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☆ UK inflation rose to 2.2% in July, after two months at the Bank of England's 2% target
▼ + stars: | 2024-08-14 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

U.K. inflation rose to 2.2% in July, coming in slightly below expectations but inching back above the Bank of England's 2% target, data from the Office for National Statistics showed Wednesday. The headline inflation had come in at 2% in both May and June, in line with the Bank of England's target rate. So-called core-CPI — which excludes food, energy, alcohol and tobacco prices — came in at 3.3% in July, down from the 3.5% print of July, the statistics office said. The data comes after the Bank of England earlier this month cut interest rates for the first time in over four years, taking the key bank rate to 5%. Uncertainty remains about when the central bank will cut rates again, and whether another cut will even take place this year.

Persons: BOE Organizations: Bank of England's, Office, National Statistics, Reuters, Bank of, Bank of England

☆ Treasury yields slip ahead of consumer inflation figures
▼ + stars: | 2024-08-14 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The 2-year Treasury yield was last at 3.929% after rising by 1 basis point. U.S. Treasury yields fell slightly on Wednesday as investors considered the latest inflation data and what it could mean for the economy and monetary policy. Treasury yields had tumbled on Tuesday after the producer price index increased 0.1% on a monthly bass in July, less than the forecast 0.2% rise. The wholesale inflation figure was released ahead of Wednesday's consumer price index. Investors will also be scanning the inflation figures for hints the outlook for interest rates.

Persons: Dow Jones Organizations: Treasury, CPI, Federal, Traders, Fed

☆ Treasury yields hold steady as investors await inflation data
▼ + stars: | 2024-08-13 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was up by less than one basis point to 3.9150%. The 2-year Treasury yield was last less than one basis point higher to 4.0188%. Treasury yields were little changed on Tuesday as investors looked to the release of key inflation data amid uncertainty about the state of the U.S. economy. The data could also provide hints about whether the Federal Reserve is likely to cut interest rates when it meets in September. Following recent market turmoil and economic uncertainty, questions have also emerged about whether the Fed should have already started cutting rates to avoid a hard landing.

Persons: Dow Organizations: Treasury, PPI, Dow Jones, Federal Reserve Locations: U.S

☆ Auctions of early King Charles bank notes raise $1.17 billion for charity
▼ + stars: | 2024-08-13 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

A person holds some of the newly released banknotes, featuring the King's portrait, outside the Bank of England, London. LONDON — Auctions of King Charles III bank notes with low serial numbers have raised £914,127 ($1.17 million) for charity, according to the Bank of England. Four auctions took place over the summer — for £5, £10, £20 and £50 notes — with the proceeds set to go to a range of charities. This includes the Bank of England's three 'charities of the year' as well as seven others that have not benefitted from charity auctions of banknotes since 2016. Each charity received just over £91,400 of the proceeds, the BOE said.

Persons: King Charles III, BOE Organizations: Bank of England, Bank of Locations: London

☆ Treasury yields rise as attention turns to inflation data
▼ + stars: | 2024-08-12 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was up by more than two basis points to 3.9647%. U.S. Treasury yields were higher on Monday as investors looked ahead to the latest inflation prints and other key economic data slated for the week. Amid continued uncertainty about the state of the U.S. economy, investors looked ahead to fresh inflation data due this week. When the Fed met last month, it left rates unchanged, but hinted that a September rate cut was on the table, depending on signals from economic data, both on the inflation and labor market front. Markets are pricing in a 100% chance of a rate cut from the Fed in September, but traders were last split on the size of the cut, CME Group's FedWatch tool showed.

Organizations: Treasury, U.S, Federal, Fed Locations: U.S

☆ Online disinformation sparked a wave of far-right violence in the UK — here's how
▼ + stars: | 2024-08-09 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +7 min

This escalated into days of riots in the U.K. that saw attacks on mosques, immigration centers and hotels that house asylum seekers. The disinformation circulated online tapped into pre-existing biases and prejudice, Ondrak explained, adding that incorrect reports often thrive at times of heightened emotions. Many of the right-wing protestors claim the high number of migrants in the U.K. fuels crime and violence. Ondrak also noted that many groups that had previously circulated false information about the attack had started walking it back, saying it was a hoax. On Wednesday, the U.K. media regulator Ofcom issued a letter to social media platforms saying they shouldn't wait for the new law to come into force.

Persons: Christopher Furlong, Ali, Hannah Rose, Joe Ondrak, It's, Ondrak, it's, ISD's Rose, Rose, Thabo Jaiyesimi, Elon Musk, pushback, Benjamin Cremel Organizations: Riot, Getty, LinkedIn, Institute for Strategic, CNBC, Police, Telegram, Ofcom, Afp Locations: Rotherham, United Kingdom, Southport, Britain, U.K, Walthamstow, London

LONDON — European stocks closed higher on Friday as global equity markets looked to rebuild from the recent sell-off. Global markets have been volatile this week as they have tried to shake off Monday's rout. The initial sell-off was in part triggered by separate U.S. jobs data last week coming in weaker than expected. Both moves have led analysts to caution that markets may have outsize reactions to data releases and central bank commentary through August — typically a volatile month for stocks. Asia-Pacific markets were mostly higher on Friday.

Persons: — Organizations: City of, LONDON Locations: City, City of London, U.S, Asia, Pacific

☆ Siemens earnings beat estimates on strong demand for electrification, software
▼ + stars: | 2024-08-08 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

15 November 2023, Bavaria, Munich: Flags with the word "Siemens" in front of the company's headquarters. Comparable orders meanwhile declined 15% from the same quarter a year ago, hitting 19.8 billion, Siemens said. Siemens CEO Roland Busch told CNBC on Thursday that the company's performance during the quarter was "very, very strong." The company attributed its growth in the third quarter to strong demand in its electrification and industrial software businesses, but noted the automation business remained "challenging." There was an "exceptionally high order growth in the software business driven by a number of large contract wins for licensed software," the company said, with profitability growth more than offsetting a profit decline in automation.

Persons: Karl, Josef Hildenbrand, Roland Busch Organizations: Siemens, Getty Images, CNBC, Smart Infrastructure Locations: Bavaria, Munich, London

☆ Novo Nordisk shares dip as Wegovy maker posts earnings miss, cuts operating profit outlook
▼ + stars: | 2024-08-07 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Novo Nordisk Wegovy manufactured by Novo Nordisk packaging is seen in this illustration photo taken in a pharmacy in Krakow, Poland on April 8, 2024. EBIT — earnings before interest and tax — came in at 25.93 billion Danish kroner in the second quarter, which was also below the LSEG forecast of 26.86 billion Danish kroner. Novo Nordisk on Wednesday posted weaker-than-expected net profit in the second quarter and trimmed its operating profit outlook. Novo Nordisk CEO Lars Fruergaard Jørgensen on Wednesday said that the company was expecting "attractive growth" in the coming months. The drug was approved in China in the second quarter, opening it for sale in the world's second largest economy.

Persons: Jakub Porzycki, —, Wegovy, Lars Fruergaard Jørgensen, CNBC's, Roche, Jørgensen Organizations: Novo Nordisk Wegovy, Novo Nordisk, Getty, Nordisk Locations: Krakow, Poland, London, China

"That, of course, requires more capacity, more ships in order to move global trade around the world, and that has created some shortages here in the second quarter and in the third quarter that we're dealing with at the moment," Clerc told CNBC's "Squawk Box Europe." Maersk on Wednesday reported lower year-on-year revenue in the second quarter and across the first half of the year. It also posted second-quarter underlying profit of $623 million, a drop compared to the $1.35 billion reported in the same period last year. Container demand has been more robust than expected but is expected to cool in the coming quarters, Clerc said. Maersk shares were 1.8% lower at 11:33 a.m. in London.

Persons: Vincent Clerc, Clerc, CNBC's Organizations: Maersk Locations: Africa, Good, Europe, U.S, Asia, London

☆ Biggest concern is the market sell-off becoming a 'self-fulfilling prophecy,' research firm warns
▼ + stars: | 2024-08-06 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

"Our biggest concern is that the market sell-off becomes a self-fulfilling prophecy causing corporate CEOs to cut back on investments and consumers to pull back on spending leading to further cuts and a recession," the analysts added. "In our view, the direct impact of these steep market declines is limited," they said in a note published Monday. Sustained market declines in the wake of the recent global sell-off could become a "self-fulfilling prophecy" that eventually leads to a recession, Morningstar DBRS analysts warned. The analysts also said that the impact of the market volatility on banks is likely to be limited, even if further market declines materialize, or if the U.S. enters a recession. There was also "no material impact" expected for capital management by banks in Japan, a region that also saw steep declines.

Persons: Morningstar, Nonfarm payrolls Organizations: New York Stock Exchange, Global, Japan's Nikkei, Tech, Federal Reserve, Morningstar, Congressional, U.S, Capital Locations: New York City, U.S, Japan

☆ Treasury yields tumble as recession concerns take hold
▼ + stars: | 2024-08-05 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was down by over eight basis points to 3.7099%. The 2-year Treasury yield was last at 3.7315% after falling by around 14 basis points. U.S. Treasurys slid on Monday as fears about a recession grew after a series of key economic data was released last week. The data suggested an easing of the labor market, which prompted concerns about a recession. That came after the Fed earlier in the week left interest rates unchanged and hinted at a September rate cut.

Persons: Treasurys, July's nonfarm, Dow Jones Organizations: Treasury, Dow, Fed, PMI

☆ Treasury yields slide ahead of July jobs report
▼ + stars: | 2024-08-02 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the 10-year Treasury yield was down by over 4 basis points at 3.933%, remaining below the 4%. The yield on the 2-year Treasury was last around 5 basis points lower at 4.116%. U.S. Treasury yields were lower on Friday as investors looked ahead to the July jobs report and digested the interest rate outlook. The U.S. Labor Department's jobs report for July is slated for Friday, and will provide investors with insights into the state of the U.S. economy. The Federal Reserve earlier in the week kept rates unchanged at their latest meeting but hinted that a September rate cut was on the table, sending Treasury yields lower.

Persons: Dow, payrolls, Jerome Powell, Powell Organizations: Treasury, U.S, Labor, Federal Locations: U.S

☆ Treasury yields tumble as investors weigh interest rate outlook
▼ + stars: | 2024-08-01 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

U.S. Treasury yields slid further on Thursday as investors digested comments from Federal Reserve Chairman Jerome Powell, who suggested a September rate cut was on the table. Yields had fallen on Wednesday after Fed Chairman Powell hinted at a September rate cut after the central bank's July meeting concluded. Depending on these factors, "a reduction in our policy rate could be on the table as soon as the next meeting in September," he said. As expected, the central bank left interest rates unchanged. Several analysts are expecting the central bank to cut rates, but uncertainty remains as the BOE has not sent clear signals.

Persons: Jerome Powell, Powell, BOE Organizations: Treasury, U.S, Federal, Bank of England Locations: U.S

☆ Euro zone inflation rises to 2.6% in July, above expectations
▼ + stars: | 2024-07-31 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Headline inflation in the euro zone unexpectedly rose to 2.6% in June, the European Union's statistics agency said Wednesday. In June, inflation had come in at 2.5%, easing slightly from the 2.6% of May. Economists polled by Reuters had been expecting the headline figure for July to be unchanged from June's reading at 2.5%. Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, hit 2.9% in July, versus a Reuters estimate of 2.8%. The inflation rates come just a day after the release of the zone's second quarter gross domestic product, which the European Union's statistics office said grew 0.3% in the three months to the end of June.

Organizations: Reuters, ECB Locations: Germany

☆ Treasury yields hold steady ahead of Fed rate decision, policy guidance
▼ + stars: | 2024-07-31 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was down by less than one basis point to 4.1316%. The 2-year Treasury yield was last at 4.3584% after dipping by less than one basis point. With the Fed meeting set to end on Wednesday, investors looked to the central bank's monetary policy announcement and the post-meeting press conference by Fed Chair Jerome Powell. Questions also remain over how many rate cuts could be implemented by the Fed this year. After this month's meeting, three more are in the calendar for the central bank in 2024.

Persons: Jerome Powell Organizations: Treasury, Fed, Labor, Survey

☆ Euro zone's economy grew 0.3% in second quarter, above expectations despite German contraction
▼ + stars: | 2024-07-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The euro zone's economy grew by more than expected in the second quarter of 2024, flash figures from the European Union's statistics office showed Tuesday. The zone's gross domestic product rose by 0.3% in the three months to the end of June compared to the previous quarter, the data showed. The euro zone entered a technical recession in the second half of 2023, as GDP contracted in both the third and fourth quarter of the year, according to revised figures released earlier this year. Bert Colijn, senior euro zone economist at ING, said in a note on Tuesday that the data indicated that the regiona's economy is somewhat recovering. "The question remains where the economy will head from here and recent data do not provide much confidence that the eurozone economy is further accelerating," Colijn said.

Persons: Bert Colijn, Colijn Organizations: Reuters, ING Locations: Frankfurt

☆ 2-year Treasury yield inches higher as Fed meeting is set to begin
▼ + stars: | 2024-07-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: 1 min

U.S. Treasury yields were little changed on Tuesday as investors looked to economic data from the labor market and the Federal Reserve's July meeting is set to kick off. ET, the yield on the 10-year Treasury was up by less than one basis point to 4.1860%. The 2-year Treasury was last at 4.3998% after rising by more than one basis point. Yields and prices move in opposite directions. One basis point equals 0.01%.

Organizations: Treasury

☆ Treasury yields fall as investors look to key data, Fed meeting in week ahead
▼ + stars: | 2024-07-29 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was down by over three basis points to 4.1666%. The 2-year Treasury yield was last at 4.3729% after falling by more than one basis point. U.S. Treasury yields fell on Monday as investors awaited the release of key economic data and looked to the Federal Reserve's meeting scheduled for the week. Investors awaited the Federal Reserve's July meeting and key data from the labor market slated for the week. Investors will be looking at the data for hints about the state of the labor market, as this could also inform monetary policy expectations and decision-making.

Persons: Jerome Powell Organizations: Treasury, Investors, PCE

☆ 2-year Treasury yield dips as investors look to key inflation data
▼ + stars: | 2024-07-26 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was up by less than one basis point at 4.2563%. The 2-year Treasury yield was last at 4.4307% after falling by over one basis point. U.S. Treasury yields were little changed on Friday as investors awaited the release of key inflation data ahead of the Federal Reserve's upcoming monetary policy meeting next week. Those are some of the last key economic data releases before the Fed meets next week to discuss monetary policy. The inflation figures come after economic data throughout the week have given mixed signals about the state of the economy.

Persons: Dow Jones Organizations: Treasury, Federal, PCE, Fed, U.S, PMI

☆ Shares of Gucci-owner Kering hit seven-year low after weak forecast, revenue drop on low China sales
▼ + stars: | 2024-07-25 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Shares in Gucci-owner Kering fell on Thursday, after the luxury group announced a sharp decline in revenue in the first half of the year and issued a weak forecast for the remaining six months of the year. Kering shares dropped as much as 9% as markets opened, trading around levels last seen in August 2017. "There was a marked deceleration in China, while trends did not improve greatly in North America and Europe," Kering added. Gucci posted the worst first-half performance of these brands, with revenue shedding 18% on a comparable basis. Kering is the latest in a series of luxury brands to log declines, with the world's largest luxury group LVMH reporting lower-than-expected sales earlier this week.

Persons: Gucci, Kering, Yves Saint Laurent, Bottega, Luca Solca, Bernstein, CNBC's, it's, Solca Organizations: Gucci, Wednesday, Japan Locations: New York City, London, Japan, China, North America, Europe

☆ Treasury yields fall ahead of key economic data
▼ + stars: | 2024-07-25 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was down by over five basis points to 4.2349%. The 2-year Treasury yield was last more than five basis points lower to 4.3585%. U.S. Treasury yields declined on Thursday as investors awaited key economic data points that could inform Federal Reserve monetary policy. Investors awaited key data as they considered the state of the U.S. economy and the outlook for interest rates. The data will provide more hints about the state of the economy and comes ahead of key inflation figures due Friday in form of the personal consumption expenditures price index.

Organizations: Treasury, U.S, PMI Locations: U.S

☆ European markets to open lower as investors weigh regional bank and U.S. tech earnings
▼ + stars: | 2024-07-24 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

LONDON — European markets are set to open lower on Wednesday as earnings season ramps up. The U.K.'s FTSE 100 was last expected to open 25 points lower at 8,137, while Germany's DAX was set to shed 76 points to 18,472 and France's CAC 40 was expected to open 54 points lower at 7,540. Italy's MIB index was set to to open 62 points lower at 34,799. Deutsche Bank , UniCredit, BNP Paribas and Banco Santander are among the European banks reporting earnings on Wednesday, alongside Easyjet , Iberdrola and Orange. On the data front, flash purchasing managers' index data is due to be released in the U.K. and the euro zone.

Persons: Germany's DAX, Easyjet Organizations: Citigroup Inc, State Street Corp, Barclays Plc, HSBC Holdings Plc, CAC, Deutsche Bank, BNP, Banco Santander Locations: Wharf, UniCredit, Iberdrola, Orange, Germany

☆ World's largest luxury group LVMH slumps 5% after second-quarter revenue miss
▼ + stars: | 2024-07-24 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Shares in the world's largest luxury group LVMH fell on Wednesday after its second-quarter sales came in below analyst consensus on Tuesday. Quarterly sales came in at 20.98 billion euros ($22.7 billion) in the second quarter, compared to the 21.6 billion euros LSEG analysts were expecting. Sales in Asia, excluding Japan, fell 14% in the second quarter from the same period a year earlier, LVMH said. Across the first half of the year, sales in Asia excluding Japan dropped 10% compared to the first six months of 2023, while sales in Japan rose by 44%, LVMH said. By business groups, wine and sprits revenue fell 5% in the second quarter of 2024 from a year earlier, and the watches and jewellery division declined 4% over the same time.

Persons: LVMH Organizations: Louis Vuitton, Gucci, Quarterly Locations: Lisbon, Portugal, London, Asia, Japan

☆ Germany's struggling construction sector is showing no signs of a recovery
▼ + stars: | 2024-07-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The German construction sector is showing no signs of recovering, even after being in a crisis for months and despite pledges of support and investment from the government. Recent economic data shows the industry is still in a "dismal situation," Carsten Brzeski, global head of macro research and chief economist for Germany at ING, told CNBC. The data shows that between January and May of this year, permits for single-family homes fell over 31%, and those for multi-family houses declined over 21% compared to the same time period last year. Felix Pakleppa, head of the Central Association of the German Construction Industry, noted the bleak outlook for the sector. "Building permits in Germany continue to only know one direction: downwards," he said, pointing to the data, which has not reflected growth since April 2022.

Persons: Carsten Brzeski, Felix Pakleppa, Housebuilding, Pakleppa Organizations: ING, CNBC, Central Association of, German Construction Industry Locations: Germany

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