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Stocks on the move: GSK down 11%, SBB down 5%

Shares GSK and Sanofi rose 11% and 6%, respectively, on Wednesday morning after a US court dismissed thousands of lawsuits claiming the stimulant drug Zantac caused cancer.

Below the Stoxx 600, the Swedish real estate company SBB 5% fell.

– Elliot Smith

The Singaporean official says that China’s opening up is more important for oil prices than Russia’s restrictions on crude oil.

China can't take a 'one-size-fits-all' approach to Covid, says Singapore's foreign minister

Singapore’s Foreign Minister Vivian Balakrishnan told CNBC on Tuesday that China’s opening up will be a big driver for oil prices on Russian oil.

“I expect to see a significant opening,” Balakrishnan said. “Now it has a profound effect on the global economy, more than just an oil price cap.”

So China’s medium- and long-term playbook should focus on improving vaccination rates, Balakrishnan said.

“If you have high vaccination rates you can open it. So I will watch what China is trying to do to increase vaccination in the elderly,” he added.

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Read the full story here.

– Charmaine Jacob

CNBC Pro: UBS says the global airline’s shares are up 55 percent

According to UBS, shares of a global airline are set to rise by 55 percent over the next year.

The investment bank raised its price target after the pan-European airline said it expected to see strong demand over the Christmas period.

CNBC Pro subscribers can read more here.

– Ganesh Rao

CNBC Pro: ‘A door to investors’: BlackRock says it’s time to rethink

It’s time to rethink debt, according to BlackRock Investment Institute, which said “fixed income anxiety is strong.”

Philipp Hildebrand, vice president of BlackRock, and Jean Boivin, president of BlackRock, “High yields are a gift to investors who have long been starved for income. And investors don’t have to go far down the risk spectrum to get it.” The Investment Institute wrote in a note last week.

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They have identified their main means of payment.

Pro subscribers can read more here.

– Zavier Ong

Inflation is eroding consumer wealth and could bring a recession by 2023, Dimon says

Dimon said in June that he was preparing the bank for an economic “storm” caused by the conflict between the Federal Reserve and Russia in Ukraine.

Al Drago | Bloomberg | Getty Images

U.S. consumers are still doing well and supporting the U.S. economy, but that may change next year, according to JPMorgan Chase CEO Jamie Dimon.

Consumers have $1.5 trillion in additional savings from pandemic stimulus programs and are spending 10% more by 2021, he said Tuesday on CNBC’s “Squawk Box.”

“Inflation will destroy everything I just said, and that trillion and a half dollars will be gone by the middle of next year,” Dimon said. “When you look ahead, those things could very well derail the economy and lead to a mild or severe recession that people fear.”

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Dimon also weighed in on cryptocurrencies, the need for fossil fuels, and other topics in the wide-ranging interview.

– Hugh Son

European Markets: Here are the opening calls

European markets are headed for a lower open on Tuesday with global sentiment generally subdued this week.

According to IG data, it is expected that the FTSE index of England will drop 7 points to 7549, the DAX of Germany will drop 24 points to 14423, the CAC of France will drop 18 points to 6678 and the FTSE MIB of Italy will drop 47 points to 24574.

The data releases include German industrial orders for October. There are no big profits.

– Holly Elliott

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