40 minutes ago
European stocks open higher
European stocks opened higher on Wednesday as global markets try to put a dismal October behind them.
The Stoxx 600 index rose 0.48% as of 8:15 a.m., with healthcare, auto and retail stocks each gaining about 1% while utilities fell 0.7%.
France’s CAC 40 index gained 0.44%, while Germany’s DAX and Britain’s FSTE 100 each gained 0.4%.
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Stoxx 600 index.
An hour ago
UK house prices rise in October
Houses for sale in an estate agent window on September 13, 2023 in Cirencester, United Kingdom.
Mike Kemp | In pictures | Getty Images
British house prices posted a surprise 0.9% month-on-month rise in October, lender Nationwide said on Wednesday.
Economists polled by Portal expected a monthly decline of 0.4%.
Prices were 3.3% year-on-year, below expectations of 4.8% and following an annual decline of 5.3% in September.
“Activity in the real estate market remains extremely weak. Only 43,300 mortgages were approved for home purchases in September, about 30% below the monthly average for 2019, said Robert Gardner, chief economist at Nationwide.
“This is not surprising as affordability remains tight. Market interest rates, which underlie mortgage pricing, have weakened somewhat but are still well above the lows seen in 2021.”
The October increase was likely due to constraints in housing supply and solid labor market conditions, Gardner said.
– Jenni Reid
6 hours ago
Private survey shows that there were unexpected production contracts in China in October
China’s manufacturing activity posted a surprise decline in October, according to a private survey.
The Caixin/S&P Global Manufacturing PMI fell to 49.5 in October from 50.6 in September. This was the first contraction in four months. Economists polled by Portal expected a reading of 50.8.
A PMI reading below 50 indicates a decline.
The survey reflects the official figure released by the country’s national statistics office on Tuesday.
—Shreyashi Sanyal
8 hours ago
Japanese markets rise about 2% a day after BOJ decision
Japanese markets enjoyed a strong opening, extending gains since Tuesday as the Bank of Japan increased the flexibility of its yield curve control policy.
The Nikkei 225 rose 2.05%, driven by gains in distribution services and consumer durables.
Top gainers on the Nikkei include automaker Subaru, investment broker Daiwa Securities and Lasertec, which makes inspection equipment for semiconductor companies.
—Lim Hui Jie
7 hours ago
The yen remains at its lowest level in over a year
The Japanese yen remained at its lowest level in more than a year against the U.S. dollar, a day after the country’s central bank ignored interest rates and said it would be more flexible in its yield curve control policy.
The yen weakened 0.25%, falling below the 150 per dollar threshold and trading at 151.29. The current level was the lowest since the end of October 2022.
The Bank of Japan said on Tuesday that the target level of the 10-year Japanese government bond yield would remain at 0%, but the 1% cap would serve as a “reference.”
—Shreyashi Sanyal
8 hours ago
CNBC Pro: Stagflation and a possible world war – here’s how to trade now and “make money,” according to a hedge fund manager
Global markets may be plagued by stagflation and the possibility of world war, but several themes are well-suited to “make money” in the short and medium term, says David Neuhauser, founder and chief investment officer of U.S.-based Livermore Partners.
The hedge fund manager names two asset classes and a topic on the stock market that he currently has a positive attitude towards.
CNBC Pro subscribers can read more here.
—Amala Balakrishner
8 hours ago
CNBC Pro: ‘It Will Surprise You’: A Legacy Tech Brand Is Switching to AI, and This Investor Loves the Stock
Traders should reconsider a tech stock tied to an old part of the industry, according to one investor.
“This is one of my favorite names for years,” Philip Blancato, CEO of Ladenburg Thalmann Asset Management, told CNBC.
“They are becoming an AI company. They are becoming a cloud company… They are expanding into all aspects of network-based cloud services for all business improvements,” he said.
He added that it is now a technology company whose valuations are “significantly better” than its competitors and that “you will be surprised at what they can do in the next few years.”
CNBC Pro subscribers can read more here.
– Weizhen Tan
4 hours ago
European markets: Here are the opening discussions
European markets are expected to open higher on Wednesday ahead of the Federal Reserve’s latest monetary policy decision.
According to IG data, Britain’s FTSE 100 index is expected to open 19 points higher at 7,332, Germany’s DAX is expected to open 55 points higher at 14,842, France’s CAC is expected to open 20 points higher at 6,900 and Italy’s FTSE MIB is expected to open 40 points higher at 27,700.
Gains are expected to come from Lundin Petroleum, Wolters Kluwer, Next, Metro Bank, GSK and Aston Martin on Wednesday. There are no major data releases.