31 Mins Ago
Two-year UK gilts reach 15-year high
U.K. two-year gilt yields hit their highest point since April 2008 on Friday, extending gains made across previous sessions.
Yields on the 2-year government bond hit 4.935% in morning trading, according to Refinitiv data.
See Chart…
British 2-year gilt.
The rise in bond yields, which move inversely to prices, comes as the U.K. reported hotter-than-expected economic data in the last week.
— Hannah Ward-Glenton
An Hour Ago
Sterling nears 14-month high against U.S. dollar
The British sterling teetered on a 14-month high as it hit 1.2817 against the U.S. dollar, extending gains made in previous sessions.
See Chart…
GBP/USD moves.
The currency has rallied recently thanks to better-than-expected economic data and a weakened greenback, with Bank of England expectations turning more hawkish, while the U.S. Federal Reserve continues to strike a more cautious tone.
— Hannah Ward-Glenton
8 Hours Ago
CNBC Pro: ‘Green light for stocks:’ Fundstrat’s Tom Lee shares his S&P 500 target, naming stocks to buy
The S&P 500 has further upside going into next year, predicts Tom Lee of Fundstrat, as he gives his S&P 500 target for 2024.
“Our view is that you want to be risk on this year,” he added, naming stocks to buy.
CNBC Pro subscribers can read more here.
— Weizhen Tan
5 Hours Ago
India is a ‘fantastic’ place for manufacturing as more countries adopt ‘China plus one’ strategy, says portfolio manager
More countries are reducing their reliance on China, and India could be the next best bet for nations looking to move their manufacturing operations, said Matthew Culley, portfolio manager at Janus Henderson Investors.
“The long-term outlook for India is clearly positive and it’s the only country that is blessed with the demographics to rival China on the global stage,” Culley told CNBC’s Squawk Box Asia on Friday.
India is hence a “fantastic place” for countries looking to move away from China due to its strong economic background and cheap labor, he added.
Culley highlighted that the South Asia nation is now beginning to see “green shoots of private sector capex,” and banks will play a pivotal role as well.
“There is a ton of infrastructure that has to get done, because it’s not just about building a manufacturing facility … you really need the whole supply chain to be replicated in order for it to be successful.”
— Charmaine Jacob
8 Hours Ago
CNBC Pro: UBS loves this large global airline and expects its shares to rise 50% in the next year
Swiss investment bank UBS expects shares of a large global airline to rise by 50% in the next year
The airline’s stock is already up 50% this year as it plans to grow by nearly three-fold by 2030.
CNBC Pro subscribers can read more here.
— Ganesh Rao
4 Hours Ago
Bank of Japan leaves rate unchanged, holding them at ultra low levels
Japan’s central bank maintained its ultra loose monetary policy on Friday, electing to support fragile economic growth at a time of swirling global uncertainty.
The Bank of Japan held its short-term interest rate target at -0.1% and made no changes to its yield curve control policy, in line with economists’ expectations.
The Japanese yen declined after the decision, falling by as much as 0.3% to around 140.70 per U.S. dollar before paring losses. The Nikkei 225 similarly reversed earlier losses to creep higher.
— Clement Tan
3 Hours Ago
European markets: Here are the opening calls
European stock markets are expected to open mixed Friday.
The U.K.’s FTSE 100 will see a 3.7-point uptick to 7,634.6, according to IG data, while Germany’s DAX 40 index will be up 9 points to 16,302.9. France’s CAC 40 index will drop 0.9 points to 7,288.2, while Italy’s MIB 40 will shed 24.1 points to 27,688.4.
— Hannah Ward-Glenton
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