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CNBC Pro. A fund manager says a recession is “just around the corner” and names cheap stocks to play it

Market watchers are increasingly worried about an impending recession, and fund manager Stephen Glass is no exception.

Against this backdrop, he says he focuses on companies with earnings visibility that trade at attractive valuations.

His picks include a Big Tech name he says is “extremely cheap” with “huge margin potential.”

Pro subscribers can read more here.

— Zavier Ong

Expect a more challenging environment ahead, says Atlantic Equities

Analysts at Atlantic Equities expect a more challenging backdrop for global consumers in 2023.

“Inflation may have peaked on a headline basis, but input costs still remain high and companies will try to at least maintain, if not in some cases take on, further pricing,” analyst Edward Lewis said in a note on Tuesday. “That could become more difficult as elasticity levels begin to normalize as US retailers begin to push back on pricing in line with how their European counterparts have been all year.”

He highlighted Coca-Cola and Pepsi as some of his favorite consumer picks, noting that “category momentum, continued investment and strong execution are driving high growth.”

— Tanaya Machel

The stock market is down $11.7 trillion this year

It’s been a tough year for stocks, which are currently in a bear market and down year-over-year.

From a market high on Jan. 3 to this morning, U.S. stocks have lost $11.7 trillion in market capitalization, according to data from the Bespoke Group.

“The maximum decline was $13.6 trillion from the 9/30 low, so we saw just $2 trillion less in market cap growth,” analysts wrote on Tuesday. “In dollar terms, this decline has been more extreme than investors have ever experienced. That’s quite a deflation if you ask us.”

Of the $11.7 trillion, more than $5 trillion in losses are accounted for by just five companies: Apple, Microsoft, Amazon, Alphabet, Meta, and Tesla.

– Carmen Reinike

European markets. Here are the opening calls

European markets are headed for a higher open on Wednesday, reversing the previous session’s negative trend.

of Great Britain FTSE 100 The index is expected to open 23 points higher at 7,389, Germany DAX: 99 points higher at 13,969 than France’s CAC: up 34 points at 6,478 and in Italy FTSE MIB up 137 points to 23,830, according to IG data.

There are no basic incomes. The data releases include the UK’s third quarter gross domestic product.

– Holly Elliott

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