April 15, 2024

La Ronge Northerner

Complete Canadian News World

European markets open for closing, earnings, data and news

European markets open for closing, earnings, data and news

Moments ago

UK House Prices See Smallest Rise Since 2020; London prices are falling

UK house prices rose 1.7% in the year to June, according to data From the National Statistics Office. This number is down from the 1.8% increase recorded in May, and is the smallest rise since July 2020.

The median home price in the UK was £288,000 ($367,000) in June, £5,000 below its most recent high in November 2022.

London had the lowest annual percentage change in England, where prices fell 0.6%.

– Hannah Ward Glinton

43 minutes ago

Insurance stocks top the Stoxx 600: Admiral and Direct Line up 6%

Direct Line and Admiral Group led the Stoxx 600 in early trade, each posting gains of 6.9%.

Underpinning the sharp drop in inflation in the UK, insurance companies read down to 6.8% for the month of July.

The Admirals also reported a marginal rise in pre-tax earnings for the first half, up 4% from 2022.

see chart…

Admiral Group share price.

Aviva also posted gains, with shares rising 2.5% after the company reported an 8% increase in its operating profit for the first half.

The broader insurance sector rose 0.5 percent.

– Hannah Ward Glinton

2 hours ago

The pound sterling rose against the dollar after UK inflation data

The pound rose against the dollar after data showed UK inflation slowed to 6.8% in July.

The pound was up 0.2% against the dollar at $1.2729 at 7.39am London time.

see chart…

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The exchange rate of the British pound / dollar.

2 hours ago

UK headline inflation fell sharply to 6.8% in July

UK headline inflation slowed sharply in July to 6.8% annually, but core CPI remained unchanged, posing a potential headache for the Bank of England.

The headline CPI reading was in line with consensus expectations among economists polled by Reuters, and tracking a lower-than-expected reading of 7.9% in June. On a monthly basis, the core CPI fell -0.4% against consensus forecasts of -0.5%.

You can read the full story here.

– Elliott Smith

8 hours ago

CNBC Pro: ‘Unmistakably cheap’: HSBC names 9 global ‘junk stocks’ that could be on the verge of a rally

HSBC has identified 9 “junk stocks” listed on the London Stock Exchange that could be poised to rally due to several factors.

The investment bank said that UK markets are beginning to outperform other global indices for the first time this year since the UK’s June inflation data was released on July 18.

The bank’s strategists said that a basket of 9 stocks has strongly outperformed the broader FTSE 350 index over the past two months, returning 9% compared to a 0.6% decline for the benchmark.

CNBC Pro subscribers can read more here.

– Ganesh Rao

22 hours ago

Fitch warns of a possible downgrade of the credit rating of banks, including JPMorgan Chase

Fitch has warned that it may have to downgrade dozens of banks, including JPMorgan Chase. The agency already downgraded the industry back in June, but another downgrade will force it to reconsider the ratings of the more than 70 banks it covers.

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“It’s not inevitable that it will go down,” analyst Chris Wolf said. “We could be in AA- for the next 10 years. But if it goes down, there will be consequences.”

– Fred Imbert, Heo Soon

8 hours ago

CNBC Pro: Morningstar’s top strategist tells investors to sell these 6 ‘overvalued’ stocks — and 5 names to buy

Despite last week’s sell-off, this year’s strong rally means US markets are now trading at a slight discount compared to the start of the year, says Morningstar chief strategist Dave Sekera.

The chief US market analyst told CNBC’s “Squawk Box Asia” on Monday that he expects yields to be “more muted” for the rest of the year.

In fact, this is a good time to sell and take profits on some stocks that’ve gone way up [they] Now it’s overdone and overdone.”

He designated six of those shares for sale, and told investors to buy five names instead.

CNBC Pro subscribers can read more here.

– Wizen tan

3 hours ago

European Markets: Below are the opening calls

European markets are set to open lower on Wednesday, according to IG data. It seems that the British FTSE index will drop 12 points to 7374 points, the German DAX index 48 points to 15715, the French CAC 16 points to 7248 points, and the Italian FTSE MIB 91 points to 28173.

– Hannah Ward Glinton