24 minutes ago
European stocks open higher
European stocks were higher early Monday, with the Stoxx 600 index up 0.5% as of 8:20am London time.
Oil & gas stocks rose 1.44%, mining stocks rose 1.36% and banks continued to gain positive momentum, up 1.2%.
See grafic…
Stoxx 600 index.
Before an hour
Bailey: UK banks are ‘resilient’, focus remains on inflation
Bank of England Governor Andrew Bailey said in a speech Monday night that he had confidence in the UK banking system and the regulatory framework, which allows the central bank to remain focused on bringing down inflation.
He described UK banks as “resilient, with robust capital and liquidity positions and well placed to support the economy,” Sky News reported.
“We have a strong macroprudential policy regime in this country. With the Financial Policy Committee in place to ensure financial stability, the Monetary Policy Committee can focus on its own important work of bringing inflation back on target,” Bailey said.
The BoE hiked interest rates by 25 basis points to 4.25% last week after February inflation came in at a better-than-expected 10.4%.
– Jennie Reid
2 hours ago
We are not heading for a global financial crisis: CEO
Policymakers were right to shoot first and ask questions later in the face of recent banking volatility, Thanos Papasavvas, founder and CEO of ABP Invest, tells CNBC.
4 hours ago
Bitcoin, Ether Fall After Binance Founder Named in US Lawsuit
Bitcoin and ether prices fell about 3% in morning trading in Asia, according to Coin Metrics – after US officials filed a complaint against crypto exchange Binance and its co-founder Changpeng Zhao.
The filing alleged that the firm was actively recruiting US users and undermining the exchange’s own “ineffective compliance program.”
Bitcoin is down 3.09% over the past 24 hours, according to Coin Metrics, to trade at $27,003 – while Ether is also down 2.95% to $1,712.
Bitcoin is up about 63% quarter-to-date and on track to mark its best quarter since Q1 2021, when Bitcoin gained 103.73%. It’s also on track to see its third straight month of gains.
Ether is also up 41.3% quarter-to-date and is on track for its best quarter since Q1 2021, when the cryptocurrency gained over 150%.
– Rohan Goswami, Gina Francolla, Jihye Lee
7 hours ago
CNBC Pro: As small-caps fall to decade-lows, a fund manager announces three stocks for purchase
The market sell-off earlier this month hurt small-cap stocks more than their larger peers.
However, Josh Bennett, senior portfolio manager at Alger, believes that volatility has provided opportunities for investors to pick stocks that will outperform over the medium to long term.
Bennett named three stocks he says are likely to post robust gains in a potential recession.
CNBC Pro subscribers can read more here.
— Ganesh Rao
6 hours ago
Asia Pacific financials and banks rise as SVB deal offers relief on Wall Street
7 hours ago
CNBC Pro: Morgan Stanley upgraded a number of stocks to overweight — here are 5
Despite market volatility, Morgan Stanley upgraded a number of stocks in March, including both US and global names.
The bullish calls included technology, pharmaceuticals and more, with the bank giving a stock a double upgrade. Here are five of the stocks upgraded by the investment bank:
CNBC Pro subscribers can read more here.
— Wheat Tan
4 hours ago
European Markets: Here are the opening calls
European markets are heading for a positive opening Tuesday.
According to data from IG, the UK FTSE 100 index is expected to open 18 points higher at 7,498, the German DAX 41 points higher at 15,177, the French CAC 24 points higher at 7,104 and the Italian FTSE MIB 85 points higher at 25,822.
MAN Group earnings are expected on Tuesday and data releases will include French business climate data and Italian consumer confidence numbers.
— Holly Ellyatt