Swiss National Bank holds interest rates steady
A Swiss National Bank logo is pictured on the SNB building in Bern, Switzerland May 20, 2020.
Arnd Wiegmann | Reuters
The Swiss National Bank on Thursday held interest rates steady at 1.75%, in line with analysts’ expectations.
The Swiss central bank, which has lifted rates from negative 0.75% in a series of hikes over the last 18 months, also held its interest rate on sight deposits at 1.75%.
— Karen Gilchrist
Stoxx 600 his highest level since Jan. 22; Germany’s DAX passes 17,000 for first time
The pan-European Stoxx 600 index was up 1.7% in early trade to hit its highest point since Jan. 2022, while Germany’s DAX crossed the 17,000-point mark for the first time ever.
Stocks on the move: AMS-Osram up 12%, EQT up 10%, Vivendi up 9%
Shares of AMS-Osram jumped more than 10% in early trade to lead the Stoxx 600 after Jefferies upgraded the Austrian electronics company’s stock to “buy” from “hold.”
Vivendi shares climbed 9% after the French media giant announced that it is considering breaking up into several listed entities.
Swedish investment firm EQT also posted double-digit gains.
– Elliot Smith
European markets rally at the open
European stocks surged at Thursday’s open after the Federal Reserve’s dovish signal.
The pan-European Stoxx 600 index was up 1.6% in early trade, with mining stocks jumping 3.8% to lead gains as all sectors and major bourses traded in positive territory.
CNBC Pro: Citi names 3 stock opportunities after Argentina devalued its currency by 50%
Citi highlighted opportunities in three stocks after Argentina devalued its currency by 50%
The drastic devaluation was part of a new economic plan announced by libertarian President Javier Milei, who took office earlier this week. One U.S. dollar will now fetch 800 Argentine pesos, up from 400 pesos earlier.
The U.S.-listed shares of two Argentine companies have also run up by more than 40% since Milei’s election, on hopes of an economic turnaround.
CNBC Pro subscribers can read more here.
— Ganesh Rao
CNBC Pro: Is Novo Nordisk a buy? Wall Street banks weigh in — and one gives it 36% downside
The boom in weight loss drugs has made pharmaceutical giant Novo Nordisk favorable to many investors this year – but one investment bank has reservations on the stock.
“Over the coming year, we envisage sentiment to change, perhaps initially as a result of the launch of competitor Eli Lilly‘s anti-obesity drug Zepbound and the risk of disappointment from slower than anticipated Wegovy supply ramp-up,” Jefferies’ analysts led by Peter Welford wrote in a Dec. 7 equity research note.
But not everyone agrees, with other analysts being bullish on the stock.
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— Amala Balakrishner
European markets: Here are the opening calls
European markets are set to open higher Thursday.
The U.K.’s FTSE 100 index is expected to open 61 points higher at 7,613, Germany’s DAX up 188 points at 16,949, France’s CAC up 92 points at 7,620 and Italy’s FTSE MIB up 365 points at 30,622, according to data from IG.
Investors in Europe will be keeping a close eye on monetary policy decisions from the European Central Bank and Bank of England on Thursday.
— Holly Ellyatt
