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Yen wobbles, vulnerable to political reverberations
  + stars: | 2024-10-25 | by ( ) www.cnbc.com   time to read: +4 min
Japanese yen banknotes of various denominations are arranged for a photograph in Tokyo, Japan, on July 22, 2015. The yen was last 0.1% lower at 152 per dollar and was looking at a 1.5% loss for the week. The yen has fallen roughly 5.5% for the month thus far, setting it up for its worst monthly decline since April 2022. Against the dollar, the euro last bought $1.08225, some distance away from its low of $1.076125 hit earlier this week. The dollar index last ticked up 0.04% to 104.09, after having scaled a roughly three-month high of 104.57 earlier in the week.
Persons: Ray Attrill, Katsunobu Kato, Janet Yellen, Donald Trump, Nick Rees, Sterling Organizations: of Japan's, Treasury, Liberal Democratic Party, LDP, National Australia Bank, country's Finance, FX, Monex, New Zealand Locations: Tokyo, Japan, Japanese, Germany —
On July 6, thousands of anti-tourism protesters marched through the streets of Barcelona, shouting: "Tourists go home!" Tourists caught in the crossfire of Barcelona's July protest — some of whom endured water guns and confrontations caught on tape — may not be inclined to return. And the top three most popular destinations were the very spots where protesters staged marches this year. A spokesperson for Barcelona's City Council told CNBC Travel that managing the city's tourism is one its main priorities since it is "reaching a limit with 17 million visitors per year." 'Winning the struggle'Despite claims that an influx of summer tourists humiliated protesters, Rivacoba said they are enthusiastic.
Persons: , Skift, Booking.com, Daniel Pardo Rivacoba, Josep Lago, Rivacoba, Clara Margais, touristification, Marc Asensio, overtourism, Paco Freire Organizations: Spain's National Statistics Institute, Mallorca —, Catalonia —, CNBC, Mallorca, Neighbourhoods, Tourism Degrowth, Afp, Getty, CNBC Travel, Management, Barcelona's City Council, America's, Nurphoto Locations: Barcelona, Spain, Catalonia, Andalusia, Mallorca, Barcelona's, Spanish
LONDON — European stocks are expected to start the week and the final trading session of September on Monday in negative territory. The U.K.'s FTSE index is seen opening 16 points lower at 8,305, Germany's DAX 43 points lower at 19,434, France's CAC 40 down 7 points at 7,791 and Italy's FTSE MIB 1 point lower at 34,626, according to data from IG. The lackluster start for European markets comes after the pan-European Stoxx 600 index closed at a fresh record high on Friday, as stocks got a boost from China's announcement last week of a range of stimulus measures that aim to boost the economy. Overnight in the Asia-Pacific region, stocks in mainland China spiked over 6% while Japan's Nikkei 225 tumbled 4.64%, as investors assessed key economic data from the two countries.
Persons: Germany's DAX Organizations: CAC, IG, Nikkei Locations: Asia, Pacific, China
LONDON — European markets headed for a higher open on Friday as investors weighed the outlook for the economy and looked to fresh data. European stocks had climbed Thursday, with the pan-European Stoxx 600 closing 1.25% higher after being boosted by gains in Asia-Pacific markets. Those widely continued their climb on Friday, still buoyed by China's announcement of stimulus measures earlier in the week. Economists are expecting headline PCE to have risen 2.3% on an annual basis and 0.1% from the previous month. Back in Europe, preliminary inflation data for September is expected out of France, and the latest German unemployment data is also due.
Persons: Germany's DAX Organizations: CAC, MIB, LONDON, People's Bank of, PCE Locations: Asia, Pacific, People's Bank of China, U.S, Europe, France
City of London skyline on 10th June 2024 in London, United Kingdom. The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. LONDON — European stocks are expected to open in positive territory Thursday, spurred on by gains in Asia-Pacific markets overnight. The positive start to the trading day anticipated in Europe comes after Asia-Pacific markets rose overnight, with markets in the region led by Japan's Nikkei 225 and Chinese markets extending gains. Japan's Nikkei climbed 2.12%, while the broad based Topix was up 1.65%, as the Bank of Japan released minutes of its July meeting.
Persons: Germany's DAX Organizations: LONDON, CAC, IG, Japan's Nikkei, Bank of Japan, China's CSI Locations: London, United Kingdom, The City, Asia, Pacific, Europe
A balcony above a trading floor inside the Euronext NV stock exchange in Paris, France, on Monday, March 13, 2023. LONDON — European stocks are expected to open in negative territory Wednesday, paring gains from the previous session on the back of Chinese stimulus measures. The U.K.'s FTSE index is expected to open 46 points lower at 8,237, Germany's DAX down 49 points at 18,924, France's CAC 40 down 27 points at 7,568 and Italy's FTSE MIB down 181 points at 33,686, according to data from IG. European stocks traded higher Tuesday, buoyed by China's central bank monetary stimulus measures with mining, technology and household goods the best-performing sectors. Positive sentiment in Europe comes after Asia-Pacific markets climbed Tuesday after Beijing's announcement of a range of policy easing measures aimed at stimulating the economy.
Persons: Germany's DAX Organizations: LONDON, CAC, IG Locations: Paris, France, Europe, Asia, Pacific
Read previewSo far, the generative AI race has been about who can build the most powerful models. Almost two years later, there are so many powerful AI models out there, it's no longer that special. Advertisement'Important but not critical'AWS CEO Matt Garman appears to be fine not having a fancy, home-grown AI model. "It'll be important but not critical," Garman said when asked about the importance of offering a top-performing first-party AI model. AGI teamThis doesn't mean Amazon has given up on building its own powerful AI model.
Persons: , Claude, Meta's, Matt Murphy, Anthropic, Murphy, ChatGPT, Patrick Neighorn, Amazon's, Andy Jassy, Matt Garman, Garman, Matt McIlwain, Brent Thill, Jefferies, Thill Organizations: Service, Google, Business, Microsoft, OpenAI, Gemini, Menlo Ventures, AWS, Intuit, Toyota, New York Stock Exchange, BI, Asia, Madrona Venture Group, Amazon Locations: Europe, Middle East, Africa, Asia Pacific, Japan, North America
Tourists take pictures under the rain in front of the Eiffel Tower in Paris. LONDON — European stocks are expected to open in mixed territory Tuesday as economic uncertainty and concerns over Europe's growth outlook return to the fore. The U.K.'s FTSE index is expected to open 4 points higher at 8,253, Germany's DAX up 23 points at 18,852, France's CAC 40 up 19 points at 7,518 and Italy's FTSE MIB 16 points higher at 33,610, according to data from IG. Market participants will be keeping an eye on shares of Commerzbank Tuesday after the stock fell around 5.7% Monday after German Chancellor Olaf Scholz criticized what he described as UniCredit's "hostile" and "unfriendly" move on the bank, Reuters reported. His comments came shortly after Italy's UniCredit announced it had increased its stake in the German lender to around 21% and submitted a request to boost the holding to up to 29.9%, signaling a takeover bid might be on the cards.
Persons: Germany's DAX, Olaf Scholz, Italy's UniCredit Organizations: Eiffel, LONDON, CAC, IG, Reuters Locations: Paris
Luxury stocks slip as fears grow of a prolonged downturn
  + stars: | 2024-09-23 | by ( Jenni Reid | ) www.cnbc.com   time to read: +3 min
Bloomberg | Bloomberg | Getty ImagesLONDON — European luxury stocks tumbled on Monday as analysts warned of a deteriorating demand outlook, particularly among high-spending Chinese consumers. "Following the post-Covid peak in consumption in 2022, luxury sector revenues have been sequentially slowing. Across European luxury firms, they expect a 1% revenue decline in 2024. The Stoxx Europe Luxury 10, an index tracking top names in the sector, managed to hold flat but has fallen 3.82% in the year to date. 'Prolonged period of weakness'They're not alone in their bearish view on Europe's luxury sector.
Persons: Hugo Boss, Germany's Hugo Boss, Burberry, Kering, Hermes, Jon Cox, Kepler Cheuvreux, CNBC's, Cox Organizations: Hugo, Hugo Boss AG, Bloomberg, Getty, Bank of America, Korean, BofA Securities, Kepler, U.S, CNBC, Burberry Locations: Shanghai, China, American, Europe
Europe could be drifting in to a downturn as its biggest economies, Germany and France, fight political and economic woes at home. In Germany, composite purchasing manager's index (PMI data) measuring business activity in both sectors, came in at XXXX, down from XXX in August. In France, meanwhile, the composite PMI fell in September to an eight-month low of 47.4 from 53.1 in August. In the euro zone as a whole, the PMI data showed a decline from XXX last month to XXX, in September. Once Europe's poster-child for growth, Germany is now likened to the "sick man" of Europe by economists.
Persons: Pariser, , Chancellor Olaf Scholz's, J.P, Greg Fuzesi Organizations: Pariser Platz, PMI, Social Democratic Party, SPD Locations: Berlin, Germany, Europe, France, Brandenberg, Thuringia, Saxony, Morgan
Bank of England in the City of London as economists and mortgage holders await this week's interest rate announcement on 28th July 2024 in London, United Kingdom. LONDON — European markets were poised to open higher as investors digested the U.S. Federal Reserve's first interest rate cut in four years and looked ahead to the Bank of England's rate decision later in the session. Back in Europe, investor attention is now turning to the Bank of England, with the central bank largely expected to hold rates steady at 5%. The Fed's jumbo rate cut is unlikely to impact the Bank of England, according to economists, as the central bank ratified its decision around lunchtime Wednesday, hours before the U.S. announcement. Also on Thursday, Norway's central bank will deliver its latest interest rate decision.
Persons: Germany's DAX, Tiina Lee, CNBC's Organizations: of England, City of, LONDON, . Federal, Bank of, FTSE, France's CAC, Fed, Bank of England, Citi UK Locations: City, City of London, London, United Kingdom, ., Trading, Asia, Europe, U.S, Norway's
Italy's FTSE MIB meanwhile was set to fall by around 39 points to 33,784. LONDON — European markets were headed for a lower open on Wednesday as investors considered key data from the region and looked to the U.S. Federal Reserve interest rate decision. In Europe, U.K. inflation figures for August were published Wednesday, coming in at 2.2% according to data from the Office for National Statistics. The data comes ahead of the Bank of England meeting and interest rate policy decision scheduled for later this week. The Fed is all but guaranteed to announce an interest rate cut on Wednesday, which would be its first since it started hiking rates in March 2022.
Persons: Germany's DAX Organizations: CAC, LONDON, U.S . Federal, Office, National Statistics, Bank of England, Bank of Japan, U.S . Federal Reserve, Traders Locations: Europe, Asia, Pacific
LONDON — European stocks are set to open higher Friday as investors continue to digest the European Central Bank's decision to cut rates and its impact on future monetary policy. The U.K.'s FTSE 100 is seen opening 1 point higher at 8,239, France's CAC up 20 points at 7,448, Germany's DAX 57 points higher at 18,563 and Italy's FTSE MIB up 41 points at 33,484 ,according to IG data. The European Central Bank slashed rates as expected on Thursday, marking its second 25-basis-point cut this year and bringing its key interest rate to 3.5%. Policymakers gave little indication on the course for monetary policy, however, with President Christine Lagarde saying the bank was not "pre-committing to a particular rate path." Asia-Pacific markets, meanwhile, were mixed, as mainland Chinese markets rebounded from a six-year low and Australian markets near an all-time high.
Persons: Germany's DAX, Christine Lagarde Organizations: Central, France's CAC, European Central Bank, U.S, U.S . Federal Locations: U.S ., Asia, Pacific, Europe, France
How Europe fell behindThe US and China have outpaced the EU on innovation. One of its biggest tech companies, Dutch semiconductor firm ASML, was founded 40 years ago. Europe's strategy to close the innovation gapMario Draghi thinks the EU should focus its attentions on AI. REUTERS/Yves HermanDespite its weaker position relative to the US and China, Draghi thinks the EU can devise a plan to close the innovation gap. Beyond AI, Draghi points to other measures to close the innovation gap, such as reforms to policies that he thinks hinder innovation, as well as addressing big funding issues.
Persons: , Mario Draghi, Draghi, European Central Bank —, Pedro Pardo, There's, Yves Herman, Musk, Mario Organizations: Service, Union, European Central Bank, Business, AFP, EU, Novo Nordisk, REUTERS, Tiger Global, Elon Musk Locations: Europe, China, EU, Silicon
Media and chemicals stocks both slipped 0.6%, while travel stocks gained 1.28%. On Wall Street, stocks gained after U.S. weekly initial jobless claims figures came in lower than expected, alleviating some concerns about the state of the labor market. Last Friday's U.S. jobs report had shown slowing employment growth, sparking recession fears and subsequent market volatility. There was an element of market overreaction to that initial jobs report, Janet Mui, head of market analysis at RBC Brewin Dolphin, told CNBC's "Squawk Box Europe" on Thursday morning. "The jobs data is actually not that bad, employment is still growing and particularly importantly, real wage growth is still positive.
Persons: Janet Mui, CNBC's, Mui Organizations: Anadolu, Getty, Media, Global, U.S, RBC Locations: Amsterdam , Netherlands, U.S
Boris Roessler | Picture Alliance | Getty ImagesLONDON — European stocks were set to open lower Friday, extending losses amid a global downturn as a busy week of market action draws to a close. Germany's DAX was on course to open 104 points lower at 17,984, according to IG data, with France's CAC 40 down 40 points at 7,325. The regional Stoxx 600 index on Thursday suffered its worst session since mid-June, pulled down by financials as French bank Societe Generale downgraded its outlook and the Bank of England cut interest rates for the first time since 2020. The central bank decision took its key interest rate to 5% from 5.25%, in a move that markets had not been fully convinced it would carry out. Asia-Pacific markets saw steep losses Friday, with Japan's benchmark indexes tanking as much as 5%.
Persons: Boris Roessler, Germany's DAX, BOE Governor Andrew Bailey, BOE, Joe Tuckey Organizations: Getty, France's CAC, Societe Generale, Bank of England, CNBC, Argentex, U.S . Federal Reserve, Bank of, Apple, Intel, U.S . Bureau of Labor Statistics Locations: Frankfurt, Bank of Japan, Europe, Asia, Pacific
LONDON — European markets are set to see a mixed start to Tuesday, as earnings continue to dominate stock action and investors brace for U.K. and U.S. central bank decisions. The U.K.'s FTSE 100 index is seen slipping just below the flatline, according to IG data, while France's CAC 40 and Germany's DAX rise just 8 and 21 points, respectively. U.K. bank Standard Chartered announced its biggest-ever share buyback, of $1.5 billion, as it raised its outlook in half-year results. Oil major BP hiked its dividend as it beat second-quarter earnings estimates.
Persons: Germany's DAX Organizations: CAC, Chartered Locations: U.S
The Unilever headquarter building seen by the Nieuwe Maas river in Rotterdam. LONDON — European markets are heading for a lower open Thursday, with a flurry of corporate earnings and a selloff on Wall Street in focus. The U.K.'s FTSE 100 was last seen opening 19 points lower at 8,132 points, according to IG data, with Germany's DAX and France's CAC 40 down by 80 points and 45 points, respectively. The pan-European Stoxx 600 index closed 0.6% lower on Wednesday as second-quarter earnings season ramped up. Data will be released on German consumer confidence and euro zone and U.K. business activity, ahead of next week's euro zone gross domestic product second-quarter print.
Persons: Germany's DAX, carmakers Stellantis, Roche Organizations: Unilever, LONDON, CAC, MIB, Nestle, carmakers, Renault, Nasdaq, Deutsche Bank, Nikkei, U.S, Reuters, Bank of Locations: Rotterdam, Swiss, U.S, Asia, Pacific, Bank of Japan
The U.K.'s FTSE 100 was last seen up 40 points at 8,231, Germany's DAX 15 points higher at 18,464 and France's CAC up 7 points at 7,590. LONDON — European markets were headed for a higher open on Thursday as investors awaited the European Central Bank's interest rate decision. Asia-Pacific markets tumbled on the news from the chip sector overnight, with Japan's Nikkei 225 declining more than 2%. Back in Europe, the European Central Bank is expected to announce its latest interest rate decision Thursday. Markets are widely expecting the central bank to leave rates unchanged, but investors are hoping for guidance on the path ahead for monetary policy.
Persons: Boris Roessler, Germany's DAX Organizations: Getty, CAC, MIB, LONDON, Tech, Japan's Nikkei, Nasdaq, European Central Bank, Novartis, Volvo, Ubisoft, Nokia Locations: Hesse, Frankfurt, U.S, Asia, Pacific, Europe
Stock price information reflected on a window at the Euronext NV stock exchange in Paris, France, on Monday, March 13, 2023. LONDON — European stocks closed lower Wednesday, continuing negative sentiment seen in the previous two trading sessions as technology stocks plummeted. The regional Stoxx 600 index provisionally closed 0.43% lower, with most major bourses in the region falling and sectors trading mixed. European tech stocks plunged 4.4%, mirroring a sell-off seen across the Atlantic, where the Nasdaq Composite retreated 2% in early deals. U.S. stocks were broadly lower as investors continued to rotate out of megacap tech stocks into the broader market.
Organizations: LONDON, Nasdaq Locations: Paris, France, U.S
U.S. Federal Reserve Chair Jerome Powell speaks at a news conference on interest rates, the economy and monetary policy actions on June 15, 2022. LONDON — European stocks are expected to open in mixed territory Tuesday as investors assess the economic and political outlook in the region and beyond. The U.K.'s FTSE index is seen opening 15 points lower at 8,164, Germany's DAX down 19 points at 18,580, France's CAC 40 up 7 points at 7,633 and Italy's FTSE MIB down 31 points at 34,493, according to data from IG. Global markets are digesting dovish comments from U.S. Federal Reserve Chair Jerome Powell in which he said the central bank will not wait until inflation hits 2% to cut interest rates, as the Fed's policy works with "long and variable lags." So, "if you wait until inflation gets all the way down to 2%, you've probably waited too long," he said Monday.
Persons: Jerome Powell, Germany's DAX, you've Organizations: Federal, LONDON, CAC, IG, Global, U.S . Federal Locations: U.S
Skyscrapers in the La Defense business and financial district in Paris, France, on Monday, June 3, 2024. LONDON — European stocks are set to nudge higher at Friday's open, defying a broader global selloff, with fresh inflation data set to land. Reaction to the historic French and U.K. elections dominated the start of the week, but attention has moved to a flurry of inflation data. On Thursday, the U.S. consumer price index declined more than expected to 3% annually, down from 3.3% in May. The data will be followed up by the U.S. producer price index Friday, while German, French and Italian inflation readings will also be released.
Persons: Germany's DAX, Jerome Powell Organizations: La Defense, LONDON, MIB, CAC, Federal Locations: Paris, France, U.S
Shares of upstream chip companies TSMC and ASML have surged on the back of Nvidia's gains. TSMC's market cap briefly crossed $1 trillion on Monday. The stock price of ASML — Europe's third-most valuable company — crossed 1,000 euros apiece. AdvertisementTech giant Nvidia has been riding the artificial intelligence wave that made it one of the world's most valuable companies. Now, Nvidia's suppliers and upstream partners are riding on the hype, too.
Persons: Organizations: Service, Tech, Nvidia, Taiwan Semiconductor Manufacturing Company, New York Stock Exchange, Business
A photo shows the bell during a bell ceremony of the Euronext Brussels Stock Exchange in Brussels on March 18, 2024. LONDON — European stocks are expected to open in negative territory Thursday as global inflation worries continue to rattle markets. Global market attention is shifting toward fresh U.S. inflation data on Friday, with May's personal consumption expenditures price index, the U.S. Federal Reserve's preferred inflation gauge, due to be released. Data releases in Europe Thursday include Italy's latest consumer and business confidence numbers, and Spanish retail sales. An EU leader' summit begins in Brussels on Thursday and the Bank of England publishes its latest Financial Stability Report.
Persons: Germany's DAX Organizations: Euronext Brussels Stock Exchange, LONDON, CAC, IG, Global, U.S, U.S . Federal, U.S ., Bank of England Locations: Brussels, U.S ., Asia, Pacific, Europe, EU
Prince Constantijn is special envoy to Techleap, a Dutch startup accelerator. Patrick Van Katwijk | Getty ImagesAMSTERDAM — Europe is at risk of falling behind the U.S. and China on artificial intelligence as it focuses on regulating the technology, according to Prince Constantijn of the Netherlands. Prince Constantijn is the third and youngest son of former Dutch Queen Beatrix and the younger brother of reigning Dutch King Willem-Alexander. "We've seen this in the data space [with GDPR], we've seen this now in the platform space, and now with the AI space," Constantijn added. Plus, when it comes to developing applications that use AI, "Europe is definitely going to be competitive," Constantijn noted.
Persons: Prince Constantijn, Patrick Van Katwijk, Constantijn, Dutch Queen Beatrix, Dutch King Willem, Alexander, innovating, hasn't Organizations: Getty, CNBC, Union, EU, U.S, National Academies of Sciences Locations: Techleap, Dutch, AMSTERDAM, Europe, China, Netherlands, Amsterdam, U.S
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