12 minutes ago
Stocks on the move: Thule down 15%, Saab up 9%
Thule Group shares fell 15% after the company’s fourth-quarter earnings report.
The outdoor gear group’s net sales fell 21% on a constant currency basis in the most recent quarter, while net income was a loss of 16 million Swedish kronor ($1.6 million).
The group also announced that Mattias Ankarberg would assume the role of President and CEO no later than August 9.
Saab reported strong fourth-quarter operating profit, which caused shares to rise 9% in early trade.
The Swedish defense company’s profits have been boosted by the ongoing war in Ukraine, which has encouraged countries to increase military spending. Revenue rose 16% sequentially, while operating income rose 22% to SEK 1.3 billion.
– Hannah Ward-Glenton
Before an hour
Breaking news: UK economy flattens out in fourth quarter, narrowly avoiding recession
The Bank of England last week forecast that the UK economy would enter a five-quarter shallow recession in the first quarter of 2023.
Elliot Smith/CNBC
According to preliminary figures from the Office for National Statistics, the British economy recorded zero growth for the fourth quarter of 2023.
In December, however, gross domestic product contracted by a more-than-expected 0.5% month-on-month after two months of unexpected growth.
The Bank of England last week forecast that the UK economy would enter a five-quarter shallow recession in the first quarter of 2023.
“While the numbers may appear positive for now, the overall economy is flattening out and it’s hard to see that changing in the near term,” said Richard Carter, head of fixed interest research at Quilter Cheviot.
“We’re likely to be in a recession sometime in 2023 – which is likely to be long and shallow – so these numbers don’t offer much consolation.”
– Eliot Smith
Before an hour
Here are the opening calls
The UK FTSE 100 is expected to fall around 23 points to 7,888, the German DAX is seen around 105 points lower at 15,418 and the French CAC 40 is expected to fall around 23 points to 7,163.
Thu, Feb 9, 2023 3:37 pm EST
CNBC Pro: Morgan Stanley says EU and US subsidies are boosting this global stock of green hydrogen, which is already up 35% this year
Morgan Stanley said shares of a green hydrogen producer are expected to rise thanks to the recent spate of green subsidies in both the US and Europe.
The investment bank said the company would benefit as green hydrogen is set to become a “key beneficiary” of cleantech stimulus plans on both sides of the Atlantic.
The push for green energy has received new impetus after the US unveiled its $365 billion subsidy program through the Inflation Reduction Act last year. In response, the European Union announced its Green Deal Industrial Plan earlier this year.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Wed, Feb 8, 2023 7:40 p.m. EST
CNBC Pro: Emerging markets get attention. Morgan Stanley names the “highest quality” stocks to play it
According to Wall Street analysts, emerging markets could be a big winner for investors this year. CNBC Pro takes a look at eight of Morgan Stanley’s top picks.
Pro subscribers can read more here.
– Zavier Ong
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