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☆ Watchdog with teeth can help EU hunt unicorns
▼ + stars: | 2023-07-11 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

Yet the EU today is a long way from uniting its capital markets. By comparison, the United States has seven exchange groups, three listings exchanges and 16 trading exchanges, along with one clearing house and one depository. Bringing capital markets together through better regulation, as well as better market incentives, could keep the next generation of unicorns home. Follow @rebeccawire on TwitterCONTEXT NEWSEuropean Union leaders called for the EU to improve capital markets as part of a push for competitiveness at summits in March and June. Capital markets union is an EU endeavour launched in 2014 as a long-term project to boost investment across borders.

Persons: –, Austria’s i5invest, Backes, Magdalena Rzeczkowska, Nadia Calviño, ESMA, ” Calviño, won’t, centralisation, Francesco Guerrera, Oliver Taslic Organizations: Reuters, EU, ABC Fitness Solutions, Reuters Graphics Reuters, Canada, Berlin Brands Group, European Securities and Markets Authority, European, Central, Union, European Commission, Capital, Thomson Locations: BRUSSELS, Europe, China, Ukraine, Arkansas, London, Switzerland, United States, IPOs, Belgian, U.S, Paris, spillovers, Luxembourg, Poland, Brussels, EU, wean

☆ CNBC Daily Open: Jobs, jobs and more jobs
▼ + stars: | 2023-07-07 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Half a million jobsU.S. private sector companies added 497,000 jobs in June, according to payroll processing firm ADP. The ADP jobs report doesn't necessarily give a good estimate of the Department of Labor's jobs report. Worst days and lowest levelsU.S. stocks fell Thursday as traders grew concerned over what the scorching hot ADP jobs report means for interest rates.

Persons: Dow Jones, Janet Yellen, Yellen, Bitcoin Bitcoin, Larry Fink, Deutsche Bank's Maximilian Uleer Organizations: CNBC, Department, Treasury, U.S ., Treasury Department, BlackRock, Deutsche Bank's Locations: Yellen, China U.S, Beijing, China, U.S, BlackRock

☆ Investors are 'too complacent': Deutsche Bank strategist names two ways to hide from a potential downturn
▼ + stars: | 2023-07-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Investors have become "too complacent" in the calm before a potential storm for stock markets, according to Deutsche Bank's Maximilian Uleer. Stock market volatility is usually indicated through the VIX index and is often considered a barometer of fear and uncertainty in the market. Downside protection for investors Uleer also highlighted a number of opportunities for investors to lock in their gains for this year. In the illustrated example above, the portfolio would suffer a maximum loss of 3.41% even if the stock market declined further, not accounting for trading costs, by mid-December. Potential upside Despite the near-term risks, the market strategist pointed to the travel and leisure sector for upside potential.

Persons: Deutsche Bank's Maximilian Uleer, It's, I'm, Uleer, CNBC's Organizations: Deutsche Bank's, Stock, PMI, Deutsche Bank, Uleer, Downside, Airlines Locations: China, Europe, Refinitiv

☆ Deutsche Bank strategist: 'We're at exactly the point where the market is getting too complacent'
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeutsche Bank strategist: 'We're at exactly the point where the market is getting too complacent'Maximilian Uleer, head of European equity and cross asset strategy at Deutsche Bank, said he is surprised at how calm the stock market is despite a number of uninspiring data points out of Europe and China.

Persons: Maximilian Uleer Organizations: Deutsche Bank Locations: Europe, China

☆ Global markets in H1: Banks vs the machines
▼ + stars: | 2023-06-30 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Linking it all has been the relentless rise in interest rates, which was exactly what battered markets in 2022. But just that this time has been different due to an unshakeable view that the end of the cycle is near. A 12%, or $6 trillion, rally in value of world stocks (.MIWD00000PUS), (.FTAWORLDSR) although it has been ominously top heavy. Thanks largely to ChatGPT, the AI boom has seen the 'Big Tech' giants enjoy a combined surge of 70%. There have also been around a total of 90 interest rate hikes this year by central banks globally versus just 17 cuts.

Persons: Andrew Kelly, Lehman, Trevor Greetham, Gold, Viktor Szabo, Tayyip Erdogan's, haven't, bitcoin, Binance, Milla Savova, Dhara Ranasinghe, Tom Wilson, Rashmi Organizations: New York Stock Exchange, REUTERS, Nikkei, LONDON, Big Tech, Apple, Microsoft, Google, Netflix, Meta, Nvidia, Royal London Asset Management, Japan's Nikkei, U.S . Federal Reserve, European Central Bank, Bank of Japan's, Silicon Valley Bank, behemoth, UBS, Treasury, Wall, BlackRock, Commodities, Thomson Locations: New York City, U.S, El Salvador, Sri, Zambia, Ukraine, Pakistan, Argentina, Japan, Egypt, Nigeria, London

☆ European markets open slightly higher on final day of first half; traders await key inflation data
▼ + stars: | 2023-06-30 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Christine Lagarde, president of the European Central Bank (ECB). Bloomberg | Bloomberg | Getty ImagesEuropean equity markets opened in slightly positive territory Friday, after making marginal gains throughout the week, with investors keeping an eye on upcoming euro zone inflation data. European marketsTraders will be watching out for euro zone inflation data, due to be released at 10 a.m. London time, to see if further fiscal tightening by the European Central Bank is having the desired effect. European Central Bank President Christine Lagarde said Tuesday that inflation is still too high and it's too early to declare victory over consumer price rises. But the nature of the inflation challenge in the euro area is changing," Lagarde said from the Sintra central banking event in Portugal.

Persons: Christine Lagarde, Lagarde Organizations: European Central Bank, Bloomberg, Getty, Traders, Central Bank Locations: London, Sintra, Portugal

European equity markets climbed on Wednesday after tentatively breaking their losing streak at the end of Tuesday's session. The pan-European Stoxx 600 was up 0.5% in early trade, with construction and material stocks adding 1% to lead gains as all sectors and major bourses advanced. Speaking Tuesday, European Central Bank President Christine Lagarde said inflation was still too high in the euro area and it was too soon to "declare victory" on sticky high prices. ECB Governing Council member Mārtiņš Kazāks told CNBC that markets were mistaken in thinking rates will fall quickly and said he believed "next year is way too early" to think about cuts. He said loosened monetary policy should not come until inflation is "significantly and persistently" below the 2% target.

Persons: Christine Lagarde, Mārtiņš Kazāks Organizations: European Central Bank, ECB, CNBC Locations: Germany, Spain, U.S, Asia, Pacific, Australia, China

☆ Global equity funds see over $15 bln in outflows on rate hike worries
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

Investors withdrew a net $15.12 billion from global equity funds which had seen net inflows of $16.04 billion a week earlier. The U.S. and European equity funds witnessed outflows of $16.47 billion and $1.81 billion, respectively, while investors pumped about $2.6 billion into Asian funds. Reuters Graphics Reuters GraphicsMeanwhile, investors withdrew a net $15.13 billion from money market funds, their second straight week of outflows. Among commodity funds, investors withdrew $498 million from precious metal funds, their fourth successive week of net selling. They also purchased $812 million of equity funds.

Persons: Jerome Powell, Financials, Gaurav Dogra, Patturaja, Vinay Dwivedi Organizations: Global, European Central Bank, Federal Reserve, Investors, Reuters Graphics Reuters, . House Financial, Bank of England, Healthcare, Energy, Thomson Locations: U.S, outflows, Bengaluru

That threw a new curveball at UK markets, as just last week economists polled by Reuters had unanimously expected the BoE to raise by 25 basis points. I would not be surprised if we see a 50-bp rate rise from the Bank of England tomorrow." Other analysts said delivering a larger rate rise on Thursday risked further undermining the BoE's messaging. Bets on where BoE rate hikes might peak rose as high as 6% on Wednesday. The rise in yields hit UK housebuilders (.FTNMX402020), which were down as much as 3.1%.

Persons: BoE, Melanie Baker, Liz, Nick Rees, Richard McGuire, Rabobank's McGuire, Yoruk Bahceli, William Schomberg, Dhara Ranasinghe, Danilo Masoni, Alun John, Peter Graff Organizations: Bank of England, Reuters, Royal London Asset Management, Reuters Graphics Reuters, Wednesday's, MPC, FX, Monex, Rabobank, Sterling, Thomson Locations: Monex Europe

It overtook Europe's STOXX 600 (.STOXX), which is up 9%, in late May for the first time this year. In dollar terms, the STOXX 600 (.STOXXD) is still lagging, having gained 11.3% in 2023, while the euro is up 1.1%. "Relative to the U.S., European equities are looking less interesting and attractive," said Bernie Ahkong, co-chief investment officer at fund manager UBS O'Connor Global Multi-strategy Alpha. The euro zone economy was in technical recession in the first quarter, data from European statistics agency Eurostat showed last week. "But Europe looks even more unattractive than the U.S., because the temporary good data from Europe is really going to turn."

Persons: Europe's, Bernie Ahkong, UBS O'Connor, Ahkong, Geoffroy Goenen, Candriam, Graham Secker, Morgan Stanley, Hani Redha, Alex Richardson Organizations: UBS, UBS O'Connor Global, Alpha, U.S, Bank of America's, Eurostat, Barclays, Thomson Locations: U.S, Europe, China, PineBridge, United States

☆ European equity investors hunt for big returns in small places
▼ + stars: | 2023-06-15 | by ( Lucy Raitano | ) www.reuters.com time to read: +5 min

The MSCI Europe SMID index of European small to mid-cap firms (.MIEU000D0PEU) is trading near 2008 lows versus the wider market in terms of valuations, including both price/earnings and price-to-book ratios. The bank's small cap basket is invested across sectors, or 'sector neutral', to make it "less prone to the ups and downs of cyclical acceleration and deceleration." But M&A remains a supportive theme, said Amundi's Matti, as big players seeking external growth can look to the small cap sector for niche expertise to add to their portfolios. "When people are trying to find alpha to add to their portfolio, small caps tend to be the place to look at," said Matti. "Ultimately, they (small caps) are a rich hunting ground for long-term investors."

Persons: Dash, Emmanuel Cau, Amundi, Cristina Matti, Amundi's Matti, Matti, Graham Secker, Morgan Stanley, ”, Bernie Ahkong, Morgan Stanley's Secker, Thomas McGarrity, Lucy Raitano, Susan Fenton Organizations: Barclays, Energy, Reuters Graphics, O’Connor, Alpha, UBS Asset Management, Data, RBC Wealth Management, Thomson Locations: Europe, Amundi

☆ Economic data more likely to disappoint than exceed expectations, Morgan Stanley strategist says
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomic data more likely to disappoint than exceed expectations, Morgan Stanley strategist saysGraham Secker, chief European equity strategist at Morgan Stanley, discusses the economic data outlook over the coming months.

Persons: Morgan Stanley, Graham Secker

☆ ASIA Inflation appetizer served before central bank main course
▼ + stars: | 2023-06-12 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +3 min

Wall Street's major averages continued to push higher, with the tech-heavy Nasdaq ending up well over 1%. The monthly U.S. consumer price index report is expected to show the country's inflation rate slowing from 4.9% annually to 4.1%. CPI has been a fixation for markets after it soared to 40-year highs last year, prompting aggressive monetary tightening. On Monday, data showed India's annual retail inflation cooled to a more than two-year low of 4.25% in May as cost pressures on food eased, moving closer to the Reserve Bank of India's target of 4%. The Fed is part of a generous helping of central bank meetings this week, with the European Central Bank and Bank of Japan also on tap.

Persons: Lewis Krauskopf, Deepa Babington Organizations: Japan's Nikkei, CPI, Federal Reserve, Reserve Bank of Australia, Reserve Bank, European Central Bank and Bank of, Brent, U.S, Thomson, Reuters Locations: Lewis, U.S, Australia, European Central Bank and Bank of Japan, Japan

☆ UBS strategist: There’s too much risk in Big Tech right now — here's where to invest instead
▼ + stars: | 2023-06-09 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

He explained that while stocks on the Nasdaq Composite require significant growth to deliver returns, European banks can offer similar returns at lower risk. One of the main reasons for his confidence in European banks is their resilience amid changing interest rates. The strategist said UBS expects interest rates to rise further and stay "high for longer." European banks are accessible to investors through ETFs such as the iShares STOXX Europe 600 Banks ETF in the U.S. and the Lyxor STOXX Europe 600 Banks in Europe. However, higher interest rates have increased the cost of borrowing and depressed valuations in the property sector, potentially increasing the risk to lenders.

Persons: Gerry Fowler, Fowler, CNBC's, they're Organizations: Nasdaq, Big Tech, Tech, Nvidia, UBS, Banks, Citi Locations: U.S, Europe

☆ Market to go lower but not in a volatile fashion, UBS strategist says
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarket to go lower but not in a volatile fashion, UBS strategist saysGerry Fowler, head of European equity strategy and global derivative strategy at UBS, discusses what to make of the fall in the VIX volatility index and recent economic data.

Persons: Gerry Fowler Organizations: UBS

☆ UBS strategist says there's too much risk on the Nasdaq
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS strategist says there's too much risk on the NasdaqNasdaq stocks require significant growth to deliver returns based on their current valuation, according to Gerry Fowler, head of European equity strategy at UBS. He believes European banks can offer similar returns at lower risk.

Persons: there's, Gerry Fowler Organizations: UBS, Nasdaq Nasdaq

☆ Aquis Exchange launches new 'dark to lit' service to low-profile traders
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: 1 min

LONDON, June 6 (Reuters) - Aquis Exchange (AQX.L) said on Tuesday it had launched a new service across its British and European equity trading platforms to help customers who prefer to transact without alerting rivals to their activities access improved liquidity. The so-called 'dark to lit sweep' functionality, designed by Aquis' pan-European equities trading division, will harness low latency technology to find best possible prices for users across both order books, while keeping a low impact on the overall market, the company said. Members can choose for their order to be cancelled if no immediate opposing order is found on either book, or they can remain on the lit book until a buyer/seller matches with remainder of their order. Reporting By Sinead Cruise, editing by Kirstin RidleyOur Standards: The Thomson Reuters Trust Principles.

Persons: Aquis, Sinead Cruise, Kirstin Ridley Organizations: Aquis, Thomson

☆ Global equity funds suffer seventh straight week of outflows
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Global equity funds saw a seventh straight week of outflows in the seven days to May 31 on global economic slowdown concerns after weaker readings from China and major European countries. Investors disposed of a net $4.55 billion of global equity funds during the week, Refinitiv Lipper data showed, compared with a weekly withdrawal of about $3.54 billion a week ago. European equity funds saw $3.4 billion worth of net selling, while Asian funds had withdrawals of $820 million with China losing a net $425 million in a third straight week of outflows. During the week, combined inflows into global bond funds were a net $4.04 billion in an eleventh straight week of net purchases. Data for 23,954 emerging market funds showed investors sold a net $454 million worth of equity funds, while withdrawing $355 million from bond funds in a sixth successive week of net selling.

Persons: Gaurav Dogra, Patturaja, Alexander Smith Organizations: Global, Reuters Graphics Reuters, China, Technology, Thomson Locations: China, Germany, Bengaluru

☆ 'Tech is not crowded, tech is not over-owned,' strategist says
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Tech is not crowded, tech is not over-owned,' strategist saysEmmanuel Cau, head of European equity strategy at Barclays, discusses the outlook for equity markets, especially in the tech sector.

Persons: Emmanuel Cau Organizations: Barclays

☆ Global equity funds post outflows for fifth week in a row
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Global equity funds suffered outflows for a fifth straight week in the week to May 17, undermined by uncertainties over U.S. debt ceiling and concerns about global economy, with soft economic data coming out of the U.S. and China. According to Refinitiv Lipper data, global equity funds faced $8.72 billion worth of outflows in the week to May 17, compared with about $4.77 billion worth of net selling in the previous week. Reuters Graphics Reuters GraphicsThe U.S. and European equity funds recorded withdrawals of $7.64 billion and $1.81 billion respectively during the week, but Asian funds received $180 million worth of inflows. Healthcare, financial and energy sector equity funds faced net outflows of $698 million, $677 million, and $410 million, respectively, but tech secured a net $906 million worth of inflows. Data for 23,976 emerging market funds showed equity funds obtained a net $684 million in a third weekly inflow in a row, while bond funds drew $43 million worth of net purchases after three weeks of outflows.

"We are looking into ways to express this (China recovery) theme in our portfolio rather than just say 'let's go long China equity'. "Given the higher risk premium of China stocks, the demand for 'shadowing' China will continue to be strong," Jefferies said. The relative cheapness of European stocks, at least at the start of this year, has also been important. Luxury stocks - less vulnerable to sanctions - have performed well, but geopolitical worries have bruised tech firms, and manufacturing difficulties have hurt commodity stocks. "What is doing extremely well this year is luxury; if you'd bought European miners hoping that China would stimulate, you'd have got it wrong."

☆ Global equity funds see biggest weekly outflow in five weeks
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

According to Refinitiv Lipper data, global equity funds recorded a net $16.9 billion worth of outflows in the week to May 3, marking the biggest weekly outflow since March. The U.S. and European equity funds booked $15.6 billion and $600 million worth of outflows during the week, while Asian funds drew a small inflow of $160 million. Global bond funds also secured $3.95 billion of inflows in a second week of net buying. Investors purchased government and short- and medium-term bond funds of about $2 billion each but drew $910 million out of high-yield funds. Data for 23,973 emerging market funds showed investors received a net $1.35 billion worth of equity funds in their biggest weekly net buying since March 1 but exited a net $183 million worth of bond funds.

ECB chief Christine Lagarde said the central bank for the 20 countries that share the euro was not pausing. "This is a very restrictive policy and it will turn into credit tightening and that will bring a recession." The ECB has now increased its key deposit rate by some 375 bps since last July, from -0.5%. U.S. rates have jumped 500 bps, with the Federal Reserve hiking again on Wednesday while opening the door to a pause. Gareth Rudd, a European equity fund manager at Chelverton Asset Management, said he was negative on European bank stocks because regulators will want them to conserve capital instead of paying dividends.

☆ Slowing growth will crash European stock party
▼ + stars: | 2023-05-02 | by ( Francesco Guerrera | ) www.reuters.com time to read: +6 min

LONDON, May 2 (Reuters Breakingviews) - European shares have been on the rise for seven months, outshining their U.S. counterparts, and are now just 6% below their record high. Luck played a part in the recent European surge. Natural gas prices have fallen more than 80% since their August peak, boosting economic growth and reducing companies’ costs. Analysts currently expect a 0.4% fall in European companies’ earnings per share (EPS) in 2023, according to Barclays. European investors have had an unusually enjoyable, and profitable, ride.

☆ Analysis: China rebound buoys hopes for stronger-than-expected US, Europe earnings
▼ + stars: | 2023-04-24 | by ( Joice Alves | ) www.reuters.com time to read: +6 min

But recent data and upbeat comments from major companies like LVMH (LVMH.PA), Europe's most valuable listed company, about business in China have given investors some cause for optimism. Refinitiv I/B/E/S data points to a 2.5% decline in earnings growth in the first quarter for STOXX 600 (.STOXX) companies, down from a forecast for 5.4% growth prior to the banking chaos. Europe is headed for a recession too, the data shows, with a drop in earnings of 5.4% expected in the second quarter. But stubbornly high inflation means major central banks are expected to continue to hike rates, at least in May. European financials are expected to report first-quarter earnings growth of 31%, according to Refinitiv.

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