European markets rose 1% to an eight-month high
The pan-European Stoxx 600 rose 0.9% to its highest level since early May 2022.
European economies are expected to benefit significantly from China’s reopening of borders, with travel stocks gaining 2.5%.
Germany’s DAX index rose 1.25% after industrial production figures rose more than expected in November.
France’s CAC 40 index rose 0.7%, while Britain’s FTSE 100 index rose 0.3%.
– Jenny Reid
The Swiss Central Bank made the biggest loss in its 116-year history
The Swiss National Bank reported a loss of 132 billion Swiss francs ($143 billion) for the 2022 fiscal year, citing preliminary figures.
As a result, it will not make its usual payments to the Swiss government and member states, and payments to its shareholders will also be affected, he said.
Of the losses, 131 billion francs came from its foreign currency positions, and 1 billion from its Swiss franc positions.
Karsten Junius, chief economist at Swiss bank J. Safra Sarasin, told CNBC that the central bank’s losses will not change its monetary policy, and he expects another 100 basis points of growth this year, to 2%.
Read the full story here.
Shares are open in the market
All three major indices were sold off on the open as investors tried to rally on Friday.
The Dow added 0.4% at 9:30 a.m. ET S&P 500 and Nasdaq Composite advanced by 0.5% and 0.9% respectively.
– Alex Harring
Despite the economic slowdown, unemployment in the Eurozone remains at record levels
Despite the slowdown in economic growth in the region, unemployment in the Eurozone remained at a record level in November.
According to Eurostat, unemployment was 6.5% in November, unchanged from October, with a total of 10.97 million people.
The figure is the lowest since records began in 1998 and is in line with economist forecasts published by The Wall Street Journal.
As Reuters reports, unemployment is expected to rise in the first half of 2023 and reach 7% by midyear as recessionary pressures mount, according to FactSet.
– Hannah Ward-Glenton
Lidl GB sales up 25% over Christmas; the store expects its customer base to continue to grow
Lidl, the UK arm of German discount supermarket, reported a 24.5% increase in sales in the four weeks to Christmas compared to 2021.
The discounter said that in the week to December 24, more than 1.3 million customers shopped at Lidl compared to the previous year.
The store said it expects more customers to switch to other supermarket groups in 2023 as consumers continue to feel the effects of the cost-of-living crisis.
– Hannah Ward-Glenton
Alibaba leads gains on Hang Seng index, focus on reopening stocks
CNBC Pro: Goldman Sachs reveals stocks set to benefit from EV boom, up more than 100%
According to Goldman Sachs, stocks of old car makers and parts makers will attract new investors during the transition to electric vehicles and green technologies.
As traditional auto companies increase their revenue shares from new carbon-neutral technologies, they will gradually enter ESG funds and benefit from rising stock prices, according to the Wall Street bank.
The investment bank noted 13 stocks that will benefit from the new trend, including more than 100% growth:
CNBC Pro subscribers can read more here.
– Ganesh Rao
CNBC Pro: Evercore’s Mark Mahaney reveals his top tech picks for 2023, favoring one by nearly 200%
Top tech analyst Mark Mahaney is bullish on tech stocks in 2022 after a brutal year for the sector.
But investors should remain selective, according to an analyst who has revealed his top three picks for 2023.
Pro subscribers can read more here.
– Xavier Ong
CNBC Pro: Bank of America added these biotech stocks to its first-quarter picks list
BofA added a number of biotech stocks to its list of top picks for the first quarter — a sector that’s currently hot on Wall Street.
The bank has identified biotech stocks as well as some medical technology companies as part of its thematic investment picks, in themes it says are linked to a “changing world”.
CNBC Pro subscribers can read more here.
– Weizhen Tan
European markets: Here are the opening calls
European markets are heading for a positive opening at the start of the new trading week.
of Great Britain FTSE 100 The index is expected to open at the level of 7,723, increasing by 24 points in Germany DAX 14,689, up 79 places, France CAC Italy rose 32 places to 6,893 FTSE MIB Up 91 points to 24,271, according to IG data.
Thursday’s data releases include the euro zone unemployment rate for November, French trade data for November and German industrial production for the same month.
– Holly Elliott