European markets push higher; Big Bank of England growth expected
European stocks were slightly higher on Thursday, building on gains in the previous session.
Pan-European Stoxx 600 Up 0.3% in early trade. Retail stocks were the standout performers, gaining 2.5%, while telecom fell 0.4%.
of the United Kingdom FTSE Markets were muted on Thursday morning ahead of the rally Bank of EnglandIts next monetary policy decision. Central banks are widely expected Increase in interest rates by 50 basis pointsIts biggest single increase since 1995.
Alibaba’s Hong Kong shares advanced 4% on earnings
Alibaba is projected to post revenue of 203.19 billion yuan ($30 billion) for the June quarter, down 1.2% from a year ago, according to Refinitiv’s consensus forecast.
Alibaba has faced several headaches, from a tight regulatory environment in China to a resurgence of Covid in the world’s second-largest economy that led to lockdowns in major cities. These factors have hit the Chinese economy, reducing ad budgets and consumer spending, which will likely impact Alibaba’s June quarter results.
Still, analysts expect the company to return to growth in the next quarter. Alibaba’s Hong Kong-listed shares were up 4% on earnings.
— Arjun Kharpal
Jim Cramer says the charts point to a rally in gold
CNBC’s Jim Cramer said Now is the perfect time to buy gold According to analysis by commodities trader Larry Williams, the signs are pointing to a rally.
the “hard earned money“The host explained Williams’ analysis by looking at gold’s weekly action since 2014 and data from the Commodity Futures Trading Commission’s Commitments of Traders report on small speculators’ positions in gold.
According to Williams, gold prices typically peak when small speculators are very bullish on the precious metal and bottom when small speculators are very bearish.
“The charts, as interpreted by the legendary Larry Williams, suggest the general public is giving up on gold, and he thinks that makes it the perfect entry time to do some buying,” Cramer said.
— Abigail Ng, Crystal Hurr
Here’s how to invest for yield to beat a bad year for stocks and bonds — according to the pros
Stocks are volatile, and bonds haven’t been doing well this year, with US investment grade bonds down in 2022.
But analysts have been bullish on income investing recently as yields have started to rise again.
Here are some ways that professionals suggest that investors can diversify their portfolios to protect against market volatility as well as higher yields as inflation rises. Pro subscribers can read the story here.
— Wizen Tan
Fortinet share failed
Shares of Fortinet fell more than 9% in extended trading after the cybersecurity firm reported its quarterly results, which included $283.5 million in free cash flow, compared with FactSet’s estimate of $337.2 million. Services revenue also missed estimates.
Other cybersecurity stocks also fell after hours. CrowdStrike fell 1% and Palo Alto Networks lost more than 1%.
– Tanaya fish
The layoffs come nearly a week after Walmart’s profit warning
There’s Walmart Corporates begin laying off workers The retail giant is about a week later cut its profit outlook And inflation has warned of a pullback in consumer discretionary spending. In a statement to CNBC, the company described the layoffs as a way to “better position the company for a strong future.” Shares inched lower by less than 1% after hours.
– Tanaya fish