1 hour ago
European stocks head towards an upward trend
European stocks got off to a strong start on Friday, extending November’s strong momentum into the new month.
The UK’s FTSE 100 index is expected to open 42 points higher at 7,487, according to IG data. Germany’s DAX rose 60 points to 16,293, France’s CAC40 rose 25 points to 7,338 and Italy’s MIB rose 125 points to 29,891.
— Jenny Reid
6 hours ago
China’s manufacturing activity unexpectedly expands in November: Caixin survey
A worker assembles a mini excavator at a heavy equipment factory in Suzhou, eastern China’s Jiangsu province, on October 23, 2023.
Future Publishing | Future Publishing | Getty Images
China’s manufacturing industry expanded unexpectedly in November, According to Caixin research.
The Caixin Purchasing Managers’ Index rose to 50.7 last month from 49.5 in October, as an increase in new orders helped boost factory production.
November’s PMI recorded the highest growth in three months, beating the Reuters poll’s forecast of 49.8.
“Although modest, the rate of growth in new orders is the highest since June, and companies often point to strong market conditions as contributing to the increase in sales. However, new orders from overseas continue to decline slightly, “This highlights the relatively difficult external demand environment,” the study said.
Any number above the 50 point mark means growth.
— Shreyashi Sanyal
8 hours ago
CNBC Pro: Goldman Sachs loves this Chinese subsector, names 3 stocks to buy
This corner of the Chinese economy is one of Goldman’s favorite subsectors, and six key themes will take center stage in 2024.
The bank named three Chinese stocks that it says are “well-positioned” for these themes.
One of the stocks is on Goldman’s Conviction List, which is made up of stocks rated buys that are expected to outperform.
CNBC Pro subscribers can read more here.
— Tan Weizhen
12 hours ago
Market prices suggest five interest rate cuts following inflation data
Markets on Thursday received new signals that inflation is falling, solidifying their view that the Fed is done raising interest rates and will cut them significantly in 2024.
Futures prices suggest only a minimal chance of a rate hike at the Federal Open Market Committee meeting in December and January, according to CME Group data. Furthermore, futures markets indicate that there is a high probability that the central bank will cut the benchmark interest rate five times next year, equivalent to 1.25 percentage points.
The move followed Thursday morning’s economic data showing core PCE inflation fell to 3.5% and jobless claims rose to a two-year high.
—Jeff Cox