European markets open to close as investors react to U.S. jobs data

Stocks in motion: Hexatronic up 8%; energy stocks are falling

Scandinavian fiber optics firm Hexatronic led gains in late morning trading, up nearly 8% after announcing its acquisition of telecommunications company KNET.

Swedish investment firm Kinnevik remained the worst-performing European stock after an analyst’s downgrade.

Energy firms also avoided potentially devastating sanctions on Russian oil, and OPEC considered further production cuts.

pipe supplier Tenaris fell 2.5%, Blood pressure fell 2.3% and Port Energy fell 2.1%.

—Jenni Reid

Credit Suisse seeking to accelerate cost reduction; shares rose 6%

shares Credit Suisse It rose 6% after Chairman Axel Lehmann confirmed to Bloomberg that the bank is trying to step up its cost-cutting program.

It follows a Reuters report that said Credit Suisse may seek to lay off more people than previously announced, citing unnamed sources.

The bank had previously stated that it would like to reduce its cost base by 15%, or 2.5 billion Swiss francs ($2.67 billion), to approximately 14.5 billion Swiss francs. in 2025

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Lehmann said he will look at “front-loading” implementation of the cost savings that come in the midst of a major strategic overhaul. The bank has been embroiled in a series of scandals and in November reported a loss of 1.5 billion Swiss francs in the fourth quarter.

Germany’s exports fell more than expected

Germany’s exports fell 0.6% month on month in October, double the expectations of analysts polled by Reuters.

However, the country’s trade surplus increased as imports fell 3.7%, more than the forecast of 0.4%.

German officials said exports will fall 2% next year due to slowing global growth, low trade sentiment and continued inflation and supply chain delays.

The country is predicted to be heading towards a recession, although the latest data showing its economy growing 0.4% quarterly and 1.3% year-on-year fuels hope that it will be shallow.

—Jenni Reid

Stocks in motion: Just eat, Kinnevik down

just eat It was the best performer of the overall negative European stocks in early trading, gaining 3.7% after JPMorgan upgraded the stock from underweight to neutral.

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A week ago, the company announced plans to reorganize its operations, potentially resulting in the layoffs of around 170 people.

Meanwhile, the Swedish investment company Kinnevik It fell 5.5% after it was downgraded by Norwegian financial services group DNB, according to local media.

—Jenni Reid

European markets: Here are the opening talks

European markets are heading for a lower open on Friday as investors point to an EU-led cap on Russian oil. Prices and nonfarm payroll data from the US

of England FTSE 100 The index is expected to be seen at 7,547, down 11 points, German DAX down 15 points at 14,448, French CAC down 15 points at 6,728 and Italian FTSE MIB down 98 points at 24,609. SPINDLE.

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Data releases include German import and export data, producer prices for the euro area and US non-farm payrolls due at 13:30 London time.

— Katrina Bishop

CNBC Pro: BlackRock unit says it’s time for a new portfolio playbook and explains how to position it

BlackRock’s ETF division says the investment climate has fundamentally changed, with “profound implications” for portfolios going forward.

Blackrock’s iShares, one of the world’s largest providers of exchange-traded funds, said in its 2023 investor guide that the change has “profound implications for portfolio building.”

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Citi identifies 6 global stocks capturing both ‘defensive growth and value’

Citi says investors don’t need to give up growth entirely by turning to a defensive portfolio of equities before a possible recession.

The investment bank has selected six global stocks that offer “low risk, quality and growth” combined.

CNBC Pro subscribers can read more here.

— Ganesh Rao


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