UK consumer confidence remains fragile following the Labour government’s October budget, according to a November survey by the British Retail Consortium. The BRC-Opinium poll revealed that while opinions on the overall economy slightly worsened, individuals felt slightly better about their finances, with personal spending stable since October. BRC Chief Executive Helen Dickinson noted that the budget prompted concerns among consumers as Christmas nears. The retail sector faces significant challenges, with anticipated £7 billion costs in 2025 due to budget reforms, likely leading to price increases or cuts in jobs and investment.
Meanwhile, French spirits company Rémy Cointreau reported a smaller-than-expected 12.9% drop in first-half operating profit, thanks to strict cost management, amidst sluggish demand in the U.S. and Asia and growing tensions around EU-China trade. The firm forecasts no immediate growth resumption in the Americas and anticipates worsening sales in Asia-Pacific, projecting an organic sales decline of 15-18% for the year.
In European markets, indices like the FTSE 100, DAX, CAC, and FTSE MIB are slated to open higher, despite no major earnings announcements, as markets await Spanish and German inflation data and confidence figures.
Bitcoin rebounded above $96,000, climbing nearly 6%, though traditionally linked with stock fluctuations, it decoupled from a declining Nasdaq. Coinbase also saw a rise, buoyed by crypto gains.
In the U.S., supply chain tech stocks may benefit from President-elect Trump’s proposed tariffs, as analyzed by Redburn Atlantic. Lastly, despite perceived high valuations of U.S. stocks, strategist Kunal Kapoor from Morningstar suggests exploring more attractive opportunities outside the U.S. due to better valuation prospects.
Original Story https://www.cnbc.com/2024/11/28/european-markets-live-updates-stocks-news-data-and-earnings.html
Category :
Tags:
