European markets close 1% higher, hitting an eight-month high
The pan-European Stoxx 600 index closed 0.9% higher, taking it to its highest level since early May 2022.
European economies are expected to benefit significantly from the reopening of Chinese borders, with travel stocks recording a 2.5% gain.
Germany’s DAX index rose 1.25% after industrial production figures rose more than expected in November.
The French CAC 40 rose by 0.7% and the British FTSE 100 by 0.3%.
—Jenni Reed
Swiss central bank shares biggest loss in 116-year history
The Swiss National Bank announced a loss of 132 billion Swiss francs ($143 billion) for the 2022 financial year, citing preliminary figures.
As a result, it will not make its usual payments to the Swiss government and member states, it said, with payments to its shareholders also expected to be affected.
Among the losses, 131 billion francs came from its currency positions and 1 billion from its Swiss franc posts
Karsten Junius, chief economist at Swiss bank J.Safra Sarasin, told CNBC that the central bank’s losses would not change its monetary policy and he expected another 100 basis point hike, to 2%. , This year.
Stocks are rising in the open market
All three major indexes traded in the open market as investors tried to take advantage of Friday’s rally.
The Dow added 0.4% at 9:30 a.m. During this time, the S&P500 and Nasdaq Compound rose 0.5% and 0.9%, respectively.
—Alex Harring
Unemployment in the euro zone remains at a historic low, despite the economic slowdown
Eurozone unemployment remained at a record high in November, despite slowing economic growth in the region.
Unemployment stood at 6.5% in November, unchanged from October, according to Eurostat data, totaling 10.97 million people.
The figure is the lowest since records began in 1998 and is in line with economists’ forecasts published by the Wall Street Journal.
Unemployment is expected to rise in the first half of 2023 as recessionary pressures build, and is expected to hit 7% by the middle of the year, FactSet, as reported by Reuters.
—Hannah Ward-Glenton
Lidl GB sales up to 25% at Christmas; the store expects its customer base to continue to grow
The British subsidiary of German discount supermarket Lidl has announced that its sales have increased by 24.5% in the four weeks to Christmas Day compared to 2021.
More than 1.3 million additional customers shopped at Lidl in the week to December 21. 24 than the year before, the discounter said.
The store said it expects more customers to leave other supermarket groups in 2023 as consumers continue to feel the effects of the cost of living crisis.
—Hannah Ward-Glenton
Alibaba leads Hang Seng Index gains as reopening-related stocks take center stage
CNBC Pro: Goldman Sachs Reveals Which Stocks Should Benefit From An EV Boom, Giving More Than 100% Upside
According to Goldman Sachs, stocks of older automakers and parts makers will attract new investors as they transition to electric vehicles and green technologies.
As traditional automakers increase their revenue share with new carbon-neutral technologies, they are likely to be gradually included in ESG funds and benefit from an increase in share price, the bank said. Wall Street.
The investment bank named 13 stocks that will benefit from the new trend, including one that yields more than 100% upside:
CNBC Pro subscribers can learn more here.
—Ganesh Rao
CNBC Pro: Evercore’s Mark Mahaney reveals his top tech picks for 2023 – and gives one nearly 200%
Leading analyst Mark Mahaney has a positive view on tech stocks after a brutal year for the sector in 2022.
But investors should remain selective, according to the analyst, who revealed three top picks for 2023.
Pro subscribers can find out more here.
— Zavier Ong
CNBC Pro: Bank of America just added these biotech stocks to its Q1 pick list
BofA added a number of biotech stocks – a hot sector on Wall Street at the moment – to its list of top picks for the first quarter.
The bank has identified biotech stocks, as well as some medical technology companies, as part of its thematic investment picks, on themes it says relate to a “changing world.”
CNBC Pro subscribers can learn more here.
—Weizhen Tan
European markets: here are the opening calls
European markets are heading for a positive open at the start of the new trading week.
The United Kingdom FTSE100 the index is expected to open 24 points higher at 7,723, Germany DAX 79 points more at 14,689, France CAC up 32 points to 6,893 and Italy MIB FTSE up 91 points to 24,271, according to IG data.
Data released Thursday includes the eurozone unemployment rate for November, French trade data for November and German industrial production for the same month.
—Holly Ellyatt
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