UK Labour landslide victory, exit poll says

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

UK Labour landslide victory, exit poll
The center-left Labour Party is projected to win the U.K. election by a landslide, according to an exit poll, ending 14 years of Conservative rule. Kier Starmer’s party is forecast to win 410 seats, a 170 seat majority in parliament. Polls closed at 10 p.m. London time and counting is expected to continue through the night with a clear picture emerging in the early hours as constituencies declare results. You can get live updates as the count comes in. 

Europe up, political risks ease 
European stocks rose with French banking stocks BNP Paribas and Societe Generale leading gains as opinion polls suggested the French far-right would fall short of a majority to govern. The regional Stoxx 600 closed higher for a second straight session. The U.K.’s FTSE 100 rose as Britons went to the polls. Yields on U.K. government bonds, known as gilts, and the British pound were little changed. Wall Street was closed for the Independence Day holiday.  

Short losses
Tesla‘s strong delivery report has caused significant losses for short sellers, with the stock rallying 17% in two days and short sellers losing $3.5 billion, according to S3 Partners. Tesla shares have surged 73% since April, nearing recovery with the stock $2 shy of wiping out losses for the year. Short interest is at 3.5% of the float, or 97 million shares, valued at $22.4 billion.

Friday’s ‘slowing payroll’
The June nonfarm payrolls report takes on added significance amid signs of a slowing labor market. Payroll gains in 2024 have slowed compared to last year, with economists predicting growth of 200,000 jobs for June, down from May’s 272,000. While job gains remain historically solid, rising unemployment levels and broader economic uncertainty have raised concerns about future economic weakness.

Saks deal
Saks Fifth Avenue parent HBC will acquire Neiman Marcus Group in a $2.65 billion deal, creating a new luxury retail giant. The combined entity will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus and Bergdorf Goodman. The move comes amid a challenging period for traditional brick-and-mortar retail, with department stores struggling to attract younger shoppers and facing a pullback in discretionary spending.

[PRO] Evercore’s ‘best ideas’
After a strong first-half performance for equities, fueled by the AI boom, Evercore ISI maintains its top stock picks for the second half of 2024. Their “best ideas” list, based on a long-term investment outlook, includes both AI beneficiaries and stocks facing recent pressure. Here are Evercore ISI’s best stock ideas for the…