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German property market slows but will see higher valuations: Central Bank

The German central bank sees a slowdown in the property market but no major correction ahead

A new report from the German central bank predicts a slowdown but not a significant correction in the housing market.

Claudia Buch, vice-president of the Bundesbank, told CNBC: “We are seeing a slowdown in residential real estate price growth, but it is not as if the overall dynamic has reversed. So we still have overvalues ​​in the market.”

– Jenny Reid

Stocks on the move: LEG Immobilien rose 6%, Bridgepoint rose 5%

Shares in LEG Immobilien rose 6.5 percent to lead the Stoxx 600 by mid-afternoon after Morgan Stanley upgraded the German property company’s stock to “overweight” from “equal weight.”

British private investment company Bridgepoint Group increased by more than 5%.

Turkey drops 150 basis points and completes the easing cycle

Turkey’s central bank cut interest rates by 150 basis points to 9% on Thursday, ending its cycle of monetary policy easing, citing rising inflation risks.

CBRT [Central Bank of the Republic of Turkey] is under constant pressure from President Recep Tayyip Erdogan to continue lowering rates despite high inflation, which was 85.5 percent in October compared to last year as food and energy prices continued to rise.

“Given the growing concerns about global demand, the Committee assessed that the current policy rate is adequate and decided to end the cycle of rate cuts that began in August,” the Central Bank said in a statement.

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Read the full story here.

– Elliot Smith

German economic sentiment improved in November, says the Ifo Institute

The German business climate index of the Ifo Institute rose to 86.3 points in November from 84.5 in October.

Ifo President Clemens Fuest said, “Although companies were somewhat less satisfied with their current business, pessimism in the coming months was much lower. The recession may be less severe than many expected.”

The index was much higher in manufacturing, where companies were less pessimistic about the future, but worse evaluated their current situation, Fuest explained.

“The number of new orders fell again. Although uncertainty about the future business development remains high, it decreased a little. But in energy-intensive industries, the uncertainty increased more,” he said.

– Elliot Smith

Sterling slips above $1.20 as dollar weakens on expectations of softer Fed hike

Sterling broke above the key level of $1.20 on Wednesday night US dollar softened in response to weak PMI (purchasing managers index) data and details from the last Federal Reserve policy meeting.

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The pound gained another 0.3% in early trade on Thursday to trade around $1,209, while euro and the Japanese yen it also gained ground against the greenback’s retreat.

Bulgari says wealthy consumers are spending despite growing recession fears

Bulgari says wealthy consumers are spending despite growing recession fears

Jean Christophe-Babin of Italian luxury fashion house Bulgari Group says that while demand for entry-level products is slowing in recessionary times, high-end consumers still have disposable income.

Stocks on the move: Elekta down 4%, UMG up 3%

Share price action was muted across Europe’s blue chip indexes early Thursday morning.

Swedish manufacturer of radiation therapy equipment Elect The Stoxx 600 fell more than 4% after missing second-quarter earnings expectations.

At the top of the index, World Music Group It was 3.3% higher.

– Elliot Smith

CNBC Pro: Betting against a British supermarket, the retailer expects a nearly 50% drop in share price

There will be more pain for investors in a British supermarket chain if a short-selling forecast pans out.

The hedge fund currently holds a bearish bet worth £32.6m and expects shares in the retailer to fall 44%.

The fund’s chief investment officer also believes the supermarket will raise new capital by reducing shareholders year-on-year to keep afloat in a tough environment.

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CNBC Pro subscribers can read more here.

– Ganesh Rao

CNBC Pro: Investment manager says investors should buy big stock right now

According to Rob Luna, chief investment strategist at asset manager Surevest, there’s one great stock investors should buy now.

He calls its CEO “an important vision”.

While Luna chose one large stock, he advised investors to generally regroup smaller names, naming two stocks that he called “the best of the breed.”

CNBC Pro subscribers can read more here.

– Weizhen Tan

European Markets: Here are the opening calls

European markets are headed for a wider open on Tuesday as investors in the region appear to be channeling concerns among their US and Asia-Pacific counterparts over China’s tightening of Covid restrictions, which have put pressure on manufacturing. continue, remove.

According to IG data, it is expected that the FTSE index of England will increase by 27 points to 7407, the DAX of Germany will increase by 33 points to 14419, the CAC of France will increase by 20 points to 6653 and the FTSE MIB of Italy will increase by 70 points to 24433.

The data releases for November include preliminary consumer confidence data for the euro area.

– Holly Elliott


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