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U.S. Treasury yields were lower Friday as investors continued to assess the state of the U.S. economy after labor data buoyed sentiment. The yield on the 10-year Treasury was around 6 basis points lower at 3.94% at 4 p.m. Nonetheless, it was holding near the level it was at last week before a weak U.S. jobs report helped trigger a run of global market volatility. The yield on the 2-year note was up less than 1 basis point on the day at 4.051%. Yields and prices move in opposite directions, and one basis point equals one one-hundredth (0.01%) of a percent.
Organizations: Treasury Locations: U.S
LONDON — European stocks closed higher on Friday as global equity markets looked to rebuild from the recent sell-off. Global markets have been volatile this week as they have tried to shake off Monday's rout. The initial sell-off was in part triggered by separate U.S. jobs data last week coming in weaker than expected. Both moves have led analysts to caution that markets may have outsize reactions to data releases and central bank commentary through August — typically a volatile month for stocks. Asia-Pacific markets were mostly higher on Friday.
Persons: Organizations: City of, LONDON Locations: City, City of London, U.S, Asia, Pacific
Shane Reid's journey to co-editing the smash-hit "Deadpool and Wolverine" started, of all places, with Taylor Swift. "Blake sold me through and convinced Ryan and [Director] Shawn [Levy] I was someone they should bring on." In an Instagram story following the release of "Deadpool and Wolverine", Reynolds credited Lively for encouraging him to give Reid a chance. "My wife directed a music video and fell in love with her editor @sreid2," he wrote. Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.
Persons: Shane Reid's, Taylor Swift, Reid, Hennessy, Blake Lively, Charlie Puth, , Ryan, Ryan Reynolds, Blake, Shawn, Levy, Deadpool, Reynolds, Lively, @sreid2, I've, I'm, Jason, Ivan Reitman, it's, Reitman Organizations: BMW, Adidas, CNBC
Media and chemicals stocks both slipped 0.6%, while travel stocks gained 1.28%. On Wall Street, stocks gained after U.S. weekly initial jobless claims figures came in lower than expected, alleviating some concerns about the state of the labor market. Last Friday's U.S. jobs report had shown slowing employment growth, sparking recession fears and subsequent market volatility. There was an element of market overreaction to that initial jobs report, Janet Mui, head of market analysis at RBC Brewin Dolphin, told CNBC's "Squawk Box Europe" on Thursday morning. "The jobs data is actually not that bad, employment is still growing and particularly importantly, real wage growth is still positive.
Persons: Janet Mui, CNBC's, Mui Organizations: Anadolu, Getty, Media, Global, U.S, RBC Locations: Amsterdam , Netherlands, U.S
Shipping giant Maersk, considered a barometer for global trade, is not seeing signs of a U.S. recession as freight demand remains robust, the company's chief executive said Wednesday. "We've seen in the last couple of years, actually, [the shipping container] market remaining surprisingly resilient to all the fear of recessions that there has been," Vincent Clerc told CNBC's "Squawk Box Europe" Wednesday, adding that container demand was generally a good indicator of underlying macroeconomic strength. The last week has seen a sudden escalation in worries about a recession in the world's biggest economy, the U.S., following a set of weaker-than-expected jobs data which has divided economists and market participants. U.S. retail trade inventories — a measure of unwanted build — in May were up 5.33% from a year ago at $793.86 billion, according to the most recent release from the U.S. Census Bureau. A report released by leasing platform Container xChange on Wednesday said indicators suggest inventories are higher than demand, meaning a less "prosperous time" in the coming months for container traders, the logistics market and retailers who stockpiled.
Persons: We've, Vincent Clerc, CNBC's, Clerc Organizations: Shipping, Maersk, U.S . Census Locations: U.S
"That, of course, requires more capacity, more ships in order to move global trade around the world, and that has created some shortages here in the second quarter and in the third quarter that we're dealing with at the moment," Clerc told CNBC's "Squawk Box Europe." Maersk on Wednesday reported lower year-on-year revenue in the second quarter and across the first half of the year. It also posted second-quarter underlying profit of $623 million, a drop compared to the $1.35 billion reported in the same period last year. Container demand has been more robust than expected but is expected to cool in the coming quarters, Clerc said. Maersk shares were 1.8% lower at 11:33 a.m. in London.
Persons: Vincent Clerc, Clerc, CNBC's Organizations: Maersk Locations: Africa, Good, Europe, U.S, Asia, London
Vice President Kamala Harris, the Democratic nominee for president, has chosen Gov. Tim Walz of Minnesota as her running mate, elevating a former football coach whose rural roots, liberal policies and buzzy takedowns of former President Donald J. Trump have recently put him on the map. Mr. Walz, 60, emerged from a field of candidates who had better name recognition and more politically advantageous home states. Minnesota is not a top-tier presidential battleground and is unlikely to prove critical to a Harris-Walz victory. “One of the things that stood out to me about Tim is how his convictions on fighting for middle class families run deep,” Ms. Harris said in a social media post confirming his selection.
Persons: Kamala Harris, Tim Walz, Donald J, Trump, . Walz, Harris, Walz, Tim, Ms, , Organizations: Democratic, Republicans Locations: Minnesota, . Minnesota
A carry trade involves an investor borrowing a currency with low interest rates and reinvesting it in higher-yielding assets elsewhere — taking advantage of that differential to make a financial gain. Investors piled into yen carry trades in recent years, attracted by Japan's low volatility and ultra-loose monetary policy. Global stock markets meanwhile plunged as "safe haven" assets such as the Swiss franc and U.S. Treasurys were bolstered. "You can't unwind the biggest carry trade the world has ever seen without breaking a few heads," Kit Juckes, chief foreign exchange strategist at Societe Generale, said in a Monday note. Trichet told CNBC Tuesday: "The correction can be seen as a healthy correction, in some respects.
Persons: it's, Jean, Claude Trichet, CNBC's, Treasurys, Kit Juckes, Trichet Organizations: European Central Bank, ., Bank of Japan, U.S, Global, Swiss, Societe Generale, CNBC, Federal Locations: France's, U.S, Europe, United States
With only days to consider a range of contenders, Ms. Harris and her team were inundated with unsolicited advice — much of it public — about whom she should pick. Andy Beshear of Kentucky, who has also been vetted by the Harris team, appeared at a Harris campaign fund-raiser in Chicago. Mr. Biden was at home in Wilmington, Del., over the weekend while Ms. Harris interviewed prospective running mates in Washington. A White House spokesman did not immediately respond to a request for comment about whether he had spoken to Ms. Harris as she finished her deliberations. Once she chooses, Ms. Harris will spend much of the next week with her running mate.
Persons: Kamala Harris, Harris, Barack Obama, Harris’s, , Josh Shapiro, Tim Walz, Donna Brazile, , you’re, Brazile, Paul, Caroline Yang, Obama, Shapiro, Nancy Pelosi, Walz, Pelosi, I’m, Nancy, Gerry Connolly, Ms, there’s, Kamala, it’s, Andy Beshear, Biden, Rachel Wisniewski, . Walz, Mark Kelly, Jen O’Malley Dillon, Sheila Nix, Tony West, Cedric Richmond, Eric H, Holder Jr, Dana Remus, Theodore Schleifer, Nicholas Nehamas, Christina Morales Organizations: Democratic Party, Democratic, Pennsylvania, Democratic National Committee, The New York Times, CNN, Democrat, White Locations: Atlanta, Philadelphia, Gaza, Minnesota, St, Virginia, Minneapolis, Kentucky, Chicago, Washington, Arizona, Wilmington, Del, San Francisco
When Vice President Kamala Harris gathered some of her closest advisers in the dining room of the Naval Observatory on Saturday, they had more choices than time. The advisers were there to present their findings on a list that still technically ran six deep to Ms. Harris, who had less than 72 hours to sift through it to make her final decision. One by one, the circle of her most trusted confidants ran through the pros and cons of each possible No. Tim Walz of Minnesota, Senator Mark Kelly of Arizona and Gov. And the upshot, Ms. Harris was told, was this: She could win the White House with any of the three finalists by her side.
Persons: Kamala Harris, Harris, confidants, Tim Walz, Mark Kelly of Arizona, Josh Shapiro Organizations: Naval, Gov, Pennsylvania, Records, White Locations: Minnesota
Business leaders are sharing their thoughts on Kamala Harris tapping Tim Walz as her VP pick. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Go to newsletter preferences Thanks for signing up! Tim Walz as her running mate, a decision that brings onboard a Midwesterner and former public school teacher to the national Democratic ticket. This story is available exclusively to Business Insider subscribers.
Persons: Kamala Harris, Tim Walz, Mark Cuban, Reid Hoffman, Walz, Elon Musk, , he's, Vance Organizations: Service, Minnesota Gov, Democratic, GOP, Business Locations: Nebraska
The selling activity picked up significantly last quarter though with Berkshire offloading more than $75 billion in stocks in the period and raising the conglomerate's cash pile to a record $277 billion. Many Buffett followers view the accelerated sale of his top holdings as a pessimistic call on markets and the economy. Buffett was selling stocks last quarter when the S & P 500 rose to an all-time high in anticipation that the U.S. would skirt a recession while squashing inflation. When Buffett trimmed the Apple stake by 13% in the first quarter, he hinted at the Berkshire annual meeting in May that it was for tax reasons. But the magnitude of this selling last quarter suggests it could be more than just a tax-saving strategy.
Persons: Warren Buffett, Berkshire Hathaway, Buffett, James Shanahan, Edward Jones, Barbara Goodstein, You've, Shanahan, Ted Weschler, Todd Combs, Tim Cook's, It's, Warren, Jim Reid, Deutsche Organizations: Apple, Berkshire, America, Oracle, Dow Jones, Nikkei, U.S Locations: Berkshire, Omaha, U.S
Vice President Kamala Harris is expected to reveal her running mate on Tuesday morning, a decision that will end a 16-day sprint to vet, interview and choose a person who could potentially become the future leader of the Democratic Party. Ms. Harris’s announcement, coupled with a major rally she plans to hold with her running mate on Tuesday evening in Philadelphia, will also cap a frenzied period that had, in recent days, exposed some of the party’s internal fissures on matters ranging from labor rights to Israel’s military campaign in Gaza. With only days to consider a range of contenders, Ms. Harris and her team were inundated with unsolicited advice — much of it public — about whom she should pick. In the final hours, her allies, fellow Democrats, progressive activists and even some of the potential nominees themselves tried to find ways to sway her decision. At the center of the maelstrom is Ms. Harris, who has fielded input from a small group of formal and informal advisers, including former President Barack Obama, whom she has consulted on policy, personnel decisions and her vice-presidential pick during her whirlwind ascent to the Democratic presidential nomination, according to a person familiar with their conversations.
Persons: Kamala Harris, Harris, Barack Obama Organizations: Democratic Party, Democratic Locations: Philadelphia, Gaza
Read previewWhile some Silicon Valley investors and startup leaders are going red hoping for a more "tech-friendly" White House, Michael Moritz, a storied Sequoia Capital investor, believes that does not reflect the Valley overall. "Fortunately, at least in Silicon Valley, Trump will not prevail," Moritz wrote in a Financial Times opinion piece, which was also posted on LinkedIn. Like the rest of the nation, Silicon Valley is deeply divided over whom to support in the upcoming presidential race. In his piece, Moritz chided Trump supporters in Silicon Valley. Moritz added that Trump had historically not performed well among Silicon Valley voters.
Persons: , Michael Moritz, Trump, Moritz, Kamala Harris, Donald Trump, Doug Leone, Shaun Maguire, Roelof Botha, Andreessen Horowitz, Marc Andreessen, Ben Horowitz, Fund's Peter Thiel, David Sacks, Chamath, Vance, Sen, JD Vance, Palmer Luckey, Elon Musk, VCs, Kamala, Harris, Vinod Khosla, Reid Hoffman, Mark Cuban, Ron Conway Organizations: Service, Sequoia Capital, LinkedIn, Business, Google, PayPal, Democratic, Republican, Tech, Trump, VR, Bloomberg, PAC, Street Journal, Netflix, Harris, Politico Locations: Silicon Valley, Sequoia, Park City , Utah, Silicon, Palo Alto , California, Newport Beach , California, Washington ,, Francisco, San Jose
Stock markets worldwide are on the slide, with Japan's Nikkei falling more than 12% on Monday. Worse than-expected jobs data in the US last week fuelled recession fears and drove the sell-off. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Fears of a recession in the US jumped after significantly weaker-than-expected July jobs numbers on Friday, which also saw jobs numbers for June revised lower. It's hard to believe such market moves would have occurred in any other month."
Persons: Jim Reid, , Michael Brown, Pepperstone, Reid, payrolls, Beryl, It's, we're Organizations: Japan's Nikkei, Deutsche Bank ., Service, Nikkei, Deutsche Bank, Federal, Fed, Reuters, of Japan Locations: America, Japan, Tokyo
As leading tech investors continue to vocally take sides ahead of the 2024 presidential election, legendary venture capitalist Michael Moritz is making his preference clear. In a Financial Times opinion piece published Monday, Moritz wrote that those in the industry who are supporting Donald Trump "are making a big mistake." Moritz was referring to Trump's conviction, earlier this year, on 34 felony counts in New York State court. Other Trump backers include venture capitalists David Sacks and Joe Lonsdale as well as Doug Leone, Moritz's longtime partner at Sequoia. Moritz wrote in his op-ed that Trump's tech financiers and supporters were "making the same mistake as all powerful people who back authoritarians."
Persons: Michael Moritz, Moritz, Donald Trump, Moritz —, LinkedIn —, Trump, Andreessen Horowitz, Marc Andreessen, Ben Horowitz, Elon Musk, David Sacks, Joe Lonsdale, Doug Leone, Moritz's, He's, Reid Hoffman, Kamala Harris, Joe Biden, VCs, Harris, Kamala, Arnold Schwarzenegger, Mitt Romney, John Kasich's, OpenSecrets Organizations: Sequoia Capital, Google, PayPal, LinkedIn, Trump, Tesla, Sequoia ., Democratic, Trump Lincoln Project, Republican, Tech Locations: Sequoia, New York, Silicon Valley, California, Ohio
On Today’s Episode:Harris Faces Party Divisions as She Chooses a Running Mate, by Reid J. Epstein, Theodore Schleifer and Nick CorasanitiMarkets Around the World Are Jolted by Fears of Slowing U.S. Growth, by Daisuke Wakabayashi and River Akira DavisHurricane Debby to Strike Florida’s Big Bend Region, by Isabelle TaftBangladesh’s Prime Minister Seeks to Leave Country Amid Protests, Officials Say, by Mujib Mashal and Saif Hasnat
Persons: Reid J, Epstein, Theodore Schleifer, Nick Corasaniti, Daisuke Wakabayashi, Akira Davis, Debby, Isabelle Taft Bangladesh’s, Mujib Mashal, Saif Hasnat Organizations: Harris Locations: Bend
The competitive, divisive primary that many Democrats long wanted to avoid has arrived anyway — playing out largely behind closed doors in a fight over the bottom of the ticket. They turned most sharply on one of the favorites to join the ticket, Gov. Josh Shapiro of Pennsylvania, who has drawn opposition from progressives and even a senator in his home state. The fissures among Democrats emerged as three leading contenders — Mr. Shapiro, Senator Mark Kelly of Arizona and Gov. Tim Walz of Minnesota — met with Ms. Harris at her residence in Washington on Sunday, ahead of a decision her campaign said would be announced by Tuesday.
Persons: Kamala Harris’s, Josh Shapiro, — Mr, Shapiro, Mark Kelly of Arizona, Tim Walz, Minnesota —, Harris Organizations: Gov, Pennsylvania Locations: Washington
There is a major opportunity for Vice President Kamala Harris and the Democrats in the House and Senate to set our country on a different course. At a time when massive technological shifts are happening around the world, what the former Google C.E.O. In this moment, we need a leader who recognizes that innovation is the key to economic prosperity, national security and breakthrough progress on climate change and other pressing issues. She was California’s attorney general during the smartphone boom of the 2010s, when tax revenues from tech company I.P.O.s and stock market gains turned California’s budget deficits into surpluses and reinforced the state’s standing as the world’s innovation leader. Ms. Harris’s familiarity with the needs of the tech industry and her ability to innovate and protect the public interest mark her as a 21st-century leader.
Persons: Kamala Harris, Eric Schmidt, America’s, Harris, Ms Organizations: Google Locations: Francisco’s
Saying the Quiet Part Out Loud
  + stars: | 2024-08-03 | by ( Lauren Hirsch | Sarah Kessler | ) www.nytimes.com   time to read: +1 min
Wall Street Democrats have spent the last eight years complaining about their relationship with Washington. But now that Vice President Kamala Harris is the party’s presumptive presidential nominee, they see a chance to regain influence. “Waging war is not.” (He later clarified that he would support Harris regardless of whether she replaced Khan.) Few on Wall Street would disagree with that stance — Khan has moved to block deals with seemingly little concern over losing in court. But behind the scenes, many are irked by this kind of public lobbying, arguing that it exposes a misunderstanding of the way the Washington game is played, and that it could backfire.
Persons: Donald Trump’s, Biden, Kamala Harris, Elon Musk, Bill Ackman, Harris, Lina Khan, ” Barry Diller, Reid Hoffman, ” Hoffman, , Khan, — Khan Organizations: Democrats, Democratic Party, Trump, Federal Trade Commission, IAC, CNBC, LinkedIn, CNN Locations: Washington
Follow live updates on the 2024 election here. JB Pritzker of Illinois released a nearly four-minute video this week promoting his accomplishments in office. Tim Walz of Minnesota and Andy Beshear of Kentucky were scheduled to appear at last-minute simultaneous events on Monday afternoon in Minneapolis and Chicago. Transportation Secretary Pete Buttigieg was also set to do a fund-raiser on Saturday night in New Hampshire. It is all for an audience of one: Vice President Kamala Harris.
Persons: JB Pritzker, Mark Kelly of Arizona, Gabrielle Giffords, Tim Walz, Minnesota, Andy Beshear, Pete Buttigieg, Kamala Harris, Harris Organizations: Illinois, Transportation Locations: Kentucky, Minneapolis, Chicago, New Hampshire
Vice President Kamala Harris will meet with top candidates to serve as her vice president on Sunday, closing out her search for a running mate with a test of whether she and her potential new partner click. It was unclear whether other potential candidates — including Gov. Andy Beshear of Kentucky and Transportation Secretary Pete Buttigieg — were also on the schedule, or if they had already met with Ms. Harris. The in-person meeting, described as a “chemistry test,” is a final step in the search, but one that Ms. Harris is expected to put considerable stock in. Aides and associates have said that she often prioritizes personal rapport with her staff and advisers.
Persons: Kamala Harris, Mark Kelly of, Tim Walz, Josh Shapiro, Harris, Andy Beshear, Pete Buttigieg — Organizations: Gov, Minnesota, Pennsylvania, Sunday, Naval Observatory Locations: Mark Kelly of Arizona, Washington, Kentucky
LOS ANGELES — A federal judge has overturned a jury’s $4.7 billion verdict in the class-action lawsuit filed by “Sunday Ticket” subscribers against the NFL and has granted judgment to the NFL. U.S. District Judge Philip Gutierrez ruled Thursday that the testimony of two witnesses for the subscribers had flawed methodologies and should have been excluded. The jury on June 27 awarded $4.7 billion in damages to residential and commercial subscribers after it ruled the NFL violated antitrust laws in distributing out-of-market Sunday afternoon games on a premium subscription service. The lawsuit covered 2.4 million residential subscribers and 48,000 businesses in the United States who paid for the package on DirecTV of out-of-market games from the 2011 through 2022 seasons. Since damages can be tripled under federal antitrust laws, the NFL could have been liable for $14,121,779,833.92.
Persons: Philip Gutierrez, Daniel, Rascher, John, Zona, ” Gutierrez, Beverly Reid O’Connell, Organizations: ANGELES, NFL, U.S, DirecTV, District, Circuit Locations: United States, U.S
Vice President Kamala Harris, who formally won enough delegates to secure the Democratic Party nomination on Friday, is remaking a campaign hierarchy originally built to re-elect President Biden by adding several new advisers to the top ranks of her staff, including David Plouffe, who managed Barack Obama’s first presidential run. The hirings and promotions continue a whirlwind period for Ms. Harris, who is expected to meet in person with prospective candidates to be her running mate this weekend. The list is said to have narrowed to a half-dozen and the accelerated vetting process, conducted by an outside law firm, is now complete. Her campaign has suggested it will unveil her running mate by Tuesday evening, when the new ticket will hold a rally in Philadelphia to kick off a five-day battleground state tour. Many of the other new additions to Ms. Harris’s team are veterans of the Obama and Hillary Clinton campaigns.
Persons: Kamala Harris, Biden, David Plouffe, Barack Obama’s, Donald J, Trump, Harris, Harris’s, Obama, Hillary Clinton Organizations: Democratic Party Locations: Wilmington, Del, Philadelphia
Boris Roessler | Picture Alliance | Getty ImagesLONDON — European stocks were set to open lower Friday, extending losses amid a global downturn as a busy week of market action draws to a close. Germany's DAX was on course to open 104 points lower at 17,984, according to IG data, with France's CAC 40 down 40 points at 7,325. The regional Stoxx 600 index on Thursday suffered its worst session since mid-June, pulled down by financials as French bank Societe Generale downgraded its outlook and the Bank of England cut interest rates for the first time since 2020. The central bank decision took its key interest rate to 5% from 5.25%, in a move that markets had not been fully convinced it would carry out. Asia-Pacific markets saw steep losses Friday, with Japan's benchmark indexes tanking as much as 5%.
Persons: Boris Roessler, Germany's DAX, BOE Governor Andrew Bailey, BOE, Joe Tuckey Organizations: Getty, France's CAC, Societe Generale, Bank of England, CNBC, Argentex, U.S . Federal Reserve, Bank of, Apple, Intel, U.S . Bureau of Labor Statistics Locations: Frankfurt, Bank of Japan, Europe, Asia, Pacific
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