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☆ UK leads resurgence in European office investment
▼ + stars: | 2024-09-13 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

Sopa Images | Lightrocket | Getty ImagesLONDON — The U.K. is leading a recovery in Europe's long subdued office real estate market, with overall investment in the sector expected to pick up further in the second half of the year. Overall, European office investment transactions in the first half of the year fell 21% year-on-year to 14.1 billion euros, Savills data showed — a 60% decrease on the five-year H1 average. Europe's divided recoveryThe U.K. real estate market was the first in Europe to undergo a significant contraction following its peak in 2022. "London is leading the way a bit, partly because it repriced earlier and quicker and more significantly," Kim Politzer, head of research for European real estate at Fidelity International, told CNBC over the phone. Kim Politzer head of research for European real estate at Fidelity International

Persons: Mike Barnes, Savills, Kim Politzer, Marcus Meijer, Mark, CNBC's, James Burke, Tom Leahy, Leahy, Europe's, JLL Organizations: Getty, Britain, CNBC, Bank of, Fidelity International, European Central Bank, Nurphoto, U.S Locations: London, Europe, Paris, Stockholm, Berlin, Hamburg, La Défense, France, Ireland, Netherlands, Spain, Italy, Portugal, Southern Europe, Germany

☆ European markets poised to open higher after ECB rate cut
▼ + stars: | 2024-09-13 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

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

☆ Oprah and Diane von Furstenberg slam assault on women's reproductive rights
▼ + stars: | 2024-09-12 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Designer Diane von Furstenberg and Oprah Winfrey speaks onstage at the 3rd annual Diane Von Furstenberg awards at the United Nations on March 9, 2012 in New York City. Oprah Winfrey and Diane von Furstenberg have doubled down on their support for Democratic presidential nominee Kamala Harris, saying that the alternative option would be unacceptable for women. Speaking to CNBC, Winfrey said that women's reproductive rights had become one of the most pressing and divisive issues in the U.S. today, and that Harris was the only candidate who would preserve them. Winfrey, who spoke in support of Harris at the Democratic National Convention last month, was joined in a shared interview with von Furstenberg, who echoed her comments. When asked what she thought of the new challenges to women's rights, she said it was "unacceptable."

Persons: Diane von Furstenberg, Oprah Winfrey, Diane Von Furstenberg, Kamala Harris, Winfrey, Harris, CNBC's Tania Bryer, von Furstenberg Organizations: United Nations, Democratic, CNBC, Convention Locations: New York City, U.S, United States

☆ UK economy flatlines again in July, below expectations
▼ + stars: | 2024-09-11 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

LONDON — The U.K. economy continued to flatline in July on a month-on-month basis, flash figures published from the Office for National Statistics showed Wednesday. Britain's economic growth was up 0.5% in the three month to July, slightly below economist expectations and the 0.6% recorded in the second quarter ending in June. The U.K. economy had recorded modest but steady expansion almost every month so far this year, having emerged from a shallow recession at the start of the year. Finance Minister Rachel Reeves said the print left her "under no illusion" of the challenges faced by the U.K. economy. But she added that further movement in interest rates anticipated from the Bank of England could help ease wider growth pressures.

Persons: Liz McKeown, Keir Starmer's, Rachel Reeves, Reeves, Jeremy Hunt, Lindsay James, James Organizations: Office, National Statistics, Gross, Reuters, Labour, Conservative, Quilter Investors, Treasury, Bank of England Locations: flatline, U.K

☆ AstraZeneca shares fall 5% on disappointing lung cancer drug trial results
▼ + stars: | 2024-09-10 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

An illustrative image of a person holding a medical syringe and a Covid-19 vaccine vial in front of the the AstraZeneca logo displayed on a screen. On Wednesday, January 12, 2021, in Edmonton, Alberta, Canada. (Photo by Artur Widak/NurPhoto via Getty Images)AstraZeneca shares fell more than 5% Tuesday morning, the biggest one-day drop in seven months, after the British pharmaceutical giant announced disappointing lung cancer drug trial results. The Covid-19 vaccine maker was trading at the bottom of the FTSE 100 and dragged the wider healthcare sector lower after data published Monday showed that its experimental drug did not significantly improve overall survival results for patients. The late-stage trial results from the TROPION-Lung01 Phase III trial showed that the overall survival rate from the new drug "did not reach statistical significance," the company said.

Persons: Artur Widak Organizations: AstraZeneca, Getty Images Locations: Edmonton , Alberta, Canada, London

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. Mike Kemp | In Pictures | Getty ImagesLONDON — European stocks were mixed on Tuesday, following a more positive session at the start of the week. The more mixed picture for European stocks today comes after regional markets closed higher on Monday, shrugging off last week's negative sentiment. Investors are largely looking ahead to next week's meeting of the U.S. Federal Reserve where an interest rate cut is widely anticipated.

Persons: Mike Kemp, Germany's DAX, shrugging Organizations: CAC, Tech, AstraZeneca, Nasdaq, Investors, U.S . Federal Reserve Locations: London, United Kingdom, The City, Asia, Pacific

☆ Jumbo 50 basis points Fed rate cut should not raise alarm, analyst says
▼ + stars: | 2024-09-09 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The U.S. Federal Reserve can afford to make a jumbo 50 basis point rate cut next week without spooking markets, an analyst has suggested, as opinion on the central bank's forthcoming meeting remains hotly divided. "I would not be surprised if they jumped all the way to 50 basis points," Yoshikami told CNBC's "Squawk Box Europe." "That would be considered, on one hand, a very positive sign the Fed is doing what is needed to support jobs growth," he said. "I think the Fed at this point is ready to get out ahead of this." His comment follow similar remarks Friday from Nobel Prize-winning economist Joseph Stiglitz, who said the Fed should deliver a half-point interest rate cut at its next meeting, contending that it went "too far, too fast" with its previous policy tightening.

Persons: Michael Yoshikami, Yoshikami, CNBC's, Joseph Stiglitz Organizations: U.S . Federal, Destination Wealth Management

☆ Burberry's FTSE relegation confirms a long fall from grace for the luxury fashion icon
▼ + stars: | 2024-09-04 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

The company slipped into the FTSE 250 during September's quarterly rebalancing, index provider FTSE Russell said in a statement, bringing its 15-year run in the U.K. large-cap FTSE 100 blue-chip index to a close. The company's current market cap of £2.34 billion ($3.06 billion) now puts it well below the other constituents of the FTSE 100, as well as some of the top performers in the FTSE 250. As such, funds that invest in the FTSE 100 will exit their Burberry holdings. The luxury label's addition to the FTSE 100 in September 2009 was taken as a further mark of its enduring appeal and its resilience, even amid the global financial crisis. The luxury sector as a whole has suffered from a prolonged downturn in consumer spending amid inflationary pressures and broader economic uncertainty.

Persons: Dave Rushen, Burberry Burberry's, Edward Berthelot, —, Joshua Schulman, Luca Solca, Bernstein, Michael Kors, Josh Schulman, Solca, Burberry, Piral Dadhania, Richard Chamberlain, Schulman, Gerry Murphy, Cole Smead, Henry Nicholls, Smead, Hugo Boss, Gucci, Kering Organizations: UNITED, Burberry, New Bond, Getty, LONDON, Burberry Group, Russell, London Stock Exchange, jittery, CNBC, RBC, Sky News, Smead Capital Management, Afp Locations: UNITED KINGDOM, Basingstoke, England, British, U.S, London, China, Asia, Japan

☆ Nestle CEO departure seen as 'not such a bad thing' for investors, analyst says
▼ + stars: | 2024-08-23 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — Investors may think that the replacement of Nestle CEO Mark Schneider with company veteran Laurent Freixe is "not such a bad thing," analyst Jon Cox said Friday. "I think confidence has been severely hit in the case and particularly in Schneider," he told "Squawk Box Europe." "I presume most people will think it's not such a bad thing at this point for Schneider to go," he said. Freixe, who joined Nestle in 1986 and served most recently as executive vice president and CEO of the Latin America unit, will take over from Sept. 1. The company has struggled to retain market share as consumers have shifted away from labelled products amid inflationary pressures.

Persons: Mark Schneider, Laurent Freixe, Jon Cox, Cox, Kepler Cheuvreux, Schneider, Freixe, Laurent, Nestlé, Paul Bulcke Organizations: Nestle, Kepler, CNBC, America Locations: Schneider, London, Swiss

☆ The Fed is trying to 'fight a ghost' as recession fears mount, investor says
▼ + stars: | 2024-08-05 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

LONDON — As a global market sell off continues amid fears of a looming U.S. recession, the Federal Reserve may have little room for manoeuvre, investor Cole Smead warned Monday. "The Fed is trying to fight a ghost in some respects. But it's a fiscal problem, and that fiscal problem's not ending," he said. The CBOE Volatility Index, also know as the "VIX" — a measure of expected market volatility — jumped to 41.65, according to LSEG data, hitting its highest level since October 2020, as risk fears returned to the market. "Whoever comes in, be it Kamala Harris or Donald Trump, there's going to be an interest in trying to prop up anything," he said.

Persons: Jerome Powell, William McChesney Martin, Cole Smead, Smead, CNBC's, Jay Powell, Kamala Harris, Donald Trump Organizations: Federal Reserves, Washington , D.C, LONDON, Federal, Smead Capital Management, CNBC, Reuters Locations: Washington ,, U.S, Europe, Asia

☆ UK lenders slash mortgages as Bank of England rate cut brings relief to homeowners
▼ + stars: | 2024-08-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Homeowners on tracker mortgages, which follow the Bank's base rate, will be the first to benefit from the savings. Barclays , Santander, Metro Bank, Lloyds , Halifax, Nationwide and HSBC all cut repayments costs by 25 basis points shortly after the BOE's announcement. Those on standard variable rates, which typically take effect once a borrower's tracker or fixed rate deal ends, will also see savings. Given their more volatile nature, tracker and SVR mortgages remain a relatively niche part of the U.K. mortgage market. However, analysts suggest it may not be long until reductions feed through to the 6.93 million households on fixed rate mortgages.

Organizations: Bank of England, HSBC, Santander, Nationwide, Homeowners, Barclays, Metro Bank, Lloyds, Finance Locations: London's Muswell Hill, London, Halifax, Santander

☆ Rolls-Royce shares soar to all-time high on reinstated dividend, raised profit guidance
▼ + stars: | 2024-08-01 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Shares of Rolls-Royce jumped more than 11% to hit an all-time high on Thursday after the company reinstated its dividend and raised its profit forecast on the back of strong first-half results. That's up from the £1.7 billion to £2.0 billion forecast in its 2023 full-year results and ahead of market expectations. The firm, which supplies aviation giants Boeing and Airbus, also said it would resume dividends for full-year 2024, starting at a 30% pay-out ratio of underlying profit after tax. "These results and our increased financial resilience give us the confidence to raise our 2024 guidance and reinstate shareholder distributions in respect of the full year 2024 results," Erginbilgic added. Underlying operating profit was £1.15 billion, up from £673 million in the previous year.

Persons: Royce, Tufan Erginbilgic, Erginbilgic Organizations: Royce Trent, Airbus, Lufthansa Technik AG, Royce, London, Boeing Locations: British

☆ Swiss pharma giant Roche to accelerate Wegovy rival drugs after positive trial data
▼ + stars: | 2024-07-29 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Swiss pharmaceutical giant Roche said Monday it is accelerating the development of its Wegovy rival weight loss drugs following promising early stage trial data. However, in an FT interview published earlier Monday, CEO Thomas Schinecker indicated that the firm's first obesity drug could come to market "significantly faster than people are expecting," potentially by 2028. Both CT-388 and CT-996 were acquired as part of Roche's purchase of U.S. biotech company Carmot Therapeutics, which completed in January. The promising results could see Roche emerge as a potential rival to obesity drug pioneers Novo Nordisk and Eli Lilly. Schinecker told CNBC last week that he expects the company to eventually offer a suite of obesity medications.

Persons: Roche, Nordisk's Wegovy, Eli Lilly, Thomas Schinecker, Teresa Graham, Roche's, Schinecker Organizations: Nordisk's, CNBC, Roche Pharmaceuticals, Carmot Therapeutics, Novo Nordisk Locations: U.S

☆ Philips shares jump 10.5% as second-quarter sales grow despite China weakness
▼ + stars: | 2024-07-29 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Comparable group sales rose 2% to 4.5 billion euros ($4.88 billion), as demand in North America held strong, even as China sales dipped. Shares of Dutch device maker Philips jumped more than 10.5% in early deals Monday after the company reported better-than-expected second-quarter earnings. CEO Roy Jakobs told CNBC that he was encouraged by the "robust" second-quarter results, adding that he had "strong confidence" that the company would meet its full-year guidance of comparable sales growth of 3-5%. The company reported a number of cost savings over the period, including productivity savings of 195 million euros across operating model savings of 57 million euros, procurement savings of 71 million euros, and other programs' savings of 67 million euros. Jakobs said the settlement brings "finality" to the U.S. case, and will allow the company to return its focus to innovation.

Persons: Philips, Roy Jakobs, Jakobs Organizations: CNBC, Philips, Reuters, U.S Locations: North America, China, London

☆ European markets set to start the new trading week higher as earnings season continues
▼ + stars: | 2024-07-29 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — European markets were poised to open higher Monday as investors digest U.S. inflation data and look ahead to another busy week of earnings and central bank meetings. The pan-European Stoxx 600 closed higher on Friday as a global stock selloff eased and investors reacted to a U.S. personal consumption expenditures price print that came in in line with expectations. The slew of earnings releases continues this week, with Heineken, Philips, Pearson and Associated British Foods all reporting during the session. Asia-Pacific markets climbed on Monday, with Japan's Nikkei 225 leading gains in the region as the U.S. inflation print raised hopes for a rate cut. U.S. stock futures, meanwhile, were also higher ahead of a continued slew of corporate earnings stateside.

Organizations: Heineken, Philips, Pearson, British Foods, Federal Reserve, Bank of England, Japan's Nikkei Locations: Asia, Pacific

☆ Novo Nordisk's Wegovy wins EU backing for reducing heart risks
▼ + stars: | 2024-07-26 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Boxes of Ozempic and Wegovy made by Novo Nordisk are seen at a pharmacy. Novo Nordisk's blockbuster Wegovy weight loss drug has received backing from the European Union's medical regulator to expand the medicine's use to include reducing the rise of serious heart events in overweight and obese adults. "The SELECT data demonstrated that in addition to helping people manage their weight, Wegovy has the potential to protect lives by reducing the risks of major adverse cardiovascular events." Novo Nordisk said it expects to implement the label update within a month. The company's CEO Thomas Schinecker welcomed positive early stage trial results from the firm's two weight loss drug candidates as showing "best in disease potential."

Persons: Wegovy, —, Martin Holst Lange, Roche, Thomas Schinecker Organizations: Novo Nordisk, Novo, European Medical Agency, U.S . Food, Drug Administration Locations: Danish, U.S, Swiss

☆ UK Finance Minister Rachel Reeves pledges most 'pro-growth, pro-business' government the country has seen
▼ + stars: | 2024-07-26 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +4 min

"I will work with business to make sure we're doing all we can to bring wealth creation, to bring business investment to the U.K. economy," she added. "This is going to be the most pro-growth, pro-business Treasury that this country has ever seen," Reeves told CNBC's Steve Sedgwick via remote interview. LONDON — U.K. Finance Minister Rachel Reeves said Friday that the new Labour government would be the most pro-growth and pro-business the country has seen. We need to attract business investment to be able to do that." However, the chancellor has a fine balance to tread given pledges from her party to also boost national investment and public sector pay.

Persons: Reeves, CNBC's Steve Sedgwick, Rachel Reeves, I'm, Keir Starmer, Starmer Organizations: Treasury, CNBC, LONDON, Finance, Labour, Conservative Locations: Rio de Janeiro, Brazil, Britain

☆ Wegovy rival to be part of a suite of weight loss drugs, Roche CEO says following positive trial results
▼ + stars: | 2024-07-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Roche said Thursday that its Wegovy rival weight loss drugs will be part of a suite of medicines aimed at combatting the effects of obesity. CEO Thomas Schinecker welcomed positive early stage trial results from the firm's two weight loss drug candidates as showing "best in disease potential." "We do believe we have two next generation GLP-1/GIPs that have a best in disease potential," he said of the obesity drugs. GLP-1s, or glucagon-like peptide 1 agonists, are a group of drugs used to treat diabetes and obesity. They form the basis of weight loss drugs such as Novo Nordisk's Wegovy and Eli Lilly's Zepbound.

Persons: Roche, Thomas Schinecker, Schinecker, CNBC's, Nordisk's Wegovy, Eli Lilly's Zepbound Organizations: Nordisk's

☆ Britain's King Charles cashes in as Crown Estate profits surge to over $1.4 billion
▼ + stars: | 2024-07-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

LONDON — Britain's King Charles III is set for a bumper £45 million ($58 million) pay raise after profits at the sovereign's public estate more than doubled, according to official records. Profits of The Crown Estate — a portion of which funds the monarchy — increased 148% from £443 million in 2022-23 to £1.1 billion ($1.4 billion) in 2023-24, an annual report showed Wednesday. The Crown Estate, the national portfolio of historical and commercial land-holdings, is owned by the British monarch but managed independently and its revenues are given to the government. In exchange, the monarchy currently receives 12% of Crown Estate profits — a proportion calculated on funds two years in arrears. Staffing the royal household cost £27.9 million in the last financial year, while property maintenance was £47 million amid continued renovations of Buckingham Palace.

Persons: King Charles III, Grant, King Charles, Dan Labbad, Labbad, Sovereign Grant Organizations: The, Sovereign Locations: British, Buckingham Palace, Kenya

☆ Novo Nordisk's Wegovy weight loss drug wins UK approval for use as a heart treatment
▼ + stars: | 2024-07-23 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

LONDON — The U.K.'s health regulator on Tuesday approved the use of Novo Nordisk 's Wegovy weight loss drug to reduce the risk of overweight and obese adults suffering from serious heart problems or strokes. The new approval from the U.K.'s Medicines and Healthcare products Regulatory Agency (MHRA) makes the Danish pharmaceutical giant's GLP-1 obesity drug the first in the country to be prescribed for prevention of cardiovascular events in people with obesity. It follows similar label expansion by the U.S. Food and Drug Administration in March. Shares of Novo Nordisk were up after the announcement, trading 1.46% higher by 4:10 p.m. London time after pushing higher for much of the session. The MHRA's deputy director of innovative medicines, Shirley Hopper, said the decision marked an "important step forward" in combatting the effects of obesity.

Persons: Shirley Hopper Organizations: Novo Nordisk, Medicines, Healthcare, Agency, U.S . Food, Drug Administration Locations: London

☆ Olympic track and field gold medalists are about to receive prize money for the first time ever
▼ + stars: | 2024-07-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Grant Fisher and Abdihamid Nur compete in the men's 5000 meter final on Day Ten of the 2024 U.S. Olympic Team Track & Field Trials at Hayward Field on June 30, 2024 in Eugene, Oregon. "Their performances at an Olympic Games, in our own World Championships, provide world athletics with broadcast revenue from the International Olympic Committee and at a world championship level," he continued. World Athletics President Sebastian Coe defended his decision to pay prize money to track and field gold medalists for the first time at the Paris Olympics this summer, suggesting that the initiative could be extended to future games. The first phase focused on allocating funds to World Athletics' national governing bodies to support athletes and pay for projects. Coe, who is serving his third term as World Athletics president, deflected rumors that he may be in line to succeed Thomas Bach as IOC president.

Persons: Grant Fisher, Abdihamid Nur, I've, CNBC's Tania Bryer, Sebastian Coe, Coe, Steve Redgrave, Thomas Bach Organizations: Olympic, Hayward Field, Olympic Games, International Olympic Committee, CNBC, Athletics, Paris, Games, BBC, Olympic Committee, IOC, Olympic Committees, World Athletics, Sony Locations: Eugene , Oregon, British, Paris

☆ UK's Starmer aims to overhaul EU relations as Trump specter looms
▼ + stars: | 2024-07-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

"We cannot let the challenges of the recent past define our relationships of the future," Starmer said in a Wednesday statement from Downing Street. It comes as the specter of a second presidency from Republican candidate Donald Trump looms heavy over Europe after an assassination attempt over the weekend buoyed support for the former president. Both Trump and his newly announced running mate JD Vance have indicated that continued support for Europe — and in particular Ukraine — are not guaranteed under a second Trump administration. The Republican presidential nominee has repeatedly lambasted the continent's lack of defense spending, and has threatened to pull out of NATO, while Vance has shown ambivalence over U.S. intervention in foreign affairs. In anticipation, European NATO members have been upping their defense spending, including a new commitment from Starmer to spend 2.5% of U.K. gross domestic product (GDP) on defense.

Persons: Keir Starmer, John Healey, George Robertson, Winston Churchill's, Starmer, Donald Trump, Trump, JD Vance, Vance Organizations: British, Defence, Downing, Labour, European Political, Republican, Europe —, NATO Locations: London, England, OXFORD, Europe, Winston, Blenheim, Oxfordshire, Ukraine

☆ Ukraine's Zelenskyy gets personal with self-appointed 'peace' negotiator Orban
▼ + stars: | 2024-07-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

OXFORD, England — Ukraine's President Volodymr Zelenskyy on Thursday hit out at European leaders who "betray" Kyiv's interests in a thinly veiled attack against Hungarian President Viktor Orban and his shadow peace talks. Zelenskyy told European leaders that Russia's President Vladimir Putin had so far failed to sow disunity within the region, but noted that EU member states — and one weak link in particular — could yet bow to temptation or blackmail. "He [Putin] may try to approach you or go to some of your partners individually, trying to tempt or pressure you, to blackmail you so that one of you betrays the rest, weakening our unity," he said in opening remarks at the European Political Community summit at Blenheim Palace, England. The Ukrainian leader said that it was down to individual leaders to decide how to act and "what legacy to leave." But, in an apparent reference to Orban's recent meeting with Putin in Moscow, he noted that those who act against the continents' interests should not be considered part of group matters.

Persons: Volodymr Zelenskyy, Viktor Orban, Zelenskyy, Vladimir Putin, —, Putin Organizations: OXFORD, Putin Locations: England, Blenheim, Moscow, Europe, Ukraine

☆ UK inflation holds steady at Bank of England's 2% target, above expectations
▼ + stars: | 2024-07-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Alexander Spatari | Moment | Getty ImagesU.K. inflation held steady at the Bank of England's 2% target in June, Official National Statistics data showed Wednesday. The headline reading came in above analyst expectations at 1.9%, according to economists polled by Reuters, and was in line with the previous 2% reading in May. Sterling rose slightly shortly after the release, trading at $1.2977 by 7:21 a.m. London time. Services inflation — which is closely watched by the BOE, given its dominance within the U.K. economy and its reflection of domestically-generated price rises — remained at 5.7% in June. Core inflation, excluding energy, food, alcohol and tobacco, was 3.5%, also on par with the 3.5% recorded in May.

Persons: Alexander Spatari, Sterling, BOE, Taylor Swift, Bruce Springsteen, Pink Organizations: Bank of England's, National Statistics, Reuters, Consumers, Sting, Bank of England Locations: London, —

☆ Hugo Boss shares plunge 9% as firm cuts 2024 guidance amid slumping China demand
▼ + stars: | 2024-07-16 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Hugo Boss shares plunged as much as 10% Tuesday after the company cut its sales outlook, becoming the latest high-end fashion line to warn of persistent woes in the luxury sector. The German fashion house said Monday that it expects full-year sales of up to 4.35 billion euros ($4.73 billion), down slightly from a previous forecast of up to 4.45 billion euros. The company attributed the revised outlook to "persistent macroeconomic and geopolitical challenges" and cited China and the U.K. as particularly challenging markets. Shares pared losses slightly to trade down 8.8% as of 9:53 a.m. London time. The guidance cut is the company's second so far this year, after the retailer in March said that 2024 sales growth was likely to slow to 3% to 6%.

Persons: Hugo Boss, Daniel Grieder, HUGO Locations: China, London

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