CAC 40 Climbs As UK Economy Exits Recession
(RTTNews) - French stocks rose on Friday as fresh signs of cooling in the U.S. labor market revived hopes for U.S. rate cuts this year.
Bank of England's dovish rate decision on Thursday and better-than-expected U.K. GDP growth data released earlier today also boosted investor sentiment.
The U.K economy exited a technical recession in the first quarter with the economic output growing better than expected led by a rebound in the services output and household spending.
Gross domestic product grew 0.6 percent from the fourth quarter, when the economy shrank 0.3 percent, preliminary estimates from the Office for National Statistics showed.
Economists had expected the first quarter growth to come in at 0.4 percent.
The benchmark CAC 40 was up 58 points, or 0.7 percent, at 8,245 after gaining 0.7 percent on Thursday.
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European Stocks Close On Mixed Note
European stocks turned in a mixed performance on Monday as the mood remained cautious right through the day's session amid concerns over potential impacts of U.S. President-elect Donald Trump's global economic policies, and persisting worries about the tensions in the Middle East, and the Russia - Ukraine war.
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U.S. Homebuilder Confidence Improves Much More Than Expected In November
Homebuilder confidence in the U.S. has improved by much more than anticipated in the month of November, according to a report released by the National Association of Home Builders on Monday. The report said the NAHB/Wells Fargo Housing Market Index climbed to 46 in November after rising to 43 in October. Economists had expected the index to inch up to 44.
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Spirit Airlines Files For Chapter 11 Bankruptcy Protection; Stock Drops
Spirit Airlines, Inc., amid struggles with mounting losses and debt, has filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York. The restructuring is expected to reduce Spirit's debt and provide increased financial flexibility. In an open letter to all Spirit Guests, the company called the process a proactive step to position it...
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Bay Street Likely To Open On Positive Note
Canadian shares may open higher on Monday as energy and materials sectors are likely to attract buyers thanks to firm crude oil and metal prices. With Canadian inflation data due this week, and the Federal Reserve's upcoming policy moves remaining a bit uncertain, the mood is likely to remain somewhat cautious.
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CPI Uptick, Fed Hints Boost Dollar Again
The U.S. dollar rallied against major currencies during the week ended November 15 amidst an expected uptick in consumer price inflation in the U.S. as well as hints from Jerome Powell that the Fed was in no hurry to cut rates.
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Eurozone Trade Surplus Increases In September
The euro area trade surplus increased notably in September as exports to the United States surged ahead of the presidential election in November that saw Donald Trump winning the race. The trade surplus rose to EUR 12.5 billion in September from EUR 9.8 billion in the same period last year, data from Eurostat showed Monday.
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Nvidia's New Blackwell AI Chip Servers Reportedly Overheat
Nvidia Corp.'s new Blackwell AI chips are facing overheating issues that could delay new data centres, The Information reported citing customers, suppliers and employees working on the issue. In pre-market activity on the Nasdaq, the shares were losing around 2.5 percent. The news comes as the world's most valuable company by market capitalization is set to release its third-quarter earnings...
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Thai GDP Expands Most In 2 Years
The Thai economy grew at the fastest pace in two years in the third quarter on strong investment, exports and government spending, data from the Office of the National Economic and Social Development Council showed Monday. Gross domestic product climbed 3.0 percent on a yearly basis after rising revised 2.2 percent in the second quarter.
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