Natwest fell 7% after reporting third quarter results
Natvest down 7% after reporting third quarter results.
The British bank reported a profit of 1.1 billion pounds ($1.3 billion), just missing analysts’ forecasts.
Natwest set aside an additional £247 million to reflect the difficult economic outlook in the UK, which made a profit.
– Hannah Ward-Glenton
We’re seeing “deceleration,” not a slowdown, Bank of America CEO says
Bank of America CEO Brian Moynihan said in an exclusive interview with Squawk Box Europe that we are seeing “deceleration” rather than growth.
Coming soon: Bank of America CEO Brian Moynihan lives on Squawk Box Europe
Bank of America CEO Brian Moynihan will be interviewed live on CNBC’s “Squawk Box Europe” at 8:00 a.m. London time.
The bank released its third-quarter earnings on October 17 and highlighted the resilience of the US consumer as the reason for easing fears of an economic downturn.
You can watch this interview live on CNBC.
– Hannah Ward-Glenton
European Markets: Here are the open calls
The FTSE 100 is expected to drop 32 points to 7,039 and Germany’s DAX down 67 points at 13,155, according to IG. The CAC was down 25 points to open at 6,226 and Italy’s MIB was 89 points lower at 22,347.
CNBC Pro: Tech stocks are falling, but one fund manager still likes Microsoft. Here’s why
Tech stocks fell this week as investor optimism waned after disappointing results from some of the sector’s biggest names.
But fund manager Brian Arcese is on the sidelines Microsoftcalling it “a solid long-term defensive holding.”
Professional customers can read more information here.
– Xavier Ong
CNBC Pro: Strategist Warns Markets Have Much Pain Ahead
Investors should think twice before chasing the stock’s recent rally, according to one strategist.
“I think the market rally is a march of breathing space,” Beat Wittmann, chairman of Switzerland-based Porta Advisors, told CNBC.
CNBC Pro subscribers can read more here.
– Jenny Reed
Chip stocks fell after US officials said allies could soon impose export restrictions on China
The Bank of Japan will hold interest rates as expected
Japan’s central bank kept interest rates unchanged on Friday, based on economists’ forecasts in a Reuters poll.
The Bank of Japan also said it would buy the necessary amount of Japanese government bonds at a fixed price to keep the 10-year JGB yield at 0%.
In its monetary policy statement, it said, “The Bank will support financing mainly by companies, maintain stability in financial markets and refrain from taking additional easing measures if necessary.”
– Jihyo Lee