December 9, 2022
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European markets open lower as UK political chaos continues

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Retail leads losses as UK reports lower sales figures

Retail leads losses in the European markets this morning, down 2.9%.

Britain’s retail sales figures were lower than expected, down 1.4% in September according to the Office for National Statistics.

The figure is 1.3% below pre-Covid levels in February 2020.

Retailers continue to cite rising prices and the cost-of-living crisis for hampering sales. The death of Queen Elizabeth II in September also caused many retailers to close.

— Hannah Ward-Glenton

Adidas shares down 7.2% after profit warning

Shares of Adidas have dropped 7.2% in early trade after the company issued a 2022 profit warning.

Puma is also trading around 4% lower following the Adidas announcement.

— Hannah Ward-Glenton

European markets: Here are the opening calls

The U.K.’s FTSE 100 is set to open 36 points lower at 6,905, according to data from IG.

Germany’s DAX is seen opening around 119 points lower at 12,636, France’s CAC is set to drop by 51 points to 6,026 and Italy’s MIB index is expected to fall around 205 points at 21,398.

— Hannah Ward-Glenton

CNBC Pro: Goldman Sachs says these stocks could beat an increasingly likely recession

“The macro picture is arguably more challenging than it has been for some time,” says Goldman Sachs, which is favoring a barbell strategy for the recession jitters.

The bank named several buy-rated stocks it thinks could do well against the current macro backdrop.

Pro subscribers can read more here.

— Zavier Ong

U.S. Treasury yields notch new decade-highs

The U.S. 10-year Treasury yield moved up as high as 4.272%, after topping 4.2% for the first time since 2008.

The policy-sensitive 2-year Treasury yield also rose to 4.639%, at its highest levels in 15 years.

The yield on the 30-year Treasury soared to a new 11-year peak of 4.266%.

Yields and prices move in opposite directions and one basis point equals 0.01%.

Jihye Lee

CNBC Pro: Stay invested in chip stocks, one fund manager reveals how he’s trading the sector



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