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European markets open lower; UBS ends Credit Suisse protection measures, shares up 4%


44 Mins Ago

French core inflation at 5% for July

Core inflation in France was at 5% for July, down from 5.7% in June, while food prices also slowed down.

The core inflation rate doesn’t factor in food or energy prices.

Food costs rose 12.7% in July, down from the 13.7% uptick in June. Numbers have been falling since March, when food inflation reached 15.9%. Year-on-year energy prices dropped by 3.7% in July, after a 3% decline in June.

— Hannah Ward-Glenton

An Hour Ago

UBS ends Credit Suisse’s government and central bank protections

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UBS on Friday said it ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March.

Credit Suisse has also fully repaid the emergency liquidity assistance loan of 50 billion Swiss francs obtained from the Swiss National Bank in March, as the lender teetered on the brink after a collapse in shareholder and investor confidence, UBS confirmed.

“These measures, which were created under emergency law to preserve financial stability, will thus cease to exist, and the Confederation and taxpayers will no longer bear any risks arising from these guarantees,” the Swiss government said in a statement Friday.

Read the full story here.

Elliot Smith

7 Hours Ago

CNBC Pro: Here are 7 beaten-up global stocks that analysts expect will double

While stock markets worldwide have rallied this year on fading fears of a global recession, a number of stocks have been left behind.

For some investors, these beaten-down equities will present a tantalizing opportunity.

CNBC Pro screened for stocks in the FTSE Developed Markets index, which is made of about 4,000 large and mid-cap stocks, that have lost value this year, yet analysts expected them to not only rebound but also double in value from current levels.

CNBC Pro subscribers can read more here.

— Ganesh Rao

5 Hours Ago

Alibaba shares surge over 3% after earnings climb 51% in second quarter

Hong Kong listed shares of Chinese tech giant Alibaba jumped over 3% after the company posted a 51% rise in attributable profit and a 14% increase in revenue year on year for the three months ended June.

That’s the biggest annual increase in sales since the September 2021 quarter, according to Refinitiv data.

Hangzhou-headquartered Alibaba has been undergoing major changes in recent months, including splitting the company into six business groups and organizational reshuffles.

Current CEO and Chairman Daniel Zhang will be stepping down in September, but remains head of Alibaba’s cloud computing business, as it pushes toward a public listing. Alibaba veteran Eddie Wu will succeed him as CEO, and Joe Tsai will take over as chairman, the company said in June.

“Alibaba delivered a solid quarter as we continue to execute our reorganization, which is beginning to unleash new energy across our businesses,” Zhang said in a release Thursday.

— Arjun Kharpal, Lim Hui Jie

7 Hours Ago

CNBC Pro: ‘Potential minefield’: Value investor Guy Spier talks U.S. bank risks, reveals his top stock to own

Renowned value investor Guy Spier has said U.S. regional banks are a “potential minefield” in the current market environment.

Spier, who manages the $350 million Aquamarine Fund, also revealed why he prefers investing in one large U.S. bank over smaller banks.

CNBC Pro subscribers can read more here.

— Ganesh Rao

An Hour Ago

European markets: Here are the opening calls

European markets are expected to open lower, according to IG data. Britain’s FTSE 100 is expected to drop 31.5 points to 7,585.7, Germany’s DAX 45.3 points to 15,947.7, France’s CAC 20.2 points to 7414.4, and Italy’s MIB 119.1 points to 28,588.4.

— Hannah Ward-Glenton



Read More:European markets open lower; UBS ends Credit Suisse protection measures, shares up 4%