China reopens, economy at center | Bot To News

Blue chips look like a good investment, but you need to be careful, says an economist

Rob Buckland, global chief economist at Citi, discusses blue-chip companies, oil stocks and the earnings landscape for 2023 on CNBC’s “Squawk Box Europe.”

Blue chips look like a good investment, but you need to be careful, says an economist

Oil and gas stocks fall as oil prices fall 10% for the week

European oil and gas stocks were down 0.8% in early afternoon trade, while all other sectors were buoyant.

U.S. West Texas Intermediate crude futures and Brent crude futures rose on the day, but weekly losses of about 10% each were forecast. This represents the worst weekly drop since April and August, Reuters reports.

An EU embargo on purchases of Russian crude began this week and as the bloc, along with the G-7 and Australia, imposed a price cap on Russian offshore oil.

Oil prices did not rise significantly due to the easing of restrictions due to Covid-19 in China, despite expectations of increased demand, or due to the bottleneck of tankers in Turkey.

Total energies was down 1.8% at 1pm in London, shell fell by 0.8% and BP fell by 1.3%.

—Jenni Reid

UK financial regulator fines Santander $132 million for anti-money laundering failures

The UK’s Financial Conduct Authority said on Friday it had fined Spanish bank Santander 107.7 million pounds ($132 million) for “serious and persistent” breaches.

The regulator said Santander’s UK unit failed to properly monitor its anti-money laundering systems for more than 560,000 business customers between 31 December 2012 and 18 October 2017.

“In one case, a new customer opened an account as a small translation business with expected monthly deposits of £5,000. Within six months, it received millions in deposits and quickly transferred money into separate accounts,” Mark Steward, the FCA’s executive director of enforcement, said in a statement. .

Read the full story here.

The UK is announcing a major overhaul of its financial sector to boost growth

The UK government announced sweeping reforms to financial regulation on Friday, which it says will overhaul EU laws that “stifle growth”.

The package of 30 measures includes a relaxation of the rule requiring banks to separate their retail operations from their investment branches. This measure, first introduced after the 2008 financial crisis, would not apply to retail-focused banks.

Read the full story here.

– Jenny Reid

For the first time in two years, we see a “kind of” turnaround in earnings: the portfolio manager

For the first time in two years, we're seeing some kind of turnaround in earnings: the portfolio manager

Man Group’s Henry Dixon discusses the 2023 earnings outlook and the US labor market, among other topics.

Stocks on the move: Man Group up 4%, Carl Zeiss Meditec down 10%

Shares of Carl Zeiss Meditec fell more than 10% in early trading after the German medical technology company posted weak first-quarter profit guidance.

At the top of the European blue chip index, the British investment manager Male group rose 4.7% after announcing a $125 million share buyback program.

– Elliot Smith

Here are the initial tenders

British FTSE 100 should gain around 18 points on 7490, Germany DAX should climb about 54 points to 14,319 and France CAC 40 is about 21 points higher at 6.668.

There is confusion and optimism about China’s move from zero covid: British Chamber of Commerce

Beijing’s “pivot” on Covid policy is leading to confusion and optimism, said Steven Lynch, director general of the British Chambers of Commerce in China.

“There’s a lot of optimism and hope for 2023, but there’s a lot of confusion,” he told CNBC’s “Squawk Box Asia,” describing the shift away from strict Covid rules as happening “almost overnight.”

He said there may still be “huge discrepancies” between local policies and central government rules, and people are still worried about getting sick.

“One thing is very clear. Covid is quite widespread here in Beijing. And I think that brings a whole new set of challenges that China will face,” he said.

— Abigail Ng

CNBC Pro: Bank of America says these two global chip stocks could rise 75% on electric car sales

A shortage of semiconductors amid a boom in electric vehicle sales could help boost profits for a handful of chip makers, according to Bank of America.

The Wall Street bank predicted that the trend could send the share prices of the two chip stocks up more than 75%.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Is Apple a stock to buy or avoid? A clash between two investors

It’s been a tumultuous year for tech companies, as investors flee growth stocks amid rising interest rates and other headwinds.

Apple it has held its own better amid the technological carnage, though there have been some headwinds.

The two investors faced off on CNBC’s “Street Signs Asia” on Wednesday to make the case for and against buying the stock.

CNBC Pro subscribers can read more here.

— Weizhen Tan

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