stocks, news, data and earnings

stocks, news, data and earnings

Powell stresses need for Fed’s political independence while tackling inflation

U.S. Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., on Dec. 14, 2022.

Liu Jie | Xinhua News Agency | Getty Images

Federal Reserve Chairman Jerome Powell on Tuesday stressed the need for the central bank to be free of political influence while it tackles persistently high inflation.

In a speech delivered to Sweden’s Riksbank, Powell noted that stabilizing prices requires making tough decisions that can be unpopular politically.

“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” the chair said in prepared remarks.

The speech did not contain any direct clues about where policy is ahead for a Fed that raised interest rates seven times in 2022, for a total of 4.25 percentage points, and has indicated that more increases likely are on the way this year.

Read the full story here.

Tesla stock has been ‘nothing short of a disaster,’ hedge fund manager says

David Neuhauser, chief investment officer of hedge fund Livermore Partners, said Tesla’s stock had been “nothing short of a disaster” for investors after shares in the company declined by more than 65% in the past year. Neuhauser has shorted Tesla shares.

Tesla stock has been 'nothing short of a disaster,' hedge fund manager says

Interest rates will still have to rise ‘significantly,’ ECB economist says

European interest rates will still “have to rise significantly” to get inflation down to 2% in a “timely” fashion, European Central Bank (ECB) Economist Isabel Schnabel said at an event organized by the Swedish Riksbank, according to Reuters.

She said inaction by the bank now would only mean more aggressive action at a later stage, which would impact both the broader economy and the green energy transition.

Schnabel added that the ECB needs to step up efforts to make its stock of bonds more green.

— Hannah Ward-Glenton

‘Quick and dirty maybe’: How Macron may be able to pass a key pension reform

Renaud Foucart, senior lecturer in Economics at Lancaster University, outlines what to expect from French President Emmuanuel Macron’s upcoming pension reform.

'Quick and dirty maybe': How Macron may be able to pass a key pension reform

Stocks on the move: Euronav down 20%, Games Workshop down 5%

Shares of Euronav plunged more than 20% in early trade after Norwegian rival Frontline pulled out of a potential $4.2 billion merger with the Belgian oil shipping company.

British wargame manufacturer Games Workshop fell 5.6% after its half-year earnings report.

– Elliot Smith

CNBC Pro: Platinum prices are soaring. These buy-rated stocks with upside could be a way to cash in

Consumers see inflation, spending sliding over next year, according to New York Fed Survey

CNBC Pro: China’s reopening has gotten Wall Street excited. Here’s how the pros are playing it

Beijing’s sudden and rapid dismantling of its stringent Covid-19 controls after nearly three years has raised hopes that its battered economy could follow a similarly rapid pace of recovery.

From hotels and airlines, to “less obvious beneficiaries,” Wall Street analysts name their top Chinese and global stocks to play the reopening.

Pro subscribers can read more here.

— Zavier Ong

European markets: Here are the opening calls

European markets are heading for a lower open as investors gear up for more inflation data later this week, with U.S. consumer price data for December due Thursday.

The U.K.’s FTSE 100 index is expected to open 49 points lower at 7,676, Germany’s DAX 95 points lower at 14,698, France’s CAC down 52 points at 6,855 and Italy’s FTSE MIB down 204 points at 25,181, according to data from IG.

Data releases Tuesday include Dutch inflation figures for December and U.K. British Retail Consortium retail sales figures for December. Airbus will announce its annual commercial aircraft orders and deliveries.

— Holly Ellyatt

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