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European markets close 1% higher, hitting an eight-month high

The pan-European Stokk 600 index closed 0.9 percent higher, taking it to its highest level since early May 2022.

European economies are expected to benefit significantly from the reopening of China’s borders, with travel stocks posting a 2.5 percent rise.

Germany’s DAX rose 1.25% after industrial production numbers rose more than expected in November.

France’s CAC 40 rose by 0.7%, and Britain’s FTSE 100 by 0.3%.

— Jenny Reid

The Swiss central bank recorded the biggest loss in its 116-year history

The Swiss National Bank reported a loss of 132 billion Swiss francs ($143 billion) for the 2022 financial year, citing preliminary data.

As a result, it will not make its usual payments to the Swiss government and member states, he said, and it will also affect payments to its shareholders.

Of the losses, 131 billion francs came from foreign exchange positions and 1 billion from Swiss franc positions

Carsten Junius, chief economist at Swiss bank J. Safra Sarasin, told CNBC that the central bank’s losses will not change its monetary policy and that he expects another 100 basis points increase, to 2% this year.

Read the full story here.

Stocks rose at the market open

The three major indexes rose at the market open as investors tried to shore up Friday’s rally.

The Dow added 0.4% at 9:30 am S&P 500 and Nasdaq Composite advanced by 0.5% and 0.9%, respectively.

— Alex Haring

Unemployment in the eurozone remains at a record low, despite the economic slowdown

Unemployment across the eurozone remained at a record low in November, despite a slowdown in economic growth in the region.

Unemployment in November amounted to 6.5%, which is unchanged compared to October, according to Eurostat data, a total of 10.97 million people.

This figure is the lowest since records began in 1998 and is in line with economists’ forecasts published by The Wall Street Journal.

Unemployment is expected to rise in the first half of 2023 as recessionary pressures increase, and is likely to reach 7 percent by mid-year, FactSet said, citing Reuters.

— Hannah Ward-Glenton

Lidl GB sales up 25% over Christmas; the store expects its customer base to continue to grow

The UK arm of German discount supermarket Lidl reported that sales were up 24.5% in the four weeks leading up to Christmas compared to 2021.

Over 1.3 million more shoppers shopped at Lidl in the week leading up to December 24 than last year, the discounter said.

The retailer said it expects more customers to switch from other supermarket groups in 2023 as consumers continue to feel the effects of the cost of living crisis.

— Hannah Ward-Glenton

Alibaba leads the rise in the Hang Seng index, the focus is on the reopening of shares

CNBC Pro: Goldman Sachs reveals stocks will benefit from electric vehicle boom, posting over 100% gain

Stocks of legacy automakers and parts makers will attract new investors as they shift to electric vehicles and green technologies, according to Goldman Sachs.

As traditional auto companies increase their share of revenue from new carbon-neutral technologies, they are likely to gradually be included in ESG funds and benefit from rising share prices, a Wall Street bank said.

The investment bank listed 13 stocks that will benefit from the new trend, including one that is delivering more than 100% gains:

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Evercore’s Mark Mahaney reveals his top tech picks for 2023 — and gives one a nearly 200% upside

Top tech analyst Mark Mahaney has a positive outlook on tech stocks after a brutal year for the sector in 2022.

But investors should remain selective, according to the analyst, who revealed the top three picks for 2023.

Pro subscribers can read more here.

— Xavier Ong

CNBC Pro: Bank of America just added this biotech stock to its Q1 picks list

BofA added a number of biotech stocks — a sector currently hot on Wall Street — to its list of top picks for the first quarter.

The bank has identified biotech stocks as well as some medical technology companies as part of its thematic investment picks, on themes it says are linked to a “transforming world”.

CNBC Pro subscribers can read more here.

— Weizhen Tan

European markets: Here are the initial calls

European markets are heading for a positive opening at the start of the new trading week.

of the UK FTSE 100 The index is expected to open 24 points higher at 7,723, German DAX 79 points higher at 14,689, France CAC increased by 32 points to 6,893 and Italy FTSE MIB by 91 points to 24,271, according to IG data.

Data released on Thursday included the eurozone unemployment rate for November, French trade data for November and German industrial production for the same month.

— Holly Elliott

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