Investors track data, Fed minutes

The Stoxx 600 index extended its range in afternoon trading to reach its highest level since August 19.

Gains were led by consumer goods, up 1.8%, travel products, up 1.5%, and technology and consumer goods, both up 0.4%.

Despite the recent dire economic data, low consumer confidence and the rising cost of living in Europe, the markets have brightened after the low US rate on expectations of A slowdown in interest rate hikes is expected.

Meanwhile, Purchasing Managers’ Index data for the euro zone published on Wednesday improved slightly from the previous month.

According to the Unicredit Banking Group, the reading “removes the fear of a severe recession and is consistent with a particularly moderate recession at the beginning of the year.”

— Jenny Reid

Stocks rose on Wednesday as they opened the entire trading day of the week. Markets will be closed on Thursday for Thanksgiving and will close early on Friday.

The Dow Jones Industrial Average rose 98 points, or 0.29%. The S&P 500 gained 0.27% and the Nasdaq Composite rose 0.45%.

—Carmen Reinicke

Share of Nemetschek it climbed 7.5% in the early afternoon after the German packaging company launched a new cloud service on Tuesday.

At the bottom of the note, the use of the Spanish power company Endesa fell more than 6% after 2023-24 new expectations to stimulate the analysts.

Beata Javorcik, chief economist at the EBRD, discusses the European Bank’s 2022-23 Report.

Vincent Kaufman, CEO of the Ethos Foundation, which represents hundreds of Swiss pension funds that are active shareholders in Credit Suisse, criticized the bank’s restructuring plans and treatment of people who shareholders present before the main vote.

Bhanu Baweja, chief executive at UBS Investment Bank, spoke on CNBC’s “Squawk Box Europe.”

Sven Jari Stehn, the chief economist of Europe at Goldman Sachs, said that the strength of the energy will push the Euro zone to a “shallow recession” next year. However, he added that the region is “straightforward” to high inflation, and inflation is expected to fall close to 3% next year.

Yogi Dewan of Hassium Asset Management says this is a good time to invest when asset prices are as low as they are.

Euro zone November flash PMI (purchasing index) reading on Wednesday confirmed once again that the 19-member currency bloc has entered a recession, but the decline in business slowed down a bit.

S&P Global’s flash composite PMI, which includes services and manufacturing and is seen as a reliable measure of the economy’s health, rose to 47.8 in November from 47.3 in October, defying forecasts in a poll Reuters for a fall to 47.0.

Any reading below 50 represents a decrease in activity, and November was the fifth month of decline.

In the UK, the composite index was little changed at 48.3 in November from 48.2 in October.

“Although business expectations have recovered from the 30-month low in October – which may be related to the improvement of the political situation in the country – the current problem remains due to the weakness the belief, price pressure and financial conditions,” Berenberg business partners Holger Schmieding and Kallum Pickering. said in a letter.

“Just like in the Euro zone, companies are still adding jobs. However, since the activity of the labor market tends to reduce the general conditions of the economy, the slowdown of the job creation may be an ominous sign that jobs will eventually begin to fall as the recession extends into the winter.

– Elliot Smith

Credit Suisse Shareholders on Wednesday approved a capital increase of 4 billion Swiss francs ($4.2 billion) aimed at financing the investor’s largest offering.

Credit Suisse’s investment plans are divided into two categories. The first, which was supported by 92% of shareholders, allowed shares to new investors including the Saudi National Bank through a private merger.

The new share offer will see the SNB take a 9.9% stake in Credit Suisse, making it the bank’s largest shareholder.

The second capital increase to issue newly registered shares with first rights to existing shareholders, passed with 98% of the vote.

– Elliot Smith

Johnson Matthew The shares fell more than 6% to the bottom of the Stoxx 600 in early trading after the UK pharmaceuticals sector’s half-year slump, with The supply chain is the manufacturing process for the company’s car customers.

At the top of the index, German entertainment company CTS Eventim added 4%.

Credit Suisse on Wednesday posted a 1.5 billion Swiss franc ($1.6 billion) fourth-quarter loss as it made a major turnaround.

Last month the lender announced it was debating a number of measures to tackle the ongoing crisis at its investment bank and a four A series of risks and compliance has led to ever-higher litigation costs.

Shareholders will vote on the bank’s restructuring and capital increase plans at an extraordinary general meeting on Wednesday.

Read the full story here.

– Elliot Smith

The UK’s FTSE 100 is seen to be about 12 points higher at 7,464, Germany’s DAX is set to add 25 points to 14,447 and France’s CAC 40 is expected to gain 15 points to 6,673.

Electric vehicles are rapidly gaining momentum, especially in China, the world’s largest EV market.

But UBS believes that autonomous driving will be a bigger megatrend than electricity – with a market size in China of around $100 billion by 2030.

This is how investors can play this megatrend, according to UBS.

Pro subscribers can read more here.

— Zavier Ong

Electric vehicle batteries have gained “great importance” in the midst of the energy revolution, according to Goldman Sachs.

The investment bank mentions two great stocks that play the EV sector, giving one top of nearly 70%.

CNBC Pro can read more here.

— Weizhen Tan