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The US military deployed its Mid-Range Capability, or Typhon, missile system to the Philippines in April, and US military officials have expressed interest in deploying it in Japan. The MRC is a versatile new ground-based missile system that is capable of firing the Standard Missile 6 (SM-6) and Tomahawk Land Attack Missile System. The US military deployed the missile system overseas for the first time in April, putting it in the Philippines amid a joint exercise between the two militaries. AdvertisementWhile the new weapon wasn't fired during the exercise, its presence in the region irked China, which demanded the system be removed. Russia is said to have violated the Cold War-era arms-control pact by developing and fielding the SSC-8/9M729 missile system.
Persons: , wasn't, Zachary Anderson, Enrique Manalo, Wang Yi, Manalo, Lin Jian, Army Christine Warmouth, Lin, Robert S, Price, Trump, Vladimir Putin's Organizations: Service, Business, MRC, Missile, US Army, US Army Pacific, US Navy, Zachary Anderson Philippine Foreign, Association of Southeast, Nations, Defense, Army, ., Navy, US, Nuclear Forces Treaty, NATO Locations: China, Beijing, Philippines, Japan, Zachary Anderson Philippine, Laos, Pacific, Russia, Moscow, Europe, Ukraine
One of the world's largest e-commerce companies is emerging as a top pick on Wall Street as investors look for tech opportunities beyond the Magnificent Seven. "There was no venture capital for Latin America. Last year, venture-backed companies in Latin America raised $3.3 billion across nearly 1,000 deals, according to PitchBook. E-commerce and online payments are steadily growing, and Latin America has a young, mobile-savvy population of more than 600 million people. "When you look at the penetration of e-commerce in Latin America, it's still quite low compared to the U.S., Europe or Asia," Galperin told CNBC.
Persons: Marcos Gaplerin, Brad Gerstner, Gerstner, CNBC's Scott Wapner, Goldman Sachs, It's, Buenos Aires Galperin, Galperin, MercadoLibre, We've, it's Organizations: Nasdaq, Wall Street, Stanford Graduate School of Business, CNBC, Stanford, eBay Locations: Delaware, Brazil, Argentina, Mexico, Chile, South America, Mercado Pago, Buenos Aires, Palo Alto , California, California, America, Silicon Valley, New York, Sand, West, Latin America, U.S, Europe, Asia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMercadoLibre: Argentinian e-commerce giant outperforms mega-cap techMercadoLibre, the Argentinian e-commerce giant, is emerging as a top pick on Wall Street as investors look for tech opportunities beyond the Magnificent Seven. Kate Rooney breaks down the bull case.
Persons: Kate Rooney
A weak consumer confidence reading caused indexes to briefly drop early morning. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Investors reacted with dismay after the latest consumer sentiment reading, with confidence among US consumers logging its largest one-month drop in more than three years. The Conference Board's consumer confidence index came in at 98.7 for September, well below consensus estimates of a 104 reading. Advertisement"It's never good to see consumer confidence fall this much.
Persons: , Jamie Cox, Jensen Huang Organizations: Nvidia, Service, Harris Financial, Federal Locations: China
Gold holds ground on dovish Fed-speak, Mideast concerns
  + stars: | 2024-09-24 | by ( ) www.cnbc.com   time to read: +1 min
Gold prices steadied on Tuesday after surging to a record high in the previous session, following broadly dovish comments from U.S. Federal Reserve officials and escalating tensions in the Middle East. Bullion hit a record high of $2,635.29 on Monday. "Gold prices continue to be well-supported amid a series of dovish Fed rhetoric overnight," said IG market strategist Yeap Jun Rong. Chicago Fed Bank President Austan Goolsbee said there are "lots of cuts" to come over the next 12 months, while Fed President Neel Kashkari noted that the actual path would depend on incoming data. "Tensions in the region will likely be kept high for longer, which could see gold prices retain its bullish bias."
Persons: Yeap Jun Rong, Austan Goolsbee, Neel Kashkari Organizations: U.S . Federal Reserve, Chicago Fed Bank, Hezbollah Locations: U.S, ., Israel, Lebanon
Read previewThis as-told-to essay is based on a transcribed conversation with Christin Baumgarten, 39, about living in Bali with her husband and two kids. I moved to Bali from Berlin in April 2014. I moved to Bali when it was becoming known as an emerging startup hubI initially just planned to stay in Bali for the length of the three-month internship. Related storiesI was lonely at first, but now I have a husband and 2 kids hereInitially, I found Bali a bit lonely. Another is that following the Ukraine war, lots of people from Russia and Ukraine have moved to Bali.
Persons: , Christin Baumgarten, I'd, I've, we've, I'm Organizations: Service, Business, Tourism Locations: Bali, Berlin, Silicon Valley, Indonesian, Sumatra, Germany, Bali ., Ukraine, Russia, Renon
The boost comes shortly after China introduced a swath of new stimulus measures to prop up its sluggish economy and boost domestic demand. AdvertisementThe new stimulus measures also boosted China's CSI 300 of Shanghai- and Shenzhen-listed shares, with the index closing 4.3% higher on Tuesday in its best day in four years. And the Stoxx Europe 600 index climbed as much as 0.9%, led by luxury stocks amid hopes that sluggish Chinese consumer spending will rebound. Yet, some analysts remain wary that China's stimulus measures won't have drastic enough impacts to actually rescue the country from its economic woes. AdvertisementIn recent months, China's economy has struggled to escape weak consumer sentiment and continues to face a struggling property sector.
Persons: , Yingrui Wang, Goldman Sachs Organizations: Service, Tencent Holdings, Alibaba, Holding, Business, CSI, US Federal Reserve, AXA Investment Locations: Hong Kong, China, Shanghai, Shenzhen, Europe
COLOMBO — Sri Lanka’s leftist leader Anura Kumara Dissanayake took office as president on Monday, promising change in the island nation long led by powerful political families which is emerging from its worst economic crisis in more than seven decades. Supporters of Sri Lanka's newly elected President Anura Kumara Dissanayaka, celebrate in Colombo. Before Monday’s swearing-in, Prime Minister Dinesh Gunawardena resigned to make way for the new prime minister and his cabinet. Sri Lanka’s sovereign dollar bonds shed 2.88 to 3.28 cents on the dollar in early trade on Monday to bid between 49.14 and 49.77 cents. Sri Lanka’s close neighbors India, Pakistan, and the Maldives also congratulated Dissanayake on his win, along with China, the largest bilateral creditor.
Persons: Anura Kumara Dissanayake, Lankans, , ” Dissanayake, Sri Lanka's, Anura Kumara Dissanayaka, Ishara, Ranil Wickremesinghe, , beautician, Dinesh Gunawardena, Gotabaya Rajapaksa, Dissanayake, Sri Lanka’s Organizations: Sri, Kodikara, Getty, International Monetary Fund Locations: COLOMBO, Colombo, AFP, India, Pakistan, Maldives, China
—Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only. Securities, investment products, other financial products or strategies discussed herein may not be suitable for all investors. The recipient of this information must make its own independent decisions regarding any securities, investment products or other financial products mentioned herein. This material is not to be reproduced or redistributed absent the written consent of Fairlead Strategies.
Persons: CTVA, Katie Stockton Organizations: Invesco DB Agriculture Fund, Wheat, CNBC, NBC UNIVERSAL, Fairlead, CNBC Pro, Securities Locations: CTVA
The White House wants to close a trade loophole exploited by Chinese discount e-retailers — a move that would have a ripple effect on at least two of our portfolio stocks: Amazon and Meta Platforms. The de minimis exemption has allowed Chinese e-commerce giants, particularly low-cost Temu and Shein, to flourish. Temu has risen in popularity in the U.S. for selling items directly from Chinese merchants at massive discounts. Temu is generally seen as a growing competitor to Amazon since its prices are often lower. Meta challenges On the other hand, the trade shift could present a challenge for Meta, which relies on advertising from e-commerce platforms.
Persons: Harris, hocking, Temu, it's, Jeff Marks, Shein, Meta, Jim Cramer's, Jim Cramer, Jim Organizations: Biden, Harris Administration, Amazon, Deutsche Bank, Deutsche Bank analysts, JPMorgan, Services, Meta, Management, CNBC, Getty Locations: U.S, China, Temu
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJapan's LDP election: Takaichi win would have 'biggest implications' on BOJ policy, strategist saysMitul Kotecha, Barclays' head of FX and emerging markets macro strategy in Asia, says there would be pressure on the Bank of Japan to hike rates "less aggressively than would've been anticipated" or even a "delay in a January move."
Persons: Takaichi, Mitul Kotecha, would've Organizations: Barclays, Bank of Japan Locations: Asia
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNot a lot of investing opportunities in China right now, says PIMCO's Pramol DhawanPramol Dhawan, PIMCO head of emerging markets portfolio management, joins 'Closing Bell Overtime' to talk investing in China.
Persons: PIMCO's Pramol Dhawan Pramol Dhawan, PIMCO Locations: China
Read previewSouth Korean companies are investing billions of dollars in the US to take advantage of two big laws meant to boost American manufacturing. A Financial Times analysis of United Nations data found South Korean companies invested $21.5 billion in US projects in 2023, more than any other country. Related storiesAnd South Korean investments span multiple states, mainly in the South. In the past decade, South Korean companies have created about 7,000 jobs in Texas and nearly 8,000 jobs in Indiana. Those provisions have incentivized South Korean companies to divert from China and focus more on the US.
Persons: , Yeo, South, Biden, South Korea —, " Yeo, Joe Biden's Organizations: Service, United, Business, Samsung, LG, Hyundai, South, Peterson Institute for International Economics, EV, Financial, Kia, SK Hynix, Korea's Ministry of Trade, Industry, Energy, Wall Street, World Bank, Biden Locations: United Nations, South Korea, Taiwan, Southern, China, US, Georgia, South, Texas, Arizona, Indiana, Korea's
Smart glasses, many with components made in China, are emerging as an up-and-coming category as the fall consumer technology product season gets underway. Snap has revealed augmented reality glasses ; Meta is expected to do so at its own event starting Sept. 25. The Facebook-parent's Ray-Ban Meta Smart Glasses are already seeing traction, HSBC's Frank He, head of technology hardware research for mainland Chinese stocks, pointed out in a report earlier this month. The roughly $300 Ray-Ban Meta smart glasses allow users to take pictures, short video clips, listen to music and interact with Meta's AI features, according to promotional materials. For the year through July, the optical company's non-smartphone camera module shipments surged about 61%, which HSBC attributes to "brisk sales" of Ray-Ban Meta Smart Glasses.
Persons: parent's Ray, Frank He, Sunny, Ray, Sunny Optical's, — CNBC's Michael Bloom Organizations: HSBC, Ray, U.S, Hong, JPMorgan, HK Locations: China, Hong Kong, Vietnam, India, Europe, U.S, Friday's
CNN —After a long, history-making WNBA season that featured a break for the Paris Olympics, the postseason is finally here. 1 New York Liberty – 1 p.m. It has been on the losing side in the WNBA Finals on five occasions, most recently against the Las Vegas Aces last year. After a spectacular rookie season, Clark will now be tested by the trials and tribulations of the postseason for the first time. Despite winning it all in 2022 and 2023, Las Vegas is certainly not the favorite heading into the postseason and could only manage the fourth seed for the playoffs.
Persons: Tina Charles, , , Breanna Stewart, Sabrina Ionescu, Jonquel Jones, Stewart, Ionescu, Kirby Lee, Caitlin Clark, Clark, Emilee Chinn, Christie Sides, Dijonai Carrington, Diana Taurasi’s, Diana Taurasi, that’s, Ross D, Cheryl Reeve, Napheesa Collier, we’ve, , Chelsea Gray, A’ja Wilson, Wilson, Steph Chambers, Nneka Ogwumike, Jewell Loyd, Sue Bird – Organizations: CNN, Paris Olympics, ABC, ESPN, ESPN2, New York Liberty –, Indiana Fever, Connecticut Sun, Phoenix Mercury, Minnesota Lynx, Seattle Storm, Las Vegas Aces, New York Liberty, Atlanta Dream, Atlanta, New York, Washington Mystics, Liberty, USA, Sports, Reuters, Sun, WNBA, Getty, Mystics, Fever, Chicago Sky, Lynx, Phoenix, Mercury, Franklin, AP Phoenix, Minnesota, LA Sparks, Aces, Storm The Las Vegas Aces, Houston Comets, Seattle Locations: , New York, Indiana, ” Connecticut, Las Vegas
Sovereign wealth funds out of the Middle East are emerging as key backers of Silicon Valley's artificial intelligence darlings. In the past year, funding for AI companies by Middle-Eastern sovereigns has increased fivefold, according to data from Pitchbook. Few venture funds have deep enough pockets to compete with the multibillion-dollar checks coming from the likes of Microsoft and Amazon . MGX was launched as a dedicated AI fund in March, with Abu Dhabi's Mubadala and AI firm G42 as founding partners. For the U.S., having sovereign wealth funds invest in American companies, and not in global adversaries like China, has been a geopolitical priority.
Persons: Goldman Sachs, Prince Mohammed bin Salman's, Uber, LIV, UAE's Mubadala, MGX, Abu Dhabi's Mubadala, Anthropic, Andreessen Horowitz, Jamal Khashoggi, It's, Bpifrance, WeWork spiraled, Jared Cohen, there's Organizations: United, CNBC, Microsoft, Gulf Cooperation Council, Saudi Public Investment Fund, Abu, Abu Dhabi Investment Authority, Qatar Investment Authority, BlackRock, Global Infrastructure Partners, Saudi, U.S, Saudi Company, Artificial Intelligence, Washington Post, SoftBank, Goldman Sachs Global Institute Locations: Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Pitchbook, Abu Dhabi, Temasek, Singapore, China, UAE
These companies are expected to benefit from lower interest rates over the long haul, according to analysts. They include Western Alliance , Best Buy, Coca-Cola, Zillow , UPS and FedEx. The analyst said he sees Best Buy as a key beneficiary of lower interest rates in several ways. He noted that Best Buy continues to be a worthy competitor to e-commerce juggernaut Amazon, pointing to a recent pricing study the firm conducted. Meanwhile, Best Buy shares remain undervalued compared to those of its peers in the sector, Chukumba added.
Persons: Zillow, Jay McCanless, McCanless, Wells, Chris Carey, Carey, Coke bottlers, Morgan Stanley, Anthony Chukumba, Chukumba, FedEx — Goldman Sachs, — D.A, Davidson Organizations: Federal, CNBC, Western Alliance, UPS, FedEx, Software,
AdvertisementThe chaos and carnage began on Tuesday when pagers used by Hezbollah members started beeping before they exploded en masse across Lebanon. A photo taken on September 18 in Beirut's southern suburbs shows the remains of exploded pagers. AFP via Getty ImagesThe back-to-back attacks killed at least 30 people and injured some 3,000 more, including Hezbollah fighters, and overwhelmed local hospitals. Hezbollah, Lebanon, and Iran all blamed Israel for the deadly attacks. Israel Defense Forces/Handout via REUTERSThe pager and walkie-talkie attacks were certainly disruptive and would have made Hezbollah vulnerable to immediate Israeli military action, experts say.
Persons: , Avi Melamed, pagers, beeping, Israel, Hassan Nasrallah, Douglas London, Yoav Gallant, Bruce Hoffman Organizations: Service, Business, Getty, AFP, intel, American University of, American University of Beirut Medical Center, Anwar AMRO, ANWAR AMRO, CIA, of American Intelligence, Israel Defense Forces, Israeli, Council, Foreign Relations Locations: Lebanon, Iran, Beirut's, AFP, Israel, Baalbek, American University of Beirut, London
Many have personal shoppers, people whose job it is to pull the best purses to take to brunch or jackets to wear on vacation in the Hamptons. "You think about how much power they have" — top personal shoppers can sell up to $5 million a year — "but they have no tools," she said. Not only does this segmentation create a mess for clients, it meant that personal shoppers could lose out on commissions. Along the way, the app collects data — helping personal shoppers and retailers know which products are performing better and the trends that are emerging. The Floorr shared the 12-page pitch deck it used to raise its $1.65 million round.
Persons: , Lupe Puerta, Porter, Puerta, Bergdorf Goodman, Shopbop, Chloé, Carmen Busquets, Nigora Tokhtabayeva, they've Organizations: Service, Business, Bain, Hamptons, Prada
Laws in three states have enacted tougher restrictions for people who help voters with disabilities, language or other issues cast their ballots. Latino groups who have sued Texas, Arkansas and Missouri over these laws are warning that those who need help to vote in November’s elections may not get the assistance they need. “Many Latino voters have disabilities or English is not their first language. “We have to remember that the number of Latino voters who participated in 2020 was higher than the number needed to tip the presidential election results. According to data from the Pew Research Center, in Arkansas there are approximately 83,000 Latino voters who are eligible to participate in elections; in Missouri's case, it's 125,000.
Persons: , Tania Chavez Camacho, LUPE, , ” Chavez Camacho, María Cristela Rocha, John B, Scott, Ken Paxton, Lisa Wise, Paxton, Donald Trump’s, Sen, Bryan Hughes, Diego Bernal, Laura MacCleery, ” MacCleery, ” Thomas A, Saenz, MALDEF, ” Saenz, Mireya Reith, it’s, ” Reith, Rocha, she’s Organizations: Brennan Center for Justice, Mexican American Legal Defense, Educational Fund, Texas, Western, Western District of, Telemundo, El, Noticias Telemundo, Republican, Texas Public Policy Foundation, Democratic, Rep, U.S ., Civil Rights, Civil Liberties, Pew Research Center, Arkansas United, Appeals, Circuit, State Locations: Texas, Arkansas, Missouri, del Pueblo, U.S, Western District, Western District of Texas, El Paso County, ” Arkansas, “ In Missouri, Unlike Texas, United States
Nike's CEO is stepping down, and some on Wall Street appear to be lukewarm about the news. On Thursday after the bell, the sneaker giant announced that CEO John Donahoe will be retiring on Oct. 13. Wells Fargo maintained its overweight rating and increased its target by $9 to $95, implying more than 17% upside ahead. "We expect multiple expansion commensurate with Hill's hire — as leadership has been a large point of contention and controversy surrounding the stock," analyst Ike Boruchow wrote in a note. Bernstein, which has an outperform rating on Nike, expects the turnaround "will take time," but said market sentiment will be sympathetic.
Persons: John Donahoe, Elliott Hill, Jay Sole, Sole, Morgan Stanley, Alex Straton, Straton, Wells Fargo, , Ike Boruchow, Bernstein, Aneesha Sherman Organizations: UBS, Nike, JD, Bank of America Locations: FL
Family offices are the most bullish they've been in years, putting their cash to work in stocks and alternatives as the Fed starts to cut interest rates, according to a new survey. Nearly all family offices, 97%, expect positive returns this year, and nearly half expect double-digit gains, according to Citi Private Bank's 2024 Global Family Office Survey. With interest rates heading down, family offices are also regaining their appetite for stocks. More than a third, 39%, of family offices plan to increase their allocation to developed-market equities, mainly the U.S., while only 9% plan to trim their equity exposure. That comes after 43% of family offices increased their exposure to public stocks last year.
Persons: Robert Frank, they've, Hannes Hofmann Organizations: Citi, Citi Private Bank
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's cutting cycle casts opportunities for global investors and emerging markets ex-China: FidelityJurrien Timmer of Fidelity Investments breaks down the benefits of the Fed's rate cut for global investors and emerging markets ex-China
Organizations: Fidelity, Fidelity Investments Locations: China
Ukraine's intelligence chief predicted that ground drones in battle will increase "in the order of tens" this year. Kyrylo Budanov said much of Ukraine's impetus for these drones is to avoid sending troops to die. Some of Ukraine's experimental ground drones, which it calls "iron soldiers," can be fit with guns or explosives. Go to newsletter preferences Thanks for signing up! AdvertisementUkrainian intelligence chief Kyrylo Budanov expects the war to enter a new phase — one that will see far more land-based drones replacing soldiers on the front lines.
Persons: Kyrylo Budanov, , Budanov Organizations: Service, Yalta European Locations: Yalta, Kyiv
Jim Pillen to discuss the feasibility of overturning a 30-year law, which awards electoral votes by congressional district, rather than statewide winner-take-all. The former president called into the meeting briefly, a GOP official told CNN, hoping to win support and impress upon them the importance of a single electoral vote. It’s yet another sign of just how close the election against Vice President Kamala Harris could be, with one electoral vote from an Omaha-area congressional district emerging as potentially pivotal. Democrats are less optimistic about a Maine sweep, party officials say, than winning one of Nebraska’s electoral votes. Time has run out for Maine to change its law, state officials have said, with 90 days required for any legislation to take effect.
Persons: Donald Trump, Trump, Jim Pillen, Republican Sen, Lindsey Graham of, Kamala Harris, Harris, , ” Graham, ” Trump, Joe Biden, Pillen, ” Pillen, Sen, Mike McDonnell, Barry Rubin, “ Sen, McDonnell, , Tony Vargas, Don Bacon, ” Bacon, Jane Kleeb, ” Kleeb, CNN’s Alayna Treene, David Wright, Morgan Rimmer Organizations: CNN, Republican, Nebraska GOP, Republican Gov, GOP, White, Nebraska, The Washington Post, Nebraska Legislature, , WTA, Democratic, GOP Rep, Nebraska Democratic, Trump, Nebraskans, Republicans Locations: Nebraska, Lindsey Graham of South Carolina, Omaha, Wisconsin , Michigan, Pennsylvania, Maine
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