Stocks, data, news and earnings | Wilnesh News

British American Tobacco shares fell on Friday explain The company is close to settling a long-running lawsuit involving its Canadian subsidiary.

The company said its Canadian unit has been undergoing a court-supervised mediation process to negotiate its pending legal proceedings and that it has submitted a plan to a Canadian court that could resolve the matter.

European traded stocks british american tobacco plc It was down 3.4% as of 1:34 p.m. London time, the biggest faller on the FTSE 100 data From the London Stock Exchange.

Pimco portfolio manager Konstantin Veit told CNBC’s “Street Signs Europe” on Friday that the European Central Bank and the Federal Reserve are likely to cut interest rates at a relatively similar pace as their respective interest rate cutting cycles are underway.

Witte said there are good reasons for the ECB to cut rates faster than the Federal Reserve, but there are also reasons to think the ECB will cut rates slower than the U.S. central bank. However, he believes the pace of interest rate cuts by the two central banks will be “fairly synchronized.”

The European Central Bank cut its key interest rate by 25 basis points on Thursday for the third time this year. In the United States, the Federal Reserve has only cut interest rates once this year, but the cut was by 50 basis points. An ECB meeting and two Federal Reserve meetings are still scheduled to take place before the end of the year.

——Sophie Kidlin

European luxury brands rose on Friday as investors considered the outlook for China’s economy and the region’s markets.

Gucci parent company Kering rose 5.07% as of 9:48 a.m. Eastern time, Burberry rose 4.45% and LVMH rose 3.1%. Other luxury brands such as Hugo Boss and Christian Dior have also made inroads.

“China’s latest announcements of measures to support the economy and financial markets are boosting luxury goods stocks on the belief that this very poor earnings season may mark an initial bottom for the industry, where downturns are typically sharp but short-lived. Swetha Ramachandran, global equity fund manager at Artemis Fund Managers, told CNBC on Friday.

Luxury goods stocks reacted to news from China’s main market as the Chinese government aims to boost the economy.

Data from China on Friday showed the country GDP growth in the third quarter The annual growth rate was 4.6%, slightly higher than expected. September retail sales data also exceeded expectations, rising 3.2% year-on-year.

At the same time, the People’s Bank of China sent a signal to further loosen monetary policy. President Pan Gongsheng said that the deposit reserve ratio of commercial banks may be further reduced before the end of the year.

Emmanuel Cau, head of European equity strategy at Barclays, told CNBC on Friday that the trend in luxury brand share prices appeared to be a “rebound from improving data from China.”

——Sophie Kidlin

Roy Reznik, the billionaire co-founder of cybersecurity company Wiz, told CNBC that the company hopes to hit $1 billion in recurring revenue next year, adding that it will “when the time is right” time” to go on the market.

Earlier this year, the company rejected Google’s $23 billion takeover bid, which would have been the tech giant’s largest-ever acquisition. At the time, Wiz CEO Assaf Rappaport said the startup was “flattered” by the offer but would remain an independent company and work toward a public offering.

Read more here.

— Ryan Brown

Mainland China’s CSI 300 Index rose 3.62% to close at 3,925.23 points. Hong Kong’s Hang Seng Index rose more than 3.3% in the final hour of trading.

Chinese GDP growth in the third quarter Compared with the same period last year, it was 4.6%, slightly higher than the Reuters poll expected, but lower than the 4.7% in the previous quarter.

Japanese Nikkei 225 Index rose 0.18% to 38,981.75 points, while the Topix edged higher to 2,688.97 points.

The Cospi index fell 0.59% to 2,593.85 points; the Kosdaq index fell 1.55% to 753.22 points. Australian S&P/ASX 200 Index It fell slightly by 0.87% to 8,283.2.

— Annie Bao

One fund manager says expectations for Europe’s third-quarter earnings season are “pretty low” while the latest macroeconomic data points to a relatively positive outlook for the U.S.

“The data we’re seeing from a macro level in the U.S. is more encouraging than in Europe,” Clare Pleydell-Bouverie, a fund manager at Liontrust Asset Management, told CNBC’s “Squawk Box Europe” on Friday.

“Entering a rate-cutting cycle with a resilient economy is a strong setup for equities. That said, the slowdown we’re seeing in European data, PMIs, (ECB President Christine) Lagarde pointed this out in her speech yesterday, and a lot of it has already been priced in by the market,” Plaidel-Bouffry said.

“We’ve just started the earnings season in Europe and expectations are pretty low. We expect earnings growth in Europe to be just 3%. Excluding financials, it’s negative 2%,” she continued.

“So our focus is on finding some really high-quality companies, but you don’t have a lot of options to buy, that are trading at a 20% discount to their average stock price,” Pleydell-Bouverie added.

— Sam Meredith

European markets opened mixed on Friday, with pan-European stocks Stoke 600 It was last down 0.06% at 8:06 AM London time.

Stock markets and sectors in major regions were mixed, with automobile stocks rising 1.17% and mining stocks rising 1.69%. Sectors such as telecommunications, health care and utilities saw pullbacks.

UK retail sales grew 0.3% in September data Data released by the country’s National Statistics Office on Friday showed that it reached the highest level since July 2022.

Economists polled by Reuters had expected the economy to decline by 0.3%. Retail sales grew 1% in August.

Computer and telecoms retailers recorded strong growth in September, boosting non-food sales, while food sales fell, the Office for National Statistics said.

“Wet weather did not stop the British public from spending money in September, as evidenced by stronger-than-expected retail sales,” Neil Birrell, chief investment officer at Premier Miton Investors, said in a note.

“This is contrary to what the consumer confidence data is telling us, indicating that wage growth is an important factor. The consumer sector is very important in the economy, and although this is only one month of data, it shows that the economy is stronger than before.”

——Sophie Kidlin

Volvo Group released on Friday third quarter earningsreported sales and adjusted operating income declined compared with the same period a year ago.

The company said net sales fell 12% to 117 billion Swedish kronor ($11.1 billion), down from 132.3 billion Swedish krona a year earlier.

Adjusted operating income in the third quarter of 2024 was SEK 14.1 billion, compared with SEK 19.3 billion in the same period last year.

Volvo Group President and CEO Martin Lundstedt said in a report that demand in most Volvo Group markets normalized in the third quarter. statement Friday.

“We are seeing a decline in freight and construction activity in many regions around the world compared to last year’s high levels,” he added.

The Volvo Group makes buses, trucks and construction equipment.

——Sophie Kidlin

European markets opened mixed on Friday.

Britain’s FTSE 100 index is expected to open down 20 points to 8,369 points, Germany’s DAX index is expected to fall 37 points to 19,548 points, and France’s CAC index is expected to drop 17 points to 7,567 points.

Meanwhile, Italy’s FTSE MIB looks set to reverse the trend, opening 77 points higher at 34,934 points, according to IG data.

Friday’s earnings report comes from Volvo Group. On the data front, investors will focus on UK retail sales figures

——Sophie Kidlin

Three London stocks are on the rise and are expected to rise more than 50% in the next 12 months.

CNBC Pro screened stocks that RBC Capital Markets analysts are following that are rising this year, have momentum, and have upside potential of more than 50%.

CNBC Pro subscribers can read more here.

— Ganesh Rao