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☆ Texas lawsuits keep challenging guaranteed basic income programs, calling no-strings-attached cash 'unconstitutional'
▼ + stars: | 2024-09-24 | by ( Allie Kelly | ) www.businessinsider.com time to read: +5 min

Read previewTexas Attorney General Ken Paxton is calling guaranteed basic income "unlawful." This new lawsuit comes after Paxton sued the county in April over another guaranteed basic income pilot called Uplift Harris. Some Texas lawmakers have called guaranteed basic income socialist, or a means to "hand out money like popcorn." Related storiesPaxton's lawsuit could impact the livelihoods of GBI participantsFor many participants, guaranteed basic income is a financial safety net. Have you participated in a guaranteed basic income program?

Persons: —, Ken Paxton, Paxton, Harris, St . Louis, Harris County Attorney Christian D, Menefee, Delwin Sutton, Sutton, Rodney Ellis, Ellis Organizations: Service, Prosperity, Texas Supreme, Business, Attorney's, General's, Texas, Republican, Harris County Attorney, Community Prosperity Locations: Texas, Harris County, Harris, Houston, America, Arizona , South Dakota, Iowa, St .

☆ September consumer confidence falls the most in three years
▼ + stars: | 2024-09-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The board's Consumer Confidence Index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021. By contrast, the index had a reading of 132.6 in February 2020, a month before the Covid pandemic hit. "Consumers' assessments of current business conditions turned negative while views of the current labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income," said Dana Peterson, chief economist at The Conference Board. The last time the confidence index dropped more came as inflation was just beginning a climb to what ultimately was the highest level in more than 40 years.

Persons: Dow, Dana Peterson, Stocks, Peterson Organizations: Conference Board, Treasury, Federal Reserve

☆ Is Ozempic to blame for the slowdown in salty snack sales? Here’s the verdict
▼ + stars: | 2024-09-24 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +4 min

Sluggish salty snack sales have prompted questions about whether Ozempic and obesity treatments like Wegovy and Zepbound ae to blame. GLP-1 drugs have been cheered as an effective method to help patients with diabetes and obesity to manage their blood sugar levels, hunger and weight. Lieberman found that the temporary price reduction at Wal-Mart stores drove an increase in both the product's volume and sales, leading to the conclusion that snack sales were hurt by price pressures for consumers. "All said, the data suggests to us that the primary challenge facing the salty snack category is affordability and arguably not GLP-1s and evolving health & wellness trends as some people might opine," she wrote in the report. "The salty snack category raises prices faster than the rest of the grocery store, so we probably have more work to do to right-size the prices," he told CNBC in an interview.

Persons: Morgan Stanley, Campbell, Lauren Lieberman, Pepsi's, Lieberman, Cowen, Robert Moskow, Moskow, It's, TD Cowen, Nordisk's Wegovy, Eli Lilly's Zepbound, Dara Mohsenian, Mohsenian, There's Organizations: Pepsi, UTZ Brands, Barclays, Mart, CNBC, Nielsen Locations: confections, Nordisk's

☆ China's central bank chief set to hold press conference days after Fed rate cut
▼ + stars: | 2024-09-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

The relatively rare high-level press conference was scheduled after the U.S. Federal Reserve cut interest rates last week. That kicked off an easing cycle that theoretically gives China's central bank further room to cut its rates and boost growth in the face of deflationary pressure. Pan became PBOC governor in July 2023. He then told reporters in March, alongside China's annual parliamentary meeting, there was room to cut the RRR further. China's government system also means that policy is set at a far higher level than that of the financial regulators speaking Tuesday.

Persons: Pan Gongsheng, Gongsheng, Pan Organizations: People's Bank of China, BEIJING — People's Bank of China Gov, U.S . Federal Reserve Locations: Shanghai, China, BEIJING

☆ How stocks can roar by 10% into year-end, Citi US equity-trading head says
▼ + stars: | 2024-09-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The stock market could jump as much as 10% by the year-end, Citi's stock-trading strategy head said. He said the economy only needs to avoid a recession, which will ultimately depend on the labor market. And that is now a plausible scenario," the firm's head of US equity-trading strategy told Bloomberg TV on Tuesday. If this is achieved, stocks can surge another 5% to 10% by the end of this year, Kaiser said. But though the Fed emphasized that it was not forecasting a looming downturn during its latest policy meeting, it all hinges on incoming labor market data, he noted.

Persons: Stuart Kaiser, —, Citi's Stuart Kaiser, Kaiser, Morgan Stanley Organizations: Bloomberg, Service, Federal Reserve

☆ Startups are using ‘rock dust’ to make agriculture carbon friendly
▼ + stars: | 2024-09-24 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Agriculture is responsible for more than 10% of global carbon emissions, according to the U.S. Environmental Protection Agency. But while agriculture is a massive carbon offender, it could now be part of a solution, as startups are trying new ways of using nature to save itself. Startups like Lithos, UNDO Carbon and California-based Eion are experimenting with several types of carbon-absorbing rocks that can accomplish what lime does while permanently removing carbon from the atmosphere at the same time. "We apply a rock dust onto farms, and that helps farmers condition the soil or make the soil better for improvements," said Anastasia Pavlovic, CEO of Eion. "Then over time, that manages to secure and sequester carbon, permanently removing it from the atmosphere."

Persons: Anastasia Pavlovic, Eion, " Pavlovic, Dan Prevost, Prevost, Elon, Pavlovic, Lisa Rizzolo Organizations: U.S . Environmental Protection Agency, Farmers, Eion, Midwest, CNBC Locations: California, Norway, Mississippi, Illinois

☆ I tried to retire twice, once at 40 and again at 62. But I like working with people too much.
▼ + stars: | 2024-09-24 | by ( Gary Nunn | ) www.businessinsider.com time to read: +5 min

Twice in my life, I've attempted to retire, and both times, I've been tempted back into full-time work. Both my husband and I had done very well in our jobs, so I was fortunate enough to be able to retire early. By the age of 40, I'd worked my way to the top as a financial planner. AdvertisementDuring my second attempt at retirement, I realized how much I loved working with clientsThen, I really lost my mojo for work. While this adventure was exhilarating, I ultimately realized I missed being at home near loved ones and, most of all, working with clients.

Persons: —, Chris Childs, I've, I'd, We'd, wasn't, I'm, David, He'd Organizations: Service, Business, mojo Locations: Australia, Italy, France, England

☆ U.S. Steel CEO defends planned sale to Japan's Nippon, believes deal will ‘close on its merits'
▼ + stars: | 2024-09-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. Steel CEO David Burritt on Tuesday defended the company's planned sale to Japan's Nippon Steel, expressing confidence that the deal will "close on its merits" despite President Joe Biden's vocal opposition. "We strongly believe the deal closes on its merits," Burritt said in an interview on CNBC's "Money Movers." "It strengthens national security, it strengthens economic security and it strengthens job security." CFIUS told Nippon that the sale could "lead to a reduction in domestic steel production capacity," according to a letter obtained by Reuters earlier this month. The committee said supply chains could be disrupted in sectors critical to national security such as transportation, infrastructure, construction and agriculture.

Persons: David Burritt, Joe Biden's, Burritt, Biden, Kamala Harris, Donald Trump, CFIUS Organizations: . Steel, Japan's Nippon Steel, Steel, NBC News, Nippon, U.S, Foreign Investment, Reuters Locations: American, Nippon North America, U.S, United States

☆ Aussie dollar near 2024 high before RBA; yen drifts as Ueda awaited
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: +3 min

The Australian dollar hovered close to its highest level of the year on Tuesday, with the central bank set to hold policy steady later and traders focused on any hints of potential near-term easing. The Australian dollar hovered close to its highest level of the year on Tuesday, with the central bank set to hold policy steady later and traders focused on any hints of potential near-term easing. The yen edged up to 143.45 per dollar, but remained close to the center of its September range of 147.20 to 139.58, a more than one-year peak reached on Sept. 16. The yen has retreated amid waning bets for aggressive tightening by the BOJ, particularly after governor Ueda struck a cautious tone of Friday, saying the central bank would spend some time monitoring global growth risks. The BoE kept rates unchanged last Thursday, with its governor saying the central bank had to be "careful not to cut too fast or by too much".

Persons: Kazuo Ueda, —, Pan Gongsheng, Ueda, Sterling, BoE Organizations: U.S, Bank of Japan, Bank of England, Federal Reserve, European Central Bank, Reuters, Commonwealth Bank of Australia, People's Bank of China, P Global Locations: China

☆ ‘Greed, greed, greed’: Sanders demands Ozempic maker lower prices
▼ + stars: | 2024-09-24 | by ( Meg Tirrell | Tami Luhby | ) edition.cnn.com time to read: +7 min

“We are very committed to making sure that Americans have access at an affordable price point for our medicines,” Jorgensen replied. Similarly, Wegovy’s list price is $1,349 in the US, but it costs $186 in Denmark, $140 in Germany and $92 in the United Kingdom, he said. Tuesday’s hearing boiled down to a familiar argument over who is responsible for the US’s higher prices: drug companies that set starting – or “list” – prices or pharmacy benefit managers, the middlemen that negotiate discounts on those list prices in exchange for favorable insurance coverage and access. Jorgensen said Novo Nordisk pays back about 75% of its medicine sales in rebates, discounts and fees, so the net price it receives is far lower than the list price. “The broad totality is that less patients have access to our medicines when we lowered the price,” Jorgensen told Sen. Maggie Hassan, D-New Hampshire, after she pressed him to reduce list prices.

Persons: Sen, Bernie Sanders, ” Sanders, Lars Fruergaard Jorgensen, ” Jorgensen, “, Sanders, Jorgensen, it’s, Maggie Hassan, drugmakers, ”, PBMs, scot, ” Sen, Tim Kaine, Roger Marshall, Eli Lilly, Dr, Sanjay Gupta, Tammy Baldwin Organizations: CNN, Nordisk’s, US, Health, Education, Labor, Pensions, Yale, Novo Nordisk’s Ozempic, Novo Nordisk, Pharmaceutical Care Management Association, Nordisk, Novo Nordisk’s, Federal Trade Commission, CVS, Cigna’s, Republican, Wegovy’s, CNN Health, Medicare, Services Locations: United States, Danish, America, Canada, Denmark, Germany, United Kingdom, New Hampshire, Big, Virginia, Kansas, Novo, Wisconsin

☆ Banned political ads found on TikTok weeks ahead of 2024 election
▼ + stars: | 2024-09-23 | by ( Victoria Feng | Victoria Feng Is An Intern On The Nbc News Technology Desk. | ) www.nbcnews.com time to read: +7 min

TikTok has banned all political advertising on the app since 2019, but that hasn’t stopped advertisers from running what appear to be paid political messages on the platform. According to TikTok, the company does “not allow ads featuring political content across any of our monetization features, including paid ads, creators being paid to make branded political content, and other promotional tools on the platform.”TikTok stands apart among its big tech peers in banning political ads — Facebook, Instagram, X and Google all allow political advertisements. The continued presence of political ads on TikTok illustrates the difficulties in patrolling its own platform just weeks ahead of the 2024 presidential election and amid the court proceedings over its potential ban. The findings come as recent research shows that political ads on social media platforms are often filled with misinformation. There were no obvious signs of misinformation among the TikTok videos NBC reviewed.

Persons: TikTok, hasn’t, ”, Vincent Raynauld, “, There’s, ActBlue, Tom Steyer, Jordan Chiles, Shelby Purdum, Republicans ’, Laura Edelson, Blake Chandlee, Edelson Organizations: NBC News, Facebook, Google, NBC, Emerson College, ActBlue, Democratic, Republicans, Social, Northeastern University, BBC, Commission, FEC Locations: U.S, Russia, China, Iran, United States, TikTok, NextGen America, ”

☆ Battery giant Northvolt to cut 25% of workforce in Sweden as part of a major cost-cutting drive
▼ + stars: | 2024-09-23 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Battery maker Northvolt on Monday announced plans to cut a total of 1,600 jobs in Sweden as part of a major cost-cutting drive. The strategic action requires Northvolt to reduce its global workforce by around 20% and a 25% reduction in Sweden, the firm said. Northvolt, which currently delivers batteries from its first gigafactory Northvolt Ett in Skellefteå, said in March that it had over 6,000 employees. The announced measures come as part of a broader strategic review and in response to what Northvolt described as "a challenging macroeconomic climate." Based in Stockholm, Sweden, Northvolt is one of Europe's most valuable privately-held tech firms that builds lithium-ion batteries for the electric vehicle industry.

Persons: Northvolt, Peter Carlsson, Carlsson, — CNBC's Ryan Browne Organizations: Office, Monday, Volkswagen, Volvo Locations: Northvolt, Sweden, Skellefteå, Stockholm

☆ China stimulus calls are growing louder — inside and outside the country
▼ + stars: | 2024-09-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Local residents with umbrellas walk out of a metro station in rain during morning rush hour on September 20, 2024 in Beijing, China. China News Service | China News Service | Getty ImagesBEIJING — More economists are calling for China to stimulate growth, including those based inside the country. His presentation Saturday at Renmin University's China Macroeconomy Forum was titled: "A basket of stimulus and reform, an economic revitalization plan to substantially expand domestic demand." "The elephant in the room is the property market," said Xu Gao, Beijing-based chief economist at Bank of China International. To restore confidence and stabilize the property market, Xu said that policymakers should bail out the property owners.

Persons: Liu Shijin, Liu, Goldman Sachs, China's, Xu Gao, Xu, Nomura, Gabriel Wildau, Teneo, Yi Gang, Wildau, Yi Organizations: China News Service, Getty, Development Research, State Council, CNBC, China Macroeconomy, Goldman, Bank of China International, Center for, People's Bank of China Locations: Beijing, China, BEIJING, Renmin, Center for China, U.S

☆ South Korea is going big on American manufacturing. The Battery Belt could benefit the most.
▼ + stars: | 2024-09-23 | by ( John Towfighi | ) www.businessinsider.com time to read: +7 min

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

☆ Retail stocks typically beat the market after Fed cuts rates. Telsey gives top ways to play
▼ + stars: | 2024-09-23 | by ( Pia Singh | In | ) www.cnbc.com time to read: +3 min

Fed rates not only set short-term borrowing costs for banks, but they also help determine mortgage, auto loan and credit card rates. According to the firm, shares of a few major discount retailers should outperform if middle-income consumers see higher levels of disposable income. Shares of Home Depot and Lowe's are up roughly 12.9% and 17.2% this year, respectively, as the prospect of lower interest rates boosts consumer sentiment. Tech products seller Best Buy could also get a boost from improved middle-income consumer sentiment, Telsey forecasts. If the rate-cutting cycle boosts sentiment among higher-end consumers, Telsey expects consumer retail names such as Williams-Sonoma and German sandal company Birkenstock to outperform.

Persons: Dana Telsey, Telsey Organizations: Federal Reserve, Fed, Walmart, Dollar, Holdings, Tech, Williams, LSEG Locations: U.S, Sonoma, German

☆ A stunning sterling rally is about to collide with Britain's political realities
▼ + stars: | 2024-09-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Sterling breached $1.33 against the greenback for the first time since March 2022 on Thursday, and was trading at $1.3315 early London time Monday. The pound's rally was tied to the BOE communication and "looks fully justified," Chris Turner, global head of markets at ING, said in a Friday note. Higher rates are traditionally a positive for a domestic currency as the higher yield can attract more foreign capital. watch nowGabriella Dickens, G7 economist at AXA Investment Managers, also cautioned on the pound's outlook in a note Thursday. If the government is more stringent on fiscal policy, we think the Bank will be forced to increase the pace of the cutting cycle to offset the hit on both households' and businesses' finances."

Persons: Keir Starmer, BOE, Chris Turner, Turner, Jane Foley, Gabriella Dickens, Dickens Organizations: Bank of England, Labour, Sterling, greenback, London, ING, Fed, U.K, European Union, Rabobank London, CNBC, AXA Investment, Bank, quicken Locations: Britain, –

☆ Here’s what could knock the stock market’s momentum
▼ + stars: | 2024-09-23 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

The S & P 500 also reached an all-time high last week and posted a weekly advance of 1.4%. Here's a look: Valuations The S & P 500 trading near record highs is a double-edged sword, as valuations are also at historically high levels. "The S & P 500 is already trading a little above where it deserves to at year-end 2024." Scott Chronert of Citi also noted that six of the 11 S & P 500 sectors have "valuation composites near/at top decile levels." The S & P 500 has averaged a 2.3% loss in September over the past 10 years, according to FactSet data.

Persons: Stocks, it's, Lori Calvasina, Scott Chronert, BTIG's Jonathan Krinsky, Kamala Harris, Donald Trump, Piper Sandler, Craig Johnson, Gonzalo Asis, RBC's Calvasina, Citi's Chronert Organizations: Dow Jones, Federal Reserve, RBC Capital Markets, Citi, NBC, Presidential, PCE, Bank of America

☆ Minneapolis Fed President Kashkari sees a slower pace of rate cuts ahead
▼ + stars: | 2024-09-23 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Minneapolis Federal Reserve President Neel Kashkari said Monday that he expects policymakers to dial down the pace of interest rate cuts after last week's half percentage point reduction. "I think after 50 basis points, we're still in a net tight position," Kashkari said in a CNBC "Squawk Box" interview. "Right now, we still have a strong, healthy labor market. In their latest economic projections, FOMC members indicated that rate is probably around 2.9%; the current fed funds rate is targeted between 4.75% and 5%. Speaking separately Monday morning, Atlanta Fed President Raphael Bostic indicated he expects the Fed to move aggressively in getting back to a neutral rate.

Persons: Neel Kashkari, we're, Kashkari, Kasharki, Raphael Bostic, Bostic Organizations: Minneapolis Federal, CNBC, Federal Reserve, Atlanta Fed, Fed Locations: Minneapolis

☆ Stock futures are flat after Dow closes at a fresh record: Live updates
▼ + stars: | 2024-09-23 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange during morning trading on Sept. 23, 2024. U.S. stock futures were little changed Monday after the S&P 500 and Dow Jones Industrial Average posted new record closes. Futures tied to the 30-stock Dow slipped 38 points, or 0.09%. S&P 500 futures inched down 0.11%. Earlier in the day, the S&P 500 rose 0.28% and the Dow added 0.15%, resulting in closing records for both indexes.

Persons: Dow, Paul Hickey, There's, You've, Hickey, Quincy Krosby Organizations: New York Stock Exchange, Dow Jones, Nasdaq, Dow, Federal Reserve, Investment, LPL, Traders, Conference, Richmond Fed Locations: Quincy, mull

☆ Every Falsehood, Exaggeration and Untruth in Trump’s and Harris’s Stump Speeches
▼ + stars: | 2024-09-21 | by ( Linda Qiu | Elena Shao | ) www.nytimes.com time to read: +54 min

They’re going to take away your guns, you saw that, they’re going to take away your guns. And at the end it was, “Thank you, thank you, thank, thank, thank, thank, thank, thank.” I said, “What the hell’s… What’s wrong with her?” I say, “Thank you.” And you wait a couple of seconds. “Thank you, thank, thank, thank, thank.” There’s something wrong with her, okay? She was all talk, I’m going to do this and I’m going to do that, and then I’m going to cut tax and then I’m going to give you 25,000 per house and then I’m going to go, over and over. When Biden was president — going to give up the whole thing to Russia, it looks like.

Persons: I’m, Kamala Harris, Rasmussen, We’re, Kamala, Sleepy Joe Biden, ”, “, can’t, Country’s, Harris, we’ve, you’re, You’re, “ Donald Trump, Donald Trump, – Joe Biden, didn’t, Sleepy Joe, ” “ I’m, Joe, That’s, Trump, What’s, Kamala …, she’s, Bernie Sanders, Nancy Pelosi, She’s, let’s, Kamala Harris …, I’ve, David Muir, David Muir barged, Sir, President Trump, FBI …, don’t, –, There’s, Donald J, You’ve, we’ll, – Mr, You’ll, Where’s Harris, would’ve, Jimmy Carter, Xi, Del Cueto, Biden, They’ve, “ They’re, ” They’re, They’re, it’s, it’ll, Let’s, Forbes, Michael, Jacky Rosen, Crooked Joe Biden, Joe Biden’s, Jacky, Sam Brown, Nobody’s, He’s, Joe Lombardo, Joe’s, that’s, It’s, they’re, Tampon Tim, tampons –, Governor Lombardo, we’re, Ding, haven’t, Russia would’ve, Bush, Barack Hussein Obama, —, Russia’s, Korea’s, Muhammad Ali, Muhammad, Henry, “ I’ll Organizations: Philadelphia TV, gaslight, JD, FBI, Department of Justice, of Justice Statistics, Communist, Border, Marxist, Street, The New York Times, New York Times, Washington, White, ICE, DHS, Forbes, United Auto Workers, Biden, Unions, Keystone XL, United States, Paris Climate, Nevada Climate Accord, Police, California, ABC Fake, Trump Reciprocal Trade, Green New, Washington D.C, We’re, America, Make Locations: Las Vegas, Aurora , Colorado, Springfield , Ohio, Colorado, Iowa, Pennsylvania, United States, McDonald’s, – Pennsylvania, ”, America, Idaho . Idaho, Haiti, Chile, Colombia, New York, Chicago, Florida, Middle America, Aurora, Virginia, Tennessee, Honduras, So Nevada, Nevada, American, You’ve, Texas, Western Nevada, Mexico, China, Paris, Russia, Saudi Arabia, California, Nevada , Wisconsin , Pennsylvania, Michigan, Washington, Manhattan, Ukraine, Israel, Italian, Venezuela

But many people are still wondering, what does a rate cut mean for my money? For those who’ve been waiting it out, the rate cut “will instill some hope in folks,” said Elizabeth Renter, senior economist at NerdWallet. Consider your (improved) debt repayment optionsThis week’s rate cut was good news for those struggling to unload themselves of credit card debt. They’re a popular savings instrument when interest rates are high, and as most economists expected, CD rates have already started declining since the Fed’s interest rate cut. “This rate cut is not something that should trigger you to go make any drastic changes to the overall direction of your portfolio,” he added.

Persons: Jerome Powell, ”, Elizabeth Renter, Michele Raneri, “, “ It’s, Rodney Lake, It’s, cardholders, Now’s, Lake, don’t, Freddie Mac, ” Renter, they’ve, Raneri, Lee Baker, there’s, Bankrate, Baker, it’s, —, “ Don’t Organizations: NerdWallet, TransUnion, Federal Trade Commission, GW Investment, George Washington University School of Business, Apex Financial Services, P Locations: U.S

☆ Analysts say don't chase Nike pop on new CEO: 'There are probably no quick fixes'
▼ + stars: | 2024-09-20 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

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

☆ Gold set for weekly gain on Fed rate cut boost
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: +2 min

Gold lingered near record high levels on Friday and was on track for a weekly gain after the Federal Reserve's recent super-sized interest rate reduction and on signs that further cuts were on the horizon. Spot gold rose 0.2% to $2,592.17 per ounce, as of 0309 GMT, up about 0.6% for the week so far. Bullion rose to a record high of $2,599.92 on Wednesday after the Fed began easing monetary policy with a half-percentage-point rate cut. "Gold prices are expected to be well supported in the coming months due to a weaker U.S. dollar and lower bond yields, as well as against a backdrop of elevated geopolitical tensions," BMI said in a note. Spot silver rose nearly 1% to $31.09 per ounce and palladium gained 0.6% to $1,086.75.

Persons: Gold, Kyle Rodda Organizations: Federal, Fed, Capital.com, BMI Locations: Birmingham, England, Capital.com . Lower U.S, East, Lebanon, Israel, Lebanese, China, Switzerland

☆ Why EU tariffs are unlikely to dent Chinese EV makers' European expansion
▼ + stars: | 2024-09-20 | by ( Sonia Heng | In Sonia-Heng | ) www.cnbc.com time to read: +2 min

To make the European market unattractive for Chinese EV exporters, tariffs have to be as high as 50%, according to research group Rhodium. watch nowHe pointed out that the EU's tariffs were not as severe as those announced by North America because European and Chinese original equipment manufacturers are heavily interconnected. "It is a delicate balance to promote domestic European production without severely impacting their Chinese operations," McCabe said. Chinese EV makers are coming up with newer, cheaper offerings even as the EU strives to curtail imports via tariffs. At a conference in May this year, Chinese behemoth BYD announced its Dolphin model to the European market at less than $21,550.

Persons: Joseph McCabe, McCabe, behemoth BYD Organizations: Auto, Visual China, Getty, SAIC, EV, AutoForecast Solutions, U.S, Canada, EU, United Kingdom ., Tesla, Volkswagen Locations: Shenyang, Liaoning Province of China, Europe, BYD, North America, United Kingdom, China

☆ Fed Governor Waller says inflation softening faster than he expected put him in half-point-cut camp
▼ + stars: | 2024-09-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Governor Christopher Waller said Friday he supported a half percentage point rate cut at this week's meeting because inflation is falling even faster than he had expected. A week before the Fed meeting, markets were overwhelmingly pricing in a 25 basis point cut. Along with the decision, individual officials signaled the likelihood of another half point in cuts this year, followed by a full percentage point of reductions in 2025. Fed Governor Michelle Bowman was the only Federal Open Market Committee member to vote against the reduction, instead preferring a smaller quarter percentage point cut. "I was a big advocate of large rate hikes when inflation was moving much, much faster than any of us expected," he said.

Persons: Christopher Waller, Waller, CNBC's Steve Liesman, Michelle Bowman, Bowman, Jerome Powell Organizations: Federal, CNBC, Fed, Market, Commerce Department

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