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European stocks open higher on Thursday
European stocks opened higher on Thursday and continued to rise through early trading, with the region’s Stoxx 600 index up 0.2% as of 8:40 a.m. in London.
Markets have been slow this week, but major stock exchanges were up across the board on Thursday morning, with Germany’s DAX up 0.15%, while Britain’s FTSE 100 and France’s CAC 40 both rose 0.3%.
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STOXX 600 index.
41 minutes ago
German employment increases slightly due to improved retail sales
Customers sit at a table at a street cafe on the central Römerplatz square in Frankfurt am Main, western Germany, on February 28, 2024.
Kirill Kudryavtsev | AFP | Getty Images
Statistics released by Germany on Thursday were cautiously good news for Europe’s largest economy, which has suffered from slowing growth.
According to statistics agency Destatis, the “slight upward trend” in employment continued in February, with the number of employed people increasing by 14,000 last month, an increase of 0.4% from the same month last year.
Meanwhile, the business environment in the retail sector “brightened markedly in March,” according to a study by the Ifo Institute.
Retailers expressed optimism in a variety of areas, but a minority struggled with supply issues.
“The pessimism that has characterized recent times is receding. The economic conditions leading up to Easter are clearly providing a glimmer of hope for many retailers,” said Patrick Hoepner, a specialist at Ifo.
— Jenny Reid
1 hour ago
UK recession confirmed in fourth quarter data
Pedestrians pass the Elizabeth Tower, also known as Big Ben, at the Palace of Westminster, home to the Houses of Parliament, on February 22, 2024 in London. Protect yourself from the rain with an umbrella.
Henry Nichols AFP | Getty Images
The UK economy slipped into recession in the second half of last year, final data published by the Office for National Statistics confirmed on Thursday.
Gross domestic product fell an unrevised 0.3% in the fourth quarter, following a 0.1% decline in the third quarter, the ONS said.
In the final quarter of 2023, production fell across the UK’s three main sectors: services, manufacturing and construction. Net trade, household consumption, and gross capital formation all declined.
— Jenny Reid
1 hour ago
Renault Group completes share sale to Nissan for $387 million
The Renault and Nissan car logos were photographed during the Brussels Motor Show in Brussels on January 9, 2020. (Photo credit: KENZO TRIBOUILLARD/AFP via Getty Images)
Kenzo Tribouillard | AFP | Getty Images
France’s Renault Group completed the sale of 99,132,100 Nissan shares to the Japanese company on Thursday for 358 million euros ($387 million).
The profit on the deal for about 2.5% of Renault’s shares was slightly less than the 362 million euros Renault had expected to make from selling more than 100 million shares.
Renault said on Thursday that the cash inflow will improve its net cash financial position and allow it to deleverage more quickly, supporting its goal of returning to investment grade ratings.
Renault previously sold a 5% stake to Nissan in December, aiming to reduce its ownership from about 43% to 15%.
The sales come as the two companies rebuild their long-standing partnership.
— Jenny Reid
9 hours ago
CNBC Pro: Is it time for investors to hedge against market declines? Pros share their thoughts and strategies
9 hours ago
CNBC Pro: Goldman expects these 3 stocks to rise as Nvidia unveils powerful AI chips
Following the launch of powerful new artificial intelligence chips from Nvidia, Goldman Sachs predicts significant growth in memory chips used in AI systems.
The investment bank predicts HBM’s total addressable market will grow tenfold to $23 billion by 2026, from just $2.3 billion in 2022.
Wall Street banks see the three major memory makers as the main beneficiaries of the rapidly growing HBM market. Investors can purchase his three shares through a concentrated exchange-traded fund or a diversified fund.
CNBC Pro subscribers can read more here.
— Ganesh Rao
4 hours ago
European Market: Click here for opening call
European markets are set to open higher on Thursday.
According to IG data, the UK’s FTSE 100 index rose 31 points to 7,958, Germany’s DAX rose 56 points to 18,532, France’s CAC rose 30 points to 8,228 and Italy’s FTSE MIB rose 71 points. It is expected to start at 34,273.
Proceeds will come from Lloyd’s of London and JD Sports Fashion will provide a trading update. Germany’s unemployment rate statistics and Italian consumer confidence statistics for March are scheduled to be released.
— Holly Ellyatt
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