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Goldman Sachs has unveiled its "conviction list" of top stock picks in Europe for December — and London-listed shares of BT Group stand out. Goldman Sachs expects BT's share price to more than double to 290 pence over the next 12 months. Wall Street rivals Morgan Stanley and JPMorgan also believe BT shares are mispriced as investors have undervalued its network arm, Openreach. Conviction list Other prominent stocks on Goldman's conviction list include Delivery Hero , Burberry , Bureau Veritas and Philips . Goldman notes that its conviction list should not be seen as a portfolio, as the stocks are not weighted.
Persons: Goldman Sachs, Goldman, Morgan Stanley, Openreach, Terence Tsui, — CNBC's Michael Bloom Organizations: BT Group, BT, Wall, JPMorgan, Burberry, Veritas, Philips Locations: Europe, London
JPMorgan predicts European stock markets will struggle to produce positive returns next year as investors digest slowing economic growth across the continent. The forecast for 2024 comes from the same team of strategists that have, so far, accurately called the MSCI Eurozone's performance this year. They expected the index to rise 9.1% to close at 256 points by the end of December 2023 on a local currency basis. "We look for flat European [earnings per share] growth in 2024, based on no recession materializing," said JPMorgan strategists led by Mislav Matejka in a note to clients on Nov. 29. The JPMorgan strategists believe stocks will sink in the first half of 2024 as markets factor in potential downward adjustments to earnings estimates.
Persons: Mislav Matejka, CNBC's Michael Bloom Organizations: JPMorgan, FTSE
CNBC Daily Open: Of billions and trillions
  + stars: | 2023-12-06 | by ( Shreyashi Sanyal | )   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. The Dow Jones Industrial Average closed 0.22% lower, while the S&P 500 inched down 0.06% by the closing bell. It has so far raised nearly $135 million from four investors, with the first sale occurring on Nov. 29. As the year-end nears, CNBC Pro asked three fund managers for sectors — and stocks — they are bullish on in the lead-up to 2024.
Persons: Europe's, X.AI Elon, Bitcoin Organizations: CNBC, Dow Jones, Nasdaq, Apple, U.S, SEC, U.S . Department of Labor, Metrics, Big Tech, CNBC Pro Locations: U.S
Watch: Explosion Destroys House in Arlington During Police SearchAn explosion leveled a house in Arlington, Va., on Monday night, as police attempted to execute a search warrant. Police are continuing to investigate the cause of the blast. Photo: Alex Wilson/Associated Press
Persons: Alex Wilson Organizations: Police, Associated Locations: Arlington, Arlington , Va
"The One" With WSJ. MagazineIn this deeply personal conversation series, WSJ. Magazine’s cover stars talk about “the one” secret to their success—the one mentor they lean on in a crisis, the one habit they wish they could break, the one call that changed their lives changed forever. From actor Nicole Kidman to The Daily Show host Trevor Noah to Microsoft co-founder Bill Gates, iconic cultural figures open up to WSJ.
Persons: Nicole Kidman, Trevor Noah, Bill Gates Organizations: Daily, Microsoft
The Hunter Biden Saga Continues
  + stars: | 2023-12-05 | by ( William Mcgurn | )   time to read: 1 min
William McGurn is a member of The Wall Street Journal editorial board and writes the weekly "Main Street" column for the Journal each Tuesday. Previously he served as Chief Speechwriter for President George W. Bush. Mr. McGurn has served as chief editorial writer for The Wall Street Journal in New York. He spent more than a decade overseas -- in Brussels for The Wall Street Journal/Europe and in Hong Kong with both the Asian Wall Street Journal and the Far Eastern Economic Review. Bill is author of a book on Hong Kong ("Perfidious Albion") and a monograph on terrorism ("Terrorist or Freedom Fighter").
Persons: William McGurn, George W, Bush, McGurn, Bill Organizations: Wall Street, The Wall Street, Street Journal, Economic, Washington, National Review, Foreign Relations, Notre Dame, Communications, Boston University Locations: New York, Brussels, Europe, Hong Kong
Opinion & Reviews - Wall Street Journal
  + stars: | 2023-12-05 | by ( Ron E. Hassner | John Ellis | Hank Adler | )   time to read: 1 min
Free ExpressionMany of them came in carbon-spewing private jets. Some were snowed in at the airport in Munich.
Locations: Munich
Big timber companies have entered the offset market previously dominated by nonprofits, land trusts, tribes and timberland investment managers. Photo: Amanda Andrade-Rhoades for For The Wall Street JournalInvestors who made one of the biggest timberland purchases in years with plans to make carbon deals said they sold more than $100 million of so-called forest offsets during the gambit’s first year. Aurora Sustainable Lands, created to carry out the biggest wager yet on forest-carbon markets, said it expects its 1.7 million acres of eastern U.S. forest to annually yield additional offsets worth between $60 million and $150 million at current prices. Aurora paid about $1.8 billion for the properties last year.
Persons: Amanda Andrade, Rhoades Organizations: Street, Aurora Sustainable Lands, Aurora Locations: Aurora, U.S
Economists polled by Reuters had forecast 9.30 million job openings in October. Job openings decreased by 168,000 in the finance and insurance industry, while real estate, rental and leasing had 49,000 fewer positions. The job openings rate dropped to 5.3% from 5.6% in September. "The current state of the labor market suggests no further recalibration is necessary to bring the labor market back into balance," said Nick Bunker, director of economics research at Indeed Hiring Lab. They also described the labor market as remaining "very competitive," and "trying to get to full staff levels."
Persons: Brian Snyder, Rubeela Farooqi, Nick Bunker, Conrad DeQuadros, November's, Bill Adams, Lucia Mutikani, Chizu Organizations: Taylor Party, Equipment Rentals, REUTERS, Labor, Survey, Labor Department's Bureau of Labor Statistics, Reuters, Treasury, Brean, Institute for Supply Management, PMI, United Auto Workers, UAW, Comerica Bank, Thomson Locations: Somerville , Massachusetts, U.S, WASHINGTON, White Plains , New York, South, Midwest, New York, East, Dallas
BUDUDA, Uganda—On a steep slope dense with coffee and banana plants, farmer Irene Muyama starts each day by carefully checking a 5-inch-wide crack that recently appeared on a path her children take on their way to school. She has packed the family’s meager belongings into a pile of handwoven baskets, preparing to move to a new, safer home. The fertile highlands of Mount Elgon, an extinct volcano straddling Uganda’s border with Kenya, have become too dangerous for people to live and farm on, the Ugandan government says. The mountain has long produced some of the world’s finest Arabica beans for U.S. brands like Starbucks and Blue Bottle Coffee. But a series of deadly landslides that climate scientists say were caused by extreme changes in local rainfall patterns have thrust this mountain—and the people who live here—to the center of one of the most divisive battles in international climate negotiations.
Persons: Irene Muyama, Mount Elgon Locations: BUDUDA, Uganda, Mount, Kenya
PLAQUEMINES PARISH, La.— Michael Sabel and his partner, both industry novices, have made a fortune virtually overnight by building from scratch one of the world’s largest gas exporters. They have also made some powerful enemies. Here at this sprawling facility spanning about 630 acres in the wetlands outside New Orleans, Sabel said his company, Venture Global LNG , is on pace to leapfrog competitors and rival Qatar as one of the world’s top exporters of liquefied natural gas by 2030.
Persons: — Michael Sabel, Sabel Organizations: Venture Global, Qatar Locations: PLAQUEMINES, La, New Orleans
TuSimple has had to grapple with safety concerns as well as government scrutiny of its dealings with a Chinese trucking startup. Photo: Cassidy Araiza for The Wall Street JournalSelf-driving trucking company TuSimple Holdings said Monday that it is winding down its U.S. business, reducing its workforce to about 30 people as it looks for a buyer for its assets that remain in the country. The demise of TuSimple’s U.S. operations marks a precipitous fall for the one-time leader in autonomous long-haul trucking. The San Diego-based company in the past year has had to grapple with safety concerns as well as government scrutiny of its dealings with a Chinese trucking startup.
Persons: TuSimple, Cassidy Araiza Organizations: Wall Street, TuSimple Holdings, TuSimple’s Locations: TuSimple’s U.S, San Diego
At the People’s Bank of China in Beijing, regulators are trying to address the risks of the country’s hidden debt. Photo: mark r cristino/ShutterstockChina is trying to defuse a financial time bomb that could severely damage its banking system. Cities and provinces across the country have accumulated a massive amount of hidden debt following years of unchecked borrowing and spending. The International Monetary Fund and Wall Street banks estimate that the total outstanding off-balance-sheet government debt is around $7 trillion to $11 trillion. That includes corporate bonds issued by thousands of so-called local-government financing vehicles, which borrowed money to build roads, bridges and other infrastructure, or to fund other expenditures.
Organizations: People’s Bank of China, Monetary Fund Locations: Beijing, China, Cities
John Crowley burst into the back hallway of a Cheesecake Factory in New Jersey where his daughter Megan and her nurse had just finished lunch. Megan, 26, was lying unconscious on the tile floor next to her wheelchair. She was grayish, her lips purple. Nearly a quarter-century after plunging into biotech to find drugs to save Megan and her younger brother, Patrick, from a rare and deadly genetic disease, Crowley feared the battle had suddenly been lost.
Persons: John Crowley, Megan, Patrick, Crowley Locations: New Jersey
Israel Ramps Up Gaza Airstrikes, Prepares for Ground Attacks in SouthIsrael conducted heavy airstrikes across Gaza on Monday, as it prepared to move its ground offensive south. Houthi forces in Yemen claimed responsibility for drone and ballistic-missile attacks against a U.S. destroyer and three commercial ships on Sunday. Photo: John Macdougall/AFP/Getty Images
Persons: John Macdougall Organizations: U.S, Getty Locations: South Israel, Gaza, Yemen
Israel has a plan to flood Hamas tunnels in Gaza using seawater pumps, per The Wall Street Journal. Israel's military said the tunnel system is used to transport Hamas weapons and militants. Hamas' tunnel system, known as the "metro," is believed to extend some 300 miles. AdvertisementWim Zwijnenburg, who works for PAX, a Netherlands-based peace organization, told the Journal that flooding the tunnels could exacerbate that pollution. He added that hazardous substances stored by Hamas in the tunnels could also seep into the ground.
Persons: , Israel, Jon Alterman, Wim Zwijnenburg Organizations: Street, Service, Israel, Hamas, Wall Street, Israel Defense Forces, IDF, Center for Strategic, International Studies, Reuters, PAX, Business Locations: Israel, Gaza, Hamas, Netherlands
The Ukrainian sniper team claiming the world's longest kill shot has described shooting a Russian soldier. "I was thinking that Russians would now know that is what Ukrainians are capable of," the sniper told the WSJ. "I was thinking that Russians would now know that is what Ukrainians are capable of," Kovalskiy told the news outlet in a report published Monday. A view from the viewfinder of a Ukrainian sniper rifle at a shooting range amid Russia and Ukraine war in Donetsk Oblast, Ukraine on August 09, 2023. AdvertisementBefore that shot, British army sniper Craig Harrison was believed to have held the record after killing a Taliban militant from 1.5 miles away.
Persons: Vyacheslav Kovalskiy, , Kovalskiy, that's, Ignacio Marin, Kovalskiy's, Craig Harrison Organizations: Ukrainian, Service, Wall Street, Security Service, US Marine Corps, Anadolu Agency, Getty, Street, Islamic Locations: Russian, Ukraine, Ukrainian, Kherson, Russia, Donetsk Oblast, Canadian
Broadridge Financial Solutions , which provides proxy services for big corporations during boardroom brawls, could generate as much as $50 million in event-driven revenue from the Peltz-Disney war, according to Evercore ISI analyst David Togut. During Trian's 2017 proxy battle against Procter & Gamble, the consumer giant paid about $60 million to Broadridge for proxy service, Togut said. Evercore ISI said a company's retail investor base is the best representation for Broadridge's revenue. Since Disney has 81% of the retail shares P & G has, it estimated that Broadridge could make up to $50 million from the proxy war. Evercore ISI set an outperform rating on Broadridge and raised its 12-month price target to $230 from $226.
Persons: Nelson Peltz's, David Togut, Broadridge, Togut, Evercore, Peltz, Trian, Ike Perlmutter, Bob Iger, — CNBC's Michael Bloom Organizations: Disney, Procter & Gamble, Marvel Entertainment, Evercore ISI
Options strategists believe market gyrations may stay subdued for some time - potentially smoothing the way for further gains in equities. The S&P 500 is up 19% year-to-date, following a 9% gain in November - its best monthly performance since July 2022. Since the VIX tends to move inversely to stocks, market participants watch it closely as an indicator of investor sentiment and positioning. Among the factors closely watched by market participants are the funds that take their signals from market volatility, selling when volatility picks up and buying when it subsides. History also shows that once volatility expectations become subdued, they can linger at low levels for a while.
Persons: Lucas Jackson, Ilya Feygin, Nomura, Charlie McElligott, Brent Kochuba, Cantor Fitzgerald, Eric Johnston, Cantor Fitzgerald’s, Johnston, Saqib Iqbal Ahmed, Ira Iosebashvili, Grant McCool Organizations: New York Stock Exchange, REUTERS, Federal, Monday, WallachBeth, Nomura Securities, , Thomson
After closing at its highest level of 2023 on Friday , the first day of December, the S & P 500 fell Monday. A mixed picture is revealed when looking at how every Club stock has performed in December over the past decade. The best-performing Club stock over the past 10 Decembers is Broadcom (AVGO), which has an average gain of 7.1% in the month. Salesforce (CRM) is the worst-performing Club stock in December over the past decade, falling 4.53% on average in the month. Amazon (AMZN), Coterra Energy (CTRA) and Costco (COST) round out the bottom five December performers over the past decade.
Persons: Sam Stovall, Santa Claus, hasn't, It's, Thursday's, Estee Lauder, Eli Lilly, , Jim Cramer's, Jim Cramer, Jim, Tayfun Organizations: GE Healthcare, Broadcom, Procter & Gamble, Wynn Resorts, WYNN, Salesforce, Ford, Palo Alto Networks, Coterra Energy, Costco, Amazon, Caterpillar, Jim Cramer's Charitable, CNBC, Wall, York Stock Exchange, Financial, Anadolu Agency, Getty Locations: Santa, Broad St, New York City, United States
U.S. Supreme Court Associate Justice Samuel A. Alito Jr. poses during a group portrait at the Supreme Court in Washington, U.S., October 7, 2022. Such a ruling also could frustrate policies favored by some Democrats, including Senator Elizabeth Warren, for a tax on the net worth - meaning all assets and not just income - of the super-rich. Alito defended the court in articles in the Wall Street Journal's opinion section. The Moores sued the U.S. government in 2019 challenging the mandatory repatriation tax. Circuit Court of Appeals threw out the case, noting that under Supreme Court precedent the "realization of income is not a constitutional requirement."
Persons: Samuel A, Alito Jr, Evelyn Hockstein, Samuel Alito, Charles, Kathleen Moore, Donald Trump, Moores, Elizabeth Warren, Alito, Alito's recusal, David Rivkin Jr, Andrew Chung, Will Dunham Organizations: Supreme, REUTERS, Rights, U.S, Competitive Enterprise Institute, Democratic, Moores, Street, Circuit, Thomson Locations: Washington , U.S, Redmond , Washington, Republican, Constitution's, Bangalore, India, San Francisco
Israel considers flooding Gaza tunnels with seawater- WSJ
  + stars: | 2023-12-05 | by ( )   time to read: +2 min
It was not clear whether Israel would consider using the pumps before all hostages were released, according to the story. Hamas has previously said it has hidden captives in "safe places and tunnels." The Wall Street Journal said an Israel Defense Forces (IDF) official declined to comment on the flooding plan but was quoted as saying: "The IDF is operating to dismantle Hamas’s terror capabilities in various ways, using different military and technological tools." Israel first informed the United States of the option last month, the Wall Street Journal said, reporting that officials did not know how close Prime Minister Benjamin Netanyahu's government was to carrying out the plan. Israel has not made a final decision to go ahead or rule it out, the officials were cited as saying.
Persons: Ronen, Israel, Benjamin Netanyahu's, Costas Pitas, Steve Holland, Emily Rose, Don Durfee, Stephen Coates Organizations: Palestinian, Hamas, REUTERS, Wall Street, U.S, Reuters, Street Journal, Israel Defense Forces, IDF, Wall Street Journal, Thomson Locations: Al, Gaza City, Gaza, Israel, United States
Denmark's Saxo Bank published its annual list of outrageous predictions Tuesday. They flagged risks including an AI deepfake security crisis and Robert F. Kennedy Jr. winning the US presidential election. Headlining the bank's predictions this year are Robert F. Kennedy Jr. winning the 2024 presidential election and the rise of generative AI sparking a national security crisis in the US. Meanwhile, Saxo sees a high-profile government official getting tricked by AI deepfake technology, triggering a national security crisis. "Outrageous predictions are a deliberate effort to push the boundaries of market participants' imaginations and prepare them for any eventuality," Saxo added.
Persons: Robert F, Kennedy Jr, , Saxo, , Joe Biden, Donald Trump, John Hardy, Hardy, Peter Garnry Organizations: Denmark's Saxo Bank, Service, RFK, Big Tech, New York Times, EU Locations: Wall, Silicon, FiveThirtyEight
New data from a major Apple supplier and Wall Street analysts pushed back against bearish calls around softening demand for the tech giant's devices and services. Bank of America analysts, meanwhile, said Tuesday that Apple's App Store revenue continued to increase last month. App Store sales in China rose 8% year-over-year in November, according to BofA, after experiencing 10% year-over-year growth in October. Overall, BofA said App Store revenue surged 11.3% year-over-year in Apple's fiscal 2024 first quarter to date, or about 61 days in. A man check his phone near an Apple logo outside its store in Shanghai, China September 13, 2023.
Persons: bearish, Foxconn, Apple's, Jim Cramer, Jim, That's, BofA, we've, Jim Cramer's, Aly Song Organizations: Wall Street, Apple . Bank of America, Apple, Wall, Bank of America, U.S, CNBC Locations: China, BofA, Beijing, Apple's, India, Shanghai
PDD's current market capitalization is nearly $190 billion, compared to Alibaba's market capitalization of $185.8 billion, LSEG data showed. PDD posted 94% growth in third-quarter revenue from a year earlier, far outpacing Alibaba's 9% growth during the same period. Analysts say that consumers increasingly looking for bargains in the face of economic uncertainties have helped boost PDD's growth domestically and internationally. "PDD's strong 3Q23 results imply both sustainable market share expansion of its domestic e-commerce business and strong growth momentum of ... Temu," they told clients. PDD "remains a standout growth stock" amid a broader base economic slowdown in China, wrote The Benchmark Company in a Nov. 29 report.
Persons: Morgan Stanley, PDD, Morgan Stanley Morgan Stanley, Eddy Wang, Kathy Zhu, Gary Yu, Temu's, Temu, Andre Chang, Alex Yao, Nancy Liu, Morningstar Morningstar, Chelsey Tam, Fawne Jiang, Long Lin Organizations: PDD Holdings, Investment, JPMorgan, Morningstar, Alibaba, PDD's Nasdaq, JPMorgan JPMorgan, China Internet, Morningstar Asia, Company Locations: China, 4Q23, U.S, Europe, Australia, New Zealand, Morningstar Morningstar Asia, Temu
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