added that China’s oil demand in the first quarter will rebound from an annual decline of 0.3 million barrels per day on an annual basis in the fourth quarter of 2022 to 0.2 million barrels per day, an annual growth.

– Lee Ying Chan

CNBC Pro: Are you thinking of returning to the world of big tech? This investor is wary of 2 stocks in particular

Bank of America sees a later onset of recession

The recession probably won’t start now until later in 2023 as consumer spending has been stronger than expected and the Federal Reserve has eased as it ramps up interest rate hikes, according to Bank of America.

“We are delaying the timing of our forecast for a moderate recession in the US economy by about a quarter given the resilience of consumer spending at the expense of strong labor markets, excess saving, lower energy prices, and easier financial conditions,” the company said in a statement. Customer note. “However, we believe that the headwinds will push consumers to spend less and drive the saving rate higher as the year progresses.”

That puts a recession in the second quarter, driven by an investment-led slowdown seeping into consumer spending.

After raising the benchmark borrowing rate by 4.25 percentage points in 2022, the Fed is expected to ease, with an increase of 0.25 percentage points in February. This is expected to be followed by an additional quarter-point increase in March and May.

The company said interest rate cuts likely won’t come until 2024.

– Jeff Cox

European Markets: Here are the opening calls

European markets are heading into a mixed opening on Wednesday as investors remain uncertain about the economic outlook, a topic high on the agenda at the World Economic Forum in Davos this week.

United kingdom FTSE 100 index The index is expected to open 12 points lower at 7832, the German Dax An increase of 31 points at 15,203 points in France kk Italy rose 19 points at 7085 FTSE MIB It was up 37 points at 25,982, according to IG data.

CNBC will speak to a group of delegates at the World Economic Forum on Wednesday, including the CEOs of Unicredit, Infosys, Nokia, Aramco and Credit Suisse as well as the finance ministers of Greece and Poland and the foreign minister of Saudi Arabia, among many others. Follow our coverage here.

– Holly Ellytt

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