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28 Mins Ago
Ericsson climbs 9% on AT&T deal as Nokia falls to three-year low
Stockholm-listed shares of Sweden’s Ericsson were 8.5% higher at 8:30 a.m. London time after telecom juggernaut AT&T announced it would partner with the firm on its deployment of an open radio access network (Open RAN) in the U.S.
AT&T spend could near $14 billion over a five-year contract with Ericsson, the companies said Monday.
Ericsson will manufacture 5G equipment for the project at its factory in Lewisville, Texas.
See Chart…
Ericsson share price.
Finland’s Nokia dropped 7.35% to its lowest level since November 2020, as it loses more of its share of AT&T supplier work to Ericsson.
Open RAN or ORAN networks represent a shift to telecom firms using cloud-based software and equipment from several suppliers, potentially cutting costs, rather than using proprietary equipment largely from one company.
See Chart…
Nokia share price.
An Hour Ago
U.K. shoppers push back holiday spending, figures show
Shoppers passing through the festively decorated Burlington Arcade luxury shopping arcade in London on Dec. 4, 2023.
Bloomberg | Bloomberg | Getty Images
U.K. households delayed Christmas spending in November, leading to damp retail sales, according to the British Retail Consortium.
The trade group found sales rose 2.7% in November, slightly above the 2.6% average over the last three months but down from 4.2% growth in November 2022. It noted its figures are not adjusted for inflation and so likely represent a fall in overall volumes.
Food sales were 7.6% higher across the three months to November, while non-food sales dipped 1.6%.
“Black Friday began earlier this year as many retailers tried to give sales a much-needed boost in November. While this had the desired effect initially, the momentum failed to hold throughout the month,” said Helen Dickinson, chief executive of the BRC.
Retailers will look to offer customers affordability in December to boost spending, Dickinson said, while in 2024 they will face fresh cost pressures from higher business rates and an increase to the minimum wage.
The cost-of-living crisis continues to test consumer resilience, said Paul Martin, U.K. head of retail at KPMG.
“With two of the three months of the crucial golden quarter seeing sales growth below 3%, it has already been a weak Christmas trading period. Any excess stock not sold before Christmas could be further reduced leading to big January sales, and potentially having an even greater impact on already tight margins,” Martin said.
— Jenni Reid
7 Hours Ago
Caixin China services PMI climbs to highest since August
The Caixin China services purchasing managers’ index for November climbed to its highest in three months, diverging from China’s official PMI reading that showed a contraction.
This private survey reading came in at 51.5 in November, according to a release dated Dec. 5, rising from 50.4 in October and 50.2 in September.
China’s official non-manufacturing PMI services sub-index for November released last week came in at 49.3, showing a contraction for the first time since December 2022 .
— Clement Tan
8 Hours Ago
CNBC Pro: These 3 stocks could rally by another 50%, analysts say, despite big jumps this year
Three stocks — one U.S.-listed and two U.K.-listed — have risen by double-digit percentages this year. But investors shouldn’t fear missing out on those gains as Wall Street analysts forecast another 50% jump in share prices over the next 12 months.
CNBC Pro screened the MSCI World Index, which includes about 1,500 companies in several developed markets, for stocks that had a positive return this year and continued to have more than 50% upside potential.
Subscribers can screen for stocks at any time using the new CNBC Pro Stock Screener.
CNBC Pro subscribers can read more here.
— Ganesh Rao
4 Hours Ago
European markets: Here are the opening calls
European markets are heading for a mixed open Monday.
The U.K.’s FTSE 100 index is expected to open 8 points lower at 7,499, Germany’s DAX up 10 points at 16,418, France’s CAC down 3 points at 7,328 and Italy’s FTSE MIB down 15 points at 29,937, according to data from IG.
Euro zone producer price data for October is due.
— Holly Ellyatt
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