European markets extend new year rally; World Economic Forum kicks off in Davos – CNBC

by | Jan 16, 2023 | Financial

FTSE 100 inches closer to record highLoading chart…The U.K.’s FTSE 100 looked set for a fourth session of gains, up 0.2% shortly before markets closed.The index reached 7,860 points, continuing to move toward its all-time high of 7,903, set in 2018.Though the FTSE has been critiqued for attracting less forward-looking, innovative firms than some of its peers, it benefitted from the boom in energy and commodity stocks last year. Investors also appeared attracted by the low valuations offered in London, and the potential to snap up dividend-paying stocks.That was despite repeated recession warnings weighing on U.K. sentiment.In a note published Monday, analysts at Pantheon Macroeconomics said it was likely the economy narrowly avoided a recession in the second half of 2022, but forecast significant drops in Q1 and Q2 of 2023. They also said the recent fall in natural gas prices had improved the outlook for later in the year.— Jenni Reid3 Hours AgoStocks on the move: Temenos up 7%, Hellofresh down 6%Temenos shares gained more than 7% by mid-afternoon to lead the Stoxx 600 after the Swiss software company announced that CEO Max Chuard would step down.At the bottom of the European blue chip index, German meal kit delivery company Hellofresh dropped 6% after Exane BNP Paribas downgraded the stock to “neutral” from “outperform.”- Elliot Smith5 Hours AgoIt will be hard to find gas in the short term, Eni CEO says Claudio Descalzi, CEO of Eni, discusses the three pillars of the energy industry.5 Hours AgoChinese consumer recovery will come later than expected, EIU says Cailin Birch, global economist at The Economist Intelligence Unit, discusses the impact of China’s reopening on the global economy.8 Hours AgoStocks on the move: Temenos up 5%, Tecan down 4%Temenos shares gained more than 5% in early trade to lead the Stoxx 600 after the Swiss software company announced that CEO Max Chuard would step down.At the bottom of the European blue chip index, compatriot laboratory equipment maker Tecan Group fell 4% after Kepler Cheuvreux downgraded the stock from “buy” to “hold” and cut its target price.- Elliot Smith14 Hours AgoCNBC Pro: Want a Tesla alternative? Analysts and fund managers reveal their top EV stocks13 Hours AgoCNBC Pro: Analysts love these 12 cheap stocks …

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