European markets: Here are the opening calls
European markets are expected to open higher Friday.
Britain’s FTSE 100 is seen around 33 points higher at 7,456, Germany’s DAX is set to jump by around 33 points to 14,019 and France’s CAC 40 is expected to add around 18 points to 6,533. Italy’s MIB index is set to add 32 points to 23,787.
— Hannah Ward-Glenton
CNBC Pro: Morgan Stanley doubles down on Big Tech stock – and says it can rally up to 65% more
Big Tech stocks have been hit hard by this year’s sell-off, but Morgan Stanley thinks the current share price weakness of one stock presents an “opportunity to own one of the highest quality tech platforms.”
Pro subscribers can read more here.
— Zavier Ong
UBS upgrades outlook for China 2023 growth, downgrades 2022 forecast
UBS upgraded its outlook for China’s 2023 gross domestic product to 4.9%, versus 4.5% previously, according to its chief China economist Wang Tao, citing an earlier and faster reopening in the nation.
Wang said the firm expects a weaker fourth-quarter GDP for 2022, downgrading its full-year forecast to 2.7% from 3.1%, pointing out November’s weakened growth with a recent surge in Covid cases.
The firm added that the Central Economic Work Conference will likely prioritize stabilizing growth as well as supportive macro policies for the upcoming year.
“We expect fiscal policy to stay proactive with small increase of headline deficit and new special LG [local government] bonds, monetary and credit policy to keep supportive with continued ample liquidity but unlikely any additional policy rate cut,” Wang said in the note.
— Jihye Lee
Stock futures open lower
Stock futures opened lower as investors came off a second day of selling off.
Futures tied to the Dow lost 40 points or 0.1%.
S&P 500 and Nasdaq 100 futures both shed 0.1%.
— Alex Harring
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