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☆ We're hiking our price target on an industrial whose earnings benefit from AI data center boom
▼ + stars: | 2024-10-31 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Electrical components and power systems company Eaton delivered mixed third-quarter results Thursday morning, and its stock paid the price. Eaton management raised its full-year guidance for both operating margin and earnings per share (EPS). However, we're increasing our price target to $375 per share from $350, implying over 9% upside from Wednesday's close. 2025 outlook Looking to next year, management didn't provide formal sales or earnings guidance, but they did provide growth assumptions for the company's key end markets. Industrial facilities (12% of sales), defense aerospace (6% of sales), and commercial and institutional (20% of sales) are expected to realize "modest growth."

Persons: Eaton, it's, we've, Oliveri Leonetti, Parker, wouldn't, Craig Arnold, Jefferies, Jim Cramer's, Jim Cramer, Jim Organizations: Revenue, LSEG, Boeing, Electrical, Aerospace, Hannifin, DuPont, Honeywell, CNBC, Eaton Corporation, NYSE Locations: Florida, Eaton, Americas, North America

☆ At least 12 dead in Mexico steel plant explosion
▼ + stars: | 2024-10-30 | by ( ) www.nbcnews.com time to read: 1 min

TLAXCALA, Mexico — An explosion at a Simec-owned steel plant in Mexico’s central Tlaxcala state in the early hours of Wednesday killed at least 12 people, state authorities said. “At the plant of the steel complex located in the city of Apizaco, Tlaxcala, a liquid steel spill occurred with the loss of human lives, temporarily paralyzing operations,” the firm said in a statement. The state civil protection office said in a social media post that the blast was likely caused after smelting apparatus collapsed. Those killed were workers at the plant, the state prosecutor’s office told Reuters. However, molten steel, when it comes into contact with water, causes an explosion.

Persons: “, Simec Organizations: Reuters, Authorities Locations: TLAXCALA, Mexico, Mexico’s, Tlaxcala, Apizaco

Groups in favor of the ballot measure are making a final push as early voting is underway, with hundreds of thousands of ballots already cast. While some states, like California and Vermont, passed abortion rights ballot measures by well over 60%, in other states, such as Michigan and Ohio, they passed by about 56%. Jeanette Nuñez, who opposes the ballot measure, accused the abortion rights ads of being deceptive. And one state agency that regulates health care providers, including abortion clinics, launched a website last month opposing the ballot measure. “But they don’t necessarily connect that there’s a six-week abortion ban.”

Persons: Chelsea Daniels, ” Daniels, Court's Dobbs, Octavio Jones, —, Roe, Wade, it’s, ”, Fernand Amandi, Ron DeSantis, ” Amandi, Gov, Jeanette Nuñez, Nuñez, they're, “, Lauren Brenzel, there’s, Alex Berrios Organizations: MIAMI, Getty, Democratic, Republican, Republican Florida Gov, of Health, NBC News, Physicians for Human Rights, Network, The Florida Department, State’s, Security, Department of Transportation Locations: Florida, Parenthood’s Miami, Orlando, Fla, California, Vermont, Michigan, Ohio, Miami

UNRWA provides far more than humanitarian aid in the Gaza Strip. Many Palestinians see darker motives, viewing the UNRWA ban as Israel's latest attempt to make their lives unlivable, first imprisoning and bombing them, now taking away their main aid lifeline. Palestinians wait to receive medicines at the UNRWA health center in Khan Younis last month. Despite its endorsements, the United States is yet to resume funding to UNRWA after Israel's Oct. 7 allegations. The Israeli Foreign Ministry has said it will use other agencies, such as the World Food Programme and the World Health Organization, to distribute aid.

Persons: ”, Scott Paul, Ariel Schalit, ” Mustafa Barghouti, Ahmad Gharabli, Khan Younis, Bashar Taleb, —, Matthew Miller, “, David Lammy, Hazem Bader, Oren Marmorstein, António Guterres, Philippe Lazzarini Organizations: United Nations, UNRWA —, Hamas, UNRWA, Oxfam America, Palestinian National Initiative, NBC, United Nations Refugee Agency, UNHCR, West Bank, Getty, ”, British, West, Foreign Ministry, NBC News, Israeli Foreign Ministry, Food, World Health Organization, General Locations: Gaza, Gaza City, Israel, Jordan, Syria, Lebanon, Jerusalem, AFP, Ireland, Norway, Slovenia, Spain, United States, U.S, North Korea, West Bank, Hebron, Israel's

NBC News spoke with a dozen trans people and their families across nine states about their hopes and concerns leading into Election Day. The agenda on his website says he would declare that any clinician who provides transgender care to minors would be terminated from Medicare and Medicaid. Advocates have hailed the Biden-Harris administration as the most pro-LGBTQ in history and have said a potential Harris administration would go even further in protecting gay and trans people. “I look at people that were trans in Trump’s first administration, I said, ‘So, did anything bad happen? She said she ultimately isn’t worried about a second Trump administration.

Persons: Donald Trump, Kamala Harris ’, Harris, Trump, they’ll, Gina Roberts, Roberts, Richard Grenell, ” Gina roberts, wasn’t, ” Roberts, “, I’ve, Biden, Ron DeSantis, Emaline, they're, she’s, ”, Katie Jenifer, Maddie, Jenifer, ” Jenifer, —, TC, Christina Nicholson TC Caldwell, ” Caldwell Organizations: Republican, Republican National Convention, NBC, Democratic, Trump, Biden, Rights, Corrections Department, NBC News, The Washington Post, Kaiser Family Foundation, Valley Center Parks, Recreation, Fire Protection, Democrats, Republican Gov, Cloverdale, U.S, White, Pride, TC Caldwell, Orchids Society, The Locations: U.S, Francisco’s, California, New Mexico, Orlando , Florida, Missoula , Montana, Cloverdale, TransVisible Montana, Israel, Gaza, Montana, Austin , Texas, Texas, New Zealand, North Carolina, Germany, Spain, Amsterdam, Malta, Europe, Selma , Alabama, Black

TEL AVIV — Senior White House officials will travel to Israel on Thursday, a U.S. official and a source briefed on the matter told NBC News, as the Biden administration intensifies efforts to end the conflicts in Lebanon and the Gaza Strip. The officials are expected to meet with Prime Minister Benjamin Netanyahu to discuss the possibility of a deal to end the fighting in Lebanon, the source said. Brett McGurk, National Security Council coordinator for the Middle East, and Amos Hochstein, a U.S. special envoy with a focus on Lebanon, are also expected to meet other senior Israeli officials, the source said. McGurk and Hochstein will engage the U.S. ally on a range of issues including Gaza, Lebanon, hostages and Iran, the U.S. official said. But the visit of McGurk and Hochstein comes amid growing optimism in Israel that a cease-fire with Hezbollah in Lebanon could now be reached without a deal to end the war in Gaza.

Persons: Biden, Benjamin Netanyahu, Brett McGurk, Amos Hochstein, McGurk, Hochstein, Michael “ Erik ” Kurilla, William Burns, Hassan Nasrallah, ” Organizations: TEL AVIV — Senior White House, U.S, NBC, National Security, U.S . Central Command, CIA Locations: TEL, Israel, Lebanon, Gaza, U.S, Iran, Cairo, Hezbollah

☆ Afghan women cannot pray loudly or recite in front of other women, Taliban minister says
▼ + stars: | 2024-10-30 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ap-Live-Blog-Byline-Image.Png | The Associated Press | ) www.nbcnews.com time to read: +2 min

Afghan women are forbidden from praying loudly or reciting the Quran in front of other women, according to a Taliban government minister. It’s the latest restriction on women following morality laws that ban them from raising their voice and baring their faces outside the home. Nobody from the Vice and Virtue Ministry was immediately available Wednesday to clarify the official’s remarks or confirm if the prohibition would also become part of the morality laws. Afghan provinces are already barring the media from showing images of living things, another controversial and widely criticized feature of the morality laws. The Taliban set up the ministry for the “propagation of virtue and the prevention of vice” after seizing power in 2021.

Persons: baring, Khalid Hanafi, Allahu Akbar, ” Organizations: Virtue Ministry, Sunday, Virtue, Taliban Locations: Logar

☆ China’s new crew arrives at space station in sign of growing influence in space field
▼ + stars: | 2024-10-30 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ap-Live-Blog-Byline-Image.Png | The Associated Press | ) www.nbcnews.com time to read: +4 min

The team of two men and one woman will replace the astronauts who have lived on the Tiangong space station for the last six months, conducting a variety of experiments and maintaining the structure. China built its own space station after being excluded from the International Space Station, mainly because of U.S. concerns over the overall control over the space program by the People’s Liberation Army, the Chinese Communist Party’s military arm. China’s moon program is part of a growing rivalry with the U.S. and others, including Japan and India. Besides putting a space station into orbit, the Chinese space agency has landed an explorer on Mars. China’s space authorities say they have measures in place in case their astronauts have to return to Earth earlier.

Persons: Cai Xuzhe, Lingdong, Wang Haoze, Wang, Adek Berry, Ng Han Guan Organizations: China Aerospace Science, Technology Corporation, Getty, China Central Television, International, People’s Liberation Army, Communist, U.S, NASA, Soviet Union Locations: JIUQUAN, China, United States, AFP, Japan, India, U.S, Russian

☆ Grave cleaning videos spark fascination and outrage online
▼ + stars: | 2024-10-30 | by ( Sophia Pargas | Sophia Pargas Is A News Associate For Nbc News. | ) www.nbcnews.com time to read: +9 min

In a social media landscape often dominated by playful dances and aesthetic montages, one surprising trend remains steadfast: historical grave cleaning. Stacey Habecker, known as “The Clean Girl” online, caused intense controversy with her upbeat and vibrant approach to grave cleaning. Despite the outcry of comments, reaction videos and expert advice, “The Clean Girl” continued creating and re-uploading grave cleaning videos to YouTube, Instagram and TikTok — getting hundreds of millions of views across her platforms. In some cultures, grave cleaning is part of family duty and tradition, such as with Día de los Muertos in Mexican and Central American culture. For members like Justin Frost, the hobby of grave cleaning came as a natural extension of a desire to learn more about his family history.

Persons: Stacey Habecker, Habecker, Jason Church, TikTok —, Habecker hasn’t, “, ” Andra Berghoff, Día, Justin Frost, ” Frost, Frost, ”, it’s, Allyson Stephenson, Allyson Stephenson “, Stephenson, I’m, ” Stephenson, “ TikTok, they’re, “ They’re Organizations: Facebook, National Center for Preservation Technology, Training, NBC, Tuskegee University Locations: los Muertos, Mexican, Central American, Montgomery , Ala, unkept, Felts Mills, Jefferson County, gravesites .

See more mortgage rates on Zillow Real Estate on ZillowWhat Are Today's Refinance Rates? See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. Current 30-Year Mortgage RatesAverage 30-year mortgage rates are around 6.50%, according to Zillow data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. Now that the Fed has cut rates, mortgage rates may not drop much in October.

Persons: you'll, Freddie Mac, it's, they've Organizations: Treasury, Federal Reserve, Trump, Zillow, Fed Locations: Chevron

☆ U.S. dollar rally pauses before jobs data, Aussie droops on RBA outlook
▼ + stars: | 2024-10-30 | by ( ) www.cnbc.com time to read: +4 min

An Australian one dollar coin sits atop a United States one dollar bill in this illustration photo taken February 12, 2016. The dollar hovered close to a three-month peak on Wednesday in a big week for macroeconomic data that could reveal the path for U.S. monetary policy. The Australian dollar edged closer to a three-month trough after some stickiness in inflation suggested a Reserve Bank of Australia interest rate cut is unlikely this year. The ADP employment report is due later in the day, ahead of the potentially crucial monthly payrolls report on Friday. "The U.S. dollar continues to garner strong support as markets adjust their rate path expectations," said James Kniveton, senior corporate FX dealer at Convera.

Persons: James Kniveton, Kniveton, Donald Trump, Rachel Reeves, Keir Starmer, Liz Truss Organizations: Reserve Bank of Australia, Federal Reserve, U.S ., Reserve Bank, Australia's, U.S, Treasury, Republican, European Central Bank, Sterling, Labor Locations: States, U.S, Australia, Europe

☆ Microsoft CFO says OpenAI investment will cut into profit this quarter
▼ + stars: | 2024-10-30 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Microsoft 's massive investment in OpenAI is weighing on earnings. The accounting approach refers to a company's share of the invested company's profit or loss in a given period, a Microsoft spokesperson said. The OpenAI investment disclosure was new for Microsoft, but the company has registered over $2.3 billion in other expense in the past four quarters. On the earnings call, Microsoft CEO Satya Nadella said the collaboration with OpenAI has benefited both parties and that the company feels good about "our investment stake in OpenAI." WATCH: Oppenheimer downgrades Microsoft: OpenAI losses are not properly priced in

Persons: Satya Nadella, Sam Altman, Amy Hood, OpenAI, Hood, Microsoft's, OpenAI's, OpenAI didn't, Oppenheimer Organizations: Microsoft, Google, OpenAI Locations: San Francisco, OpenAI

☆ US economic growth came in slightly under expectations but consumer spending remains strong
▼ + stars: | 2024-10-30 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

AdvertisementIn the third quarter, US economic growth fell short of expectations but remained strong. "The increase in real GDP primarily reflected increases in consumer spending, exports, and federal government spending," the news release said. Consumer spending was a particular highlight, with personal consumption expenditures growing at a strong 3.7% annualized rate. AdvertisementThe weaker-than-expected GDP growth doesn't necessarily mean the US is heading toward a recession. Investment in nonresidential equipment had another strong quarter, surging at an annualized rate of 11.1%.

Persons: —, David Kelly, Hurricane Helene, Hurricane Milton, Mark Hamrick Organizations: Federal Reserve, Service, Investment, Fed, Morgan Asset Management, Commerce Department, Hurricane Locations: Hurricane

☆ ‘Emily in Paris’ star Lucas Bravo mulling exit from show because he’s ‘frustrated’ with his character’s direction
▼ + stars: | 2024-10-30 | by ( Alli Rosenbloom | ) edition.cnn.com time to read: +2 min

CNN —Actor Lucas Bravo has some notes about his “Emily in Paris” character. “It makes me question if I want to be part of Season 5,” Bravo added. “When you love something you want it to be…you want the best version of it,” Bravo told IndieWire. “I’m not going to lie, I’ve been frustrated with the direction my character is taking. The show is not over.”“Emily in Paris” stars Collins, Ashley Park, Philippine Leroy-Beaulieu, Kate Walsh, Camille Razat and Lucien Laviscount, among others.

Persons: Lucas Bravo, Emily, Paris, Gabriel –, Lily Collins, ” Bravo, IndieWire, “ I’ve, ”, Bravo, Gabriel, “, “ I’m, I’ve, Collins, Ashley Park, Philippine Leroy, Beaulieu, Kate Walsh, Camille Razat, Lucien Laviscount Organizations: CNN, Netflix Locations: guacamole, Rome, Paris, Philippine, Chicago

In Michigan, Harris holds a lead over Trump by 48% to 43% among likely voters. Among those likely voters who say they’re extremely motivated to vote in Michigan, 51% support Harris to 45% for Trump. In Wisconsin, they break 52% Harris to 47% Trump, and in Pennsylvania, they divide 50% for Harris to 47% for Trump. Harris holds a wider lead among Black voters in Michigan (83% Harris to 12% Trump) than she does in Pennsylvania (76% Harris to 21% Trump). Likely voters include all registered voters in the poll weighted for their predicted likelihood of voting in this year’s election.

Persons: Kamala Harris, Donald Trump, Harris, Joe Biden, Robert F, Kennedy, Jr, Trump, –, that’s, Elissa Slotkin, Mike Rogers, Pennsylvania’s Democratic Sen, Bob Casey, Dave McCormick’s, Democratic Sen, Tammy Baldwin, Republican Eric Hovde’s, Harris ’, Biden Organizations: CNN, Electoral College, SSRS, Trump, White House, Trump ., White, Harris, Black, Keystone State, Suburban, Michigan Democratic, Republican, Pennsylvania’s Democratic, Senate, Democratic Locations: Michigan, Wisconsin, Pennsylvania, Trump . In Michigan, Trump . In Wisconsin, Trump, Michigan , Pennsylvania, Southern, Western

☆ U.S. economy grew at a 2.8% pace in the third quarter, less than expected
▼ + stars: | 2024-10-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The economy accelerated at a 3% pace in the second quarter. The U.S. economy posted another solid though slightly disappointing period of growth in the third quarter, propelled higher by strong consumer spending that has defied expectations for a slowdown. Personal consumption expenditures, the proxy for consumer activity, increased 3.7% for the quarter, the strongest performance since Q1 of 2023. "You've got the perfect combination of strong growth and slowing inflation. The personal savings rate decelerated in the third quarter to 4.8%, down from a 5.2% level that had been revised up sharply.

Persons: Dow Jones, You've, Dan North, Kamala Harris, Republican Donald Trump, Harris, — Trump Organizations: Gross, Commerce Department, Treasury, Allianz Trade North America, Federal Reserve, Fed, Republican Locations: U.S

☆ We see two post-earnings declines as buys, while happy to see a Tuesday laggard stabilize
▼ + stars: | 2024-10-30 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Then there were selloffs in Club stocks Eli Lilly and Advanced Micro Devices after their earnings releases. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Eli Lilly, Lilly's, AMD's financials, Stanley Black, Decker, Estee Lauder, Jim Cramer's, Jim Organizations: CNBC, Dow, Caterpillar, Devices, Nasdaq, Microsoft, Starbucks, MGM Resorts, Linde, Merck, ConocoPhillips, Mastercard, Roblox, Myers, Jim Cramer's Charitable Locations: Bristol

☆ Harris distances herself from Biden’s ‘garbage’ comment as Democrats are privately exasperated by the president
▼ + stars: | 2024-10-30 | by ( Mj Lee | Samantha Waldenberg | ) edition.cnn.com time to read: +6 min

Washington CNN —Vice President Kamala Harris on Wednesday distanced herself from President Joe Biden’s comments that seemingly referred to Donald Trump’s supporters as “garbage,” setting off a political firestorm a week before Election Day. “The only garbage I see floating out there is his supporters,” Biden said, pausing for a moment before continuing. Harris’ campaign was quick to try to publicly defend or explain those remarks publicly. As CNN has reported, there had been growing wariness among Harris campaign aides about Biden’s propensity for gaffes, at a moment when the campaign does not want to take any unnecessary political risks. Tuesday night’s “garbage” comments from Biden only ended up confirming those existing concerns for many Democrats.

Persons: Kamala Harris, Joe Biden’s, Donald Trump’s, Harris, Biden, “ didn’t, ”, ” Harris, Base Andrews, “, Trump’s, I’m, ” Biden, ” “, Andrew Bates, Harris ’, –, “ Nobody, ” Biden’s, Trump, Tim Walz, ” Walz, Walz, ’ ”, she’s Organizations: Washington CNN —, Base, Madison, Garden, Puerto Rico spewed, CNN, Biden, Minnesota Gov, CBS News, ABC News, Democratic Locations: United States, Puerto Rico, Puerto Rican, Delaware, Puerto, Madison, Washington ,

☆ Up to 35 ISIS operatives killed in US strikes in Syria, US military says
▼ + stars: | 2024-10-30 | by ( Haley Britzky | ) edition.cnn.com time to read: +2 min

CNN —Up to 35 ISIS operatives were killed in US strikes against multiple ISIS camps in Syria on Monday evening, the US military announced on Wednesday. “US Central Command forces conducted a series of strikes against several known ISIS camps in Syria, in the early evening of Oct. 28, resulting in up to 35 ISIS operatives killed,” the release, posted on X, said. “The strikes targeted multiple ISIS locations in the Syrian desert, targeting multiple ISIS senior leaders.”It is unclear if the targeted senior leaders were included in the 35 operatives killed. Monday’s strikes are the latest in what appears to be an uptick of operations against ISIS in the Middle East, which have now resulted in dozens of operatives being killed. Earlier this month, Iraqi Security Forces killed four ISIS members, including a senior leader.

Persons: “, CENTCOM, Sabrina Singh Organizations: CNN, ISIS, Central Command, Pentagon, Walter Reed Medical Center, Iraqi Security Forces, Iraq Locations: Syria, Iraq, Anbar, Iraqi

☆ Euro zone economy grows 0.4% in third quarter, above expectations
▼ + stars: | 2024-10-30 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The euro zone economy grew 0.4% in the third quarter, flash figures published by the European Union's statistics agency showed Wednesday. Analysts say euro zone growth should cautiously pick up in the coming months, amid lower interest rates and cooling inflation. The ECB cited persistent signs of weak activity in the euro area as a key factor in the central bank's decision to enact an October cut. Markets have fully priced another 25-basis-point cut from the ECB in its last meeting of the year in December. The euro zone's biggest economy, Germany, recorded surprise growth of 0.2% in the third quarter, according to figures published on Wednesday.

Organizations: Reuters, European Central Bank, ECB Locations: Madrid, Spain, Germany

☆ This company's vision for a smokeless world is driving the transformation of the global tobacco industry
▼ + stars: | 2024-10-30 | by ( Sponsored Reynolds American Inc. | ) www.businessinsider.com time to read: +3 min

The global British American Tobacco Group (BAT) is pursuing "A Better TomorrowTM by Building a Smokeless World" — and transforming their business and an entire industry. Reynolds American and BAT believe tobacco harm reduction (THR) could be one of the most significant advancements in public health. Reynolds American and BAT have created dynamic work environments and inclusive cultures, which have earned both organizations many external accolades. Sustainability is at the heart of the Reynolds American organization's transformation and is directly linked to its goals around THR. Reynolds American and BAT are optimistic that their investments focused on sustainable business transformation will drive positive momentum and progress the Building a Smokeless World mission.

Persons: Reynolds Organizations: American Tobacco Group, US, BAT, Reynolds, Reynolds American, BAT Group, Sustainability, Reynolds American Inc, Insider Studios, Reynolds Tobacco Company, Santa Fe Natural Tobacco Company, Inc, Snuff Company, Company, Modoral Brands Inc Locations: North Carolina, London, Santa Fe

☆ Treasury yields dip as investors await October private payrolls data
▼ + stars: | 2024-10-30 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The yield on the 10-year Treasury fell more than 4 basis points to 4.232%, after briefly rising above 4.3% in the previous session to notch its highest level since July. The yield on the 2-year Treasury was down over 2 basis points at 4.094%. U.S. Treasury yields were lower on Wednesday, with investors poised to scrutinize economic data for further clues on the rate cut outlook. Ahead of the all-important October jobs report at the end of the week, investors will monitor a fresh batch of economic data on Wednesday. The Fed joined several other major central banks in easing monetary policy when it lowered rates by 50 basis points in September.

Organizations: Treasury, U.S, Commerce Department, Traders, Federal Reserve, Fed

☆ Saudi sovereign wealth fund announces $2 billion deal for new Brookfield Middle East platform
▼ + stars: | 2024-10-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Saudi Arabia's Public Investment Fund on Wednesday signed a memorandum of understanding with Brookfield Asset Management, under which the wealth fund will serve as a strategic anchor investor for the asset manager's newly announced private equity vehicle for the region, Brookfield Middle East Partners. Signed at the eighth edition of Future Investment Initiative, Saudi Arabia's flagship annual economic conference in Riyadh, the non-binding agreement marks the kingdom's latest push for financial partnerships that boost private equity investment and economic development within its borders. The move is in line with Saudi Arabia's recently-updated Investment Law, which seeks to attract more foreign direct investment — it's set itself a lofty target of $100 billion in annual FDI by 2030. Currently, that figure has averaged around $12 billion per year since Vision 2030 was announced in 2017, according to data from the kingdom's investment ministry — still a long way from that goal. The PIF, the kingdom's $925 billion sovereign wealth fund, has deployed billions in capital around the world as it aims to diversify Saudi Arabia's revenue streams away from oil, materializing the central goal of Crown Prince Mohammed bin Salman's Vision 2030 campaign.

Persons: —, Prince Mohammed bin Salman's, Yasir al Rumayyan, Bruce Flatt Organizations: Saudi, Public Investment Fund, Wednesday, Brookfield Asset Management, Brookfield Middle East Partners, Future Investment Initiative, Saudi Arabia's, Brookfield, Brookfield Academy Locations: Riyadh, Saudi Arabia, Saudi

☆ Germany's inflation surges to 2.4% as it narrowly skirts a technical recession
▼ + stars: | 2024-10-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Germany's inflation surged to 2.4% in October, back above the European Central Bank's 2% target, even as the country narrowly avoided a technical recession in the third quarter. The preliminary print, announced by German statistics office Destatis, is harmonized across the euro area for comparability. Harmonized inflation had dropped to 1.8% in September, after coming in at the European Central Bank's 2% target in August. So-called core inflation, which strips out more volatile food and energy costs, came in at 2.9% in October, the German statistics office said Wednesday, an increase from the 2.7% reading of September. In a note translated by CNBC, Deutsche Bank economist Sebastian Becker said that the renewed rise in core inflation showed that the problem of growth in price increases was not resolved, and that further patience was needed.

Persons: Sebastian Becker, Carsten Brzeski, meanwhile, Destatis Organizations: Central, German, comparability, Reuters, CNBC, Deutsche Bank, ING Locations: Bavarian, Germany

☆ AMD CEO Lisa Su says GPU and CPU sales are nearly equal. Wall Street thinks that's not enough.
▼ + stars: | 2024-10-30 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +3 min

AMD's GPU sales are nearing CPU sales, driven by AI data center demand. AMD raised its 2024 GPU sales forecast to over $5 billion, up from $4.5 billion. AdvertisementWhat could also keep this dynamic from becoming permanent is the immaturity of the ecosystem around AMD GPUs. UBS analysts warned that 2025 may be yet another transition year in which AI data centers and GPU sales don't reach maturity — predicting higher GPU sales in 2026 than in 2025. The analysts expect $5 billion in GPU sales this year to reach around $8 billion next year.

Persons: —, Lisa Su, Su, Morgan Stanley Organizations: AMD, Service, Bank of America, Nvidia, UBS

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