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European markets are heading for a negative open, continuing negative momentum since the start of the week. Corporate earnings continue to drive individual share price movement in Europe. Commerzbank, Credit Agricole, Marks and Spencer, Telefonica, Adidas and ABN Amro all reported Wednesday morning. Elsewhere overnight, most Asia-Pacific markets edged lower, extending declines from the previous session, while Japanese blue-chip stocks stayed afloat after a positive business sentiment survey. U.S. stock futures were flat overnight after the S&P 500 and Nasdaq Composite notched their longest winning streaks in about two years.

Organizations: Credit, Telefonica, Adidas, ABN Amro, Nasdaq Locations: Europe, Spencer, Asia, Pacific

☆ UBS resumes selling the bonds at the heart of Credit Suisse controversy
▼ + stars: | 2023-11-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

UBS on Wednesday began selling Additional Tier 1 (AT1) bonds — which were at the heart of controversy during its emergency rescue of Credit Suisse — for the first time since completing the takeover. Non-call bonds are bonds that only pay out at maturity. UBS confirmed to CNBC that it is offering additional tier 1 securities, but did not comment on the details of the contracts and said it will provide additional information when the offering is complete. The wipeout of $17 billion of Credit Suisse AT1 bonds, as part of the rescue deal brokered by Swiss authorities in March, caused uproar among bondholders and continues to saddle the Swiss government and regulator with legal challenges. AT1 bonds are considered a relatively risky form of junior debt and are often owned by institutional investors.

Organizations: UBS, Wednesday, Credit Suisse —, CNBC, Credit Suisse, Swiss Locations: Swiss

☆ French prosecutors investigating Sanofi over possible market manipulation
▼ + stars: | 2023-11-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A logo on the Sanofi exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. French prosecutors have opened a preliminary investigation into multinational pharmaceutical company Sanofi over possible market manipulation. "Sanofi is not aware of any preliminary investigation on its 2017 accounts or other matter by the Parquet National Financier. We stand by the accuracy of our accounts," Sanofi said in an emailed statement. "As a listed company, the financial information published by Sanofi is accurate, precise and sincere, and is duly audited by two auditing firms.

Persons: Sanofi, — CNBC's Charlotte Reed Organizations: Sanofi, Viva Technology, Porte de, CNBC, National Locations: Porte, Paris, France, National

☆ Central banks look to have hit peak rates. Here's how markets think they'll come down
▼ + stars: | 2023-11-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The U.S. Federal Reserve, European Central Bank and the Bank of England dramatically hiked rates over the last 18 months in a bid to tame runaway inflation. Reid also highlighted that this is the seventh time this cycle that markets have notably reacted on dovish speculation. "Clearly rates aren't going to keep going up forever, but on the previous 6 occasions we saw hopes for near-term rate cuts dashed every time. In clear, waiting for inflation to reach 2% before cutting rates would be 'overkill,'" Moëc said. However, minutes from last week's meeting reiterated the Monetary Policy Committee's expectations that rates will need to stay higher for longer, with U.K. CPI holding steady at 6.7% in September.

Persons: Jerome Powell, Brendan McDermid, nonfarm payrolls, DBRS Morningstar, Jim Reid chalked, Reid, we've, Gilles Moëc, Moëc, Christine Lagarde, Yannis Stournaras Organizations: Federal Reserve, New York Stock Exchange, U.S . Federal Reserve, European Central Bank, Bank of, Fed, PCE, DBRS, Deutsche Bank, ECB, AXA, National Bank of Greece, of, Bank of England, CPI, BNP Locations: New York City, Bank of England, U.S, Europe

☆ UBS shares rise 3.5% as market focuses on strong underlying profit
▼ + stars: | 2023-11-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

UBS shares climbed on Tuesday morning after the Swiss banking giant resoundingly beat expectations for underlying profit. The bank recorded an underlying operating profit before tax of $844 million, well ahead of consensus expectations. Credit Suisse Wealth Management generated positive net new money inflows for the first time since the first quarter of 2022, contributing to inflows of $22 billion for UBS Global Wealth Management. Our clients have continued to place their trust and confidence in us, contributing to strong inflows across wealth management and our Swiss franchise," CEO Sergio Ermotti said in a statement. This is then slightly offset by heavier provisions," they noted, adding that the acceleration of Wealth Management net new money inflows in September was also "encouraging."

Persons: Sergio Ermotti Organizations: UBS, Credit Suisse, Reuters, Credit Suisse Wealth Management, UBS Global Wealth Management, Group, Swiss, Citi, Management Locations: Swiss

☆ Goldman Sachs says the Israel-Hamas war could have major implications for Europe's economy
▼ + stars: | 2023-11-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The Israel-Hamas war could have a significant impact on economic growth and inflation in the euro zone unless energy price pressures remain contained, according to Goldman Sachs . The ongoing hostilities could affect European economies via lower regional trade, tighter financial conditions, higher energy prices and lower consumer confidence, Europe Economics Analyst Katya Vashkinskaya highlighted in a research note Wednesday. Concerns are growing among economists that the conflict could spill over and engulf the Middle East, with Israel and Lebanon exchanging missiles as Israel continues to bombard Gaza, resulting in massive civilian casualties and a deepening humanitarian crisis. She noted that tighter financial conditions could weigh on growth and exacerbate the existing drag on economic activity from higher interest rates in both the euro area and the U.K. However, Goldman does not see a clear pattern between financial conditions and previous episodes of tension in the Middle EastThe most important and potentially impactful way in which tensions could spill over into the European economy is through oil and gas markets, Vashkinskaya said.

Persons: Goldman Sachs, Katya Vashkinskaya, Goldman, Vashkinskaya Organizations: Israel Defense Forces, Hamas Locations: Gaza, Israel, Palestinian, Europe, Lebanon

☆ Russian drones strike civilian targets in Kharkiv; U.S. imposes new sanctions on Moscow
▼ + stars: | 2023-11-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Russian drone strikes hit civilian targets in and around Ukraine's second-largest city, Kharkiv, in the early hours of Friday morning, according to Ukrainian officials. He also shared video and images of a fire blazing in Kharkiv city and said eight residents received medical attention on the spot, but nobody was injured. The U.S. government on Thursday imposed sweeping new sanctions against Moscow over its invasion of Ukraine, with almost 100 new measures targeting energy production, mining and defense. It also included new measures to clamp down on sanctions evasion in the United Arab Emirates, Turkey and China. Russia's Wagner Group has reportedly begun recruiting fighters again several months after the death of founder Yevgeny Prigozhin, according to Russian media reports.

Persons: Oleh Synehubov, Janet Yellen, Russia's Wagner, Yevgeny Prigozhin, Volodymyr Zelenskyy Organizations: Moscow, United Arab Locations: Ukraine's, Kharkiv, U.S, Ukraine, United Arab Emirates, Turkey, China, Russia

☆ Bank of England leaves interest rates at 15-year high, says policy to stay tight for 'extended period'
▼ + stars: | 2023-11-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON — The Bank of England on Thursday left interest rates unchanged, but said monetary policy will likely need to stay tight for an "extended period of time." The Monetary Policy Committee voted 6-3 in favor of keeping the main Bank rate at 5.25%, with three members preferring another 25-basis point hike to 5.5%. "The MPC's latest projections indicate that monetary policy is likely to need to be restrictive for an extended period of time. Further tightening in monetary policy would be required if there were evidence of more persistent inflationary pressures," the MPC said in its Thursday statement. It added that monetary policy will need to be "sufficiently restrictive for sufficiently long" to return inflation to the 2% target sustainably.

Persons: Jeremy Hunt, Jerome Powell Organizations: Bank of England, LONDON, Bank, MPC, U.S . Federal Reserve, Federal, Treasury, Bank of Locations: British, Europe

Still life of Wegovy an injectable prescription weight loss medicine that has helped people with obesity. It should be used with a weight loss plan and physical activity. Novo Nordisk on Thursday reported record profits and sales for the third quarter, but said supplies of its hugely popular weight loss drug Wegovy would continue to be restricted. The Danish pharmaceutical giant posted third-quarter sales of 58.73 billion Danish krone ($8.34 billion), a 29% increase from the same period last year, driven by demand for its flagship Ozempic and Wegovy drugs in the U.S. The company has struggled to keep up with demand for Wegovy, an appetite-suppressing anti-obesity drug, forcing it to limit the number of patients able to begin treatment.

Persons: Wegovy, Elliot Smith Organizations: Novo Nordisk, U.S Locations: Danish

☆ Aston Martin shares plunge on volume target cut, lingering debt
▼ + stars: | 2023-11-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Company shares had plunged by as much as 20% in earlier trade. Aston Martin reported an adjusted operating loss of £48.4 million ($58.8 million) for the three months to the end of September and a net revenue of £362.1 million, below a company-compiled consensus of £370 million. "The DB12 production ramp up was temporarily affected as supplier readiness and integration of the new EE platform that supports the fully redeveloped infotainment system was delayed," Aston Martin said in its earnings report on Wednesday. Aston Martin Executive Chairman Lawrence Stroll said the launch of the DB12 has seen "extraordinary demand" and is bringing in new customers, with 55% of initial DB12 buyers new to the brand. "With the shares trading at a tenth of the level at which they listed in 2018, the optimistic comparisons Aston Martin made for itself with Italian rival Ferrari look as fanciful as they ever did."

Persons: Aston Martin, Lawrence, Aston, Russ Mould, AJ Bell, Aston Martin's, " Mould, Ferrari Organizations: Company, Aston, Aston Martin, Saudi Arabia's Public Investment Fund Locations: London

☆ Bank of England set to hold rates again, but markets see no cuts on the horizon
▼ + stars: | 2023-11-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. "U.K. economic activity appears to have slowed further, the housing market is weaker, consumer spending is falling, and inflationary pressure is showing further signs of dissipating. U.K. inflation came in at 6.7% in September , unchanged from the previous month and considerably higher than in other G7 economies. "The only way that we can rationalise this is if U.K. inflation remains stuck at 3% or higher forever, and/or the U.K. economy avoids a meaningful recession," he said. The European Central Bank last week held rates steady at their current record high of 4%, ending a run of 10 straight hikes.

Persons: Mike Riddell, BoE, Swati Dhingra, Riddell, Abbas Khan, Haskel, Mann, Dhingra, Catherine Mann, Allianz's Riddell Organizations: Bank of England, Allianz Global Investors, P, MPC, Bank, Monetary, LONDON, Barclays, U.S . Federal, Treasury, European Central Bank Locations: City, London, Britain, Israel

☆ Credit Suisse intervention avoided 'financial crisis,' Swiss National Bank chairman says
▼ + stars: | 2023-11-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Thomas Jordan, president of the Swiss National Bank (SNB), speaks during the bank's annual general meeting in Bern, Switzerland, on Friday, April 28, 2023. Swiss National Bank Chairman Thomas Jordan on Wednesday said the central bank's interventions during the fall of Credit Suisse were "crucial" to avoid a "financial crisis" worldwide. As part of this, SNB injected 168 billion Swiss francs ($185 billion) in emergency liquidity. This bought time for the central bank, alongside regulator FINMA and the Swiss authorities, to broker Credit Suisse's emergency sale to domestic rival UBS in March for a discounted price of just 3 billion Swiss francs. UBS in August announced that it had ended Credit Suisse's government and central bank protections after completion of the takeover, including an emergency liquidity assistance plus (ELA+) loan of 50 billion Swiss francs obtained from the SNB.

Persons: Thomas Jordan, SNB, Jordan Organizations: Swiss National Bank, Wednesday, Credit Suisse, Swiss, UBS, Reuters, August Locations: Bern, Switzerland

☆ Euro zone inflation drops to two-year low in October; economy shrinks in third quarter
▼ + stars: | 2023-10-31 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

(Photo by Kirill KUDRYAVTSEV / AFP) (Photo by KIRILL KUDRYAVTSEV/AFP via Getty Images)Inflation across the euro zone dropped to a two-year low of 2.9% in October, according to preliminary data released Tuesday, down from 4.3% the previous month and below a consensus estimate of 3.1% from a Reuters poll of economists. The agency also revealed Tuesday that the euro zone economy contracted by 0.1% in the third quarter, according to flash estimates, below consensus estimates for GDP to be unchanged from the previous quarter. The ECB expects the euro zone economy to grow by just 0.7% this year, by 1% in 2024 and 1.5% in 2025. The euro zone has been grappling with high inflation for the past 18 months, with the consumer price index peaking at 10.6% in October 2022. The ECB needs to see wage inflation slowing and this could take a further six months," he added.

Persons: Kirill KUDRYAVTSEV, KIRILL KUDRYAVTSEV, Mathieu Savary, Mark Wall Organizations: Getty, European Union, Eurostat, ECB, European Central Bank, Council, BCA Research, Deutsche Bank Research Locations: Frankfurt, Germany, AFP, Europe's, Latvia, Belgium, Spain, Ireland, Austria, Israel, European

☆ Economists fear major disruption if the Israel-Hamas conflict is not contained
▼ + stars: | 2023-10-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

ReutersAny possible escalation of the Israel-Hamas war poses a major risk to the global economy, driving up energy prices and disrupting key trade routes, economists have warned. Israel's subsequent bombardment of Gaza in a bid to eliminate Hamas has increased the risk of a spillover to the wider Middle East region. The events in recent days have deepened the greatest fear among economists, that the conflict engulfs the region and begins to pose a long-term threat to global energy and trade infrastructure. Back then oil prices gained 30% in a matter of two weeks before settling at around 15% above pre-war levels," said J. Safra Sarasin Equity Strategist Wolf von Rotberg. "You choke off those points and you create major disruption not just to oil prices, but the whole supply chain of the world for energy and other goods as well."

Persons: Israel's, Isaac Herzog, Pat Thaker, Thaker, Brent, J . Safra Sarasin, J, Wolf von Rotberg, Elijah Oliveros, Rosen, Oliveros, Paul Gruenwald, Gruenwald Organizations: Hamas, Reuters, Palestinian, Lebanese, Hezbollah, Economist Intelligence Unit, CNBC, Fed, ECB, West Texas, J ., Safra Sarasin Equity Locations: Israel, Palestinian, Gaza, Lebanon, East, Africa, Saudi, Ukraine, Europe, Iran, Tehran, Saudi Arabia, Suez, Persian, Hormuz, U.S, Chile, Turkey, Thailand, Philippines, India, Egypt

Third-quarter net profit was 1.031 billion euros ($1.06 billion), above an analyst consensus of quarterly net profit attributable to shareholders of 997 million euros, according to LSEG data. The bank's third-quarter net profit was down 8% on the previous year and up 35% on the quarter, amid ongoing struggles in the lender's investment unit. It also said it had scope to release up to an additional 3 billion euros in capital and would increase and accelerate shareholder distributions. The provision for credit losses was 200 million euros, compared to 350 million in the same quarter of last year. Analysts at UBS said Deutsche Bank had delivered a "major improvement in capital" and "robust operational performance," flagging that pre-tax profit of 1.723 billion euros was 9% above consensus.

Persons: James von Moltke, CNBC's Silvia Amaro, von Moltke Organizations: Deutsche Bank, UBS Locations: London

☆ Barclays narrowly beats profit forecasts on strong consumer, credit card business
▼ + stars: | 2023-10-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LONDON — Barclays on Tuesday reported a net profit of £1.27 billion ($1.56 billion) for the third quarter, slightly ahead of expectations as strong results in its consumer and credit card businesses compensated for weakening investment bank revenues. Venkatakrishnan said the bank "continued to manage credit well, remained disciplined on costs and maintained a strong capital position" against a "mixed market backdrop." Barclays' corporate and investment bank (CIB) saw income decrease by 6% to £3.1 billion, with the bank citing reduced client activity in global markets and investment banking fees. The bank did not announce any new returns of capital to shareholders after July's £750 million share buyback announcement. The cost-income ratio in the third quarter was 63%, but the bank has set a medium-term target of below 60%.

Persons: Venkatakrishnan Organizations: LONDON, Barclays, Reuters, C.S, Barclays U.K, Q423 Locations: London

☆ Treasury yields continue retreat after 10-year slips back below 5%
▼ + stars: | 2023-10-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

ET, the yield on the benchmark 10-year Treasury note was down around 2.4 basis points at 4.8145% while the yield on the 30-year Treasury bond slipped just over 3 basis points to 4.9559%. U.S. Treasury yields continued to moderate on Tuesday after slipping back below 5%, though they remained near 16-year highs. Yields fell after Pershing Square's Bill Ackman on Monday disclosed that he had covered his bond short position. Markets are all but certain that the Fed funds target range will remain unchanged next week, according to CME Group's FedWatch tool. Auctions will be held Tuesday for $75 billion of 42-day Treasury bills and $51 billion of 2-year notes.

Persons: Pershing, Bill Ackman, Ackman, Jim Reid, Reid, Jerome Powell, Powell Organizations: Treasury, Deutsche Bank, Treasurys, Federal Locations: London

☆ Treasury yields rise again as 10-year hovers near 5%
▼ + stars: | 2023-10-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

ET, the yield on the benchmark 10-year Treasury note rose by around 5 basis points to 4.9758%, while the yield on the 30-year Treasury bond climbed around 4 basis points to 5.1286%. U.S. Treasury yields ticked higher on Monday, hovering just below multiyear highs as investors continue to assess the prospect of higher-for-longer interest rates. Fed fund futures pricing reflects a 98% probability that the central bank keeps its main interest rate unchanged at the current target range of 5.25-5.5% at its next monetary policy meeting. Wall Street is awaiting a big week of corporate earnings, with tech titans Alphabet, Amazon, Meta and Microsoft all set to report. Auctions will be held Monday for $75 billion of three-month Treasury bills and $68 billion of six-month bills.

Persons: Jerome Powell Organizations: Treasury, Federal, Meta, Microsoft

☆ 'The bond vigilante is coming back,' UBS strategist says
▼ + stars: | 2023-10-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Andrew Kelly | ReutersThe bond vigilantes are coming back as investors continue to sell amid the prospect of higher for longer interest rates and a growing fiscal deficit, according to Kevin Zhao, head of global sovereign and currency at UBS Asset Management. "The bond vigilante is coming back, so this is very important for asset prices in equity, house prices, fiscal policy, monetary policy, so no longer is this a free ride on bond markets anymore — so the government has to be very careful in terms of the future. "A few months ago, most people expected the U.S. government deficit would keep going down with growth slowing — it was 3.9% last year and it's actually going up with growth slowing — that is quite alarming for bond investors." The term "bond vigilantes" refers to bond market investors who protest against monetary or fiscal policy they fear is inflationary by selling bonds, thereby increasing yields. Fed fund futures pricing reflects a 98% probability that the central bank keeps its main interest rate unchanged at the current target range of 5.25-5.5% at its next monetary policy meeting.

Persons: Andrew Kelly, Kevin Zhao, Jerome Powell, Zhao, Liz Truss, it's Organizations: UBS Asset Management, Treasury, Federal, U.S, Treasury Department, U.S . Federal Reserve Locations: British, Treasurys

☆ Biden makes case for 'urgent' military aid to Ukraine; North Korea's Kim says Russia agreements will be 'faithfully' fulfilled
▼ + stars: | 2023-10-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden said he would be sending an "urgent" funding request to Congress on Friday for military aid to support both Ukraine and Israel in their respective war efforts. Biden late on Thursday made a rare White House speech in which he claimed both Hamas and Russia "want to annihilate a neighboring democracy," and vowed to send an "urgent" request to Congress for additional funding to both Ukraine and Israel to aid their respective military efforts. The White House said Tuesday that it had supplied Kyiv with long-range ATACMS (Army Tactical Missile Systems) missiles, and Ukrainian President Volodymyr Zelenskyy confirmed that his forces had used them in action. Meanwhile, North Korean leader Kim Jong Un has resolved to "faithfully implement" agreements made with Russian President Vladimir Putin at a summit last month, state media KCNA reported Friday. Lavrov's trip to Pyongyang comes hot on the heels of Putin's visit to China this week, during which the Russian president said Washington's decision to supply ATACMS missiles to Ukraine was "a mistake."

Persons: Joe Biden, Biden, Volodymyr Zelenskyy, Zelenskyy, Kim Jong Un, Vladimir Putin, KCNA, Kim, Sergei Lavrov, Washington's Organizations: Ukraine, Oval, White, Army Tactical Missile Systems, Biden, Russian, DPRK Locations: Israel, Gaza, Russia, Washington , U.S, Ukraine, Pyongyang, China

☆ UK PM Rishi Sunak suffers two historic by-election defeats as Labour opposition surges
▼ + stars: | 2023-10-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Labour party candidate Sarah Edwards, centre, after polls closed in the Tamworth by-election on October 20, 2023 in Tamworth, England. LONDON — U.K. Prime Minister Rishi Sunak's Conservative Party suffered two historic by-election defeats on Thursday, with the main opposition Labour Party overturning huge majorities to win both seats. Labour overcame a 24,664 majority to win Mid Bedfordshire for the first time since the constituency's inception in 1931 in a 20.5% swing. In the process, it pulled off the largest Conservative numerical majority overturned in the U.K. by the main opposition party since 1945. The opposition party took on what was a 66% Conservative majority at the 2019 General Election.

Persons: Sarah Edwards, Rishi, Keir Starmer, Greg Hands, Chris Pincher, Pincher, Boris Johnson, Nadine Dorries, Johnson's Organizations: Labour, LONDON, Conservative Party, Labour Party, Tamworth, Mid Bedfordshire, Conservative, Conservatives, BBC Locations: Tamworth, England, Mid Bedfordshire, West Midlands, Bedfordshire

☆ Turbine troubles have sent wind energy stocks tumbling — and a slew of issues remain
▼ + stars: | 2023-10-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

A Siemens Gamesa blade factory on the banks of the River Humber in Hull, England on October 11, 2021. Siemens Energy made the headlines earlier this year when it scrapped its profit forecast and warned that costly failures at wind turbine subsidiary Siemens Gamesa could drag on for years. It sparked concerns about wider problems across the industry and thrust Europe's wind energy giants' earnings into the spotlight. Read more:Deutsche had previously highlighted challenges in the wind turbine industry including supplier delays, lower tax credits and rising rates. Reliability issues Those surveyed by ONYX also expressed reliability concerns, with 69% expecting more reliability issues due to aging assets and 56% seeing problems associated with new turbine technology.

Persons: PAUL ELLIS, Kepler Cheuvreux, Morgan Stanley, Morgan, Ben Uglow, Ørsted, Read, —, Ashley Crowther, Crowther Organizations: Siemens, AFP, Getty, Siemens Energy, Grid Technologies, Siemens Gamesa, Gas, Grid, Deutsche Bank, Deutsche, Vestas, ONYX Locations: Hull , England, Ukraine

☆ UK inflation holds steady for September after Bank of England pauses rate hikes
▼ + stars: | 2023-10-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON — U.K. inflation came in at 6.7% in September, slightly ahead of expectations and unchanged from the previous month. For August, the U.K. consumer price index surprised with a dip to 6.7%, below expectations, which sparked the Bank of England to end a run of 14 straight interest rate hikes. The bank had been hiking rates consistently since December 2021 in a bid to rein in inflation, taking its main policy rate from 0.1% to a 15-year high of 5.25% in August. The market is pricing around a 77% chance that the Bank holds rates steady again at its next meeting on November 2nd. For now, the higher for longer interest rate narrative will continue to persist," he said Wednesday in an emailed note.

Persons: Jeremy Hunt, Marcus Brookes, Brookes, Hetal Mehta, BoE Organizations: LONDON, Reuters, National Statistics, Chancellor, Bank of, Bank, Quilter Investors, Bank of England's, Bank of England Locations: Canary, London, Bank of England, British, James's

☆ European stocks retreat as traders track earnings, inflation data
▼ + stars: | 2023-10-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were slightly lower on Wednesday as traders monitored corporate earnings, developments in the Middle East , and key inflation data. The pan-European Stoxx 600 index slipped 0.4% in early trade, with tech stocks shedding 1.7% to lead losses while retail stocks added 0.4%. Shares in Asia-Pacific clawed back some lost ground throughout the trading session overnight, after fresh data showed stronger-than-expected economic growth out of China for the third quarter. Earnings season also gathers steam in Europe, with ASML , SAP, Volvo, Deutsche Boerse and ABB among those reporting Wednesday. Economic data will also be in focus, with inflation data from the U.K. and the euro zone released throughout the morning.

Persons: Morgan Stanley Organizations: Federal Reserve, Stock, Wall, Netflix, Tesla, ASML, SAP, Volvo, Deutsche Boerse, ABB Locations: Asia, China, Europe

☆ Adidas shares climb after boost from Yeezy sales, guidance raise
▼ + stars: | 2023-10-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Shoes are offered for sale at an Adidas store in Chicago, Feb. 10, 2023. Adidas on Tuesday hiked its full-year guidance and posted stronger-than-expected third-quarter earnings, aided by sales of its Yeezy inventory. Third-quarter operating profit came in at 409 million euros, down from 564 million for the same quarter in 2022. "While the company's performance in the quarter was again positively impacted by the sale of parts of its remaining Yeezy inventory, the underlying adidas business also developed better than expected," Adidas said in its earnings report. It has since been working to sell off its remaining inventory of his trademark Yeezy sneakers.

Persons: Ye Organizations: Adidas, adidas Locations: Chicago, Europe, €

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