26 Mins Ago
European Central Bank holds rates steady
A man shelters from the rain under an umbrella as he walks past the Euro currency sign in front of the former European Central Bank (ECB) building in Frankfurt am Main, western Germany.
Kirill Kudryavtsev | Afp | Getty Images
The European Central Bank on Thursday met market expectations and held interest rates steady at their current record high.
The central bank kept the euro zone deposit rate at 4% for the third straight meeting and reiterated that it would keep them high for a “sufficiently long duration” to bring inflation to target.
It said that recent data had “broadly confirmed” its previous medium-term inflation outlook and that, despite energy effects, a declining trend in underlying inflation had continued.
— Jenni Reid
3 Hours Ago
Norway’s central bank holds rates steady
Norway’s central bank on Thursday kept interest rates unchanged at 4.5% and said the outlook and balance of risks meant the policy rate would likely stay at that level “for some time ahead.”
The decision, which was widely expected, follows a surprise rate hike last month as the Norges Bank sought to combat stubbornly high inflation.
Norges Bank’s monetary policy committee said the overall prospects for the Norwegian economy did not appear to have changed materially since December.
The European Central Bank is expected to hold interest rates steady later in the session.
— Sam Meredith
5 Hours Ago
Stocks on the move: Nokia up 6%, IG Group down 9%
Nokia new logo displayed on mobile, with Nokia logo on screen.
Nurphoto | Nurphoto | Getty Images
Shares of Finnish telecom and tech company Nokia rose 6% after it forecast a profit uptick in the second half of 2024.
Meantime, British online trading company IG Group fell 9.2% after reporting a fall in profits on the back of soft market demand.
— Karen Gilchrist
13 Hours Ago
CNBC Pro: Analysts love these biotech stocks, giving 4 more than 100% upside
The health-care sector may have done poorly in the last couple of years, but analysts are bullish on it right now, citing biotech as an area to watch.
“Just two weeks into 2024, the healthcare sector has shrugged off the title of being a notable laggard in 2023,” Citi said in a recent note.
To look for biotech stocks that did well last year and that analysts are still positive on, CNBC Pro screened the iShares Biotechnology ETF and the SPDR S&P Biotech ETF.
— Weizhen Tan
13 Hours Ago
CNBC Pro: ASML and more: UBS names over 10 global stocks to play right now
Europe is set for a “weak stagnation” that will dampen the market, but several sectors and stocks stand out to UBS as good plays this year as growth stabilizes and inflation slows.
The Swiss investment bank expects Europe’s growth to stabilize at 0.6% this year, as global growth weakens to 2.6%. This is a conservative estimate compared to the 1.2% growth rate penciled by the International Monetary Fund.
“Our macro outlook for Europe is for a weak stagnation that takes European equities modestly lower but delivers another year of actionable divergences between sectors and stocks,” UBS’ analysts wrote as they named sectors – and over 10 stocks – they like.
— Amala Balakrishner
9 Hours Ago
European markets: Here are the opening calls
European markets are set to open lower Thursday.
The U.K.’s FTSE 100 index is expected to open 25 points lower at 7,508, Germany’s DAX down 39 points at 16,853, France’s CAC down 16 points at 7,440 and Italy’s FTSE MIB down 79 points at 30,418, according to data from IG.
Earnings come from LVMH and Givaudan.
— Holly Ellyatt