March 29, 2023

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European markets advanced as investors await the Fed’s meeting minutes

French inflation slowed unexpectedly

Skyline from the Arc de Triomphe in Paris, France.

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France’s inflation slowed to 6.7% in December from a record 7.1% in the previous month, tentatively. Numbers Posted Wednesday morning showed.

Economists polled by Reuters had expected the harmonized rate of inflation on an annual basis, which was adjusted for comparisons in the eurozone, to be 7.2%.

The biggest decline was in the energy sector, where prices rose 15.1% annually, down from 18.4% in November.

This comes after inflation slowed more than expected in Germany, which was reported on Tuesday HICP landing to 9.6% from 11.3%; And in Spain, which last week recorded a decrease of 5.8% from 6.7%.

Analysts are looking for signs that inflation has peaked in the major economies of the Eurozone. And whether this will affect the European Central Bank, which previously said Interest rates should rise “significantly”.

Analysts at ING said the path to dramatically lower inflation rates would not be easy, and the outlook remained dependent on factors such as warmer weather and continued pipeline stress affecting energy prices; war and agricultural sector challenges affecting food prices; government support programmes.

“[Germany’s] They said in a note that the inflation figures are not mitigating, however they are just a reminder that inflation in the Eurozone is still mainly an energy price phenomenon. The European Central Bank cannot and will not base its policy decisions on highly volatile energy prices.

They forecast gains totaling 100 basis points over the next two meetings and updated macro forecasts in March.

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Italy will release inflation figures on Thursday, followed by a flash estimate for the Eurozone on Friday.

– Jenny Reed

The annual inflation rate in Switzerland will be 2.8% in 2022

Swiss consumer prices rose 2.8% year-on-year and fell 0.2% month-on-month in December, The Swiss Federal Statistical Office said today.

It found that Swiss inflation averaged 2.8% in 2022, up from 0.6% in 2021. It attributed this annual rise to higher costs of petroleum products, gas, cars and house rents, which offset lower prices for medicine and fixed and mobile phone connections.

Stocks on the Go: BKW Up 4%, Tenaris Down 5%

Swiss energy supplier BKW It jumped 6% in early trading to top the Stoxx 600 after predicting an “impressive” full-year result for 2022.

Italian manufacturer of steel tubes Tenaris It fell 5% to the bottom of the European Premier Index.

– Elliott Smith

CNBC Pro: Analysts See These 10 Global Renewable Energy Stocks Rising Despite Rising Rates With Rally Over 50%

Skyrocketing energy costs have spurred investment in renewable energy around the world.

Swiss investment bank UBS has named 10 leading renewable energy players to capitalize on this trend and are set to outperform over the next year.

CNBC Pro subscribers can read more here.

– Ganesh Rao

CNBC Pro: Wall Street bullish on this chip giant, with Morgan Stanley giving it a 55% rally

The once-hot chip sector has struggled in 2022, but Wall Street appears to be becoming more bullish on semiconductor stocks for the year ahead.

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Recently, many professionals have urged investors to Take a long-term view of the sectorDue to the importance of chips in many major secular directions.

Analysts have named one stock in particular as bullish, citing its earnings potential and future profitability.

CNBC Pro subscribers can read more here.

– Wizen tan

Goldman Sachs says the US will avoid a recession in 2023

Goldman Sachs has out of consensus forecasts for the US economy in 2023.

“Our economists continue to believe that the US will avoid a recession as the Federal Reserve engineers a soft landing for the economy,” analysts wrote on Tuesday.

“These unanimous forecasts partly reflect our view that a period of below potential growth is sufficient to gradually rebalance the labor market and ease wage and price pressures,” the note said. “But it also reflects our analysis that the decline in fiscal and monetary policy tightening will contract sharply next year, contrary to the consensus view that the delayed effects of higher interest rates will lead to a recession in 2023.”

In addition, the Bank today raised its forecast for Q4-22 GDP growth by 10 basis points to +2.1% on the back of the surprisingly strong release of construction spending in November.

“The disconnect between the resilience of the US economy in 2022 and the short decline in equities has been a major narrative in the past year,” Goldman said. “Whether this decoupling persists, or if the economy aligns with the direction of the market, or whether the market rebounds in the wake of an economic soft landing may be at least part of the story of 2023.”

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– Carmen Renick

CNBC Pro is examining low-volatility stocks amid fears of a bumpy road ahead

Stock markets have had a terrible 2022 as major indexes posted their worst performance in over a decade.

Market professionals warn investors Bumpy times aheadCNBC Pro used FactSet data to examine low-volatility stocks that not only beat the market in 2022, but are expected to rise further this year.

Professional subscribers can Read more here.

– Xavier Ong

European Markets: Here are the opening calls

European markets are heading for a higher open on Wednesday as investors await the latest US Federal Reserve meeting minutes, looking for signs of more interest rates to come.

United kingdom FTSE 100 index The index is expected to open 11 points higher at 7570, the German Dax 28 points higher at 14,227 in France kk Up 9 points at 6643 and Italy FTSE MIB It was up 31 points at 24,449, according to IG data.

In Europe, markets closed higher on Tuesday, buoyed after Germany published lower-than-expected inflation figures for December, falling to 9.6% y-o-y. Inflation data from France is due on Wednesday.

– Holly Ellytt