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☆ Binance to discontinue Nigerian currency services as legal squabble deepens
▼ + stars: | 2024-03-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Binance on Tuesday announced that it will discontinue all Nigerian naira services, amid an ongoing legal dispute between the U.S. cryptocurrency firm remains and Africa's most populous country. In an update posted on its website, Binance said that, starting this Friday, any remaining naira balances in user accounts will be automatically converted to Tether , a cryptocurrency stablecoin pegged to the U.S. dollar. The company will not support any deposits of Naira after 2 p.m. UTC on Tuesday and will no longer support withdrawals of the currency after 6 a.m. UTC on Friday, the announcement said. Nigeria is also one of the world's biggest crypto markets, but the Nigerian government has demanded almost $10 billion in compensation from Binance, which it accuses of manipulating foreign exchange rates via currency speculation and rate fixing, and arrested two of the firm's senior executives last week, according to multiple media reports. The Nigerian naira has lost almost 70% of its value over the past few months, as Africa's largest economy faces a currency crisis and soaring inflation.

Persons: Binance Organizations: U.S, U.S ., Nigerian Locations: Naira, Nigeria, Binance

☆ Nigeria battles to halt spiraling currency crisis and rising food insecurity
▼ + stars: | 2024-03-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

IBADAN, Nigeria - Feb. 19, 2024: Demonstrators hold placards during a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024. Inflation hit an annual 29.9% in January, driven by soaring food prices that have triggered a cost-of-living crisis in Africa's largest economy. The naira currency, meanwhile, plunged to an all-time low of around 1,600 against the U.S. dollar in late February. "With about 8 percent of Nigerians deemed food insecure, addressing rising food insecurity is the immediate policy priority." IBADAN, Nigeria - Feb. 19, 2024: Demonstrators are seen at a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024.

Persons: Samuel Alabi, Bola Tinubu's, David Omojomolo, Olayemi Cardoso Organizations: Afp, Getty Images, International Monetary Fund, U.S, Bloomberg, Getty, Washington, D.C, IMF, Central Bank of, Capital Economics Locations: IBADAN, Nigeria, Ibadan, Getty Images Nigeria, Africa's, LAGOS, Lagos, Africa

☆ 'Last chance saloon': UK finance minister expected to pledge pre-election tax cuts
▼ + stars: | 2024-03-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

British Finance Minister Jeremy Hunt said earlier this month the U.K. would not enter a recession this year. LONDON — Economists expect U.K. Finance Minister Jeremy Hunt to use a small fiscal windfall to deliver a modest package of tax cuts at his Spring Budget on Wednesday. However, the big questions over tax cuts remain heading into Wednesday's statement. Raja suggested the finance minister will err on the side of caution in loosening fiscal policy, favoring supply side support over boosting demand. "Therefore, tax cuts to national insurance contributions (NICs) and changes to child benefits are more likely to come in the Spring Budget (in contrast to earlier expectations of income tax cuts)."

Persons: Jeremy Hunt, Hunt, Sanjay Raja, Raja Organizations: British, LONDON, Finance, Budget, Conservative, Labour Party, Treasury, Independent, Deutsche Bank, Bank of England

☆ In a bizarre British by-election, a pro-Palestinian firebrand just swept to victory
▼ + stars: | 2024-03-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

ROCHDALE, England - Feb 29: Workers Party of Britain candidate George Galloway speaks after being declared the winner in the Rochdale by-election on February 29, 2024. Christopher Furlong | Getty Images News | Getty ImagesStaunchly pro-Palestinian left-wing firebrand George Galloway on Thursday won a chaotic by-election in Rochdale, northwestern England that was defined by the Israel-Gaza conflict. ROCHDALE, England - Feb. 29, 2023: A man walks past a George Galloway election sign as residents begin to vote in the Rochdale by-election on February 29, 2024 in Rochdale, England. ROCHDALE, England - Feb. 19, 2024: People walk past pro-Palestinian graffiti in Rochdale on February 19, 2024 in Rochdale, England. Christopher Furlong | Getty Images News | Getty Images

Persons: George Galloway, Christopher Furlong, firebrand George Galloway, Galloway, Paul Tully, Azhar Ali, Ali, Conservative Paul Ellison Organizations: ROCHDALE, Workers Party of, Rochdale, Getty, Labour, Workers Party of Britain, Labour Party, Conservative Locations: England, Palestinian, Rochdale, Israel, Gaza, Britain's, ROCHDALE

☆ European markets set for gains ahead of euro zone inflation data
▼ + stars: | 2024-03-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A TV presenter gets ready for the daily reporting from the floor of the German share price index DAX at the stock exchange in Frankfurt, Germany, November 15, 2023. LONDON — European markets are set to open higher on Friday to start the new trading month after a winning February, with euro zone inflation data due mid-morning. The European stock index notched an all-time high last month, powered by the 11 GRANOLAS large-cap stocks that made up half of the gains across the entire Stoxx 600. Focus will turn Friday to February's flash euro zone inflation reading, expected at 10 a.m. London time, with economists in a Reuters poll predicting the consumer price index rose 2.5% year on year, down from 2.8% in January. German consumer price inflation on Thursday came in line with forecasts at 2.7% year on year.

Persons: DAX Organizations: LONDON, GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L'Oreal, LVMH, AstraZeneca, SAP, Sanofi, Focus, European Central Bank, ECB, Fed Locations: Frankfurt, Germany, London

☆ The Magnificent Seven should be reduced to the 'Magnificent Four,' fund manager says
▼ + stars: | 2024-02-29 | by ( Elliot Smith | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Magnificent Seven should be reduced to the 'Magnificent Four,' fund manager saysArnout van Rijn, portfolio manager at Robeco Global, shares his prognosis on the U.S. economy and its implications for stocks, particularly the tech mega-caps that have powered markets over the last year.

Persons: Arnout van Organizations: Robeco Global Locations: Arnout van Rijn, U.S

☆ Wall Street takes bets on which major central bank will blink first
▼ + stars: | 2024-02-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Brendan McDermid | Reuterswatch nowSwiss headline inflation fell from 1.7% in December to 1.3% in January, well below consensus forecasts, while core inflation dropped from 1.5% to 1.2%. Analysts at Capital Economics said the steep decline meant inflation "looks sure to undershoot the SNB's Q1 forecast of 1.8%." "However, with the January inflation downside surprise, the SNB forecast looks too high to us, and the probability of a policy rate cut on 21 March has increased. Bank of Japan to end negative rate era While most major central banks are looking at loosening monetary policy after more than two years of aggressive tightening to combat rampant inflation, the question for the Bank of Japan is the opposite. The country's core inflation rate — which excludes food and energy — fell to 2% year-on-year in January, after a third monthly increase, surprising slightly to the upside and suggesting that a sustainable return to ultra-low inflation may not be in the cards.

Persons: Jerome Powell, Brendan McDermid, Société Générale, Kit Juckes Organizations: Federal Reserve, New York Stock Exchange, Reuters, Capital Economics, UBS, Bank of Japan, Bank of Locations: New York City, U.S, Bank of Japan, French

Birkenstock on Thursday beat holiday quarter revenue expectations, reporting a 26% year-on-year jump, as the German sandal company benefited from higher pricing and rising U.S. demand. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12% year-on-year to 81 million euros, with an adjusted EBITDA margin of 26.9%, down from 29.1% a year earlier. "However, in the medium-term, we are confident we will continue to deliver our objectives of a gross profit margin over 60% and an adjusted EBITDA margin in the low thirties percent." Within a few years, its sales nearly doubled and its market cap is now around $9.7 billion, double its 2021 valuation of $4.85 billion. Since going public, Birkenstock has used some of its proceeds to pay down debt.

Persons: Oliver Reichert, Reichert, Armour, Birkenstock, Johann Adam Birkenstock Organizations: LSEG, New York Stock Exchange, Nike, Catterton Locations: North America, Birkenstock

☆ Russia offering African governments 'regime survival package' in exchange for resources, research says
▼ + stars: | 2024-02-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

OUAGADOUGOU, Burkina Faso - Jan. 20, 2023: A banner of Russian President Vladimir Putin is seen during a protest to support the Burkina Faso President Captain Ibrahim Traore and to demand the departure of France's ambassador and military forces. Russia's military intelligence service is offering African governments a "regime survival package" that provides military and diplomatic support in exchange for access to strategically important natural resources, according to a new report. Russia's Defense Ministry was not available to comment on the report's findings when contacted by CNBC. Wagner has for many years been a key component of the Kremlin's efforts to grow its influence in politically unstable countries across central Africa and the Sahel, including the Central African Republic, Mali, Burkina Faso and Sudan. The report's authors Jack Watling, Oleksandr V Danylyuk and Nick Reynolds explained that the GRU chose to divide Wagner's activities in two.

Persons: Vladimir Putin, Captain Ibrahim Traore, Wagner, Yevgeny Prigozhin, Jack Watling, Oleksandr V Danylyuk, Nick Reynolds Organizations: Royal United Services Institute, Wagner Group, Russia's Defense, CNBC, Central African, Volunteer Corps, Russian Military of Defense Locations: OUAGADOUGOU, Burkina Faso, Africa, Central African Republic, Mali, Sudan, Ukraine

☆ The 11 GRANOLAS stocks power Europe to record highs, drawing Magnificent Seven comparisons
▼ + stars: | 2024-02-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 19, 2024. Staff | ReutersOver the last 12 months, just 11 stocks made up half of the gains that powered the pan-European Stoxx 600 stock index to a record-high close on Friday. "From a Global point of view, the GRANOLAS have even outperformed the so-called Magnificent 7 over the past two years. Their (out)performance is even more impressive on a risk-adjusted basis: with a volatility 2x lower than for the Magnificent 7, the GRANOLAS help to boost the Sharpe ratio." "This suggests that, in Europe, nearly all revenue growth of the STOXX 600 will come from the GRANOLAS.

Persons: Goldman Sachs, Sanofi —, Goldman, Tim Hayes, Ned Davis, Hayes Organizations: Staff, Reuters, GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L'Oreal, LVMH, AstraZeneca, SAP, Sanofi, Street, Ned, Ned Davis Research, CNBC Locations: Frankfurt, Germany, Europe

☆ Rolls-Royce shares jump 8% after 2023 profits more than double
▼ + stars: | 2024-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LONDON — Rolls-Royce shares jumped more than 8% on Thursday after the British aerospace group more than doubled its annual profits in 2023 and forecast further momentum this year. Rolls-Royce, which manufactures jet engines for commercial aircraft along with power systems for ships and submarines, posted an underlying operating profit of £1.6 billion ($2 billion) in 2023, compared to £652 million in 2022. The group also reported a record free cash flow of £1.3 billion, driven by strong operating profit and continued growth of its long-term service agreement (LTSA) book. Rolls-Royce was the top performer in Britain's FTSE 100 in 2023, soaring over 200% on the back of a profit forecast upgrade and the announcement in November that profits could quadruple by 2027. "Our strong delivery in 2023 gives us confidence in our 2024 guidance and is a significant step towards our mid-term targets," Erginbilgic added.

Persons: Tufan Erginbilgic, Royce, Erginbilgic, Cheviot Organizations: Airbus, Universal Sky, LONDON, Royce, Power Systems, Defence Locations: Barcelona, Spain, British, Britain's

☆ Mercedes-Benz shares climb 5% on share buyback, despite 'exceptional' uncertainty ahead
▼ + stars: | 2024-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Mercedes-Benz shares gained around 5% on Thursday morning after the German carmaker beat fourth-quarter earnings expectations and announced a new share buyback program, despite warning of "exceptional" risks in the year ahead. Fourth-quarter earnings before interest and taxation (EBIT) came in at 4.33 billion euros ($4.7 billion), slightly ahead of consensus expectations, taking the full-year figure to 19.66 billion euros. Revenues rose 2% in 2023 to 153.2 billion euros from 150 billion the previous year. The group also announced an additional share buyback program worth up to 3 billion euros, with the repurchased shares subsequently canceled. Automotive analysts at Jefferies said in a reactive note Thursday that although there were no major surprises in the earnings, the cash return policy was "a sign of confidence and consistent with the premium/luxury positioning, with buyback set to keep EPS (earnings per share) growing."

Persons: Jefferies, buyback Organizations: Mercedes, Benz, Automotive Locations: Russia, Ukraine, Middle, China

☆ UK posts record budget surplus in January
▼ + stars: | 2024-02-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Jeremy Hunt, UK chancellor of the exchequer, holding the despatch box as he stands with treasury colleagues outside 11 Downing Street in London, UK.. Bloomberg | Bloomberg | Getty ImagesLONDON — The U.K. logged a record £16.7 billion ($21.1 billion) net budget surplus in January, according to official figures released on Wednesday. The Office for National Statistics noted that the country's public finances usually run a surplus in January, unlike during other months, as receipts from self-assessed annual income tax payments come in. Combined self-assessed income and capital gains tax receipts totaled £33 billion in January, the ONS said, down £1.8 billion from the same period of last year. Total government tax receipts came in at a record £90.8 billion, up £2.9 billion compared to January 2023. The figures on Wednesday mark the final set of public finances data before Finance Minister Jeremy Hunt delivers his Spring Budget, which outlines the government's fiscal policy for the year, on March 6.

Persons: Jeremy Hunt, Laura Trott, Hunt Organizations: Bloomberg, Getty, National Statistics, Finance, Labour Party Locations: London, Covid, Ukraine

☆ Africa's largest economy is battling a currency crisis and soaring inflation
▼ + stars: | 2024-02-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

With annual inflation nearing 30% and a currency in freefall, Nigeria is facing one of its worst economic crises in years, provoking nationwide outrage and protests. The currency is down around 70% since May 2023 when Tinubu took office, inheriting a struggling economy and promising a raft of reforms aimed at steadying the ship. In a bid to fix the beleaguered economy and attract international investment, Tinubu unified Nigeria's multiple exchange rates and enabled market forces to set the exchange rate, sending the currency plunging. In January, the market regulator also changed how it calculates the currency's closing rate, resulting in another de facto devaluation. Years of foreign exchange controls have also generated enormous pent-up demand for U.S. dollars at a time when overseas investment and crude oil exports have declined.

Persons: Bola Tinubu, Tinubu Organizations: U.S, greenback Locations: IBADAN, Nigeria, Ibadan, freefall, Nigerian

☆ Barclays jumps 8.6% after announcing major strategic overhaul
▼ + stars: | 2024-02-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

LONDON — Barclays on Tuesday reported a fourth-quarter net loss of £111 million ($139.8 million) as the British lender announced an extensive strategic overhaul, boosting its shares more than 8.6% through the day. For the full year, net attributable profit came to £4.27 billion, down from £5.023 billion in 2022 and below a consensus forecast of £4.59 billion. Credit impairment charges were £552 million, up from £498 million in the fourth quarter of 2022. The business will now be divided into five operating divisions, separating the corporate and investment bank to form: Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. Barclays is targeting total gross cost savings of £2 billion and an RoTE of greater than 12% by 2026.

Persons: C.S, Venkatakrishnan, Mariva Rivas, DBRS Morningstar, Rivas Organizations: Citigroup Inc, State Street Corp, Barclays Plc, HSBC Holdings Plc, LONDON, Barclays, Reuters, Momentum, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank, CNBC, U.S Locations: Wharf

☆ Magnificent 7 profits now exceed almost every country in the world. Should we be worried?
▼ + stars: | 2024-02-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Michael M. Santiago | Getty ImagesThe so-called "Magnificent 7" now wields greater financial might than almost every other major country in the world, according to new Deutsche Bank research. The meteoric rise in the profits and market capitalizations of the Magnificent 7 U.S. tech behemoths — Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla — outstrip those of all listed companies in almost every G20 country, the bank said in a research note Tuesday. Of the non-U.S. G20 countries, only China and Japan (and the latter, only just) have greater profits when their listed companies are combined. Deutsche Bank analysts highlighted that the Magnificent 7's combined market cap alone would make it the second-largest country stock exchange in the world, double that of Japan in fourth. However, this level of concentration has led some analysts to voice concerns over related risks in the U.S. and global stock market.

Persons: Michael M, Jim Reid, Deutsche, Reid, Tesla, Evelyn Partners, Daniel Casali, Evelyn, Casali Organizations: New York Stock Exchange, Santiago, Getty, Deutsche Bank, Microsoft, Nvidia, Tesla, Apple, Amazon, Evelyn Partners Locations: New York City, China, Japan, France, Saudi Arabia, U.S

☆ Ukraine withdrawing some troops from Avdiivka, sends in elite unit; Zelenskyy heads to Berlin and Paris
▼ + stars: | 2024-02-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Ukrainian military soldiers fire from the MT-12 or 2A29 gun "Rapira" is a Soviet smoothbore 100-mm anti-tank gun on December 7, 2023 in Avdiivka, Ukraine. Ukrainian troops are withdrawing from some areas of the eastern town of Avdiivka to seek better positions after months of intense combat. Moscow has devoted substantial battlefield resources to encircling and capturing the city, and Ukraine's dwindling supply lines have left its forces vulnerable. In a post on the Telegram messaging app on Thursday, the Third Assault Brigade confirmed it was "urgently redeployed to strengthen Ukrainian troops in the Avdiivka area," and describe the situation there as "hell," according to a Google translation. "The enemy continues the active rotation of its troops, and throws new forces and means into the city," it added.

Persons: Dmytro Lykhoviy, Andriy Biletskyi, — Elliot Smith Organizations: Military, Third Assault Brigade, Reuters Locations: Soviet, Avdiivka, Ukraine, Donetsk, Luhansk, Moscow

☆ Labour opposition deals another historic blow to UK PM Rishi Sunak with by-election defeats
▼ + stars: | 2024-02-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Winning candidate Gen Kitchen said the result was a "stunning victory for the Labour Party and must send a message from Northamptonshire to Downing Street." LONDON — U.K. Prime Minister Rishi Sunak's ruling Conservative Party suffered another double by-election defeat on Thursday, as the opposition Labour Party's momentum shows no sign of slowing. The double defeat of Thursday was the latest in a string of unfavorable by-election results for the ruling party in what were previously considered safe seats. "I was very pleased last night to see that we were clearly getting Tory switchers, in other words people who hadn't voted for the Labour Party before, coming out last night and voting for the Labour Party in a by-election." The Labour Party maintains a lead of more than 20 points over the Conservatives in all national polling, with a general election due no later than January 2025.

Persons: Kitchen, Peter Bone, —, Rishi Sunak's, Helen Harrison, Gen Kitchen, Chris Skidmore, Damien Egan, Keir Starmer, Tory switchers, hadn't, Boris Johnson, Robert Ford Organizations: Labour, Labour Party, Downing, Conservative, Conservatives, LONDON, Conservative Party, Kettering Leisure Village, Tamworth, Liberal Democrats, BBC, University of Manchester, CNBC Locations: Northamptonshire, Wellingborough , Northamptonshire, KETTERING, England, Wellingborough, Kettering, Kettering , England, Kingswood , South Gloucestershire, North, Kingswood, Mid Bedfordshire, West Midlands, Selby, Ainsty, Somerton, Frome

Russian opposition leader Alexei Navalny attends a rally in support of political prisoners in Prospekt Sakharova Street in Moscow, Russia on September 29, 2019. Sefa Karacan | Anadolu | Getty ImagesWorld leaders and the wife of prominent Russian opposition leader Alexei Navalny reacted with dismay and suspicion to reports of the Kremlin critic's death in a Siberian penal colony. Yulia Navalnaya, Navalny's wife, was greeted on Friday with a standing ovation as she addressed the Munich Security Conference. "Alexei Navalny has been a strong voice for freedom, for democracy, for many years, and NATO and NATO allies have called for his immediate release for a long time." "We'll be talking to the many other countries concerned about Alexei Navalny, especially if these reports bear out to be true."

Persons: Alexei Navalny, Sefa, Yulia Navalnaya, Navalnaya, Vladimir Putin, Putin, …, Kai Pfaffenbach, Wagner, Yevgeny Prigozhin —, Navalny's, Navalny, Kamala Harris, Washington, Jens Stoltenberg, Yulia Morozova, Ursula von der Leyen, von der Leyen, Antony Blinken, Rishi Sunak, Olaf Scholz Organizations: Anadolu, Getty, Munich Security, Reuters, Ministry, Munich, NATO, IK Locations: Moscow, Russia, Munich, Germany, Vladimir, Russian

☆ UK economy slipped into technical recession at the end of 2023
▼ + stars: | 2024-02-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON — The U.K. economy slipped into a technical recession in the final quarter of last year, initial figures showed Thursday. Though there is no official definition of a recession, two straight quarters of negative growth is widely considered a technical recession. Across the whole of 2023, the British GDP is estimated to have increased by just 0.1%, compared to 2022. "These factors affected the performance of the services and construction sectors, which are the main drivers of the U.K. "Over the coming months, we expect inflation to fall, potentially easing the pressure on U.K. households, and supporting the recovery of the consumer-driven economy," Brookes added.

Persons: Jeremy Hunt, Marcus Brookes, Brookes, Neil Birrell Organizations: National Statistics, Reuters, Finance, Bank of England, Bank of England's, Quilter Investors, Premier Miton Investors Locations: British

☆ Jeep, Dodge-maker Stellantis' profit slides as Detroit Three strikes bite
▼ + stars: | 2024-02-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

(L-R) United Auto Workers (U.A.W.) members Kaleb Delfine, Bryan Broecker, Michael Gatto and James Triplett picket outside the Jeep Plant on September 18, 2023 in Toledo, Ohio. Global auto giant Stellantis on Thursday reported a 10% year-on-year fall in profit in the second half of 2023, as six-week strikes at the so-called "Detroit Three" automakers hampered production in the group's North American profit epicenter. Adjusted operating income (AOI) came in at 10.2 billion euros ($10.96 billion) for the July to December period, down from 11.3 billion euros for the same period in 2022. Stellantis reported in late October that labor strikes by the United Auto Workers union, which ran for six weeks from Sept. 15 and also targeted General Motors and Ford Motor , cost the company $3.2 billion in revenue through October.

Persons: Kaleb Delfine, Bryan Broecker, Michael Gatto, James Triplett, Stellantis Organizations: United Auto Workers, Jeep, Global, Reuters, Stellantis, United Auto Workers union, Motors, Ford Motor Locations: Toledo , Ohio, American, Europe, North America

A TV presenter gets ready for the daily reporting from the floor of the German share price index DAX at the stock exchange in Frankfurt, Germany, November 15, 2023. LONDON — European markets were set for a lower open Wednesday as investors assessed incoming corporate earnings and inflation prints in both the U.S. and the U.K. The U.K.'s FTSE 100 was predicted to open 15 points lower at 7,492 points, the DAX down 40 points to 16,833 points and France's CAC lower by 15 points to 7,605, according to IG data. Losses deepened after new figures showed U.S. inflation rose by more than expected in January, as stubbornly high shelter prices squeezed consumers. Wednesday will see reporting from several major European businesses, including ABN AMRO and Capgemini.

Persons: DAX Organizations: LONDON, U.S, U.K, CAC, of Labor Statistics, Dow, U.S . Federal, ABN AMRO, Capgemini Locations: Frankfurt, Germany

☆ UK inflation holds steady at 4%, lower than expected
▼ + stars: | 2024-02-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Karl Hendon | Moment | Getty ImagesLONDON — U.K. inflation held steady at 4% year-on-year in January on the back of easing prices for furniture and household goods, food and non-alcoholic beverages. Economists polled by Reuters had produced a consensus forecast of 4.2% year-on-year for January and -0.3% for the month. The CPI goods annual rate slowed from 1.9% to 1.8%, but price pressures in the services industry remained hot, with the CPI services annual rate rising from 6.4% to 6.5%. The U.K. has lagged its peers in bringing down inflation, but the headline CPI has been on a general downward trajectory since the October 2022 peak of 11.1% year-on-year. The labor market and wage growth have meanwhile eased but will remain uncomfortably robust for a central bank aiming to drag inflation back to its 2% target.

Persons: Karl Hendon, Jeremy Hunt, Marion Amiot Organizations: London, Euromonitor International, Karl, Reuters, National Statistics, Bank of England, Finance

☆ As London loses another listing, analysts are wary of writing off the UK capital
▼ + stars: | 2024-02-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The offices of London Stock Exchange Group Plc, right, in Paternoster Square in the City of London, UK. Bloomberg | Bloomberg | Getty ImagesLONDON — TUI became the latest company to ditch its share listing in London, as shareholders voted overwhelmingly for the German travel giant to list solely in Frankfurt. Around 77% of transactions in TUI shares are currently settled via Germany, with the U.K. now accounting for less than a quarter. U.K. stocks are trading at a considerable discount to the rest of Europe, having suffered an investor flight in recent years. London still a contender London has also suffered a number of de-listings and high-profile IPO snubs over the past year.

Persons: TUI, Frankfurt's, Mathias Kiep, London, SoftBank, Rishi Sunak's Organizations: London Stock Exchange Group, City of, Bloomberg, Getty, London Stock Exchange, CNBC, Nasdaq Locations: Paternoster, City, City of London, London, Frankfurt, Hannover, Germany, TUI, Europe

☆ Ford facing potential strike of 3,000 UK white-collar workers
▼ + stars: | 2024-02-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The logo of car manufacturer Ford is pictured in Inwood, New York, on February 5, 2024. LONDON — Ford was warned on Wednesday that more than 3,000 white-collar workers across the U.K. could launch industrial action after union members rejected a pay offer from the U.S. automotive giant. The union warned Ford that if it did not attend negotiations via Acas, the U.K.'s independent conciliation service, it would begin the process of balloting its members on potential strike action. Ford said it has been in pay negotiations with employee representatives since the end of last year, as its previous two-year deal ends. "Whilst trade union members have voted internally at a members vote to reject the company's offer, Ford remains willing to continue dialogue through our established bargaining frameworks on the fair and balanced offer made," the company said.

Persons: Ford Organizations: LONDON, Ford, Workers Locations: Inwood , New York, Acas, Liverpool, Essex

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