Wise accused of harming competition
The Wise logo displayed on a smartphone screen.
Pavlo Gonchar | SOPA Pictures | Light Rocket via Getty Images
Wise Shares fell 2% on Friday after the currency giant was accused by rival fintech start-up Atlantic Money of undermining competition in the money transfer market.
In a letter to the Competition and Markets Authority, Atlantic Money said Wise had unfairly removed it from the price comparison section of its website and refused to include it on a price comparison site. exchange fee that Wise also owns, called Exiap.
Atlantic Money said it believed Wise’s conduct was “harmful to competition in the UK and EU and, in our view, ultimately leads to higher charges for end consumers”. The letter could be a precursor to a formal investigation into whether Wise is violating competition law.
“We have decided to discontinue Atlantic Money at this time for a number of operational reasons, including questions received from customers regarding their business. We take compliance with all applicable laws very seriously,” a spokesperson said. from Wise to CNBC via email.
-Ryan Browne
UK finance minister sticks to tax hike plans, promises post-Brexit reforms
On Friday, UK Finance Minister Jeremy Hunt announced he was pushing ahead with tax hikes, while stressing the need to make Brexit a “catalyst” for UK growth.
“The best tax cut right now is a cut in inflation,” Hunt said in a speech to tech giants including Amazon, Google and Meta as he seeks to dispel the “gloom” economy in the UK.
The pound fell 0.25% against the dollar, hitting $1.237 after the speech. It has recouped some of its losses since Hunt started speaking, but pulled away from the six-week high hit on Thursday.
—Hannah Ward-Glenton
Morgan Stanley has a ‘simple’ tech playbook, names TSMC and others as stocks to buy right now
European markets open flat; H&M down 7%
The pan-European Stoxx 600 the index opened flat on the previous session as investors continued to chew on corporate earnings and US economic data.
Swedish retailer H&M fell 7% in early trade after reporting a bigger-than-expected decline in operating profit, which it attributed to a cost-cutting program and its exit from Russia.
British supermarket Sainsbury’s topped the index, up 5.6%, after retail group Bestway announced it had acquired a 3.45% stake in the company.
—Jenni Reid
These 6 global ETFs are the only ones to post gains every year for the past five years
According to a new analysis of CNBC Pro.
They are the only funds among 7,000 equity ETFs traded globally to:
- Not have a single year of negative returns between January 1, 2018 and December 31, 2022;
- And be in positive territory this year so far.
CNBC Pro subscribers can learn more here.
—Ganesh Rao
European markets: here are the opening calls
European markets are heading for a mixed open on Friday, mostly continuing Thursday’s positive momentum after a stalled start to the year this week.
The United Kingdom FTSE100 the index is expected to open 5.5 points higher at 7,768, Germany DAX 16 points more to 15,142 and Italy MIB FTSE 50 points higher at 26,308. However, France CAC was seen down 4.5 points to 7,092, according to IG data.
Revenue comes from H&M and Signify. French consumer confidence data for January will also be released.
—Jenni Reid
Buy the dip? Morningstar’s Top Strategist Names 3 Stocks Trading at a Deep Discount
This year is shaping up to be a “twin story,” according to Dave Sekera, chief US market strategist for Morningstar.
While the U.S. market is expected to remain volatile in the first half of this year, he told CNBC “Asia street signs“last week that he expects a sustained rally in the second half.
CNBC Pro subscribers can learn more here.
—Weizhen Tan