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According to the Ifo Institute, the mood in the German economy improved in November

The German business climate index from the Ifo Institute climbed to 86.3 points in November after 84.5 in October.

“While companies were somewhat less satisfied with their current business, pessimism for the coming months decreased significantly. The recession could be less severe than many expected,” said ifo President Clemens Fuest.

The index in the manufacturing sector has risen significantly, where companies are less pessimistic about the future but assess their current situation worse, explained Fuest.

“The number of new orders has fallen again. Uncertainty about future business developments remains high, but has decreased somewhat. In energy-intensive industries, however, uncertainty has continued to rise,” he said.

-Elliot Smith

Sterling breaks above $1.20 as dollar weakens on weaker Fed rate hike expectations

sterling broke a key $1.20 level on Wednesday night when the U.S. dollar weakened in response to weak PMI (Purchasing Managers’ Index) data and minutes from the Federal Reserve’s latest monetary policy meeting.

The pound added another 0.3% in early trading on Thursday to trade around $1,209 during the Euro and the Japanese yen also gained ground against the declining greenback.

Bulgari says wealthier consumers continue to spend despite mounting recession fears

Bulgari says wealthier consumers continue to spend despite mounting recession fears

Jean Christophe-Babin of Italian luxury fashion house Bulgari Group says while demand for entry-level products tends to contract during recessions, higher-value consumers still have disposable income.

Stocks on the move: Elekta down 4%, UMG up 3%

Share price action was muted across the European blue-chip index Thursday morning.

Swedish manufacturer of radiotherapy equipment Electra slipped more than 4% to the bottom of the Stoxx 600 after missing earnings expectations for the second quarter.

At the top of the index, Universal music group 3.3% higher.

-Elliot Smith

CNBC Pro: Betting against a UK supermarket, short sellers expect share price to fall nearly 50%

There will be even more trouble for investors in a UK supermarket company if the prediction of a short seller comes through.

The hedge fund is currently holding a £32.6m bearish bet and expects shares of the grocer to fall 44%.

The fund’s chief investment officer also believes the supermarket will raise fresh capital year after year, diluting shareholders to stay afloat in a challenging environment.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: The money manager says investors need to buy this large-cap stock now

There’s one large-cap stock investors need to buy into now, according to Rob Luna, chief investment strategist at asset manager Surevest.

He calls his CEO a “major visionary.”

While Luna picked the one large-cap stock, he generally advised investors to switch to smaller names, naming two stocks he called “best-in-breed.”

CNBC Pro subscribers can read more here.

— Wheat Tan

European Markets: Here are the opening calls

European markets are heading for a higher opening Tuesday as investors in the region appear to be shaking off concerns from their US and Asia-Pacific peers over the tightening of China’s Covid restrictions that continue to squeeze manufacturing.

According to data from IG, the UK FTSE index is expected to open 27 points higher at 7,407, Germany’s DAX up 33 points at 14,419, France’s CAC up 20 points at 6,653 and Italy’s FTSE MIB up 70 points at 24,433.

The data releases include preliminary euro-zone consumer confidence data for November.

— Holly Ellyatt


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