Zurich Insurance CFO: Retail market may start reacting to inflation next year
George Quinn, CFO of Zurich Insurance, discusses the third quarter results, the challenges and the inflation outlook.
Rate hikes by the US Fed are unlikely to end anytime soon, JPMorgan says
Alexander Treves of JPMorgan Asset Management says some clarity on the end point “would be welcome” but he doesn’t think “we’re anywhere near that at the moment” as inflation remains persistent.
Shares on the way: Knorr-Bremse up 8%, Teleperformance down 38%
Corporate earnings continue to drive individual share price movements in Europe.
Shares in Knorr-Bremse were up more than 8% by mid-morning after the German brake maker posted a rise in third-quarter earnings and backed its 2022 guidance.
At the bottom of the European blue chip index, a French-headquartered call center company Teleperformance saw its shares fall more than 38% following reports that Colombia’s Ministry of Labor had opened an investigation into the company over its treatment of TikTok content moderators.
Allegations of traumatic working conditions, low wages and union-busting by the TikTok subcontractor were first revealed by Time and The Bureau of Investigative Journalism.
– Elliot Smith
CNBC Pro: Exxon or Chevron? Goldman Sachs determines which stock is a better buy
Energy is the rare bright spot in a year when markets have been completely cracked.
When looking at major oil stocks, ExxonMobil and Chevron are two names that may come to mind.
Both companies reported solid third quarter results last month. The question is: which stock is a better buy?
Goldman Sachs is trying to determine the name that “deserves the premium.”
— Weizhen Tan
Biden says he wants to work with Republicans, but won’t compromise on abortion, Social Security and climate change
President Joe Biden said Wednesday he is eager to work with congressional Republicans after the midterm elections, but stressed he would not compromise on issues such as abortion rights and Social Security.
“I’m open to any good idea. I want to be very clear: I will not support any Republican proposal that will make inflation worse,” Biden said, giving the example of removing the price cap on prescription drugs for Americans. on Medicare his party passed. “And I’m not going to walk away from the historic commitments we just made to address the climate crisis. They’re not negotiable issues for me and I’m not going to let that happen.”
CNBC Pro: Do you think the dollar is about to top out? Here’s how to play it
The US Dollar Index rose to a two-decade high in September. It has also hit record highs against several major currencies in recent weeks, including the British pound and the Japanese yen.
Now, several market participants now believe that the dollar rally, fueled by the Federal Reserve raising interest rates more aggressively than other central banks, is fading over the next three to six months.
CNBC Pro elicited opinions from investment banks and brokers on where they see the dollar headed. Subscribers can read more here.
— Ganesh Rao
Trump says GOP midterm disappointment doesn’t change his teased 2024 campaign launch
Former President Donald Trump is celebrating the gains of the Republicans he endorsed for the 2022 midterm elections, despite losses to many of his preferred candidates in key races.
“I really think we had great candidates who performed very well,” Trump told Fox News. He offered examples in a series of GOP members and newcomers who won Senate races: Sen. Chuck Grassley of Iowa, Sen. Marco Rubio of Florida, Eric Schmitt of Missouri, JD Vance of Ohio, Ted Budd of North Carolina and Sen. Ron Johnson of Wisconsin.
But Trump’s expected success for a host of candidates he endorsed has not materialized. U.S. Senate candidate Mehmet Oz’s loss to Democrat Jon Fetterman in a hotly contested race in Pennsylvania and 2020 election denialist Kristina Karamo’s loss to Jocelyn Benson for Michigan secretary of state are two high-profile examples.
Trump told Fox claims he was “furious” that the election results are a “fake news story.” The results have not affected his plans for a “big” announcement this month about a possible 2024 presidential run, he added.
“We had a tremendous success,” Trump said. “Why would anything change?”
European markets: Here are the opening calls
European markets are set to open lower on Thursday, with investors digesting the US mid-term election results.
Britain’s FTSE index is expected to open 25 points lower at 6,263, Germany’s DAX down 88 points at 13,590, France’s CAC down 40 points at 6,393 and Italy’s FTSE MIB down 122 points at 23,527, according to data from IG.
Earnings from Allianz, Continental, RWE, Merck, Credit Agricole, WHSmith, National Grid, Tate and Lyle, Generali and Poste Italiane will be released.
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