An hour ago
US stocks open mixed; Nasdaq falls for fifth straight day
U.S. stocks were mixed in the first few days of trading on Thursday, with the Nasdaq Composite falling for the fifth straight day.
The Dow Jones Industrial Average rose 0.2% in early deals, while the S&P 500 edged up. The Nasdaq, meanwhile, fell 0.3%.
—Karen Gilchrist
3 hours ago
British Prime Minister Sunak says an election in the second half of 2024 is a “working assumption”.
LONDON, ENGLAND – DECEMBER 06: British Prime Minister Rishi Sunak leaves No. 10 Downing Street ahead of the weekly PMQ meeting in the House of Commons on December 06, 2023 in London, England. (Photo by Leon Neal/Getty Images)
Leon Neal | Getty Images News | Getty Images
British Prime Minister Rishi Sunak said on Thursday his “working assumption” was that a general election would be held in the second half of 2024, the BBC reported.
The government can decide when to call an election, but an election must take place before January 28, 2025, under the current five-year term limit. Elections usually take place in the spring or summer, but the last vote took place in December 2019, amid a political row over Brexit negotiations.
Sunak's ruling Conservative Party will face resistance from the Labor Party led by Keir Starmer, which has been leading in polls since late 2021 and is seeking a parliamentary majority. Other parties aiming to win seats in the 650-member House of Commons include the Liberal Democrats, the Greens and the Scottish National Party.
Sunak became leader of the Conservative Party and thus Prime Minister in October 2022.
– Jenni Reid
4 hours ago
Maersk shares continue to rise despite JPMorgan downgrade
Shipping giant Maersk continued to be one of the best-performing stocks of the new year, up 3.3%.
This came despite JPMorgan downgrading the stock's rating to “neutral” from “overweight” as analysts said higher spot freight rates due to volatility in the Red Sea would only provide a “one-off boost,” according to Portal. It raised its 2024 earnings estimates but maintained its 2025 forecast.
Goldman Sachs analysts upgraded the stock on Wednesday, noting “positive second-order effects” on other routes and forecasting a “muddle through scenario rather than intensifying price competition” for 2024.
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Maersk share price.
7 hours ago
Next hits all-time high and warns of Suez disruption
A Next Plc clothing store in Southend, UK, on Tuesday January 2, 2024. Next release of fourth quarter sales figures on January 4. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
British clothing retailer Next rose 4.8% to a record high in early trading after raising its profit forecast for the year ending January 2024 for the fifth time.
The company said full-price sales rose 5.7% in the nine weeks ended Dec. 30, well above its previous forecast of 2%.
The company expects wages to keep pace with inflation and input inflation in its products to fall in 2024, but points to potential headwinds from a weaker labor market and ongoing disruptions to Red Sea trade flows that are affecting deliveries of inventory could delay.
“Known for its ability to adapt to the times, Next continues to benefit from a focus on online distribution, smart acquisitions (additional equity investment in Reiss) and a £100m reduction in net debt,” said company Mark Crouch , market analyst at eToro, in an email message.
“All of this has contributed to an excellent trading update from the UK retailer and could help allay recession fears in the UK economy.”
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Next stock price.
14 hours ago
Caixin China's Services Purchasing Managers' Index grew at its fastest rate since July in December
A private survey showed that service activity in China continued to increase in December and foreign demand for the country's services also increased.
The Caixin China General Services Business Activity Index rose to 52.9 in December from 51.5 in November, rising for the 12th straight month. The survey also showed that the growth rate was the fastest since July.
“Growth momentum across China's services sector continued to recover at the end of 2023,” the survey report said. “Employment saw a slight increase as companies exercised caution in hiring employees. However, the slight increase was enough to absorb new orders, so backlogs remained unchanged.”
A PMI reading above 50 indicates an expansion in activity, while a reading below this level indicates a decline.
—Shreyashi Sanyal
16 hours ago
CNBC Pro: These 9 stocks are cheaper than the S&P 500 — and should see big earnings growth in 2024
Stock prices surged in 2023 as investors were buoyed by the prospect of an end to interest rate hikes in 2024.
Tech stocks led the way as trends like artificial intelligence boomed.
The S&P 500 gained 24%, while the tech-heavy Nasdaq Composite ended 2023 up 43.4% in its best year since 2020.
Still, there are some stocks that trade at cheaper valuations than the broader S&P 500 and that analysts expect to see strong earnings growth in 2024.
CNBC Pro subscribers can read about it here.
– Weizhen Tan
16 hours ago
CNBC Pro: Deutsche Bank names the stock that will be the “last man standing” in autonomous driving
Building the technology that powers self-driving cars is proving incredibly difficult for automakers.
Most recently, Cruise, GM's robotaxi service, was closed in San Francisco due to safety issues.
With that in mind, Deutsche Bank has called a stock a “rare long-term growth story” in the industry, as the company's technology can find buyers from any global automaker looking to add autonomous driving features.
CNBC Pro subscribers can read more here.
– Ganesh Rao
11 hours ago
European markets: Here are the opening discussions
European markets are expected to open mixed on Thursday.
According to IG data, Britain's FTSE 100 index is expected to open seven points higher at 7,684, Germany's DAX is expected to open three points higher at 16,518, France's CAC is expected to open one point higher at 7,404 and Italy's FTSE MIB is expected to open seven points higher at 30,191.
French inflation data for December will be released on Thursday.
– Holly Ellyatt