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The BBVA chief says CEOs in Davos are more optimistic than they were a month ago

The BBVA chief says CEOs in Davos are more optimistic than they were a month ago

The Chairman of the Board of Directors of the Spanish BBVA Bank, Carlos Torres Villa, said that the normalization of the interest rate environment in 2023 will support European banks. He also discussed how recent data has fueled optimism and an increase in non-performing loans has not materialized.

Stocks on the Go: Allfunds Down 7%, Encavis Down 6%

British investment fund platform Allfunds Group Its shares fell more than 7% to the bottom of the Stoxx 600 in early trade after HSBC downgraded the stock to “hold” from “buy” and lowered its price target.

German electricity company Encavis fell 6% after Barclays downgraded its shares to “less weight” from “equal weight” and lowered its price target.

– Elliott Smith

Oil prices fall above the dollar amid looming recession fears

Oil prices fell by more than a dollar after a Disappointing US retail sales readThis fueled recession fears.

Brent Crude futures fell 1.21%, or $1.03, to $83.95 a barrel, while the United States declined. Midwest Texas Futures lost 1.38%, or $1.10, to $78.38 a barrel.

US retail sales in December fell 1.1%, slightly above expectations of 1%.

– Lee Ying Chan

CNBC Pro: Morgan Stanley’s Slimmon says stocks ‘will surprise’ Wall Street in 2023 — and picks two he likes

Investment veteran Andrew Slimon said he thinks the stock will do “much better” than most people expect this year.

β€œI’m not entirely sure about the second half of this year, but I think the surprise will be that the stock market will do better earlier this year than was universally expected by many sell-side strategists,” Solomon, senior portfolio manager at Morgan Stanley Investment Management,” he told CNBC.Squawk Box Asia” Friday.

He also named two of his favorite stocks.

Professional subscribers can Read more here.

– Xavier Ong

CNBC Pro: Veteran investor says ‘tech is dead’, names stocks safer to weather ‘current storm’

Roughly after 2022, some investors are flocking back into tech, but investment veteran Michael Landsberg misses out on the sector.

He favors safer sectors and shares the names of five companies he expects to weather the “present storm”.

Professional subscribers can Read more here.

– Xavier Ong

UBS’s Hefele says the New Year’s Eve rally could be fake

Investors should prepare for a strong start to the year for equities to be short-lived and tame hopes that inflation has peaked, says Mark Hefell, chief information officer at UBS Global Wealth Management.

“Risk assets had a positive start to 2023, with investors encouraged by signs of fading inflation and China’s rapid reopening,” he said in a note on Wednesday. “The relatively warm winter also eased concerns about energy shortages in Europe.”

β€œIt is still too early to assume that the risk of inflation has completely passed. While headline inflation data for December in both the US and the Eurozone continued to point to a slowdown, core inflation remained well above central bank targets.”

– Tanaya McHale

CNBC Pro: 2023 set to be tough — but this ‘extraordinary’ stock is very strong, fund manager says

Many investors are preparing for a tough year, at least A mild recession is likely.

Because of the “dark” economic environment, fund manager Trent Masters of Alphinity Investment Management told CNBC Pro Talks that he picks stocks with one key quality: earnings elasticity.

He calls one “rock solid” stock that meets this criterion.

CNBC Pro subscribers can read more here.

– Wizen tan

European Markets: Here are the opening calls

European markets are heading for a negative open on Thursday as investors remain uncertain about the economic outlook, a topic high on the agenda at the World Economic Forum in Davos this week.

United kingdom FTSE 100 index The index is expected to open down 37 points at 7793, the German Dax 69 points lower at 15125, France kk Down 35 points at 7052 and Italy FTSE MIB down 77 points at 25,939, according to IG data.

CNBC will speak to a group of delegates at the World Economic Forum on Wednesday, including the CEOs of Enel, Merck, Rio Tinto, and the leaders of the Netherlands and Ireland, among others.

Follow our coverage here.

– Holly Ellytt

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