The Swiss central bank posted its biggest loss in its 116-year history
The Swiss National Bank reported a loss of 132 billion Swiss francs ($143 billion) for fiscal 2022.
As a result, it will not make its regular payments to the Swiss government and member states, and payments to its shareholders will also be affected, it said.
Of the losses, 131 billion francs came from its foreign currency positions and 1 billion from it. Swiss franc Positions
Carsten Junius, chief economist at Swiss bank J. Safra Sarasin, told CNBC that he expects the central bank’s losses will not change its monetary policy and will raise another 100 basis points, to 2% this year.
Stocks rose at the market open
All three major indices traded flat in the open as investors tried to build a rally on Friday.
Meanwhile, the Dow added 0.4% at 9:30 a.m S&P 500 And Nasdaq Composite advanced 0.5% and 0.9% respectively.
– Alex Haring
Despite the economic slowdown, eurozone unemployment remains very low
Unemployment across the eurozone remained low in November, despite economic growth slowing across the region.
Unemployment stood at 6.5% in November, unchanged from October, with a total of 10.97 million people, according to data from Eurostat.
The number is the lowest since records began in 1998, and is in line with economic forecasts published by The Wall Street Journal.
Unemployment is expected to rise in the first half of 2023 as recessionary pressures increase, and will be around 7% by the middle of the year, according to FactSet, Reuters reported.
– Hannah Ward-Glenton
Lidl GB sales up 25% over Christmas; The store expects its customer base to continue to grow
The UK division of German discount supermarket Lidl has reported a 24.5% increase in sales in the four weeks to Christmas Day compared to 2021.
The discounter said 1.3 million more customers shopped at Lidl in the week to December 24 than the previous year.
The store said it expects more customers to switch from other supermarket groups in 2023 as consumers continue to feel the effects of the cost-of-living crisis.
– Hannah Ward-Glenton
Alibaba is leading the Hong Kong index, focusing on stocks related to the reopening
CNBC Pro: Goldman Sachs Reveals Stocks to Benefit from EV Boom, Gives Up 100% Uptrend
According to Goldman Sachs, stocks of legacy automakers and parts makers will attract new investors.
As traditional auto companies grow their share of revenue through new carbon-neutral technologies, they will gradually be included in ESG funds and benefit from rising share prices, according to a Wall Street bank.
The investment bank has named 13 stocks that will benefit from the new trend, including one that offers 100% upside:
– Ganesh Rao
CNBC Pro: Evercore’s Mark Mahaney reveals his top tech picks for 2023 — and gives one a nearly 200% upside
Top tech analyst Mark Mahaney has a positive outlook for tech stocks in 2022 after a brutal year for the sector.
Investors need to be selective, according to an analyst who revealed three top picks for 2023.
Pro subscribers can Read more here.
– Javier Ong
CNBC Pro: Bank of America has added these biotech stocks to its first-quarter pick list
BofA added several biotechnology stocks — a sector currently hot on Wall Street — to its list of top picks for the first quarter.
The bank has identified biotech stocks and some medical technology companies as part of its thematic investment picks, which it says relate to a “changing world”.
– Weissen Don
European markets: Here are the opening calls
European markets are heading for a positive start at the start of the new trading week.
of England FTSE 100 The index is expected to open 24 points higher at 7,723 DAX France rose 79 points to 14,689 CAC Italy rose 32 points to 6,893 FTSE MIB According to IG data, it rose 91 points to 24,271.
Data releases on Thursday included the euro zone unemployment rate for November, French trade data for November and German industrial production for the same month.
– Holly Elliott