An hour ago
UK retail sales fall, raising recession risk
People pass shops on Regent Street during the pre-Christmas weekend in London on December 22, 2023.
Henry Nichols | Afp | Good pictures
UK retail sales fell significantly more than expected in December, a sign that the economy may be entering a shallow recession in the second half of 2023.
Office for National Statistics said Sales fell 3.2% in the key trading month, after rising 1.4% in November. Economists polled by Reuters had expected a fall of just 0.5%.
“Today's release will subtract 0.15 percentage points from real GDP growth in December, increasing the chances that the economy will end 2023 in a mild recession,” said Alex Kerr, assistant economist at Capital Economics.
The British pound was 0.25% lower against the US dollar and 0.27% lower against the euro, while UK bond yields fell.
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Pound-Dollar Exchange Rate.
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– Jenny Reid
4 hours ago
European markets: Here are the opening calls
European markets are set to open higher, with the FTSE 100 up 46.6 points to 7,506, Germany's DAX up 86.5 points to 16,644 and France's CAC 40 up 43.6 points to 7,444, IG data showed.
– Jenny Reid
10 hours ago
Asia's chipmakers are buoyed by TSMC forecasting strong growth in 2024
Chip stocks in Asia rose a day earlier on the back of AI-related demand, following an upbeat annual forecast from a Taiwanese semiconductor manufacturer.
TSMC shares rose 4.42%, while South Korea's memory chipmakers Samsung Electronics and SK Hynix rose 3.21% and 2.42%, respectively.
TSMC forecasts 2024 will be a “healthy growth year” due to demand for 3-nanometer and 5-nanometer technologies and the AI boom. This comes after a challenging year for chipmakers amid adverse global macroeconomic conditions and an inventory adjustment cycle.
“TSMC is positioned to benefit [AI]. There is an insatiable appetite for low-power, high-performance chips that can run AI in devices,” said Daniel Newman, principal analyst at Futurum Research, on CNBC's “Squawk Box Asia.”
– Sheila Chiang
12 hours ago
CNBC Pro: BYD and more: AllianceBernstein names top Asian stock picks for next 6 months, up more than 60%
According to AllianceBernstein, many sectors – and stocks – in the Asia Pacific are looking “particularly attractive right now”.
These stocks are “highly ranked in terms of size and among our companies that our Bernstein analysts have a strong positive view of,” wrote analysts at the Wall Street bank, which named it one of its Asian “Top Picks for the Next Six Months.”
CNBC Pro subscribers can read more here.
– Amala Balakrishna
12 hours ago
CNBC Pro: Here's Morgan Stanley's 'punishment list' of global dividend stocks
18 hours ago
18 S&P 500 names hit new highs, including AMD, Nvidia, Boston Scientific, Domino's Pizza
Chipmakers Advanced Micro Devices and Nvidia were among several other S&P 500 names that hit 52-week highs on Thursday. AMD traded at highs not seen since the company's IPO in September 1972, while Nvidia shares were at levels not seen since January 1999. Other tech and software companies, industry names and a couple of hotel chains also hit new highs.
Here are some of the names that hit the all-time high:
Stocks in the broader market index that hit new 52-week lows included Devon Energy, ExxonMobil and Humana.
– Pia Singh, Christopher Hayes
