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Neumann noted the latest Europol data showed “the number of attacks and planned attacks has more than quadrupled” since 2022. The apparent uptick in the recruitment of young radicals to carry out acts of terror comes as European security officials express worries at a potential resurgence of organized – or “directed” - terror attacks. The group has built a remarkable presence in Turkey over the past three years, according to court documents and analysts. Swiss police in March arrested a 15-year-old Swiss boy and a 16-year-old Italian boy for ISIS support and plotting bomb attacks, according to a police statement. Yulia Morozova/ReutersThe extent of ISIS-K’s use of Turkey as a transit hub is acknowledged by officials in the Turkish indictment.

Persons: Peter Neumann, Neumann, ”, ” Neumann, “, Lise Jaulin, Dilara Senkaya, “ Rustam, Rustam, Yulia Morozova Organizations: CNN, ISIS, Paris Olympics, King’s College London, MIT, Swiss, Analysts, Soviet Union, Turkish, Italian Santa Maria Catholic Church, Foreign Operations, Hall, Foreign Locations: Europe, West, Paris, Islamic, Khorasan, Central Asia, Turkey, Saint, French, France, Haute, Savoie, Dusseldorf, Heidelberg, Montenegro, Austria, Afghanistan, Tajikistan, Moscow, Italian, Istanbul, Swedish, Pakistan, Tajik, Iran, Russia, Crocus, Syria, Iraq

☆ Europe stocks set to open lower amid global downturn; earning season ramps up
▼ + stars: | 2024-07-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The Unilever headquarter building seen by the Nieuwe Maas river in Rotterdam. LONDON — European markets are heading for a lower open Thursday, with a flurry of corporate earnings and a selloff on Wall Street in focus. The U.K.'s FTSE 100 was last seen opening 19 points lower at 8,132 points, according to IG data, with Germany's DAX and France's CAC 40 down by 80 points and 45 points, respectively. The pan-European Stoxx 600 index closed 0.6% lower on Wednesday as second-quarter earnings season ramped up. Data will be released on German consumer confidence and euro zone and U.K. business activity, ahead of next week's euro zone gross domestic product second-quarter print.

Persons: Germany's DAX, carmakers Stellantis, Roche Organizations: Unilever, LONDON, CAC, MIB, Nestle, carmakers, Renault, Nasdaq, Deutsche Bank, Nikkei, U.S, Reuters, Bank of Locations: Rotterdam, Swiss, U.S, Asia, Pacific, Bank of Japan

☆ Rats, roaches, and other creatures are winning against climate change, and it's bad news for humans
▼ + stars: | 2024-07-25 | by ( Ellyn Lapointe | ) www.businessinsider.com time to read: +8 min

In the game of climate change, there are both winners and losers. AdvertisementMany of these climate change "winners" are hardy, fast-breeding scavengers that already live in some of the most degraded habitats on Earth: cities. When it comes to what they eat, they aren't picky, which means they probably don't have to worry about climate change eliminating their food source. If climate change is driving a "ratpocalypse," as some evidence suggests, that could have big consequences for human health. But as climate change raises temperatures and alters precipitation trends, their range is expanding and shifting to new geographic areas.

Persons: Giovanni Strona, Shutterstock, they've, We're, —, they're, They're Organizations: Service, Business, Commission's, Research Centre, Pest Control, South America, AP, CDC Locations: York, Africa, Asia, South America, South, Florida, Texas, Europe, Vermont

☆ Chinese EV startups are spending more on research than Tesla is
▼ + stars: | 2024-07-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

CNBC | Evelyn ChengBEIJING – U.S.-listed Chinese electric car companies are spending more on research as a ratio to sales than Tesla , according to CNBC analysis of the four automakers' first-quarter earnings. Of the four U.S.-listed Chinese electric car companies, Nio ranked first, spending nearly 29% of revenue in the first three months of the year on research and development. He was referring to a popular term in China to describe fierce competition, especially in the electric car industry. She noted that can help Chinese electric car companies respond more quickly to customers and market needs than traditional automakers. Geely has also released an electric car architecture called SEA that it says allows for quicker production of different sized vehicles.

Persons: Evelyn Cheng, Paul Gong, Nio, Elon, Feng Shen, Shen, William Li, Li, Jing Yang, Zeekr's, Parent, Ren Xiangfei, Ren, Geely, Tesla, Taylor Ogan Organizations: CNBC, UBS, Elon Musk's, Ford Motor, China's Ministry of Industry, Information Technology, Fitch, China Passenger Car Association, Snow Bull, Tech Locations: Hefei, Evelyn Cheng BEIJING – U.S, U.S, China, Nio, Hefei city, Anhui, Shanghai, Asia, Pacific, Zhejiang province, Hong Kong, Shenzhen

☆ Typhoon Gaemi (Carina): Thousands stranded by floods in Philippine capital as deadly typhoon prompts calls for climate action
▼ + stars: | 2024-07-25 | by ( Helen Regan | Kathleen Magramo | ) edition.cnn.com time to read: +9 min

CNN —Much of the Philippine capital remained underwater Thursday after deadly Typhoon Gaemi worsened torrential monsoon rains that lashed the country, trapping thousands of people in rising flood waters and causing widespread damage. Lisa Marie David/ReutersA road is seen flooded caused by Typhoon Gaemi and monsoon rains on July 24, 2024 in Quezon city, Metro Manila, Philippines. Ezra Acayan/Getty ImagesRescuers evacuate residents from their flooded homes on July 24, 2024 in Quezon city, Metro Manila, Philippines. An aerial view shows Xindian river's rising water level at New Taipei City as typhoon Gaemi passes Taiwan on July 25, 2024. Residents wade a flooded road caused by Typhoon Gaemi and monsoon rains on July 24, 2024 in Marikina, Metro Manila, Philippines.

Persons: Carina –, Gaemi, Typhoon Gaemi, Lisa Marie David, Ezra Acayan, “, Hsiao Huan, Sam Yeh, Armando Balilo, Vico Sotto, Ferdinand Marcos Jr, Rai, Odette –, Haiyan, Marcos, ” Marcos, Khevin Yu Organizations: CNN, Metro Manila, Philippine News Agency, Rescuers, Reuters, Central Emergency Operations Center, National Fire Agency, New, Getty, Philippine Coast Guard, PCG, CNN “, Philippine, Super, Greenpeace Locations: Philippine, Philippines, Taiwan, Manila, Luzon, Metro, Marikina City, Metro Manila, Quezon city, Taiwan’s, Tanzanian, Kaohsiung, China, Fujian, New Taipei City, AFP, Bataan, Quezon City, Pasig City, Marikina, –, Pasig, Asia’s, Greenpeace Philippines

☆ Lineage begins trading in the market's largest IPO of 2024
▼ + stars: | 2024-07-25 | by ( Riley De León | ) www.cnbc.com time to read: +2 min

Lineage priced 57 million shares at $78 apiece on Wednesday, near the top of its initial $70 to $82 target range. "We started with one warehouse and we've done 116 acquisitions to turn Lineage into what it is today," co-founder and co-executive chairman Adam Forste said on CNBC's "Squawk Box" Thursday morning before shares started trading. In the last year alone, Lineage has acquired Grupo Fuentes, Burris Logistics, Kennedy Transportation and Harnes. Lineage has amassed over 480 facilities, totaling roughly 2.9 billion cubic feet of capacity across countries in North America, Europe, and the Asia-Pacific region. These locations create a global network of cold-storage facilities, reducing supply chain food waste and its environmental impact.

Persons: Adam Forste, Burris, we've, Forste, Kevin Marchetti, Morgan Stanley, Goldman Sachs, Morgan, Wells Fargo Organizations: CNBC Disruptor, Viking Holdings, Nasdaq, Grupo Fuentes, Burris Logistics, Kennedy Transportation, Bank of America, Lineage's Locations: North America, Europe, Asia, Pacific

☆ Japan's Nikkei tumbles more than 2% as Asia-Pacific markets fall, tracking Wall Street sell-off
▼ + stars: | 2024-07-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets saw a sell off on Thursday, tracking losses on Wall Street as the S&P 500 and Nasdaq Composite saw their worst days since 2022. The broad market index lost 2.31%, closing at 5,427.13, while the tech-heavy Nasdaq slid 3.64% to end at 17,342.41. Meanwhile, Tesla shares declined 12.3% — their worst day since 2020 — on weaker-than-expected results and a 7% year-over-year drop in auto revenue. Over in Asia, investors will assess South Korea's advance second-quarter GDP numbers, which came in slightly below expectations. South Korea's GDP grew 2.3% year on year, lower than the 2.5% expected by economists polled by Reuters.

Persons: — Organizations: Nasdaq, Dow Jones, Tech, Nvidia, Meta, Reuters Locations: Seoul . Asia, Pacific, Asia

Lovevery's toys are inspired by the homemade ones Rolph made for her son, each designed to nurture a specific developmental milestone. Launching with a single productPrior to starting Lovevery, Rolph was a co-founder of organic baby food company Happy Family, which launched in 2005. Zach Voss | CNBC Make ItThe duo decided to start simple, focusing on a single product: a play gym. They spent nearly two years relying on $2 million in seed funding to develop Lovevery's play gym, finally launching it in 2017. Lovevery's first product, the Play Gym, launched in 2017.

Persons: Jessica Rolph, Roderick Morris, Rolph, Morris, She'd, Morris —, Zach Voss, Lovevery, we'll, Raffi Paul Organizations: Boise -, CNBC Locations: Boise, Boise - Idaho, Boise , Idaho, Asia

☆ The luxury outlook in China just keeps getting worse
▼ + stars: | 2024-07-25 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

Consumer spending in China has been improving "more moderately than before COVID-19," Luca Solca, a luxury goods analyst at Bernstein, told Business Insider. In its most recent quarter, Burberry's Chinese sales revenue declined 21% from last year. Massive discounts and online shoppingTo try to boost sales, luxury brands have given massive discounts to Chinese consumers. Luxury goods are still popular with wealthy Chinese shoppers — just not in China. Not all luxury brands are feeling the heat in China.

Persons: —, LVMH, Jean, Jacques Guiony, Luca Solca, Bernstein, Solca, Hugo Boss, Richemont, Cartier, Versace, Marc Jacobs, Damien Yeo, Yeo, TD Cowen, Guiony, Hermès Organizations: Service, Gucci, Business, Consumer, Swatch, Asia, Brands, Balenciaga, Bloomberg, Burberry, Fitch Solutions Locations: Asia, China, China , Hong Kong, Macau, Asia Pacific, Japan

☆ UBS' Paul Donovan on U.S election, the economy and its industry policy
▼ + stars: | 2024-07-25 | 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 EmailUBS' Paul Donovan on U.S election, the economy and its industry policyPaul Donavan from UBS Global Wealth Management joins Asia Squawk Box to discuss a wide range of issues facing global economy.

Persons: Paul Donovan, Paul Donavan Organizations: UBS, UBS Global Wealth Management, Asia

☆ Asian tyres are clearly eating a big part of the pie: Michelin CFO
▼ + stars: | 2024-07-25 | 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 EmailAsian tyres are 'clearly eating a big part of the pie,' Michelin CFO saysYves Chapot, CFO at Michelin, discusses the firm's latest round of earnings and increased competition from Asia.

Persons: Yves Chapot Organizations: Michelin Locations: Asia

☆ Gold skids on profit-taking, with U.S. economic data on radar
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: +1 min

Gold prices fell more than 1% on Thursday as investors booked profits ahead of U.S. economic data that could offer more cues on when the central bank will cut interest rates this year and by how much. Spot gold fell 1.2% to $2,369.20 per ounce by 0533 GMT. So, it looks like we are seeing some profit-taking and from a technical perspective, prices could move lower," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific. Traders are expecting that the Fed will deliver a long-awaited rate cut in September. If PCE data shows that inflation is slowing and the Fed can cut rates in September, then we will see a resurgence in gold prices, Wong said.

Persons: Kelvin Wong, OANDA's, Wong Organizations: Asia Pacific, Federal, Gold Locations: U.S

☆ Russia's war-driven economic growth is a mirage, and more sanctions are needed to keep pressure on, European finance ministers say
▼ + stars: | 2024-07-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Sanctions are instead straining Russia, and could do more if the West is patient enough, a group of eight European finance ministers jointly argued in The Guardian. Large financial stimulus is the chief tailwind keeping Russia resistant, but the ministers noted that isn't an endless pillar of support. The eight ministers argued that these conditions make Western sanctions more important than ever, adding that pressure should be cranked up on Russia. They noted that if the West is patient enough, Russia's confidence will eventually slump as long-term damage takes hold.

Persons: — Organizations: Service, Guardian, Business, Kremlin Locations: Moscow, Russia, Ukraine, Sweden, Poland, Netherlands, Soviet Union, Belarus, Asia

☆ Asia markets open lower as traders assess Aussie business activity data, U.S. tech earnings
▼ + stars: | 2024-07-24 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets fell on Wednesday as traders assessed July business activity data from Australia, tech earnings from the U.S. and awaited Japan PMI readings. Late Tuesday, automaker Toyota said it will buyback 806.85 billion yen ($5.17 billion) of its shares from major Japanese banks and insurers, including Tokio Marine , Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group . Heavyweight Samsung Electronics plunged 1.8%, even as Reuters reported that chip giant Nvidia had cleared its chips for use in a processor for the China market. The South Korean electronics company is still grappling with a strike from its largest workers union, with talks on Tuesday yielding no results, according to the National Samsung Electronics Union, which has about 30,000 members. Hong Kong Hang Seng index futures were at 17,474, just marginally higher than the HSI's last close of 17,469.36.

Persons: Topix, Australia's Organizations: Sydney Opera House, Japan PMI, Nikkei, PMI, Toyota, Tokio Marine, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Samsung Electronics, Reuters, Nvidia, National Samsung Electronics Union, Juno Bank . Hong Locations: Asia, Pacific, Australia, U.S, Japan, China, Korean, Juno Bank . Hong Kong

☆ The Solution for High Rents and Home Prices: Fewer Stairs
▼ + stars: | 2024-07-24 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

More specifically, they're taking aim at a widespread rule that requires almost every new apartment building in the US to include at least two separate stairwells. This part of local codes, they say, is an outdated safety measure that really just makes apartment units smaller, more expensive, and darker (yes, darker). City planners there sometimes call these single-stair buildings "Seattle Specials" — they simply wouldn't be possible in pretty much any other city. Almost all of Europe, as well as Asia, Mexico and South America, allows single-stair buildings of six stories or higher. Germany allows single-stair buildings to stretch to about 20 stories, while Switzerland has no such limit.

Persons: Chris Gannon, Gannon, Stephen Smith, Michael Eliason, Eliason, James F, Brian Court, We're, Sean Jursnick, Jursnick Organizations: City Council, Center for, Housel, Miller Hull Partnership, Eliason, City, Fire Protection Association Locations: Texas, Austin, Seattle, New York City, America, California, Minnesota, Washington and Oregon, North America, It's, Union, Seattle's, Hill, Denver, Europe, Asia, Mexico, South America, Germany, Switzerland, Honolulu, California , Oregon, Washington

☆ Europe's AI-powered Google Translate rival DeepL launches traditional Chinese language in Asia push
▼ + stars: | 2024-07-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Traditional Chinese is a written form of Chinese used in Taiwan and Hong Kong. Both locations are key business hubs for technology and finance — a factor that attracted DeepL to launch its latest language in those markets. DeepL, one of Europe's high-profile AI companies valued at $2 billion , sells translation software aimed at businesses rather than everyday consumers. German artificial intelligence translation startup DeepL on Wednesday launched traditional Chinese as a language option as it looks to expand its presence in Asia. With the launch of traditional Chinese, the firm is looking to help some of its international customers more effectively communicate with clients or employees in Taiwan or Hong Kong.

Persons: DeepL, Kutylowski, Mark Zuckerberg's Organizations: Wednesday, CNBC, Google, Microsoft, Ventures Locations: Taiwan, Hong Kong, Asia, The Cologne, Germany, Japan, Korea

☆ Apple's next big product doesn't sound that convincing
▼ + stars: | 2024-07-24 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

The project isn't guaranteed, but Apple competitors are way ahead when it comes to flip phones. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Apple is working on plans to start selling a foldable version of its iconic phone as early as 2026, sources told The Information. It's not guaranteed to be released, but those familiar with the project told The Information that the company has reached out to suppliers in Asia for components.

Persons: —, It's Organizations: Apple, Service, Business Locations: Asia

☆ LVMH is waiting for China's consumers to shop at home
▼ + stars: | 2024-07-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewChina's once-mighty consumers are holding back on buying as much as they used to at home. But luxury giant LVMH is still spending big on them. LVMH does not break out its sales for China separately. AdvertisementChina's luxury consumers are spending in JapanRich Chinese consumers are not spending as much at home because, post-pandemic, they can travel and spend their money elsewhere, with Japan a top destination. The fluctuations in the yen make it challenging for LVMH to price its products in Japan.

Persons: —, Jean, Jacques Guiony, LVMH, Guiony, It's Organizations: Service, Business, Japan Locations: Japan, China, Asia, Japan Rich, Mainland China, Fukuoka

☆ China Unexpectedly Cuts Interest Rate as World Markets Sag
▼ + stars: | 2024-07-24 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

China’s central bank on Thursday cut a key interest rate, in Beijing’s second move this week to try to offset a weakening economy and a housing market crisis. The unexpected action came as stock markets fell sharply across most of Asia in early trading, in an echo of Wall Street’s sharp drop the day before. Market indexes were down 1 to 3 percent in Australia, Japan, South Korea and Hong Kong. That could reflect a favorable response by investors to the central bank’s rate move, or a sign of intervention by the Chinese government, which plays an extensive role in the country’s stock markets. As markets opened in China on Thursday, the People’s Bank of China, the central bank, reduced its interest rate for one-year loans to commercial banks to 2.3 percent, from 2.5 percent.

Organizations: People’s Bank of China Locations: Asia, Australia, Japan, South Korea, Hong Kong, Shanghai, Shenzhen, China

☆ Fierce storm topples tree at Cambodian Angkor temple complex, killing 1 and damaging statues
▼ + stars: | 2024-07-24 | by ( Story Ap | ) edition.cnn.com time to read: +2 min

CNN —One person was killed and three others were injured at Cambodia’s famed centuries-old Angkor temple complex when a large tree was blown down onto their vehicle during a fierce rainstorm, the government said Wednesday. Police respond after a storm toppled a tree, killing one person and damaging statues at the Angkor archaeological site in Siem Reap, Cambodia, on Tuesday, July 23, 2024. Thmey Thmey Online News/APSeveral statues on the balustrade of what is called Tonle Oum Gate were also damaged by the falling tree, the statement said. The agency later announced that the tree had been removed and the entrance was again accessible to visitors. The Angkor site sprawls across some 155 square miles, containing the ruins of capitals of various Cambodian empires from the 9th to the 15th centuries.

Persons: Thmey Organizations: CNN, Tourism Ministry, Siem Reap Provincial Administration, Police, National Authority Locations: Angkor, Siem Reap, Phnom Penh, South, Southeast Asia, Siem Reap Provincial, Cambodia

☆ Vance’s selection solidifies Trump’s hold over the GOP
▼ + stars: | 2024-07-24 | by ( Ronald Brownstein | ) edition.cnn.com time to read: +18 min

It’s just a decisive move toward America First on foreign policy.”Trump’s selection of Vance is one of the clearest barometers of the former president’s tightening hold over the GOP. Those included Christian conservatives, the business community, congressional insiders and traditional Republican foreign policy hawks shaped by Ronald Reagan’s vision of the US as the muscular leader of the free world. Instead, with Vance, Trump chose an acolyte and potential successor who could deepen and extend the direction the former president has set for the party. Vance has been most unequivocal in criticizing the internationalist approach to foreign policy centered on robust alliances. With the selection of Vance, Trump has broadcast his belief that he has conclusively won the internal GOP debate over all aspects of US interactions with the world – foreign policy, immigration and trade.

Persons: Ohio Sen, JD, Donald Trump’s, Republican Party’s reorientation, Vance, Trump, Trump’s, ”, Bill Kristol, “, It’s, Mike Pence, Ronald Reagan’s, Geoffrey Kabaservice, Dwight Eisenhower, Sen, Robert Taft, Taft, Richard Nixon, Ronald Reagan, George W, Bush, John McCain, Mitt Romney –, Patrick J, Buchanan’s, George H.W, George H.W . Bush, John Bolton, Bolton, James Mattis, Mark Esper, State Rex Tillerson, Mike Pompeo, Ivo Daalder, Barack Obama, Richard Fontaine, Republican Sen, Fontaine, “ Vance, Matthias Matthijs, Vance’s, Ohio Republican unreservedly, Donald Trump, ” Vance, Steve Bannon, Joe Biden, Adam Kinzinger, He’s, he’s, Biden, ” Trump, Vladimir Putin, Volodymyr Zelensky, ” Daalder, ” Matthijs, Putin, Aaron Friedberg, Gabriel Schoenfeld, Nikki Haley, Reagan, Haley Organizations: CNN, Ohio, Republican, GOP, Trump, America, New, Niskanen Center, Republican Party, American Free Trade, NATO, ”, H.R, McMaster, Defense, State, Chicago Council, Global Affairs, Center, New American Security, Johns Hopkins ’ School, International, Senate, Ohio Republican, NAFTA, Fox News, Air Force, National Guard, Businessweek, Taiwan, Biden, Chicago, South Carolina Gov, Ukraine Locations: New York, mollifying, Europe, Soviet Union, China, Canada, George H.W ., Asia, Ukraine, New American, Russian, Johns, America, Pennsylvania, Michigan, Israel, Taiwan, Vietnam, Afghanistan, Iraq, Milwaukee, Moscow, ”, Wisconsin, Mexico ”, Kabul, Kyiv, Trump

☆ ‘Inside Out 2’ becomes highest-grossing animated movie of all time
▼ + stars: | 2024-07-24 | by ( Erika Tulfo | ) edition.cnn.com time to read: +2 min

That’s after movie sequel “Inside Out 2” became the highest-grossing animated film of all time, raking in $1.46 billion at the global box office and dethroning former record holder “Frozen 2” from 2019, according to Disney on Wednesday. “Inside Out 2” hit theaters last month and passed the $1 billion mark just 19 days after its release — the fastest ever for an animated film. It’s currently on week six of its theatrical run and has already bagged a spot as the 13th highest-grossing film of all time. The excitement surrounding the “Inside Out 2“ release comes after the film industry was met with a slow start to the summer movie season. Discovery) and “Oppenheimer” combined added nearly a billion dollars to the domestic box office, according to Comscore data.

Persons: ”, ’, It’s, Daniel Loria, “ It’s, ” Loria, Paul Dergarabedian, “ Barbie ”, “ Oppenheimer ”, CNN’s Eva Rothenberg Organizations: New, New York CNN, Pixar, Disney, Hollywood, Box, showtime, Comscore, Warner Bros Locations: New York, Europe, Asia, East, United States, Americas, Brazil, Mexico, Colombia, Chile, Japan

☆ World's largest luxury group LVMH slumps 5% after second-quarter revenue miss
▼ + stars: | 2024-07-24 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Shares in the world's largest luxury group LVMH fell on Wednesday after its second-quarter sales came in below analyst consensus on Tuesday. Quarterly sales came in at 20.98 billion euros ($22.7 billion) in the second quarter, compared to the 21.6 billion euros LSEG analysts were expecting. Sales in Asia, excluding Japan, fell 14% in the second quarter from the same period a year earlier, LVMH said. Across the first half of the year, sales in Asia excluding Japan dropped 10% compared to the first six months of 2023, while sales in Japan rose by 44%, LVMH said. By business groups, wine and sprits revenue fell 5% in the second quarter of 2024 from a year earlier, and the watches and jewellery division declined 4% over the same time.

Persons: LVMH Organizations: Louis Vuitton, Gucci, Quarterly Locations: Lisbon, Portugal, London, Asia, Japan

☆ Dollar firms as commodities slide and carry unwinds
▼ + stars: | 2024-07-24 | by ( ) www.cnbc.com time to read: +3 min

Purchasing managers' index figures will be particularly watched in Europe later in the session to see whether they support bets on two European rate cuts by the end of January. The euro held at $1.0848 in Asia trade and sterling , which could rally if PMIs in Britain surprise to the upside and reduce bets on rate cuts, bought $1.2901. Moves in other pairs were even larger, with the euro dropping 1.3% on the yen overnight and hitting a five-week low of 168.79 yen in Asia. Mexico's high-yielding peso dropped 2% on the yen overnight and the Australian dollar is down almost 6% on the yen in two weeks. The Canadian dollar made a six-week low of C$1.3787 per dollar ahead of a central bank meeting later on Wednesday where markets have priced an 84% chance of a 25 basis point rate cut.

Persons: Jason Wong Organizations: Bank of Japan, U.S ., New Zealand Locations: Europe, Asia, Britain, Japan, Wellington, New Zealand, Australia

☆ CrowdStrike losses may be biggest test yet of cybersecurity insurance risk warning from Warren Buffett
▼ + stars: | 2024-07-24 | by ( Kevin Williams | ) www.cnbc.com time to read: +3 min

Jain's hypothetical seemed prescient when a quality control issue from cybersecurity firm CrowdStrike caused a worldwide IT outage that halted flights and freight, shuttered retail outlets, and caused hospitals to resort to charting on paper. "Insurers have been worried about something like what happened with CrowdStrike since cloud adoption happened," said Dale Gonzales, chief innovation officer at Axio, a cyber security risk analysis company. Fitch estimates that the number of insured losses will not exceed $10 billion, ending somewhere in the mid- to high-single billions and that the industry largely priced those in. The cybersecurity insurance market did get lucky, in some respects, with the CrowdStrike meltdown. "Cyber events that have more of a physical consequence would be much bigger in size or scope in terms of losses," Glombicki said.

Persons: Warren Buffett, Ajit Jain, Jain, CrowdStrike, Dale Gonzales, Gerald Glombicki, Fitch, Glombicki Organizations: Microsoft Corp, Fitch Locations: New Delhi, India, Berkshire, Fitch Rating's, Australia, Pacific Asia, U.S

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