End of a winning week on the Fed’s dovish bets

European markets calmed down, but recorded the sixth week of gains

Europe Stokes 600 The index closed flat on Friday, capping an optimistic week that saw it surpass a three-month high and secure its sixth week of gains.

The major German and French stock exchanges were flat, with Britain’s FTSE 100 up 0.3%.

Expectations of a slower Fed rate hike and economic data suggesting that upcoming recessions in Germany and the broader Eurozone may be shallow have cheered the markets.

This was despite the negative performance of stocks such as Credit SuisseFacing major restructuring after several scandals.

– Jenny Reed

Stock opens little changed before the short trading day

Stocks opened slightly on Friday ahead of the short trading day as Wall Street looks to close out a winning holiday week.

The Dow Jones Industrial Average rose 19 points, or 0.09%. The S&P 500 lost 0.03% and the Nasdaq Composite fell 0.48%, dragged down by Activision Blizzard shares, which fell nearly 4% on news that The FTC could prevent Microsoft from taking over the gaming company.

– Carmen Renick

Credit Suisse shares fell more than 5% to an all-time low

Credit Suisse Shares fell more than 5 percent on Friday, hitting an all-time low of 3.37 Swiss francs ($3.55).

The beleaguered Swiss lender saw its shares fall despite being insured for more than $4 billion in funding from investorsincluding the National Bank of Saudi Arabia, to support its financial position.

Credit Suisse is undergoing its second strategic overhaul in less than a year as it looks to tackle persistent underperformance at its investment bank and a series of risk management and compliance failures, which have saddled the bank with significant litigation costs.

– Elliott Smith

Analysts say investors’ fear of missing out on the upside is back

Analysts say investors' fear of missing out on the upside is back

Emmanuel Kao, Head of European Equity Strategy at Barclays, speaks to “Squawk Box Europe” on CNBC.

Chief Economist says we are still positive about the UK but it is heading into a deep recession

Chief Economist says we are still positive about the UK but it is heading into a deep recession

The UK is heading for a deeper recession than Europe and the US, according to Robert Thompson, chief economist at investment firm Kingswood.

Barclaycard says Black Friday transactions match 2021 so far

Black Friday card transaction volume is in line with 2021 levels, according to Barclaycard payments data.

The data covered purchases as of 10am London time made through Barclaycard payments, which processes £1 in every £3 spent on UK debit and credit cards.

Investors closely watch the annual shopping extravaganza to see how inflation and Cost of living problems affect consumer spending.

– Hannah Ward Glinton

The inversion of the German yield curve hit a new 30-year record

Reuters, citing Refinitiv data, reported that Germany’s yield curve hit its deepest inversion since 1992.

gap between 2 years And the 10 years Government bond yields were -27 basis points late Thursday and -26 basis points on Friday.

Many economists view an inverted yield curve as a precursor to a recession.

There is broad agreement among analysts that Germany is heading towards recession, although Friday’s final reading of GDP for the third quarter showed growth of 0.4% qoq and 1.3% yoy, boosting hopes that this figure may have shallower.

Eurozone PMI figures for November showing a moderation in the slowdown in business activity also added to the cautious optimism.

– Jenny Reed

German GDP growth raises hopes of a milder recession

German GDP figures show that the country’s economy expanded slightly in the third quarter than expected on the back of consumer spending.

Europe’s largest economy grew by 0.4% compared to the second quarter and by 1.3% year-on-year, according to the Federal Statistical Office.

Germany is expected to fall into a recession, but the data suggests that it may not be as severe as initially expected.

– Hannah Ward Glinton

Stocks on the go: UK homebuilders drop in first-time buyer survey, Rockwool up 4%

Shares of UK homebuilders Taylor WimbyAnd the Bellway And the persimmon They all fell more than 2% in early trade after a survey showed that first-time buyers in the UK were increasingly favoring rental properties.

At the top is Stoxx 600, a Danish manufacturer of mineral wool products Rockwool International It gained 4% after Morgan Stanley raised its price target for the stock.

Here are the opening calls

Britain FTSE 100 index It is seen up about 2 points at 7,467 in Germany Dax France is expected to add about 8 points to 14548 CAC 40 It is set to slide about 6 points to 6,701.

CNBC Pro: Asset manager names two stocks short as UK commercial property turns ‘toxic’

The UK’s commercial property sector is in a “toxic environment” for investors, according to Plurimi Wealth’s chief investment officer.

Patrick Armstrong told CNBC’s Pro Talks that the real estate sector is “sensitive” to higher interest rates, which he believes will drive down real estate values ​​and stock prices.

He revealed two shares he was betting on in the sector by short selling their shares.

CNBC Pro subscribers can read more here.

– Ganesh Rao

CNBC Pro: The Superior Asset Manager Picks Stocks That Will Win as Margins Shrink

Patrick Armstrong, chief investment officer at Plurimi Wealth, believes margin pressure is the “biggest risk” to the stock. But he thinks some stocks could buck the trend.

“Own sectors with defensible profit margins or that create margin pressures elsewhere,” he added, indicating which sectors and stocks he favors.

Professional subscribers can Read more here.

– Xavier Ong

CNBC Pro: UBS says recession in 2023 will be an inch deep but a mile wide — and that’s not being priced in stocks

Global economic conditions will change in the coming year, and that will change markets and sectors that have been underperforming, according to the chief strategist at investment bank UBS.

“It’s an inch deep, but it’s a mile,” he said of the expected slump. “Global growth is 2% and that doesn’t count towards equities,” Bhanu Baweja told CNBC’s “Squawk Box Europe” on Wednesday.

It also identified sectors that are expected to outperform next year.

CNBC Pro subscribers can read more here.

Jenny Reed

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