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☆ Anglo American rejects BHP's $39 billion takeover bid to form mining juggernaut
▼ + stars: | 2024-04-26 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Australia-based BHP on Thursday said it had made an all-share takeover offer which valued the smaller company at £31.1 billion ($38.9 billion). "The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," he said. Anglo American Chairman Stuart Chambers said the proposed restructure was "highly unattractive, creating substantial uncertainty and execution risk borne almost entirely by Anglo American, its shareholders and its other stakeholders." Shares of Anglo American Platinum rose more than 2% on the announcement, while Kumba Iron Ore moved 0.9% lower. Chambers said that, in its current state, Anglo American was "well positioned" to benefit from that energy transition.

Persons: BHP's, Stuart Chambers, Chambers, — CNBC's Jenni Reid Organizations: BHP Group, BHP, CNBC, Limited, Iron Ore Limited Locations: Australia, London, American, South Africa

☆ Deutsche Bank posts better-than-expected profit in first quarter amid investment banking recovery
▼ + stars: | 2024-04-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Deutsche Bank on Thursday reported a 10% rise in first-quarter profit, beating expectations amid an ongoing recovery in its investment banking unit. Net profit attributable to shareholders was 1.275 billion euros ($1.365 billion) for the period, ahead of an aggregate analyst forecast of 1.23 billion euros for the period, according to LSEG data. Deutsche Bank said this was its highest first-quarter profit since 2013. Revenues at its investment bank increased 13% to 3 billion euros, following a 9% slump through full-year 2023 which had dragged down overall profit. Germany's biggest lender reported net profit of 1.3 billion euros in the prior quarter and of 1.16 billion euros in the first quarter last year.

Persons: James von Moltke, CNBC's Annette Weisbach Organizations: Deutsche Bank, Deutsche Bank's, Private Bank, Asset Management

☆ Anglo American shares pop 12% after BHP Group's $39 billion takeover bid to form mining juggernaut
▼ + stars: | 2024-04-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Mining giant BHP Group on Thursday said it had made an all-share takeover offer for rival Anglo American , valuing the smaller company at £31.1 billion ($38.9 billion). Anglo American shares leapt at the market open and were 12% higher at 9 a.m. in London. Australia-based BHP, the biggest listed miner according to Companies Market Cap, said that the deal would deliver 0.7097 BHP shares per Anglo American share to Anglo American's ordinary shareholders. Anglo American has a huge copper operation based in South America and a production target for the metal of 730,000 to 790,000 tons in 2024. This compares with a copper output aim between 1.7 million and 1.9 million for BHP over the same period.

Organizations: Mining, BHP Group, BHP Locations: London, Australia, American, South America

☆ UBS chair says Swiss banking giant is not 'too big to fail'
▼ + stars: | 2024-04-24 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

UBS Group Chairman Colm Kelleher on Wednesday said that the Swiss bank is "not too big to fail," as he criticized Swiss government proposals to strengthen its capital requirements. Kelleher was delivering a speech during the UBS Annual General Meeting — the first such gathering held since the bank completed the takeover of its former rival Credit Suisse last summer. "UBS is not too big to fail. UBS is one of the best capitalized banks in Europe, with a sustainable business model and a corresponding low-risk balance sheet," Kelleher said. This is a breaking news story and will be updated shortly.

Persons: Colm Kelleher, Kelleher Organizations: UBS, Credit Suisse Locations: Swiss, Europe

☆ Market veteran Howard Marks says Fed is 'not going back' to ultra-low rates
▼ + stars: | 2024-04-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The Federal Reserve will not bring interest rates back down to their post-financial crisis lows, according to veteran investor Howard Marks — and he believes that's a good thing. "The U.S. economy is doing quite well, and so it's not clear that it requires stimulus," Marks told CNBC's Frank Holland on Tuesday. The current federal funds target rate of 5.25% to 5.5% is an "emergency measure designed to cool off the economy and inflation," Marks continued. I think that's in the threes." "I think that interest rates should most of the time be set by the free market.

Persons: Howard Marks —, that's, Marks, CNBC's Frank Holland, we're Organizations: Federal Reserve Locations: U.S

☆ European markets head for lower open with eyes on Israel and Iran; rate repricing remains in focus
▼ + stars: | 2024-04-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

European stock markets are set to open sharply lower Friday, rounding off a week in which escalating tensions in the Middle East and repricing of interest rate expectations have been in focus. After a strong start to 2024, the index is heading for its first monthly loss of the year in April. In the latest back-and-forth between the countries, Israel launched a limited direct military attack on Iranian soil early Friday morning. Investors are monitoring a slew of commentary on the path of interest rates emerging from the International Monetary Fund's Spring Meetings in New York. But markets have become significantly less confident there will be a June cut from the U.S. Federal Reserve or Bank of England, after two hotter-than-expected inflation prints.

Persons: François Villeroy de Galhau, Christine Lagarde Organizations: International, European Central Bank, CNBC, U.S . Federal Reserve, Bank of England Locations: Israel, New York

☆ Here's what 12 European Central Bank members said about interest rates this week
▼ + stars: | 2024-04-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +7 min

The ECB opted to hold rates steady in April and next meets to vote on monetary policy on June 6. Christine Lagarde, president of the ECBThe ECB's figurehead delivered a firm message that reflected her statements in recent press conferences: markets should expect an interest rate cut soon, barring major surprises. watch nowGabriel Makhlouf, governor of the Central Bank of IrelandMakhlouf said the most recent data sets had shifted his view on rates. "We don't follow the Fed... and now the ECB will be the central bank to be followed," Šimkus said. One could have cut rates way back in March or even April," he continued, adding that he hoped a majority of Governing Council members would back a June cut.

Persons: Kirill Kudryavtsev, Christine Lagarde, Lagarde, CNBC's Sara Eisen, Galhau, Villeroy, Karen Tso, Joachim Nagel, Germany's, Nagel, Robert Holzmann, Mario Centeno, Centeno, Gabriel Makhlouf, Central Bank of Ireland Makhlouf, we've, Makhlouf, Pierre Wunsch, Wunsch, Boris Vujčić, Jerome Powell, Vujčić, Gediminas Šimkus, Bank of Lithuania Šimkus, Šimkus, Edward Scicluna, Central Bank of Malta Scicluna, Kazāks, Bank of Latvia Kazāks, Olli Rehn, Rehn Organizations: Afp, Getty, International, European Central Bank, CNBC, ECB, Bank of France, Council, Austrian Central Bank One, Bank of Portugal, Central Bank of Ireland, National Bank of, Croatian National Bank, Federal, U.S, Bank of Lithuania, Central Bank of, Governing, Bank of Locations: Frankfurt, Germany, New York, ECB's, National Bank of Belgium, U.S, Europe, Central Bank of Malta, Bank of Latvia, Bank of Finland

☆ UK inflation eases less than expected to 3.2% in March, sparking concerns of U.S.-style stickiness
▼ + stars: | 2024-04-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Food prices provided the biggest downward drag on the headline rate, the ONS said, while motor fuels pushed it higher. The core figure, excluding energy, food, alcohol and tobacco, came in at 4.2%, compared with a projection of 4.1%. Services inflation, a key watcher for U.K. monetary policymakers, declined from 6.1% to 6% — again above the expectations of both economists and the BOE. This week, investors have been monitoring signs of a cooling U.K. labor market, with unemployment unexpectedly rising to 4.2% in the period between December and February. The central bank's own forecast is for inflation to "briefly drop" to its 2% target in the spring before increasing slightly.

Persons: BOE, BOE Governor Andrew Bailey Organizations: National Statistics, Bank of England, Reuters, Federal Reserve Locations: U.S

☆ Risk of a global recession is minimal, IMF economist says — would take 'a lot to derail'
▼ + stars: | 2024-04-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

"When we do the risk assessment around that baseline, the chances that we would have something like a global recession is fairly minimal. The Washington DC-based institute this week nudged its global growth outlook slightly higher to 3.2% in 2024 and projects the same rate in 2025. One of the International Monetary Fund's top economists signals little risk of a global recession, despite the ongoing rumblings of geopolitical uncertainty. That has all combined with the ongoing Russia-Ukraine war, which had its biggest wider impact on energy prices in Europe in 2022. And that's one of the big risks that we do see, the implications that could have for oil prices could be substantial.

Persons: Gourinchas, Pierre, Olivier Gourinchas, Karen Tso, Gita Gopinath, we're Organizations: U.S, IMF, Washington DC, International Monetary, Palestinian, Hamas, CNBC Locations: Europe, New York, Germany, France, Italy, Spain, Portugal, Belgium, Gaza, Red, Yemeni, Russia, Ukraine, Asia, Israel, Iran

☆ These 10 oil stocks are the most — and least — sensitive to price swings amid Iran-Israel tensions
▼ + stars: | 2024-04-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Crude oil prices have been volatile in April amid heightened geopolitical risks. Fears of a spillover conflict in the Middle East have led some market watchers to predict oil prices could soar to $100 per barrel and beyond . Any disruption in its capacity to supply global markets could send oil prices higher, analysts told CNBC. Oil and gas stocks that show a negative correlation with crude oil prices will enable investors to withstand any volatility while remaining invested in the sector. A correlation of 0 would mean no link between the crude oil price and the stock price.

Persons: Bartosz, Andy Lipow, — CNBC's Lee Ying Shan, Jenni Reid Organizations: Organization of, Petroleum, CNBC, Brent, Lipow Oil Associates, CNBC Pro, Energy Locations: Iran, Israel, Conotoxia, Hormuz, lockstep

☆ Flights are still being disrupted and rerouted after Iran's attack on Israel. Here's what you need to know
▼ + stars: | 2024-04-16 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

British low-cost carrier easyJet on Tuesday said it was extending its suspension of Israel flights for the remainder of the summer season, until Oct. 27, and would refund customers due to fly. Rival Wizz Air resumed flights to Tel Aviv on Tuesday but said passengers may experience "schedule changes" and that it was monitoring the situation. Dutch airline KLM canceled flights to Israel until Apr. Air India said it had temporarily suspended flights to and from Tel Aviv and its Tuesday service was listed as canceled. Germany's Lufthansa Group said it had resumed flights to Tel Aviv, Amman and Erbil on Tuesday, but had canceled flights to Tehran and Beirut up until Thursday.

Organizations: Sunday, Wizz Air, KLM, Air, Germany's Lufthansa Group Locations: Ben Gurion, Iran, Tel Aviv, Israel, British, Air India, Amman, Erbil, Tehran, Beirut

☆ Rising oil is still the big market risk despite today's pullback, analysts say
▼ + stars: | 2024-04-15 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Markets kept their cool on Monday amid a fast-moving and volatile geopolitical landscape in the Middle East — but the longer-term risk premium has likely risen, while oil prices remain on edge, analysts said. Iran said it was acting in self-defense in response to a strike on its diplomatic compound in Damascus, Syria, earlier this month. By Monday, global players including the U.S. and European leaders were seeking to cool tensions, urging Israel to show restraint in its response. Sinha nevertheless added that "the fact that we moved from a proxy confrontation to a direct confrontation, even though that de-escalates in the near term, the longer term risk premium probably goes up." "I think the FX market ultimately will take its cue from oil prices because ultimately, that's the channel through which it spills over to the FX market," he said.

Persons: Adarsh Sinha, CNBC's, Sinha Organizations: U.S . Energy Information Administration, U.S, Asia FX, Bank of America, Iranian, FX Locations: Iran, Israel, Damascus, Syria, Strait, Hormuz, Tehran, Asia, U.S

☆ UK economy posts 0.1% growth in February in further sign of recession rebound
▼ + stars: | 2024-04-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — U.K. gross domestic product rose 0.1% in February, the Office for National Statistics said on Friday, providing another sign of a return to sluggish economic growth this year. The economy contracted in the third and fourth corners of 2023, putting the U.K. in a technical recession. Construction output, which boosted growth at the start of the year, fell 1.9% in February. The reading "all-but confirms the recession ended" last year, Paul Dales, chief U.K. economist at Capital Economics, said in a note. British inflation fell more than expected in March, to a nearly two-and-a-half year low of 3.4%.

Persons: Paul Dales Organizations: Street, LONDON, National Statistics, Capital Economics Locations: London, England, U.S

☆ European Central Bank gives strong signal that cuts are on the way despite Fed uncertainty
▼ + stars: | 2024-04-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Christine Lagarde, president of the European Central Bank (ECB), at a rates decision news conference in Frankfurt, Germany, on Thursday, March 7, 2024. The European Central Bank on Thursday held interest rates steady for a fifth straight meeting and gave its clearest signal yet of an upcoming rate cut, despite uncertainty over the U.S. Federal Reserve's next moves. In a press conference following the announcement, ECB President Christine Lagarde said this "important" new sentence was a "loud and clear indication" of the bank's current sentiment. The ECB made no direct reference to loosening monetary policy in its previous communiques. The central bank for the 20 countries that share the euro currency hiked its key rate to a record 4% in September.

Persons: Christine Lagarde, Hussain Mehdi Organizations: European Central Bank, ECB, U.S, U.S . Federal, HSBC Asset Management Locations: Frankfurt, Germany, U.S .

☆ Simon Harris becomes youngest-ever Irish prime minister, pledges 'reset'
▼ + stars: | 2024-04-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Newly-declared Fine Gael leader Simon Harris speaking at a convention in Athlone, central Ireland on March 24, 2024, after becoming de facto prime minister-in-waiting. The Irish Parliament on Tuesday confirmed Simon Harris as the country's new prime minister, making him the youngest-ever holder of the position. Harris succeeds Leo Varadkar as Taoiseach — Irish for leader — following a 88-69 vote by lawmakers. Harris, formerly an education minister, ran unopposed to succeed Varadkar as leader of the center-right Fine Gael party. At 37, Harris will be the youngest-ever Taoiseach, taking that record from Varadkar who was 38 when he assumed the post in 2017.

Persons: Simon Harris, Harris, Leo Varadkar, — Irish, —, Michael D, Higgins, Varadkar Organizations: Fine Gael, Irish, Palestinian, Hamas, European Union, Reuters Locations: Athlone, Ireland, Gaza

☆ 'They can't get it wrong again': Economists are increasingly uncertain about Fed rate cuts this year
▼ + stars: | 2024-04-08 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

All eyes will now be on Wednesday's consumer price index, after February's annual inflation rate of 3.2% came in slightly higher than expected. George Lagarias, chief economist at Mazars, told CNBC on Monday that rate cuts in the summer were now looking much less likely. "Personally, I wouldn't be surprised if we saw less rate cuts and pushed more towards the end of the year," he told "Squawk Box Europe" on Monday. Despite this, he said it remains "very likely" that there will be rate cuts this year. They do not want to be the Fed that cut rates as inflation kept beating expectations.

Persons: Neel Kashkari, George Lagarias, Lagarias Organizations: U.S . Federal, Minneapolis, CNBC

☆ European close markets higher on busy week for central bank action
▼ + stars: | 2024-04-08 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The regional Stoxx 600 closed up 0.5%, with mining stocks up 2% and media stocks down 0.2%. The benchmark index dropped 1.2% last week, its worst performance since January after a run of consistent gains. European stocks closed higher Monday at the start of a busy a week of key data releases and central bank decisions. U.S. stocks also had a shaky week, though a stronger-than-expected jobs report released Friday boosted sentiment around the economy and earnings. The European Central Bank meets Thursday for its latest monetary policy decision.

Persons: Neel Kashkari Organizations: Federal, Minneapolis, European Central Bank

☆ Gold has broken through the $2,300 level, and one market veteren has a bullish call looking ahead
▼ + stars: | 2024-04-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The precious metal has hit successive record highs this year, including another on Thursday when spot gold broke above $2,300 before easing slightly. Juerg Kiener, chief investment officer at Swiss Asia Capital, told CNBC's "Street Signs Asia" on Wednesday that his forward curve analysis for gold "looks fantastic." "If you look at your forward curve for a year it's about 26 [$2,600]. He added that an inventory collapse in the gold market is putting "a lot of derivative structures at risk." Kiener also cited geopolitics, a shift to a "multipolar world," and changing international trade structures as reasons for his bullishness on the gold price.

Persons: Kiener, CNBC's, —, We've Organizations: Swiss Asia Capital, U.S . Federal Locations: Gaza, Ukraine, Asia

☆ UBS CEO says integrating Credit Suisse will become a 'case study' for future big bank mergers
▼ + stars: | 2024-04-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The mammoth integration of failed bank Credit Suisse into its former rival UBS will act as a "case study," UBS CEO Sergio Ermotti said Friday, one that will show that big bank mergers should be allowed. "Of course, we can't just rely on a crisis to create or facilitate the merger of banks," Ermotti said. "It's good to have strong players that can be part of the solution, like UBS was in the Credit Suisse case. UBS in June completed its takeover of the 167-year-old bank in a deal controversially brokered by Swiss authorities. The Swiss National Bank has said the size of the new entity flags potential competition issues that will need to be monitored.

Persons: Sergio Ermotti, Ermotti, CNBC's Steve Sedgwick, it's Organizations: Suisse, UBS, Credit, Credit Suisse, Swiss, Swiss National Bank Locations: Europe, Italy, underperformance

☆ Shares of Volvo Cars up 6% to November highs on record sales month
▼ + stars: | 2024-04-04 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Sweden's Volvo Cars on Thursday climbed to its highest level since November, after the automaker reported record single-month sales for March and solid electric vehicle growth in Europe. Year-on-year sales of electric vehicles in Europe were 22% higher in the quarter and up 34% year-on-year in March, roughly in line with overall sales growth in that market. Sales of electric models to China, the largest EV market, dropped by 36% despite a 4% hike in overall sales. Overall sales growth was 17%. "These numbers reflect the strength of our strategy and product diversity - offering fully electric cars alongside plug-in hybrids and mild hybrids in the right mix," Volvo Cars' Deputy CEO Björn Annwall said in a statement.

Persons: Björn Annwall Organizations: Volvo, Volvo Cars, EV Locations: Europe, London, China

☆ Half of adults globally are stressed about their finances, and inflation is a key reason
▼ + stars: | 2024-04-03 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Roughly half of adults are stressed about personal finance, a new survey spanning various advanced economies found. D3sign | Moment | Getty ImagesAt least half of adults in a range of major economies report being stressed about their personal finances, and say inflation is one of the main reasons. In the U.S., Australia, Spain and Mexico, around 70% of adults said they were "very or somewhat stressed" about money. The percentage reduced slightly to 63% in the U.K., 57% in Germany, 55% in Switzerland, and roughly half of people in Singapore and France. Across those countries, between a half and two thirds of people said they considered themselves to be part of the middle class — except in the U.K., where it was a lower 37%.

Persons: SurveyMonkey Organizations: Financial Security Locations: U.S, Australia, Spain, Mexico, Germany, Switzerland, Singapore, France

☆ Euro zone inflation unexpectedly slows to 2.4% in March, with core print also below forecast
▼ + stars: | 2024-04-03 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Inflation in the 20-nation euro zone eased to 2.4% in March, according to flash figures published on Wednesday, boosting expectations for interest rate cuts to begin in the summer. Economists polled by Reuters had forecast the rate would hold steady against the previous month at 2.6%. The core rate of inflation, excluding energy, food, alcohol and tobacco, cooled from 3.1% to 2.9%, also coming in below expectations. Markets expect the euro zone's central bank will begin lowering borrowing costs in June — a position reflected in the recent messaging of ECB decision-makers. "Inflation has declined despite a jump in energy inflation, and a boost from an early Easter.

Persons: European Central Bank —, Price, Robert Holzmann, Carsten Brzeski, Kamil Kovar, Kovar Organizations: Reuters, European Central Bank, ECB, ING, Moody's Locations: Rome, Italy, France, Spain, Germany, Austrian

☆ Baltimore disaster may be the largest-ever marine insurance payout, Lloyd's boss says
▼ + stars: | 2024-03-28 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Baltimore City Fire Boat 2 floats past the Dali container vessel after it struck the Francis Scott Key Bridge that collapsed into the Patapsco River in Baltimore, Maryland, U.S., on Tuesday, March 26, 2024. The collapse of a major Baltimore bridge and its knock-on effects could result in the biggest-ever marine insurance payout, the chair of insurance giant Lloyd's of London said on Thursday. I don't at this point anticipate that it's outside our realistic disaster scenario planning. It feels like a a very substantial loss, potentially the largest-ever marine insured loss, but not outside parameters that we plan for." Carnegie-Brown added that, while there would clearly be claims for the ship, cargo and the bridge, it is "second-order impacts" that would become "substantial."

Persons: Francis Scott Key, Bruce Carnegie, Brown, CNBC's Organizations: Fire, Analysts, Carnegie Locations: Baltimore, Dali, Patapsco, Baltimore , Maryland, U.S, London

☆ Class bullies may earn more in middle age, study finds
▼ + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

A new British study has found that some behaviours considered problematic in childhood can lead to higher salaries later in life. School bullies are likely to end up with higher salaries, a new study suggests, upending the conventional wisdom that they will receive their comeuppance later in life. Children with "conduct problems" at school also reported higher satisfaction in work. The social and emotional skills identified in school-age children could help predict various facets of later life, it found. "It is possible that what is often identified as aggressive behaviour is the adaptive response to a competitive environment," they say.

Organizations: U.K, for Social, Economic Research Locations: British

☆ H&M shares jump 14% as profit smashes expectations
▼ + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

(Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of H&M leapt 14% in early deals on Wednesday, after the Swedish retailer significantly beat profit expectations for its fiscal first quarter. Operating profit rose to 2.08 billion Swedish krona ($196 million), versus the 1.43 billion krona forecast in a LSEG poll of analysts. The company's operating margin rose to 3.9% from 1.3%, as it reiterated its target of a 10% operating margin this year. Net sales fell year-on-year in the first quarter, hitting 53.7 billion krona from 54.9 billion krona. Credibility was lent to the company's 10% operating margin target by positive sales momentum in the early spring/summer season, the Jefferies note added.

Persons: Budrul Chukrut, Inditex, Daniel Ervér, Helena Helmersson, Ervér, Jefferies Organizations: Getty, M Locations: HONG KONG, CHINA, Swedish, Hong Kong, Zara

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