22 minutes ago
UK employment rate falls as wage growth remains strong
A staff recruitment sign is posted in the window of a restaurant in the Soho district of London, England, on Tuesday, September 7, 2021.
Bloomberg | Bloomberg | Getty Images
Figures released by the Office for National Statistics show the UK’s employment rate fell to 74.5% in December-January, down from 74.8% in the previous measurement period.
The unemployment rate rose for the third time to 4.2% from 3.9% the previous year.
Excluding bonuses, the wage growth rate will be 6% from December 2023 to February 2024, slightly down from 6.1% from November 2023 to January 2024, according to economists’ forecasts compiled by Reuters. 5.8%.
Paul Dales, chief UK economist at Capital Economics, said: “Overall, absent a clear weakening in labor market activity, we believe that the UK’s disinflationary process may be coming to a halt, similar to that in the US. I would be a little worried.” said in a memo.
“However, with significant job losses and rising unemployment rates, it seems likely that wage growth will continue to slow in the coming months, so even if the Fed doesn’t act until September, , a rate cut could be possible in June.
— Jenny Reid
59 minutes ago
Ericsson exceeded profits
People visit the Ericsson stand during Mobile World Congress (MWC) Shanghai 2019 at the Shanghai New International Expo Center in Shanghai, China, June 25, 2019.
VCG | Getty Images
Swedish telecom company Ericsson on Monday reported operating profit excluding restructuring costs of SEK 4.3 billion ($393.8 million), up 7% from a year earlier and beating analysts’ estimates of SEK 1.7 billion compiled by LGEG. It was much better.
Organic sales fell 14%, and the network division, which includes 5G services, fell 19%.
The company said sales could stabilize in the second half of this year given recent contract increases and normalization of inventory levels in North America.
CEO Börje Ekhholm told CNBC’s “Squawk Box Europe” that the company is focused on cost and ensuring its products are competitive, which is due to the company’s announcement last month that it will hire approximately 1,200 employees. He said this was behind the decision to lay off employees.
Ekholm also said Ericsson is leveraging artificial intelligence to improve the operation of complex 5G networks.
— Jenny Reid
12 hours ago
Nasdaq Composite Index falls below 50-day moving average for first time since November
The major indexes resumed their decline on Monday, with the Nasdaq Composite Index down about 1.7%, below its 50-day moving average.
This is the first time since November 3, 2023 that the tech stock ratio has fallen below this important threshold. If the stock closes below this level, it will be the first time since November 2, 2023. The index is up more than 30% in 2023. Last 12 months.
The 50-day moving average is a technical indicator that traders look at to assess short-term trading trends. A closing price below this level can signal an upcoming downtrend for the asset.
— Darla Mercado, Nick Wells
8 hours ago
CNBC Pro: These 10 oil stocks are most and least sensitive to price changes amid Iran-Israel tensions
Oil prices were volatile in April due to heightened geopolitical risks.
CNBC Pro screened stocks in the MSCI World Energy Index that are highly correlated or inversely correlated with the international benchmark Brent crude oil price over the past week, month, and year.
CNBC Pro subscribers can read more here.
— Ganesh Rao
11 hours ago
Oil markets ignored Iran’s attack.What happens next depends on Israel
An Israeli Sikorsky helicopter flies near Ashkelon as an oil rig is seen in the background during the ongoing conflict between Israel and the Palestinian Islamist group Hamas, November 14, 2023, in Israel. November 14, 2023.
Amir Cohen | Reuters
Oil markets on Monday ignored Iran’s air attacks on Israel over the weekend, with both U.S. crude and global benchmarks settling slightly lower.
West Texas Intermediate’s May contract fell 25 cents, or 0.29%, to settle at $85.41 per barrel. Brent futures for June fell 35 cents, or 0.39%, to settle at $90.10 a barrel.
Markets had already priced in the risk of a telegraphed attack by Iran for several days, and traders breathed a sigh of relief after Israel and the United States intercepted nearly all of the missiles launched.
What happens next will depend on how Israel responds.
“In our view, what is not priced into the current market is the possibility of continued direct conflict between Iran and Israel,” Maximilian Leighton, Citi’s head of commodity research, said in a note to clients. Depending on how Israel responds to the attack, oil prices could exceed $100 a barrel, analysts wrote.
— Spencer Kimball
Monday, April 15, 2024 12:27 EDT
CNBC Pro: Morgan Stanley names global ‘alpha’ stock candidates for April, giving one stock more than 30% upside potential
Asian markets have had a mixed start to the year, with investors focusing on India, Japan and increasingly China.
Looking ahead, those looking for opportunities in the region can look to Morgan Stanley’s Alpha stocks. Alpha stocks are stocks that have the ability to beat the market.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
3 hours ago
European Market: Click here for opening call
European markets are set to open at Tuesday’s lows.
According to IG data, the UK’s FTSE 100 index is expected to open 87 points lower at 7,888, Germany’s DAX 214 points lower at 17,784, France’s CAC 96 points lower at 7,938 and Italy’s FTSE MIB. It is expected to open 422 points lower at 32,870.
Proceeds will come from Ericsson and LVMH. Germany’s ZEW business sentiment survey is released.
— Holly Ellyatt
