Stocks, news and interest rate decision of the European Central Bank

Fast-growing data centers and the electrification of everything are “really driving the business,” the new chief executive of Swiss engineering group ABB said on Thursday.

His comments come as a group I mentioned A mixed set of quarterly results. ABB reported third-quarter core operating profit of $1.55 billion, repeating a record high operating EBIT margin of 19%, and raised its full-year profitability forecast.

However, ABB said it expects full-year like-for-like revenue growth to come in at “less than 5%,” a slight decline from the previous forecast of “about 5%.”

“We had a very strong quarter of demand growth and a positive construction record and also, as I said, record profits, so it really shows this advantage of broad industrial exposure, especially in the electrification of everything these days,” said Morten Wierud, CEO of ABB. for CNBC's “Squawk Box Europe” on Thursday.

“With the obvious consolidation in data centers and the need for electrification, that's what's really driving ABB right now,” he added. Wierud took charge of ABB on 1 August, succeeding Björn Rosengren.

ABB shares rose 1.1% Thursday morning.

-Sam Meredith

Swiss food giant Nestlé on Thursday to publish Underlying sales growth was weaker than expected for the first nine months of the year and it lowered its full-year sales forecast.

Nestlé reported organic sales growth of 2% for the first nine months of 2024, a weaker reading than the 2.5% forecast of analysts polled by Reuters.

The company, which also announced a renewal of its senior leadership and organizational changes, said it now expects full-year sales to grow about 2%, in line with the first nine months. I've already done that Climate prediction 2024 Organic sales growth to reach at least 3%.

The company's shares fell 2.3% Thursday morning.

-Sam Meredith

European stocks rose slightly shortly after the opening bell on Thursday.

Pan-European Stokes 600 It traded roughly 0.2% higher, with most sectors in positive territory.

-Sam Meredith

The CEO of French power equipment maker Schneider Electric said on Thursday that the company A deal worth $850 million Acquiring a controlling stake in US-based liquid cooling company Motivair will help boost its offering for fast-growing, energy-hungry data centres.

“We've always said we'll be flexible with acquisitions and targets that fit well within Schneider Electric's strategy,” Schneider Electric CEO Peter Herwick told CNBC's “Squawk Box Europe” on Thursday.

“As the largest provider of data center infrastructure, we thought about evolving with… [generative] There is a need for AI and big language models, more high-density data centers, and you need to go from network to chip and then from chip to cooler.

Herwick said the all-cash deal for an initial 75% controlling stake in Motivair shares, announced Thursday, was “rich, but not expensive” and “a great fit” with the company's strategy.

The acquisition comes as the global push for the next wave of generative AI coincides with increasing public scrutiny of environmental concerns, with tech giants recently turning to nuclear power in a bid to boost their AI ambitions.

-Sam Meredith

The European Central Bank (ECB) is likely to cut interest rates by 25 basis points on Thursday, but market participants should not expect much in the way of forward guidance, according to Goldman Sachs.

Jari Stein, chief European economist at Goldman Sachs, said one reason the euro has not come under more pressure in recent weeks is that the ECB has been cutting interest rates “in a very data-driven way without giving you a lot of money.” Guidance on where to go next.”

“And we think that will also be the message today,” Steen told CNBC’s “Squawk Box Europe” on Thursday.

“So we will get a 25 basis point cut,” Stehn said, citing weaker economic data. “But I feel that at this point the ECB is not really ready to commit to a particular path.”

-Sam Meredith

European markets are expected to open mixed on Thursday.

UK FTSE 100 index The index is expected to open 31 points higher at 8,360 points in Germany Dax It rose 21 points to 19,472 points for France Kak Up 4 points at 7495 and Italy FTSE MIB indicator Down 10 points to 34,482, according to IG data.

The main focus for investors today will be the latest monetary policy decision from the European Central Bank. Meanwhile, profits come from ABB, Nestle, Pernod Ricard, Publicis and Nokia.

Other data releases include European trade balance numbers and inflation data.

– Holly Eliatt

Shares of nine healthcare stocks have more than doubled this year, yet have more than 100% upside potential, according to analysts.

CNBC Pro screened more than 85,000 stocks worldwide for stocks that are up 100% in 2024, researched by at least five or more analysts, and the average price target indicates more than 100% upside potential.

Biotech stocks are up on average 188% this year and have an average upside potential of 150%.

CNBC Pro subscribers can read more here.

-Ganesh Rao

Barclays has named a slew of global stocks for investors to consider buying before the end of the year, calling them “compelling stock ideas with catalysts”.

The bank's list includes six overweight stocks from the UK, two of which are up more than 35%.

CNBC Pro subscribers can read more here.

– Amala Balakrishner