Tuesday, February 7, 2023
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Stocks, data, news, Fed meeting

Markets are priced for optimism, but people should exercise relative caution: Man Group

Mark Jones, Deputy CEO of Man Group, discusses the outlook for the markets in 2023 in the context of what the US Federal Reserve could do.

Stocks in motion: Chr. Hansen up 18%, Novozymes down 15% after merger announcement

Novozymes to merge with Chr.  Hansen as part of a historic deal

New challenges ensure the timing for the CEO change is right, says Maersk’s new CEO

New challenges ensure the timing for the CEO change is right, says Maersk's new CEO

Vincent Clerc, incoming CEO of the Danish freight giant, says: “After two years of huge profits and supply chain disruptions due to the pandemic, we have different circumstances.”

Microsoft buys a nearly 4% stake in the London Stock Exchange and starts a 10-year partnership

US technology giant Microsoft announced a 10-year partnership with the London Stock Exchange Group on Monday, taking a nearly 4% stake in the British exchange operator.

The partnership includes next-generation data and analytics, as well as cloud infrastructure solutions, according to a statement from the LSEG. It involves a new data infrastructure for the London exchange and analytics and modeling solutions with Microsoft Azure, AI and Microsoft Teams.

Read the full story here.

– Matt Clinch

Stocks in motion: Chr. Hansen up 22%, Novozymes down 13% after merger announcement

Bioscience companies Novozymes and Chr. Hansen to merge in largest Danish deal ever

A researcher tests enzymes at a Novozymes facility in Bagsvard, Denmark.

Bloomberg | Bloomberg | Getty Images

Biotechnology companies Novozymes and Chr. Hansen agreed to combine in what will be the largest ever merger between two Danish companies.

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The merger, announced in a joint statement Monday, will complete the dissolution of Chr. Hansen and is expected to be completed in the fourth quarter of 2023.

The new biosolutions group will have annual sales of about 3.5 billion euros ($3.7 billion), the companies said.

Read the full story here.

—Elliot Smith

The UK economy grows by 0.5% in October

The UK economy grew 0.5% month-on-month in October, slightly above a Reuters poll which predicted a 0.4% recovery from September’s 0.6% contraction.

Last month’s figures were impacted by a one-off public holiday marking Queen Elizabeth II’s funeral.

The Bank of England predicts that the economy is already in a recession that could last into 2023.

Jeremy Batstone-Carr, European strategist at Raymond James, said Monday’s figures from the Office for National Statistics “flatter to mislead and hide an otherwise contracting economy”.

“Government spending, residential investment and a boost in net trade sugar-coated GDP in the third quarter, but that coating is now dissolving as the housing market and global economy weaken,” said Batstone-Carr.

“The economy is no longer teetering on the brink of recession; it is in full recession. We are now feeling the pain of both relentless inflation and interest rate hikes, which are crippling both corporate and household spending. The Monetary Policy Committee of the The Bank of England is divided on how much to raise base rates, but it seems increasingly likely that we will have to live with another 0.5% by the end of this week.”

CNBC Pro: Shares of this global under-the-radar miner will rise 50%, analyst says

CNBC Pro: Dan Niles bets the S&P 500 will hit a new low in 2023. That’s how he acts

Dan Niles’ Satori Fund is beating the market this year. He shares what’s behind the outperformance and how he’s trading the market as the recession looms.

Pro subscribers can read more here.

— Zavier Ong

European markets: Here are the opening calls

European markets are heading for a lower opening on Monday as investors look ahead to the next meeting of the US Federal Reserve.

The UK FTSE index is expected to open 17 points lower at 7,457, the German DAX 71 points lower at 14,290, the French CAC 31 points lower at 6,640 and the Italian FTSE MIB 134 points lower at 24,120, according to data from IG.

There are no great gains. The published data includes preliminary UK gross domestic product figures for the third quarter.

— Holly Ellyatt



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