- July 12, 2023
- Posted by: legaleseblogger
- Category: Related News
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European stocks open slightly higher
European shares were mostly higher at Wednesday’s open.
The pan-European Stoxx 600 was up 0.3% in early trade, with tech stocks adding 1% to lead gains as most sectors and major bourses nudged into positive territory. Travel and leisure stocks slipped 0.6%.
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Bank of England: UK banks strong enough to support households and businesses
Andrew Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, February 2, 2023.
Pool | Reuters
The Bank of England on Wednesday said British banks are strong enough to support households and businesses through the squeeze of higher borrowing costs and the rising cost of living.
In its Financial Stability Report, the central bank noted that U.K. households and businesses are in a safer position than they were before the financial crisis, with a lower proportion of household income spent on mortgage payments and a lower proportion of business spend used to service debt.
“Higher interest payments on loans mean some households and businesses may not be able to make their payments. This increases the risks that banks may face some losses,” the Bank said.
“However, U.K. banks are resilient and they are strong enough to continue supporting households and businesses through a period of higher interest rates. In line with our rules, they have large capital buffers to absorb losses.”
Though banks have not yet seen a rise in borrowers being unable to meet loan payments, the Bank said that its interest rate hikes would feed through into the economy gradually. As such, the full impact is yet to be felt by households and businesses.
ÔÇö Elliot Smith
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Here are the opening calls
Britain’s FTSE 100 is seen around 16 points higher at 7,299, Germany’s DAX is set to add around 53 points to 15,843 and France’s CAC 40 is expected to climb by around 34 points to 7,254, according to IG data.
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CNBC Pro: Stocks will tank if the U.S. avoids a recession, Investec equities strategist says
Stock markets might suffer if the United States economy sidesteps a recession that many believe is just around the corner, according to Investec equities strategist Roger Lee.
Lee also explained why markets will fall and where to hide when the downturn begins.
CNBC Pro subscribers can read more here.
ÔÇö Ganesh Rao
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CNBC Pro: Goldman picks a raft of discounted global stocks ÔÇö and gives two more than 100% upside
Analysts at Goldman Sachs have picked a number of global stocks it says are trading at a discount ÔÇö and said two of its picks could rise more than 100% over the next 12 months.
The stocks all appear on Goldman’s list called “value buys with earnings upside potential.”
“We screen for Buy rated stocks that are trading at attractive valuations relative to their own history … and the broader market (SXX
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