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☆ S&P 500, Nasdaq futures rise in run-up to Fed rate verdict
▼ + stars: | 2023-06-14 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -The S&P 500 and Nasdaq futures edged higher on Wednesday as investors overwhelmingly expect the Federal Reserve to pause its monetary tightening campaign later in the day. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 5, 2023. U.S. stocks have rallied in recent weeks, pushing the benchmark S&P 500 and Nasdaq to 14-month highs, boosted by signs of economic resilience, an upbeat earnings season and hopes that interest rates were near their peak. ET, Dow e-minis were down 42 points, or 0.12%, S&P 500 e-minis were up 7 points, or 0.16%, and Nasdaq 100 e-minis were up 17.75 points, or 0.12%. Tesla Inc added 2.0% as the electric-vehicle maker slightly increased the price of its Model Y car in the United States.

Persons: Brendan McDermid, ”, Richard Flynn, Charles Schwab, Jerome, Humana Organizations: Reuters, Federal Reserve, New York Stock Exchange, REUTERS, Traders, Nasdaq, Dow e, Services, Tesla, United Health Group, CVS Health Locations: New York City, U.S, United States

☆ US stocks end mixed after Fed signals more rate hikes to come
▼ + stars: | 2023-06-14 | by ( Noel Randewich | Sruthi Shankar | ) www.reuters.com time to read: +3 min

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 5, 2023. Traders now see a 63% chance the central bank will raise interest rates in July, up from 60% earlier on Wednesday, according to the CME Fedwatch tool. According to preliminary data, the S&P 500 gained 3.83 points, or 0.09%, to end at 4,372.84 points, while the Nasdaq Composite gained 53.16 points, or 0.39%, to 13,626.48. The S&P 500 health sector index and the S&P 500 managed healthcare index both fell. The S&P 500 is up about 14% so far in 2023, while the Nasdaq has climbed about 30%.

Persons: Brendan McDermid, ”, Sam Stovall Organizations: Reuters, Federal Reserve, New York Stock Exchange, REUTERS, Market, CFRA Research, Traders, Nvidia, Broadcom, Nasdaq, Dow Jones, Dow, UnitedHealth, Universal Health Services, HCA Healthcare Locations: New York City, U.S

☆ European shares open flat ahead of Fed decision; Entain plunges
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

June 14 (Reuters) - European shares opened flat on Wednesday ahead of a broadly priced-in pause in interest rate hikes by the U.S. Federal Reserve, while Entain shares fell sharply after announcing a deal. The pan-European STOXX 600 index (.STOXX) held steady at 463.49 points by 0709 GMT, with the travel & leisure index (.SXTP) falling 0.9%. Ladbrokes-owner Entain (ENT.L) plunged 10.0%, falling to the bottom of the STOXX 600 after it said on Tuesday it will buy Poland-based sports betting operator STS Holdings (STH1.WA) for 750 million pounds ($946 million),Traders have all but fully priced in the Fed holding rates at the 5.00%-5.25% range later in the day, while giving it a 63% chance of a rate hike in July, according to the CME FedWatch tool. The European Central Bank will hold its policy meeting on Thursday, where it is expected to hike rates by another 25 basis points to tame stubborn inflation. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Entain, Shreyashi Sanyal, Nivedita Organizations: U.S . Federal Reserve, Holdings, Traders, European Central Bank, Thomson Locations: Poland, . WA, Bengaluru

☆ Fed recap: Breaking down the market's reaction to the Fed's pause and all of Powell’s key comments
▼ + stars: | 2023-06-14 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +1 min

After a string of 10 consecutive rate hikes, the Federal Reserve is expected to hold off on increases – at least for now. Don't get your hopes up about the Fed signaling the end of its policy tightening. Indeed, key metrics like May's consumer price index show that the 12-month pace of inflation slowed to 4%, but it still has a way to go. Fed officials will also update their Summary of Economic Projections, detailing their outlooks for gross domestic product, the unemployment rate and inflation, per the personal consumption expenditures price index. Read more about the Fed's key decision here.

Persons: Darla Mercado, Jeff Cox Organizations: Federal Reserve, Federal, Fed

If you want to be bullish, you say inflation is down more than 50% since its peak. If you want to bearish, you can say inflation is still more than twice the Fed's target," Young said. The S&P 500 was up 0.69% at 4,368.75 points. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) by a 5.0-to-one ratio. The S&P 500 posted 43 new highs and no new lows; the Nasdaq recorded 131 new highs and 39 new lows.

Persons: Stocks, Liz Young, Young, Russell, JD.com, Viterra, Shristi Achar, Sruthi Shankar, Noel Randewich, Vinay Dwivedi, Richard Chang Organizations: Oracle, Nasdaq, Dow, Federal Reserve, U.S . Labor Department, Reuters Graphics Reuters, Traders, Apple, Nvidia, Alibaba, Dow Jones, Intel, Bunge Ltd, Thomson Locations: New York, U.S, Bengaluru, Oakland , California

The pan-European STOXX 600 index (.STOXX) closed 0.6% higher, tracking the global market rally. The European Central Bank will hold its policy meeting on Thursday, where it is expected to hike rates by another 25 basis points to tame stubborn inflation. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Meanwhile, German consumer prices, harmonised to compare with other European Union countries, rose by 6.3% on the year in May, data showed. Shares of Admiral (ADML.L) slid 5.1% after traders said Citi downgraded the British motor and home insurer to "sell."

Persons: Steve Sosnick, Antonio Villarroya, Richemont, Denmark's, Shreyashi Sanyal, Siddarth, Rashmi Aich, Richard Chang Organizations: Miners, Citigroup, Reserve, Interactive Brokers, Traders, European Central Bank, Santander CIB, People's Bank of China, Union, Bank of England, Denmark's Maersk, Nvidia, Citi, Thomson Locations: China, U.S, South Korea, Denmark, Swedish, Bengaluru

The pan-European STOXX 600 index (.STOXX) rose 0.3%. The rate-sensitive tech sector index (.SX8P) added 1.6%, while miners (.SXPP) jumped 1.8% to a seven-week high. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Embracer (EMBRACb.ST) jumped 5.2% to the top of the STOXX 600, after the Swedish games group announced a restructuring programme to slash costs and investments, including development of new products. Shares of Admiral(ADML.L), meanwhile, slid 6.1% to the bottom of the STOXX 600 after traders said Citi cut its rating on the British motor and home insurer to "sell."

Persons: Stuart Cole, Shreyashi Sanyal, Rashmi Aich Organizations: Miners, U.S . Federal, People's Bank of China, Equiti, Traders, European Central Bank, Union, Nvidia, Citi, Thomson Locations: China, Swedish, Bengaluru

☆ Oil prices are facing a 'battle royale' between Saudi Arabia and the Federal Reserve, Bank of America says
▼ + stars: | 2023-06-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Oil prices will remain under pressure until the Fed eases up on monetary tightening, Bank of America said. Meanwhile, Saudi Arabia is trying to boost oil prices by cutting production. Energy markets are facing a "battle royale" between the top oil exporter and the Federal Reserve. In a note last week, BofA commodities strategist Francisco Blanch pointed to the downward trend in oil prices compared to last summer, when oil hit triple digits. Earlier this month, Saudi Arabia announced a production cut of 1 million barrels per day starting in July, piling onto prior cuts from earlier this year.

Persons: —, Francisco Blanch, Prince Abdulaziz bin Salman, Jay Powell, Blanch, Brent Organizations: Bank of America, Energy, Federal Reserve, Service, Privacy Policy, Fed, US Federal Reserve Locations: Saudi Arabia, Privacy Policy Saudi Arabia, China

☆ Gold ticks up ahead of U.S. CPI, Fed meeting
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: +2 min

Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020. Spot gold rose 0.2% to $1,960.59 per ounce by 0426 GMT. "The market is waiting for the U.S. Consumer Price Index and Federal Reserve Monetary Policy Committee meeting to provide a clearer direction on gold price. (However) there is a lack of catalyst for gold to outperform other asset classes regardless of U.S. Fed policy decision making," said Michael Langford, director at corporate advisory firm AirGuide. While gold is seen as a hedge against inflation, higher rates to tame price pressures generally weigh on the non-yielding asset's appeal.

Persons: Michael Langford, AirGuide's Langford Organizations: ABC Refinery, Federal, U.S, U.S . Consumer, Reserve Monetary, Reuters, European Central Bank, Bank of Japan Locations: Sydney

A pause in rates would likely remove some of the upward pressure off mortgage rates and allow them to trend down somewhat. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.07% right now, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased significantly in 2022.

Persons: Freddie Mac, it's Organizations: Federal, Zillow Locations: Chevron

☆ CPI in May: US inflation cooled significantly — but it's still not where the Fed wants it
▼ + stars: | 2023-06-13 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

The Consumer Price Index, a key inflation gauge that measures price changes for a basket of goods and services, increased 4% for the year ending in May. That represents a sharp pullback from April’s 4.9% and is slightly below economists’ expectations for a 4.1% gain, according to Refinitiv. It’s the 11th consecutive month that inflation has slowed, and it’s a welcome reprieve from the painful shock of persistently high inflation endured during the past two years. The Fed would like to see inflation (as measured by the core Personal Consumption Expenditures index) settle in at 2%. Markets are currently pricing in a 95.3% probability that the Fed pauses on Wednesday, according to CME FedWatch.

Persons: It’s, “, Nancy Vanden Houten, it’s, Chris Zaccarelli, “ They’ve, ”, Scott Olson, Vanden Houten, There’s, Kurt Rankin, ” Rankin Organizations: Minneapolis CNN, Bureau of Labor Statistics, Oxford Economics, CNN, Federal Reserve, Independent, CPI, Fed, FedWatch, Walmart, Federal Reserve Bank, Richmond, Hospitality, PNC Financial Services, PNC, United Locations: Minneapolis, Chicago , Illinois, United States

☆ Markets think that a Fed pause on rate hikes is a sure thing after CPI shows inflation falling further in May
▼ + stars: | 2023-06-13 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Markets think the odds the Fed hits pause on further rate hikes this week are close to 100%. Fed fund futures pricing showed investors think the odds of a pause rose after the release of May's CPI. That figure jumped from around 75% before Tuesday morning's release of the Consumer Price Index showed inflation cooled to 4% year over year in May. That's the lowest rate of inflation in two years, and will be a big factor in whatever the Fed decides to do this week. May's CPI report showed prices rose 0.1% month over month, less than the 0.2% gain projected by economists.

Persons: —, David Bahnsen, Stocks Organizations: CPI, Consumer, Service, Markets, Federal, Reserve, Bahnsen

☆ Dollar dips ahead of U.S. inflation data, central bank meetings
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: +3 min

Those expectations kept risk sentiment buoyant, pinning the U.S. dollar near multi-week lows against the risk-sensitive Australia and New Zealand dollars. The euro gained 0.04% to $1.0760, with traders also focused on Thursday's interest rate decision from the European Central Bank, following its policy meeting. The U.S. dollar index edged marginally higher to 103.59, after falling to 103.24 on Monday, its lowest since May 23. "The central bank will likely continue to send a dovish message or one of no intention of policy change until it changes direction." In Asia, China's central bank cut its seven-day reverse repo rate by 10 basis points to 1.90% from 2.00% on Tuesday, sending the yuan falling in the offshore market.

Persons: Joseph Capurso, Jane Foley, Chong Organizations: Federal Reserve, U.S, Labor Department's CPI, Commonwealth Bank of Australia, Bank of England, European Central Bank, ECB, Rabobank, Bank of Japan, Standard Chartered Bank Korea Locations: Australia, New Zealand, Korea, Japan, Asia

☆ Nervous about high rates? Analysts like these cash-rich stocks, giving one nearly 80% upside
▼ + stars: | 2023-06-13 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Key beneficiaries Analysts recently flagged cash-rich companies as a beneficiary of higher interest rates. It said that consumer services, software and semiconductor companies are among those likeliest to profit the most from higher interest. "With higher interest rates, companies with robust balance sheets may be able to generate substantial amounts of interest income and surprise to the upside." The higher the free cash flow yield, the better a company's position to meet its debt obligations. A company with a high free cash flow is also able to access cash more quickly in the event of an emergency or opportunity.

Persons: James Demmert, Jefferies, Morgan Stanley, BofA, — CNBC's Michael Bloom Organizations: Main, Research, Companies, ", CNBC Pro, Vertex Pharmaceuticals, Broadcom, German, Lufthansa, Honda Motor, Renault Locations: U.S

☆ Dollar dips ahead of US inflation data, central bank meetings
▼ + stars: | 2023-06-13 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Persons: Joseph Capurso, Jane Foley, Chong, Rae Wee, Edmund Klamann Organizations: Federal Reserve, U.S, Labor Department's CPI, Commonwealth Bank of Australia, Bank of England, European Central Bank, ECB, Rabobank, Bank of Japan, Standard Chartered Bank Korea, Thomson Locations: SINGAPORE, Australia, New Zealand, Korea, Japan, Asia

The regional Stoxx 600 index was up 0.45% at 8:20 a.m. London time, with all sectors bar utilities — down 0.4% — posting gains. Mining stocks shook off recent negativity to climb 1.14%, while tech stocks rose 1.54%. European stock markets opened higher as investors braced for the latest meeting of the U.S. Federal Reserve, which begins Tuesday. The data "will only add to the heat already on the Bank of England to raise interest rates further at the policy meeting next Thursday," said Ashley Webb, U.K. economist at Capital Economics. Investors are also preparing for the European Central Bank's monetary policy meeting Thursday, at which a 25 basis point hike is widely expected.

Persons: Dow Jones, Ashley Webb Organizations: Mining, U.S . Federal Reserve, U.S, Economists, Nasdaq, Bank of England, Capital Economics, Central Locations: London, U.K

The dollar made little progress as investors opted for riskier assets, with the Fed widely expected on Wednesday not to hike rates for the first time since January 2022. "Investors have been looking forward to a Fed pause in the rate hiking cycle since they started over a year ago. The technology-heavy Nasdaq Composite (.IXIC) added 202.78 points, or 1.53%, to 13,461.92 in its biggest one-day percentage gain since May 26. Traders are pricing in a roughly 75% chance of the Fed keeping rates steady, and a 25% chance of a 25-basis-point rate hike, according to the CME FedWatch tool. Given said a Fed hike "would likely be very dollar-positive as it would go against current market expectations."

Persons: Brendan McDermid, Price, Burns McKinney, McKinney, Sterling, Helen, Brent, Sinéad Carew, Gertrude Chavez, Dreyfuss, Elizabeth Howcroft, Andrew Heavens, Nick Zieminski, Lisa Shumaker Organizations: New York Stock Exchange, REUTERS, U.S, CPI, PPI Fed, Treasury, U.S . Federal Reserve, Brent, Consumer, Index, PPI, NFJ Investment, Dow Jones, Nasdaq, Traders, Reserve Bank of Australia, Bank of Canada, European Central Bank, Bank of Japan, Monex USA, Thomson Locations: New York City, U.S, Dallas, Washington

Lifted by gains in market heavyweights including increases in both Amazon (AMZN.O) and Tesla (TSLA.O), the S&P 500 has now recovered over 20% from its October 2022 lows. "The further out the October lows get in the rear view mirror, the more confident investors become. According to preliminary data, the S&P 500 (.SPX) gained 40.33 points, or 0.94%, to end at 4,339.19 points, while the Nasdaq Composite (.IXIC) gained 202.78 points, or 1.53%, to 13,461.92. The U.S. Labor Department's consumer price index reading on Tuesday is expected to show inflation cooled slightly in May, with core prices likely remaining sticky. Goldman Sachs on Friday raised its year-end price target for the benchmark S&P 500 (.SPX) to 4,500 from 4,000, citing the broadening of the market rally.

Persons: that's, Jake Dollarhide, Tesla, There's, Dylan Kremer, Goldman Sachs, Morgan, Shristi Achar, Sruthi Shankar, Noel Randewich, Vinay Dwivedi, Sriraj Kalluvila, David Gregorio Our Organizations: Nasdaq, Oracle, Longbow, Management, Dow Jones, U.S, Labor, Traders, Nasdaq Inc, FDA, Broadcom, Reuters, VMware, Thomson Locations: Tulsa , Oklahoma, megacap, Philadelphia, Bengaluru, Oakland, Calif

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 9, 2023. Wall Street futures were up, pointing to another session of gains after the S&P 500 rose for the fourth week in a row last week. "Obviously if we have a big negative surprise on inflation and inflation comes in much hotter than expected, that is going to challenge central banks and the Fed in its 'pause' strategy," he said. Money markets are pricing in around a 75% chance of the Fed keeping rates steady, and a 25% chance of a 25 basis points rate hike, according to the CME FedWatch tool. The European Central Bank is expected to raise rates by 25 basis points on Thursday.

Persons: Europe's, Samy Chaar, Lombard, Elizabeth Howcroft, Sharon Singleton, Chizu Organizations: REUTERS, U.S, CPI, Fed, U.S . Federal Reserve, European Central Bank, Wall, Nasdaq, Investors, Reserve Bank of Australia, Bank of Canada, Bank of Japan, People's Bank of China, Brent, . West Texas, Thomson Locations: Frankfurt, Germany, China, U.S, Europe, Hong Kong

☆ Futures rise as focus shifts to inflation data, Fed meet
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

Goldman Sachs on Friday raised its year-end price target for the benchmark S&P 500 (.SPX) to 4,500 from 4,000, citing the broadening of the market rally. The CBOE volatility index (.VIX) edged up after hitting pre-pandemic levels in the previous week, up 0.71 point to 14.5. Adobe (ADBE.O) shares gained 1.9% after Jefferies raised the Photoshop maker's price target to $530, the second highest on Wall Street. Oracle (ORCL.N) rose 4.1% as J.P. Morgan hiked its price target to $109, ahead of the cloud and enterprise software firm's fourth-quarter results later in the day. Nasdaq Inc (NDAQ.O) slid 7.5% after the exchange operator said it would buy Thoma Bravo-owned software firm Adenza for $10.5 billion.

Persons: Goldman Sachs, stoking, Jefferies, Morgan, Thoma, Shristi Achar, Vinay Dwivedi Organizations: Dow, Nasdaq, U.S, Labor, Traders, Dow e, FDA, . Oracle, HK, Nasdaq Inc, Thoma Bravo, Thomson Locations: megacap, Nio, Bengaluru

Monetary policy meetings of the Fed, the European Central Bank (ECB) and the Bank of Japan (BOJ) will set the tone for the week as markets seek clues from policymakers on the future path of interest rates. U.S. May inflation data is also out on Tuesday as the Fed kicks off its two-day meeting. "We are pretty much with consensus, expecting the Fed to stay put this week and a 25 basis point hike from the ECB," Nordea's Christensen said. The U.S. dollar index clocked a loss of nearly 0.5% last week, its worst weekly drop since mid-April, and was last down 0.1% at 103.43. The euro rose 0.2% to $1.0768, having risen 0.4% last week, its first weekly gain in roughly a month.

Persons: Niels Christensen, Nordea's Christensen, " Christensen, Goldman Sachs, Samuel Indyk, Rae Wee, Simon Cameron, Moore, Angus MacSwan Organizations: Federal Reserve, European Central Bank, Bank of Japan, Fed, ECB, Reuters, U.S, Reserve Bank of New, People's Bank of, Thomson Locations: Reserve Bank of New Zealand, Australia, People's Bank of China

☆ Asia shares near month high ahead of central bank meetings
▼ + stars: | 2023-06-12 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, June 12 (Reuters) - Asian shares started tentatively on Monday as investors braced for central bank meetings from Europe, Japan and the United States this week, along with U.S. inflation data that will likely influence the Federal Reserve's monetary policy path. China stocks (.SSEC) eased 0.01%, while Hong Kong's Hang Seng Index (.HSI) opened up 0.3%. Markets are pricing for a 71% probability the U.S. central bank will stand pat when it meets on June 13-14, according to CME FedWatch tool. While doubts persist among investors which path the Fed will take this week, they are more certain the European Central Bank, which meets on Thursday, will raise rates and remain hawkish. The yen eased 0.01% to 139.39 per dollar ahead of the Bank of Japan's (BOJ) policy meeting on Friday.

Persons: Hong, HSI, Lagarde, Mohit Kumar, Kumar, Sterling, Brent, Jacqueline Wong Organizations: Federal, Japan's Nikkei, Reserve Bank of Australia, Bank of Canada, Citi, European Central Bank, Jefferies, ECB, Bank of Japan's, Reuters, Thomson Locations: SINGAPORE, Europe, Japan, United States, Asia, Pacific, China, Turkish

☆ Dollar steady, with Fed pause eyed in busy c.bank week
▼ + stars: | 2023-06-12 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Policy meetings of the Fed, the European Central Bank (ECB) and the Bank of Japan (BOJ) will set the tone for the week, as markets seek clues from policymakers on the future path of interest rates. The U.S. dollar index clocked a loss of nearly 0.5% last week, its worst weekly drop since mid-April, and was last marginally higher at 103.58. The euro slipped 0.02% to $1.0744 in early Asia trade, after having risen 0.4% last week, its first weekly gain in roughly a month. "Central banks have raised rates aggressively over the past 12-15 months and given the lagged effects with which monetary policy affects demand, are central banks teeing up for a pause, following the RBNZ's example?" "We change our BOJ call to no YCC revision at this week's meeting," said Societe Generale's Jin Kenzaki, referring to the central bank's controversial yield curve control policy.

Persons: Alvin Tan, Jin Kenzaki, Rae Wee, Muralikumar Organizations: European Central Bank, Bank of Japan, Asia FX, RBC Capital Markets, Money, U.S, Reuters, ECB, ANZ, Reserve Bank of New, Thomson Locations: SINGAPORE, Asia, Australia, Reserve Bank of New Zealand

"Until we see several months of low or declining inflation, the headline number is still going to be above the 2% target that the Fed has set. Goldman Sachs on Friday raised its year-end price target for the benchmark S&P 500 (.SPX) to 4,500 from 4,000, citing the broadening of the market rally. Oracle (ORCL.N) advanced 4.3%, hitting an all-time high as J.P. Morgan hiked its price target to $109, ahead of the cloud and enterprise software firm's fourth-quarter results later in the day. Technology stocks (.SPLRCT) led gains among the 11 major sectors of the S&P 500 while energy stocks (.SPNY) fell 0.5%, tracking a decline in crude prices. Adobe (ADBE.O) shares gained 1.6% after Jefferies increased the Photoshop maker's price target to $530, the second highest on Wall Street.

Persons: Melissa Brown, Goldman Sachs, Morgan, Thoma, Jefferies, Shristi Achar, Sruthi Shankar, Vinay Dwivedi Organizations: Nasdaq, Dow, Oracle Corp, U.S, Labor, Traders, Oracle, Dow Jones, Nasdaq Inc, Thoma Bravo, FDA, NYSE, Thomson Locations: megacap, Bengaluru

☆ Europe stocks higher ahead of central bank meets; UBS up 1% after completing Credit Suisse takeover
▼ + stars: | 2023-06-12 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets were higher Monday morning as investors prepare for a week of key central bank meetings in the United States, Asia and Europe. Switzerland's UBS moved higher after announcing it had completed the takeover of its embattled former rival Credit Suisse, which will cease trading. Under the deal terms, Credit Suisse shareholders receive one UBS share for every 22.48 outstanding shares held. Shares of the bank extended gains to 1% after it said it expected that Credit Suisse operating losses and "significant" restructuring charges would be offset by reductions in risk-weighted assets. The U.S. Federal Reserve will announce its latest monetary policy move Wednesday, while the European Central Bank will follow with its decision on Thursday.

Persons: Sergio Ermotti Organizations: Switzerland's UBS, Credit Suisse, UBS, U.S . Federal, European Central Bank, Japan's Locations: London, United States, Asia, Europe, Pacific

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