stocks, news, data and earnings

October 21

stocks, news, data and earnings

Asking prices for UK homes barely rise in October, Rightmove says

A pedestrians looks at residential properties displayed for sale in the window of an estate agents’ in Windsor, west of London.

Justin Tallis | Afp | Getty Images

Asking prices for British homes rose only marginally in October as more properties came onto the market, according a survey on Monday that also suggested some buyers were waiting for clarity on tax changes in the new government’s upcoming budget.

Asking prices rose by just 0.3% in October, well below their average for a 1.3% monthly increase for the month, property website Rightmove said.

The number of homes available for sale was 12% higher than the same time period last year, and was the highest per real estate agent since 2014.

Overall activity in the property market remained strong, with buyer demand rising.

Prices were 1.0% higher than a year earlier.

— Reuters

China needs to fix structural problems in its property sector to restore confidence, strategist says

China’s stimulus measures need to tackle structural problems in its crisis-hit property sector to restore confidence in the world’s second-largest economy, according to one strategist.

It comes as optimism over a raft of economic measures implemented by Beijing since late September appears to have faded in recent days.

“I think the fundamental point is, for all of the measures that have been taken, I think where the disappointment at least for an observer comes in is measures for the property market,” Daniel Morris, chief market strategist at BNP Paribas Asset Management, told CNBC’s “Squawk Box Europe” on Monday.

“The fundamental issue, or one of many fundamental issues, is that you can cut interest rates, but people aren’t necessarily going to react if confidence isn’t there [and] confidence isn’t there because of weakness in the property market,” Morris said.

“And so, you need to start with that fundamental issue before you get the chain effect that you want,” he added.

— Sam Meredith

European markets: Here are the opening calls

European markets are expected to open in mixed territory Monday.

The U.K.’s FTSE 100 index is expected to open 17 points higher at 8,373, Germany’s DAX down 12 points at 19,644, France’s CAC up 1 point at 7,611 and Italy’s FTSE MIB up 55 points at 35,087, according to data from IG.

Earnings are set to come from Forvia and SAP. German producer price index data is due.

— Holly Ellyatt

Bitcoin surges to three month high as Trump’s odds of winning election increase

Bitcoin surged to its highest level in three months after election polls showed higher odds of winning for Republican presidential nominee Donald Trump.

The cryptocurrency surged to a high of $69,487 on Monday, its highest level since July.

Trump’s campaign has been seen by many as more favorable to cryptocurrencies.The former president proposed a “national crypto stockpile” in July, and pledging that “the United States will be the crypto capital of the planet and the bitcoin superpower of the world.”

Stock Chart IconStock chart icon

CNBC Pro: 10 analysts just hiked their price targets on these 3 stocks — including a Big Tech AI firm

Wall Street analysts have raised their bets on three stocks ahead of their quarterly earnings reports over the past week.

One of the stocks, a Big Tech AI firm, has rallied 64% this year, with analysts predicting more momentum ahead.

CNBC Pro screened for stocks in the MSCI World index that have received share price target upgrades from Wall Street analysts over the past seven days. These stocks are also due to report quarterly financial results over the next few weeks.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Looking for dividend stocks? Here are Morgan Stanley’s top Asia picks for the fourth quarter

As investors attempt to navigate volatile global markets, Morgan Stanley is reiterating its recommendation to buy dividend stocks.

“We recommend balanced and flexible strategy investors supplement their portfolio with dividend income, given high uncertainty into U.S. elections on November 5, and with a global monetary easing cycle likely to put a stronger focus on dividend yield,” Morgan Stanley’s analysts wrote in an Oct. 15 research note.

“Investor appetite on corporate reform and shareholder returns across Asia/EM also remains high, which is likely to benefit dividend-oriented stocks.”

— Amala Balakrishner

Source link

#stocks #news #data #earnings

Pelican News

Source Link