Open to close, stock moves, data and earnings

CNBC Pro: NYU’s Aswath Damodaran names big tech stocks that are a better bet than ‘traditional safe’ ones NYU’s Aswath Damodaran loves companies that can “withstand a hurricane, a catastrophe if it does happen.” The professor of finance at New York University, who is sometimes referred to as the “Dean of Valuation, believes big tech … Read more

OPEC+ imposes deep production cuts in a bid to shore up prices

Oil prices have fallen to roughly $80 from over $120 in early June amid growing fears about the prospect of a global economic recession. Bloomberg | Getty Images A group of some of the world’s most powerful oil producers on Wednesday agreed to impose deep output cuts, seeking to spur a recovery in crude prices … Read more

UK’s Liz Truss pledges tax-cutting future in speech plagued by protest

Prime Minister Liz Truss is seeking to rally MPs around her tax-cutting policies following political infighting and market turmoil. Jacob King | Pa Images | Getty Images LONDON — British Prime Minister Liz Truss insisted Wednesday that cutting taxes was “the right thing to do morally and economically,” doubling down on a series of debt-funded … Read more

Open to close, stocks, data, earnings and news

CNBC Pro: Bank of America reveals its global picks for this quarter, giving one stock over 100% upside Interest rate rises, soaring energy prices and political turmoil in some parts of the world have battered stocks going into the final quarter of this year. To help investors navigate the volatility, Bank of America has revealed … Read more

European markets head for higher open as global markets rally

CNBC Pro: Want a ‘defensive move’ with up to 5% return? Buy this fund, says the strategist It’s been a volatile year for both stocks and bonds, with major Wall Street indexes just ending their worst month since March 2020, and Treasury yields remaining elevated. However, David Dietze, chief investment strategist at Point View Wealth … Read more

Credit Suisse shares pair losses after earlier plunging as much as 10%

A Swiss flag flies over a sign of Credit Suisse in Bern, Switzerland FABRICE COFFRINI | AFP | Getty Images Shares of Credit Suisse recovered their losses and ended the Monday trading session down around 1% after a big market rally. The shares had dropped as much as 10% at the start of trading after … Read more

UK government abolishes plan to cut tax on high earners in major U-turn

“It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our economy,” Finance Minister Kwasi Kwarteng said in a statement. Rob Pinney | Getty Images News | Getty Images LONDON — The UK government on Monday reversed a plan to scrap … Read more

British pound jumps on reports UK government will U-turn on cut to top tax rate

UK Chancellor Kwasi Kwarteng outside 10 Downing Street. Britain will cap the cost of electricity and gas for businesses. Rob Pinney | Getty Images News | Getty Images The cuts were poorly received by financial markets and a scrapping of the 45% tax paid on incomes over £150,000 ($166,770) was also seen as politically toxic … Read more

Putin declares ‘four new regions of Russia’ as Moscow annexes parts of Ukraine

Russian President Vladimir Putin meets with Moscow-appointed heads of four Ukrainian regions, partially occupied by Russia, at the Grand Kremlin Palace on September 30, 2022, in Moscow, Russia. Contributor | Getty Images News | Getty Images Russian President Vladimir Putin on Friday declared four new regions of the country shortly after holding sham referendums in … Read more