stocks, news, data and Davos

Ngozi Okonjo-Iweala, director general of the World Trade Organization (WTO), told CNBC that attacks on vessels in the Red Sea had made the body “slightly less optimistic” on its goods trade forecast for 2024.

The Houthis, an Iran-backed militia group, have been attacking vessels in the region since November, causing many ships to re-route.

“The fact that container shipping has had to divert and the higher costs are weighing on our sentiment with respect to what will happen with goods trade this year,” she said, speaking at the World Trade Forum in Davos, Switzerland.

In October, the WTO projected 3.3% trade growth for this year, up from an expected growth of 0.8% in 2023. 

Okonjo-Iweala said the “prospect of maybe a wider spread of the conflict is also very concerning.” She added that the downgrading of global GDP (gross domestic product) forecasts also impacted trade because it “hits aggregate demand all around.” 

Despite the disruption in the Red Sea, Okonjo-Iweala said the WTO still expected trade growth numbers to be better this year than in 2023.  

— Vicky McKeever

Barclays CEO C.S. Venkatakrishnan said he is “very optimistic” about the outlook for the U.K. economy, speaking to CNBC at the World Economic Forum in Davos, Switzerland.

“I think the U.K. consumer is in very decent shape … These pent-up savings have been getting eroded. On the other hand, it’s a floating rate mortgage market, and a lot of the mortgage adjustment has happened, because the average term is about three years fixed and we’ve had about three years of rising rates,” he said.

The typical products on offer to U.K. consumers are two-year and five-year mortgages.

“Energy prices have calmed down. So the two things that have hit the pocket book are coming down, and I will say I’m very optimistic on the U.K.,” he added.

— Lucy Handley

Stock markets have rallied over the past two months and near all-time highs.

Yet, shares in some companies are trading at steeper discounts than they have in recent history, presenting an opportunity for investors.

CNBC Pro screened the MSCI World Index and found 14 stocks that are trading cheaply with significant upside potential. Subscribers can read more here.

— Ganesh Rao

European markets are set to open in mixed territory Thursday.

The U.K.’s FTSE 100 index is expected to open 3 points higher at 7,439, Germany’s DAX up 20 points at 16,431, France’s CAC down 7 points at 7,307 and Italy’s FTSE MIB down 36 points at 30,118, according to data from IG. 

French business climate data for December is due. There are no corporate releases.

— Holly Ellyatt