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☆ For Wall Street deal makers, the billion-dollar bangers are back
▼ + stars: | 2024-09-27 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +4 min

Deals valued at $1 billion-plus worldwide are up 22% from a year ago, LSEG data shows. Wall Street executives have been bullish about the burgeoning pipeline for deals. AdvertisementFor Wall Street deal makers, the billion-dollar bangers are back. So what has revived what Wall Street refers to as the "animal spirits," at least when it comes to bigger targets? Other Wall Street bank chieftains, like Ted Pick of Morgan Stanley and Peter Orszag of Lazard, have been bullish about the M&A pipeline.

Persons: —, Mars, David Solomon, Goldman Sachs, Solomon, we've, AlphaSense, Ted Pick, Morgan Stanley, Peter Orszag, Hernan Cristerna Organizations: Verizon, Qualcomm, Wall Street, Service, Paramount Global, CBS, Nickelodeon, Verizon Communications, Frontier Communications, Intel, Wall, Lazard, KPMG, Bloomberg Locations: Ukraine

☆ The Pre-Market Rundown: September 27, 2024
▼ + stars: | 2024-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNews Update – Pre-MarketsCNBC brings you fast, accurate, and actionable business news and market updates.

Organizations: CNBC

☆ New York City taxpayers aren't footing the bill for Eric Adams' criminal corruption case
▼ + stars: | 2024-09-27 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +2 min

Eric Adams hired Alex Spiro — also Elon Musk's lawyer — to represent him in his criminal case. But taxpayers aren't paying for the criminal defense bills, a city spokesperson said. AdvertisementNew York City taxpayers aren't on the hook for the legal bill in Eric Adams' federal bribery case, a spokesperson for the mayor confirmed to Business Insider. For that case, Spiro was billing the city for his work — though reportedly charging only $250 per hour instead of the $2,025 per hour rate he's charged other clients. But New York City's coffers aren't being emptied for Spiro's work in the criminal case against Adams, according to Fabien Levy, the city's deputy mayor for communications.

Persons: Eric Adams, Alex Spiro —, Elon Musk's, —, Spiro, Adams, Alex Spiro, Elon Musk, Alec Baldwin, Fabien Levy, Levy, Alex Spiro didn't Organizations: Service, aren't, Business Locations: York City, Manhattan, York, Turkey

☆ Eric Adams is showing up to court for the first time since his historic indictment
▼ + stars: | 2024-09-27 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +2 min

Eric Adams is appearing in court for the first time in his criminal case Friday. AdvertisementNew York City Mayor Eric Adams arrived in Manhattan federal court Friday morning, where he is expected to enter a plea in his sprawling criminal bribery case. Adams is being represented in his criminal case by Alex Spiro, Elon Musk's go-to lawyer. Spiro recently won an acquittal for Alec Baldwin in a criminal case over the "Rust" movie set shooting. AdvertisementHo took the bench in a year ago, and the indictment against Adams would be his first high-profile case as a judge.

Persons: Eric Adams, He's, Adams, —, Katherine Parker, Sean, Diddy, Combs, Alex Spiro, Elon Musk's, Spiro, Alec Baldwin, Dale Ho, Joe Biden, Ho Organizations: Prosecutors, Service, York City, of, Turkish, United, US, American Civil Liberties Union Locations: Turkey, York, Manhattan, Southern, of New York, United Nations

☆ All the top OpenAI figures who have left since the 2023 attempt to oust CEO Sam Altman
▼ + stars: | 2024-09-27 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

OpenAI has lost a slew of key leaders since last year's effort to push out CEO Sam Altman. Here are 10 OpenAI leaders who have left the company since November. Shortly afterward, CEO Sam Altman said that two other executives, Bob McGrew and Barret Zoph, would also leave OpenAI. Like many companies, OpenAI has seen turnover among its highest ranks since its founding in 2015. But since an attempt to oust Altman as OpenAI's CEO last November, the company has lost multiple executives and key leaders.

Persons: OpenAI, Sam Altman, Mira Murati, —, Bob McGrew, Barret Zoph, Altman, McGrew's, Elon Musk, Altman's, Helen Toner, Tasha McCauley, Toner, McCauley, Greg Brockman Organizations: Service, ChatGPT Locations: OpenAI

☆ Japan's new prime minister could try to shake up the country's military pact with the US
▼ + stars: | 2024-09-27 | by ( Hannah Abraham | Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

Shigeru Ishiba is set to be appointed Japan's prime minister on Tuesday. Ishiba has previously suggested that Japan's military pact with the US should be overhauled. AdvertisementShigeru Ishiba, a former defense and agriculture minister, is set to become Japan's next prime minister. AdvertisementHis leadership is likely to transform Japan's military alliance with the US, as well as have wider implications for the region's security. However, Japan's military is beset by recruiting challenges and is experiencing manpower shortages.

Persons: Shigeru Ishiba, Japan's, Ishiba, —, Fumio Kishida Organizations: Liberal Democratic Party, Service, LDP, Reuters, Wall Street, Washington, Foreign Relations, NATO, Guardian, Japan's Yomiuri Locations: Japan, Taiwan, China

☆ Stock market today: US indexes gain after soft inflation report supports more rate cuts
▼ + stars: | 2024-09-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks rose after cool inflation data suggested more room for Federal Reserve rate cuts. The personal consumption expenditures price index increased 0.1% in August, matching estimates. AdvertisementUS stocks rose on Friday after cool inflation data suggested that the Federal Reserve has more room to cut interest rates. The personal consumption expenditures price index, which is considered the Fed's preferred inflation measure, increased 0.1% in August, in-line with economist estimates. On a year-over-year basis, the PCE Index rose 2.2%, slightly below economist estimates of 2.3%.

Persons: —, Clark Bellin, Bellin, Sonu Varghese, that's, Varghese Organizations: Federal, Service, Federal Reserve, Bellwether Wealth, Business, Carson Group, Here's

☆ One chipmaker is finally reaping the benefits of Nvidia's AI chip boom
▼ + stars: | 2024-09-27 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Micron surged over 15% after strong revenue and profit forecasts driven by AI spending. Other chip stocks also rallied on Thursday after Micron's revenue guidance. AdvertisementMicron surged over 15% on Thursday after reporting strong revenue and profit forecasts, spurred by continued artificial intelligence spending. Micron projected its next quarter's revenues to be between $8.5 billion and $8.9 billion, above the $8.3 billion analysts anticipated. AdvertisementThe chipmaker's rosy forecast is a sign that it is another winner of the AI spending boom.

Persons: —, Sanjay Mehrotra, wasn't, Matt Bryson Organizations: Micron, Service, US, Nvidia, Samsung Electronics, SK Hynix, Tokyo Locations: HBM, South Korea

☆ Elon Musk's plan to dominate the in-flight internet market gained another customer. Here's every airline using Starlink.
▼ + stars: | 2024-09-27 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Air France announced it will offer free ultra-high-speed WiFi via Elon Musk's Starlink from 2025. Air France announced that from 2025, it will offer ultra-high-speed WiFi free of charge to customers in every cabin. Musk celebrated the deal in a post on X, replying to Air France's post by saying: "Air France is installing Starlink!" The announcement comes just two weeks after United Airlines also confirmed it was signing up to become a Starlink customer. As of the Air France announcement, here are all the airlines that have publicly announced deals with Starlink:

Persons: Elon Musk's, —, Elon Musk's Starlink, Musk, you'll, Scott Kirby Organizations: Air France, Elon, Elon Musk's Starlink, United Airlines, Qatar Airways, Hawaiian Airlines, Service, SpaceX, Viasat, Boeing, Air, Starlink Locations: Starlink, Air France

☆ CNBC Daily Open: A high of all-time highs
▼ + stars: | 2024-09-27 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

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. All-time high, againMajor U.S. indexes rose on Thursday, with the S&P 500 notching a fresh closing high. When the U.S. Federal Reserve cut interest rates last week, it's not unreasonable to expect Treasury yields to dip. But 55% of respondents think Trump will be better for the economy and on inflation.

Persons: Europe's, it's, they've, Jeff Cox, Sam Altman, Bret Taylor, Harris, Kamala Harris, Donald Trump, Trump Organizations: CNBC, Major, Micron, Swiss National Bank, Treasury, U.S . Federal Reserve, Altman, U.S Locations: Major U.S, China

☆ Barclays names 5 global stocks that could benefit from China's stimulus — giving one over 100% upside
▼ + stars: | 2024-09-27 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Barclays has identified a handful of European stocks poised to benefit from China's anticipated economic stimulus measures. Mainland Chinese stocks jumped on the news. The investment bank suggested that China's current economic climate resembles April 2024, when Chinese and China-exposed stocks experienced a significant rally. According to Barclays, U.K.-headquartered insurer Prudential , cosmetics giant L'Oreal , carmakers BMW and Mercedes , and miner Rio Tinto are among the top European stocks that could benefit from China's stimulus efforts. China's recent economic challenges have been evident, with the country experiencing its longest period of deflation since 1999.

Persons: Anshul Gupta, Larry Hu, Hu, — CNBC's Michael Bloom, Evelyn Cheng Organizations: Barclays, People's Bank of China, Prudential, L'Oreal, carmakers BMW, Mercedes, Rio Tinto, U.S, Prudential plc, Macquarie Locations: China, Rio, China's

☆ Gold, silver head for weekly gains on U.S. rate-cut momentum
▼ + stars: | 2024-09-27 | by ( ) www.cnbc.com time to read: +2 min

Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year, as markets awaited a key inflation report for additional guidance. Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year, as markets awaited a key inflation report for additional guidance. Silver prices surged due to bullion's strong performance and China's stimulus measures, though some analysts warn that the rally may fade due to concerns over industrial demand. The Federal Reserve's larger-than-usual half-percentage-point reduction last week ignited a rally in gold, which hit consecutive record highs and has gained about 1.8% so far this week. Gold prices are currently supported by anticipated U.S. Fed interest rate cuts and China's stimulus measures, both of them are weakening the dollar, said Kyle Rodda, financial market analyst at Capital.com.

Persons: Kyle Rodda Organizations: FedWatch, U.S, BMI Locations: U.S

☆ Why U.S. auto factories are so unproductive
▼ + stars: | 2024-09-27 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

A record 17.5 million cars sold in the U.S. in 2016, according to forecasting firm GlobalData. High prices are keeping customers away or sending them to used markets, said GlobalData's Global Vice President of Automotive Research Jeff Schuster. "We have all these plants that are ready to build 200,000 or 300,000 electric vehicles and nobody to buy them. For more than a century, nearly all cars ran on gasoline. Automakers were hoping for a clean jump to a world where all cars ran on batteries.

Persons: hasn't, Automotive Research Jeff Schuster, Sam Fiorani, I've, Michael Robinet Organizations: Global, Automotive Research, AutoForecast Solutions, P Global Mobility Locations: United States, U.S

☆ What the Eric Adams indictment means for New York City's leadership and future
▼ + stars: | 2024-09-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, the walls are closing in on New York City Mayor Eric Adams after a federal indictment . New York City Mayor Eric Adams was indicted on five criminal counts in a corruption probe accusing him of bribery and receiving illegal campaign contributions from foreign nationals. In one case, according to the indictment, that meant a Turkish Airlines manager offering to charge Adams $50 for two business-class seats worth $15,000 . AdvertisementMessages obtained by prosecutors also show Adams promising his staffer he "always" deleted texts following a discussion of alleged Turkish bribes.

Persons: —, Eric Adams, Eric Adams Seth Wenig, Alyssa Powell, Adams, Damian Williams, Gary Hershorn, He's, Alex Spiro, Elon Musk's, Kathy Hochul, Jumaane Williams, Ali Jarekji, it's, David Tepper, Sam Altman's, Getty, Olivier Verriest, Andrei Akushevich, Tyler Le, Dan DeFrancesco, Jordan Parker Erb, Jack Sommers, Nathan Rennolds, Amanda Yen, Milan Sehmbi Organizations: Business, Service, New York City, New, Democrat, Brooklyn Borough, Southern, of, Turkish Airlines, FDNY, Reuters, Financial Times, YouTube, Snapchat, Publishers, York Film Locations: New, States, New York, Manhattan, of New York, Turkish, Ali, Saudi Arabia, China, London

☆ The market may be getting too comfortable heading into a historically scary month
▼ + stars: | 2024-09-27 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

This signal comes as the S & P 500 trades at all-time highs, boosted by a shift in Federal Reserve policy. The Fed earlier this month cut interest rates by a half percentage point, the first easing of policy in more than four years. Wall Street sees further reductions ahead, too. The Cboe Volatilty Index spiked north of 23 earlier this month, as worries over the U.S. economy weighed on sentiment. Elsewhere on Wall Street this morning , Morgan Stanley upgraded Wynn Resorts to overweight from equal weight.

Persons: Wolfe, Janney Montgomery Scott, Dan Wantrobski, Wantrobski, Morgan Stanley, WYNN's Organizations: Federal, Wynn Resorts Locations: U.S

☆ French tycoon gains $17 billion from China’s economic stimulus push
▼ + stars: | 2024-09-27 | by ( Juliana Liu | ) edition.cnn.com time to read: +4 min

But by the end of the day, his net worth jumped by $17 billion to $201 billion, the index reported, calling it his third-biggest daily increase ever. That market, which accounted for 31% of total revenue last year, is dominated by China. Hong Kong’s benchmark Hang Seng index has added just over 12% so far this week, while mainland China’s blue-chip CSI300 has gained more than 15%. However, experts urged investors to be cautious as officials must still come up with ways of stabilizing the property market, which once accounted for as much as 30% of economic activity. It began to cool in 2019 and fell into a deep trough about two years later, after a government-led clampdown on developers’ borrowing.

Persons: Bernard Arnault isn’t, Arnault, LVMH, “, Nomura, Xi Jinping, Pan Gongsheng, Pan Organizations: Hong Kong CNN, LVMH, Bloomberg, Markets, People’s Bank of China Locations: China, Hong Kong, LVMH, Paris, Asia, “ Beijing

Wang, chief China equity strategist at Morgan Stanley, told CNBC's " Street Signs Asia " Friday that the index could rise by another 10%. But she cautioned that more details on Beijing's recent economic stimulus measures were needed for a sustained rally. Chinese stocks rose further after Beijing on Thursday called for halting the real estate slump and a strengthening of monetary and fiscal policy. He said he's bought more Chinese stocks since. "After the break, we would really like to see as soon as possible the execution details on the physical spending and on the market stabilization measures," Wang said.

Persons: Morgan Stanley's Laura Wang, Wang, Morgan Stanley, CNBC's, Goldman Sachs, David Tepper, he's Organizations: CSI Locations: Shanghai, Shenzhen, China, Beijing

☆ China optimism is surging. Why some investors are cautious
▼ + stars: | 2024-09-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

A shareholder at a securities hall in Hangzhou, the capital of Zhejiang province in east China, on Sept. 24, 2024. "Markets should place more emphasis on the specifics of the stimulus," Lu said. The People's Bank of China this week cut major interest rates, and announced plans to lower rates for existing mortgage holders. Questions about scaleFor some investment institutions, that's still not enough to move the needle on their China outlook. A survey in September of more than 1,200 companies in China by the U.S.-based China Beige Book found that corporate borrowing declined, despite historic lows in the costs to do so.

Persons: Xi Jinping, Ting Lu, Lu, Nomura's Lu, that's, Paul Christopher, Christopher, Shehzad Qazi, Qazi Organizations: Getty, BEIJING, Shanghai, Nomura, People's Bank of, Finance, Wells, Wells Fargo Investment Institute, U.S Locations: Hangzhou, Zhejiang, China, Beijing, People's Bank of China, Wells Fargo, U.S . Federal, U.S

☆ There's valuation opportunities here for China, says Neuberger Berman's Conrad Saldanha
▼ + stars: | 2024-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's valuation opportunities here for China, says Neuberger Berman's Conrad SaldanhaConrad Saldanha, Neuberger Berman senior portfolio manager on the emerging markets equity team, joins 'Squawk Box' to discuss China's market outlook, whether it's a good time to bet on Chinese stocks, investing in emerging markets, and more.

Persons: Neuberger Berman's Conrad Saldanha Conrad Saldanha, Neuberger Berman Locations: China

☆ We are not tipping into a recession, says RBC's Lori Calvasina
▼ + stars: | 2024-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are not tipping into a recession, says RBC's Lori CalvasinaLori Calvasina, RBC Capital Markets head of U.S. equity strategy, joins CNBC's 'Squawk on the Street' to discuss how her expectations from the market, why she sees a rally in 2025, and more.

Persons: RBC's Lori Calvasina Lori Calvasina Organizations: RBC Capital Markets

☆ Key Fed inflation gauge at 2.2% in August, lower than expected
▼ + stars: | 2024-09-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Economists surveyed by Dow Jones had been expecting all-items PCE to rise 0.1% on the month and 2.3% from a year ago. Excluding food and energy, core PCE rose 0.1% in August and was up 2.7% from a year ago, the 12-month number 0.1 percentage point higher than July. "All quiet on the inflation front," said Chris Larkin, managing director of trading and investing at E-Trade from Morgan Stanley. Personal income increased 0.2% on the month while spending rose 0.2%. At their meeting last week, policymakers indicated a likelihood of another half percentage point in cuts this year then a full point in reductions for 2025, though markets expect a more aggressive path.

Persons: Dow Jones, Chris Larkin, Morgan Stanley Organizations: Commerce Department, Fed, Stock Locations: U.S

☆ Luxury stocks have gotten a huge boost from China's stimulus this week
▼ + stars: | 2024-09-27 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

European luxury stocks have struggled this year amid weak Chinese demand. AdvertisementEuropean luxury stocks rallied sharply this week as a wave of Chinese stimulus measures spurred hopes of more spending. On Monday, the day before the stimulus measures were announced, Bank of America analysts cut their price objectives on luxury stocks by an average of around 20%. They also downgraded four luxury stocks to neutral, and another from neutral to underperform — leaving just three luxury stocks at buy ratings. Now, it seems investors are banking on the stimulus measures to bring luxury spending back to the country.

Persons: Cartier, —, Burberry, Hugo Boss Organizations: Hermes, Service, Bank of America Locations: China, EU, Japan

☆ The 10 happiest states in the US, ranked
▼ + stars: | 2024-09-27 | by ( Mykenna Maniece | ) www.businessinsider.com time to read: +1 min

WalletHub released its ranking of the happiest states in the US. Hawaii was ranked the happiest state to live in. The personal finance company compared the 50 states using three categories: emotional and physical well-being, work environment, and community and environment. AdvertisementFrom WalletHub's final list, Business Insider pulled the 10 highest-ranked states to identify the 10 happiest. From Idaho to Hawaii, here are the happiest states in the country.

Persons: WalletHub, — Organizations: Service, Census Bureau, of Labor Statistics, Centers for Disease Control, AmeriCorps, Business Locations: Hawaii, Idaho

☆ I flew on 2 long-haul flights, one in business and another in economy. The perks were drastically different — take a look.
▼ + stars: | 2024-09-27 | by ( Monica Humphries | ) www.businessinsider.com time to read: +1 min

I've flown across the world in both business class and economy cabins. In 2022, I was in business class with Air New Zealand. Last year, I flew in United's economy class. But after taking two long-haul flights — one in business class and the other in economy — I learned that amenities can make or break a trip. From receiving a complimentary toiletry bag on an Air New Zealand business-class flight to free earbuds on a United economy flight, take a look at all the differences in amenities.

Persons: I've, — Organizations: Air New Zealand, Service, Air New Locations: Air New Zealand

☆ Binance founder Changpeng Zhao set for release after four-month prison sentence: CNBC Crypto World
▼ + stars: | 2024-09-27 | by ( Jordan Smith | Kaan Oguz | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBinance founder Changpeng Zhao set for release after four-month prison sentence: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Kristin Smith of Blockchain Association discusses the impact of the 2024 election on the crypto industry.

Persons: Changpeng Zhao, explainers, Kristin Smith Organizations: CNBC Crypto, CNBC, Blockchain Association

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