Thu, Apr 27 202311:06 AM EDT

Thu, Apr 27 202310:35 AM EDT

Thu, Apr 27 202310:35 AM EDT

Growth in the U.S. slowed considerably during the first three months of the year as interest rate increases and inflation took hold of an economy largely expected to decelerate even further ahead.

Gross domestic product, a measure of all goods and services produced for the period, rose at a 1.1% annualized pace in the first quarter, the Commerce Department reported Thursday. Economists surveyed by Dow Jones had been expecting growth of 2%.

The growth rate followed a fourth quarter in which GDP climbed 2.6%, part of a year that saw a 2.1% increase.

The full story is available here.

— Jeff Cox

Thu, Apr 27 20239:51 AM EDT

The three major U.S. indexes opened higher on Thursday.

The Nasdaq Composite led the way with a 1% gain shortly after the opening bell. The S&P 500 was up 0.6%, while the Dow added 0.3%.

— Alex Harring

Thu, Apr 27 20239:45 AM EDT

Thu, Apr 27 20238:34 AM EDT

The U.S. economy expanded by 1.1% in the first quarter, a much-slower-than-expected pace, the Commerce Department said. Economists had forecast expansion of 2%, per Dow Jones. The report showed stronger inflation with prices increasing 4%, compared with an estimate of 3.7%.

— Jeff Cox

Thu, Apr 27 20237:13 AM EDT

Unilever shares climbed 1.7% through the morning after it posted underlying sales growth of 10.5% in the first quarter, ahead of a 7.2% forecast.

Growth in sales volumes was flat, though this was also better than expected by analysts.

CEO Alan Jope told CNBC the company, which owns consumer brands including Dove and Ben and Jerry's, expected stronger volumes overall this year but growth would not be a straight line. He added flat volumes were understandable given the price increases it was passing on.

Unilever said it hiked prices by 10.7% on average in the quarter.

Jope told CNBC the company had only passed through 75% of cost increases last year and that input cost inflation was only moderating in some sectors. Price pressures in segments including nutrition and ice cream remain high, he said.

"We remain very committed to our brands being priced competitively, and if market pricing comes down we will of course have to follow, but right now we're not anticipating deflationary pressure. But we all are hoping for a reduction in inflationary pressure."

Unilever share price.

Thu, Apr 27 20235:36 AM EDT

AstraZeneca shares were 0.1% higher at 10:22 a.m. London time, trimming earlier gains, after it reported adjusted profit of $1.92 per share on sales of around $10.9 billion.

A consensus estimate published by the company was for $1.71 per share on $10.6 billion in sales, Reuters reported.

CEO Pascal Soriot told CNBC it was a "very strong quarter" with revenue growth of 15% excluding Covid-19.

Soriot also said the company was working "very, very quickly" on its new long-acting antibody Covid drug for people who not respond well to vaccines. He said it hoped to have data to present to regulatory authorities by the middle of the year to get approval by year-end.

AstraZeneca share price.

Thu, Apr 27 20234:46 AM EDT

Deutsche Bank shares climbed 1.7% after the company reported net profit of 1.158 billion euros ($1.28 billion) for the first quarter, ahead of a consensus estimate of 864.54 million euros.

"It was an interesting market environment in March, for sure. We were tested, and I think the silver lining of the test is we passed, and I think we passed with flying colors," Deutsche Bank CFO James von Moltke told CNBC.

"The market was looking for vulnerabilities in banks with this surprise out of the U.S. regional banking sector. It was looking for securities losses, interest rate mismanagement issues, commercial real estate exposures, and many other sort of features."

The bank was briefly swept up in the volatility after the emergency rescue of Credit Suisse by UBS. Its stock plunged and its credit default swaps — a form of insurance for a company's bondholders against its default — soared.

"Across the various dimensions, when the market took a good look at us, what they saw was a stable, well-run, well-risk managed bank," von Moltke said.

Deutsche Bank share price.

Thu, Apr 27 20234:17 AM EDT

Europe's Stoxx 600 index moved between narrow losses and gains in early trade, with stronger-than-expected earnings from Barclays and Deutsche Bank boosting the banking sector.

France's CAC 40 was 0.3% higher at 10:15 a.m. Paris time, while Germany's DAX was flat and the U.K.'s FTSE 100 was 0.05% lower.

Stoxx 600 index.

Thu, Apr 27 202312:23 AM EDT

Two of Europe's largest banks — Britain's Barclays and Germany's Deutsche Bank — are set to announce their first-quarter earnings later on Thursday.

Using data from FactSet going back five years, CNBC Pro has found how well the lenders' stock performs against benchmark indexes based on different outcomes of their quarterly earnings reports.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Wed, Apr 26 20238:51 PM EDT

Samsung Electronics saw its net profit for the first quarter of 2023 tumble by 87.14% compared to the same period last year, coming in at 1.4 trillion won (roughly $1.04 billion) compared to 11.1 trillion won in the same period a year earlier.

Operating profit saw a 95% drop in the first quarter, falling to 640 billion won from 14.12 trillion won a year earlier, and largely in line with the 600 billion won guidance given by the company earlier

Revenue for the first quarter slid 18% to 63.7 trillion won compared to the same period last year.

Shares of Samsung were trading down 0.47% on Thursday.

— Lim Hui Jie

Wed, Apr 26 20233:03 PM EDT

First Republic's stock has turned south again after trimming some of its losses in midday trading.

The latest move lower comes after a Bloomberg News report that U.S. bank regulators were considering downgrading their assessments of the bank. This move could curb First Republic's ability to borrow from the Federal Reserve.

Shares of First Republic have been halted multiple times since the report. The stock was last down about 30%.

— Jesse Pound

Wed, Apr 26 20238:17 AM EDT

First Republic shares were down 8% in premarket trading as the troubled regional bank continued its slide.

The San Francisco-based lender said late Monday that it lost roughly 40% of its deposits in the first quarter. First Republic was seen by customers and investors as a risk after the collapse last month of Silicon Valley Bank, which had a similar financial profile.

First Republic also said that it was reviewing strategic options to help reshape its balance sheet.

The stock lost nearly 50% on Tuesday and is down more than 90% year to date.

— Jesse Pound

Thu, Apr 27 202312:21 AM EDT

The S&P 500 is "supported" by just seven mega-cap tech stocks right now — and it's starting to look a lot like the 1990s tech bubble, one analyst told CNBC on Wednesday.

Eric Lynch, managing director of Scharf Investments, named three cheap stocks to buy outside it.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Wed, Dec 20 202311:45 PM EST

European markets are set to open lower Thursday.

The U.K.'s FTSE 100 index is expected to open 45 points lower at 7,672, Germany's DAX down 73 points at 16,666, France's CAC down 45 points at 7,548 and Italy's FTSE MIB down 163 points at 30,384, according to data from IG. 

There are no major data releases Thursday.

— Holly Ellyatt