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Dollar firm following sharp rebound as Fed speakers eyed
  + stars: | 2024-09-26 | by ( ) www.cnbc.com   time to read: +4 min
Earlier this week, Chicago Fed President Austan Goolsbee said policymakers "can't be behind the curve" if the economy is to have a soft landing. Atlanta Fed President Raphael Bostic said the central bank needn't go on a "mad dash" to lower rates. Later Thursday, Fed Chair Jerome Powell gives pre-recorded remarks at a conference in New York, where New York Fed President John Williams also speaks. Boston Fed President Susan Collins and Fed Governors Michelle Bowman and Lisa Cook take to the podium at various other venues as well. Minutes from the Bank of Japan's July meeting, when the central bank raised short-term interest rates, showed policymakers were divided on how quickly the central bank should raise interest rates further.
Persons: Adriana Kugler, Austan Goolsbee, Raphael Bostic, I'm, it's, Kenneth Crompton, Jerome Powell, John Williams, Susan Collins, Michelle Bowman, Lisa Cook, NAB's Crompton, Sterling, bitcoin Organizations: Reserve, Fed, Chicago Fed, Atlanta Fed, National Australia Bank, New York Fed, Boston, Weekly U.S, Traders, Bank of Japan's, Swiss Locations: New York
Read previewAll couples, whether they're thinking of marriage or already wed, want a union that lasts. But based on his experience, Sexton shared some of the things he recommends couples try before diving into an expensive divorce process. One person might feel like their partner isn't doing enough to make them feel loved, so they refuse to do anything to make their partner feel loved, either. In his experience with couples who divorce over infidelity, he's noticed a pattern with some couples: "The deception is happening because every time that there's an honest sharing, it results in attacking." AdvertisementOn the other side of the coin, couples might have overly negative views of marriage based on old stereotypes.
Persons: , James J, Sexton, we're, isn't, it's, he's Organizations: Service, Business
Meta unveiled its Orion AR glasses at the Meta Connect 2024 developer conference. Meta's CTO explained why it was important to show what the investment led to — even if you can't buy the glasses yet. But on Wednesday's Meta Connect 2024 developer conference, the CEO was finally able to unveil what many of those billions had been spent developing: the Orion AR glasses. AdvertisementMeta's Orion AR glasses, which feature displays built into the lenses and an array of sensors. AdvertisementMark Zuckerberg shows off the Orion AR glasses prototype at Meta Connect 2024.
Persons: Meta, , Mark Zuckerberg's, He's, Zuckerberg, Andrew Bosworth, Stratechery's Ben Thompson, Bosworth, Mark Zuckerberg, Tim Cook, it's, Thompson Organizations: Orion, Meta, Service, Reality Labs, Facebook, Apple, Google, Apple Vision Pro, Meta's
Jakub Porzycki | NurPhoto | Getty ImagesSwedish firm Klarna is partnering up with Dutch payments fintech Adyen to bring its popular buy now, pay later service into physical retail stores. Klarna will be included as an option across more than 450,000 Adyen payment terminals in brick-and-mortar locations as a result of the deal, according to the companies. Klarna's buy now, pay later, or BNPL, service allows users to spread the cost of their purchases over a period of interest-free installments. Earlier this year, Klarna sold Klarna Checkout, the company's online checkout solution for merchants. The recently elected U.K. Labour government is expected to set out plans for buy now, pay later regulation soon.
Persons: Jakub Porzycki, Klarna, David Sykes, Alexa von Bismarck, Adyen, Sebastian Siemiatkowski, BNPL, Tulip Siddiq Organizations: NurPhoto, Getty, Klarna, Adyen, EMEA, Alexa, CNBC, Labour, Conservative Locations: Amsterdam, Europe, North America, Australia, Swedish
ET, the yield on the 10-year Treasury was down by less than one basis point to 3.7791%. The 2-year Treasury yield was last at 3.5653% after rising by over one basis point. U.S. Treasury yields were little changed on Thursday as investors looked to fresh economic data and remarks from Federal Reserve officials. Economists polled by Dow Jones are expecting weekly initial jobless claims to come in at 223,000 for the most recent period. Elsewhere, the Swiss National Bank on Thursday cut its key interest rate by a quarter point, marking the third reduction this year.
Persons: Dow Jones, Jerome Powell Organizations: Treasury, Federal Reserve, Swiss National Bank Locations: U.S
I was a plump, complex, introverted, spotty-faced teen and felt like such a disappointment to my family of high achievers. I stopped checking how much I weighed and started living my life. As I listened to my body, I could feel it start to change shape from a pear to an inverted triangle. Every year, I have felt even better about who I am as a whole — body and soul. I lead a dietless life, fuelled by healthy living, and am no longer defined by a number.
Persons: , Alison Weihe, I'm, I've Organizations: Service, Business
Donald Trump narrowly captured each on his way to collapsing the Democrats’ vaunted “blue wall” in 2016. Wages going up. Wages going up. I talk to my friends, ‘Your wages going up?’ No. The pandemic-era stimulus checks, which Trump made a point of putting his name on, also come up regularly.
Persons: Hurley Coleman III, ’ ”, Phil Kerner’s, us, ” Kerner, , Barack Obama, Donald Trump, Joe Biden, ” Coleman, Kamala Harris, Hurley Coleman, Coleman, , ” Hurley Coleman Jr, , Phil Kerner, hasn’t, Edward, he’s, Kerner, George W, Bush, Guy, “ I’m, CNN –, CNN ‘, Trump ’ Kerner, I’m, “ It’s, Hurley Coleman Jr, Harris, HJ, He’s, Trump, Biden, that’s Organizations: CNN, Trump, General Motors, GM, of God, atrophied, Phil Kerner CNN, Republican, Democratic National Convention Locations: Saginaw , Michigan, Pennsylvania, Erie, Central Michigan, Erie , Pennsylvania, Saginaw
Gold lingers near record highs, Powell's speech eyed for rate cues
  + stars: | 2024-09-26 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices were steady on Thursday, hovering close to record highs, on expectations of another big U.S. rate cut this year, although gains were limited ahead of remarks by key Federal Reserve policymakers later in the day. Gold prices were steady on Thursday, hovering close to record highs, on expectations of another big U.S. rate cut this year, although gains were limited ahead of remarks by key Federal Reserve policymakers later in the day. Bullion has risen nearly 29% so far in 2024 and hit record highs several times this year, largely fueled by monetary policy easing by major global banks and geopolitical concerns. Last Wednesday, the Fed delivered a 50-basis-point rate cut, with traders seeing a 62% chance of an additional half-percentage-point reduction in November, according to the CME FedWatch Tool. Additionally, U.S. jobless claims data on Thursday and the core personal consumption expenditure index — the Fed's preferred inflation — on Friday, will be eyed for further rate cues.
Persons: Tim Waterer, Bullion, Jerome Powell, John Williams, Michael Barr, Nicholas Frappell Organizations: U.S ., KCM, Fed, New York Fed, ABC Refinery Locations: .
The Fed effectively cut rates to zero during the pandemic plunge, and the S & P had an extraordinary bull market. How to play it Consider PDD Holdings . PDD Holdings Inc. is a multinational commerce group that owns and operates several online platforms. PDD YTD mountain PDD Holdings, YTD The share price is nearly 44% below the all-time highs of early 2021. If you're looking for a single stock to get involved with to hitch your wagon to PBOC's train, consider PDD Holdings.
Persons: you've, I've, PDD Organizations: Fed, People's Bank of China, Holdings, PDD Holdings Inc, Pinduoduo, PDD Holdings, CNBC, NBC UNIVERSAL Locations: U.S, United States, China
David Tepper is growing even more bullish on Chinese stocks amid the nation's new fiscal stimulus measures. Tepper views China's stock market as more attractive than the US stock market due to valuation differences. AdvertisementIt's a buy "everything" moment for Chinese stocks after the country launched a fiscal stimulus bazooka this week, according to billionaire investor David Tepper. But Tepper believes Chinese stocks have plenty of room to run higher, even after the recent surges. On US markets, Tepper said he is not following his buy "everything" mantra with Chinese stocks and is being more selective in buying US stocks.
Persons: David Tepper, Tepper, , Pan Gongsheng, Donald Trump, he's Organizations: Service, CNBC, Fed, Federal, People's Bank of China, PDD Holdings, Tencent Holdings, Management, Wynn Resorts, Vegas Sands, Baidu, China Internet Locations: China, Vegas
Advertisement"The pressure is very, very high," Jennifer Hephzibah, a senior HR professional in India, told Business Insider. 'Glorifying overwork'This always-on culture has come under the spotlight recently following the death of an EY employee, Anna Sebastian Perayil, in July. EY told BI it was "taking the family's correspondence with utmost seriousness and humility" and called Perayil's death an "irreparable loss." AdvertisementCost centers and cheap laborHuge multinational companies, such as EY, Google, Microsoft, Salesforce, and Accenture, have set up cost centers in India. "It definitely exists that multinational companies tend to think, 'We love that the Indians work hard, so let's keep doing that.'"
Persons: , it's, Jennifer Hephzibah, Anna Sebastian Perayil, Peryail's, Sebastian Perayil, Anna, Perayil's, Rajiv Memani, EY, Narayana Murthy, Kavach Khanna, Khanna, Jeanie Chang, let's, Chang, Hephzibah, Jeanie Organizations: Service, International Labour Organization, Business, Boston Consulting Group, Infosys, Google, Microsoft, Accenture, Global, Centers, BI, Gallup State Locations: India, Japan
Indexes rallied Thursday on positive jobs data and promises of further economic stimulus in China. AdvertisementUS stocks rallied on Thursday, fueled by China stimulus measures and positive jobs data to pare losses from yesterday. The indexes rallied after leaders in China pledged to support the economy with more strong policy measures. The indexes' gains were also fueled by positive labor market data. Meanwhile, second-quarter GDP came in unrevised at a 3% annualized rate, according to data released Thursday.
Persons: , Eric Jackson, SocGen Organizations: Service, Labor Department, Federal Reserve Locations: China, unrevised
Read previewBig tech cloud providers have been investing in their own homegrown AI chips lately, in hopes of replicating Nvidia's success. Amazon Web Services have worked on Trainium and Inferentia processors for several years, while Google unveiled its sixth generation TPU line of AI chips this year. Davidson, AWS's AI chips may have one potential advantage: more regional availability. Regional deployment rate of AI chips by Microsoft, Amazon, and Google D.A. The company has doubled down on its silicon business lately, but its AI chips have so far seen mixed results against Nvidia's dominance.
Persons: , Maia, Gil Luria, Davidson, AWS's, Luria, Microsoft's Maia, Patrick Neighorn, we're Organizations: Service, Services, Google, Microsoft, Business, D.A, Davidson, AWS, Nvidia's
A leaked internal guidebook from MrBeast is being passed around the tech world. Tech workers and investors are digging into the YouTuber's views on hiring, managing, and more. Related storiesA hardcore founder who writes like a real personMrBeast's guidebook is the latest "hardcore" corporate document to go viral in the tech world. "Leaked internal emails and memos are religious texts for the tech world," Alder said. Donaldson's casual, unpretentious writing style was a big factor in helping it spread across the tech world, industry insiders told BI.
Persons: , He's, Jimmy Donaldson, Donaldson, Brian Chesky, Combinator's Paul Graham, Tom Alder, Alder, Jeff Bezos, ByteDance, Donaldson isn't, it's, John McCarus, Steve Jobs, MrBeast, Rachel Roberts Mattox, Mattox, Marc Cohen, Abhishek Sharma Organizations: Tech, Service, Hacker, Big Tech, YouTube, Unbundled, Google Locations: Silicon Valley
The Treasury market, though, hasn't been paying attention. Watching the curveThe difference between the 10- and 2-year notes has widened significantly, increasing by about 12 basis points since the Fed meeting. That sentiment is evident in the "breakeven" inflation rate, or the difference between standard Treasury and Treasury Inflation Protected Securities yields. The 5-year breakeven rate, for instance, has risen 8 basis points since the Fed meeting and is up 20 basis points since Sept. 11. watch nowFed officials aim for a 2% inflation rate, and none of the principal gauges are there yet.
Persons: Anna Moneymaker, hasn't, Jonathan Duensing, — haven't, Robert Tipp Organizations: Federal Reserve, Getty, Treasury, Amundi, Fed, CME, Treasury Inflation Locations: Washington , DC
Ted Cruz of Texas and Rick Scott of Florida, with additional TV investments likely to come, according to the committee. “Senate Democrats are expanding the map and going on offense. That’s where Florida and Texas – which have been seen as relative long shots – come into play. Of the two states, Texas – which is at No. 9 on CNN’s ranking of flippable Senate seats – has been seen as a more viable target.
Persons: Ted Cruz of, Rick Scott of, Scott’s, Gary Peters, Cruz, Scott, Sen, Joe Manchin, Donald Trump, Trump, Larry Hogan, Joe Biden, Kamala Harris, Montana Sen, Jon Tester, overperform Harris, Nathan L, Gonzales, Amy Walter, , Colin Allred, Cruz –, Beto O’Rourke, Allred, Ted Cruz, , University of Texas –, Barack Obama, Hillary Clinton, Biden, Democratic Sen, Bill Nelson, Debbie Mucarsel, Powell, he’s, , Republicans ’, Val Demings, GOP Sen, Marco Rubio, CNN’s David Wright Organizations: CNN, Democratic, Democratic Senatorial, Republican Sens, Sens, Michigan Democrat, Democrats, GOP, White, Republicans, That’s, Democratic Rep, NFL, Senate, Baylor University, Texas Politics, University of Texas, Rep, Social Security Locations: Texas, Florida, Ted Cruz of Texas, Rick Scott of Florida, Sens, Cruz, Michigan, West Virginia, Montana and Ohio, Maryland, Montana, Dallas, AdImpact, Ecuador
Trump's arguments for overturning his $454M civil fraud verdict received a warm reception Thursday. Trump attorney D. John Sauer has made this line drawing a central point of his appeal. The appeal argues that James' fraud case wrongly interfered in the decisions of "sophisticated" banks that had been happy to loan Trump money regardless of any exaggerations. Deutsche Bank relied on Trump's financial statements in loaning him $400 million to develop his Chicago skyscraper, his Washington, DC hotel, and his Miami golf resort. Advertisement"And I will stress, your honor, that this does have harm to the public and the markets," she said of Trump's persistent financial frauds.
Persons: , Donald Trump, Trump, Peter H, Moulton, Letitia James, James, John Higgitt, Judith Vale, Higgitt, Vale, Lehman, Dianne T, Renwick, John Sauer, Sauer, E, Jean Carroll, Trump's, Arthur Engoron Organizations: Trump Org, Service, New York, General's, New York's AG, Lehman Brothers, Trump, Deutsche Bank, Supreme Court, Mazars USA, New Locations: Manhattan, York, Chicago, Washington, Miami, DC
UK real estate investment at an inflection point, investor says
  + stars: | 2024-09-26 | 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 EmailUK real estate investment at an inflection point, investor saysJace Tyrrell, CEO of Opportunity London, says the U.K. real estate market is at a turning point, with activity expected to pick up further in the second half of the year.
Persons: Jace Tyrrell Organizations: Opportunity
A majority of chief financial officers (55%) say Harris will win the election, according to the Q3 CNBC CFO Council Survey. That's a reversal from the prior CFO survey in Q2 (when President Joe Biden was still the candidate) and a majority of CFOs (58%) believed Trump would win. In the Q2 CFO survey, 29% of executives said they were unsure who would win. The majority belief that Harris will win comes despite an equal majority of CFOs (55%) telling the survey that Trump is better on inflation and for the economy. The CNBC CFO Council Survey was conducted between August 19 and September 19, a period which included the presidential debate.
Persons: Kamala Harris, Donald Trump, Harris, Joe Biden, Trump, CFOs, MSNBC's Stephanie Ruhle Organizations: CNBC, Survey, Trump, Trade, GOP, Economic Club of Pittsburgh Locations: America, United States, CFOs
The report didn't blow us away, but it still offered plenty of reminders on why Costco investors should stick around. Total revenue in its fiscal 2024 fourth quarter totaled $79.7 billion, missing analysts' expectations of $79.97 billion, according to estimates compiled by LSEG. Costco has succeeded for decades, but the high inflation of recent years has made the company's value-focused ethos really shine. Put it all together, we're increasing our price target on the stock to $950 a share from $875. In the quarter, Costco's membership renewal rate in the U.S. and Canada came in at 92.9%, a tick lower than the 93% rate observed in the third fiscal quarter, while worldwide held constant at 90.5%.
Persons: Gary Millerchip, Ron Vachris, Millerchip, it's, Kirkland, Costco's, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Costco, LSEG, Wholesale, Walmart, Club, Amazon, Costco's, Kirkland, Kirkland Signature, Management, U.S, CNBC Locations: Costco's, Yemen, U.S, Canada, Maine, Richmond , California
Kirill Kudryavtsev | Afp | Getty ImagesEuropean banking's latest takeover battle is widely regarded as a potential turning point for the region — particularly the bloc's incomplete banking union. Whatever the outcome of UniCredit's swoop on Commerzbank, Marsh said the episode marks "another huge test" for German Chancellor Olaf Scholz. What is Europe's banking union? OMFIF's Marsh said Germany's opposition to UniCredit's move on Commerzbank means Berlin "now stands accused of favouring European banking integration only on its own terms." The logo of German bank Commerzbank seen on a branch office near The Commerzbank Tower in Frankfurt.
Persons: Kirill Kudryavtsev, Italy's UniCredit, David Marsh, Marsh, Olaf Scholz, Scholz, , Germany's Scholz, OMFIF's Marsh, UniCredit's, Daniel Roland, Onur Genç, Mario Centeno, CNBC's, , Centeno Organizations: European Central Bank, Afp, Getty, London, European Union, CNBC, BBVA, Banco Sabadell, Reuters, European Central Bank's Governing, EU Locations: Frankfurt, Germany, Germany's, Milan, Europe, Commerzbank, Italy, Berlin, Spanish, Brussels, Spain
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Altman could reportedly receive a 7% equity stake, which would be worth about $10.5 billion at OpenAI's new valuation. In March, The New York Times reported Murati raised concerns about Altman's leadership style to the board before the ouster. Barret Zoph, the company's vice president of research, and Bob McGrew, OpenAI's chief research officer, are also departing the startup, Altman announced on X . "I obviously won't pretend it's natural for this one to be so abrupt, but we are not a normal company," Altman wrote.
Persons: , Sam Altman, Altman, Mira Murati, Slack, Murati, Barret Zoph, Bob McGrew, Joel Saget, Jenny Chang, Rodriguez, Meta —, it's, Elon Musk's, OpenAI Organizations: Service, Business, Employees, The New York Times, Lakshmi, OpenAI's, Meta, Reuters, Anthropic Locations: OpenAI, Lakshmi Varanasi
AdvertisementLorraine Tan, Morningstar's director of equity research for Asia, also thinks monetary stimulus won't be sufficient. History says their skepticism is warranted, as China's past stimulus efforts have often failed to lead to sustainable gains. Even if this surge holds up, it won't necessarily spark a self-fulfilling prophecy that provides a lasting boost for China's economy. But others like Tan from Morningstar believe this bad news is reflected in Chinese stocks' cheap valuations. The team at UBS Global Wealth Management is also cautiously optimistic about Chinese stocks after this news.
Persons: , they're, Betty Wang, Marcelli, Lorraine Tan, Tan, Brian Mulberry, Mulberry, Wang, China isn't, Jeff Kleintop, Charles Schwab, Donald Trump, Rory Green, Xi Jinping, Biden, Trump, That's, Kleintop, Morningstar, she'd Organizations: Service, Business, People's Bank of, Oxford Economics, UBS Global Wealth Management, Zacks Investment Management, Federal Reserve, BI Locations: China, People's Bank of China, Asia, Central, Republic
BI broke down the pros, cons, and frequently asked questions about basic income. Universal basic income and guaranteed basic income could fill gaps in the existing US social safety net, experts said. A benefit of basic income is the element of choice, according to Shafeka Hashash, associate director of guaranteed income at the Economic Security Project. Private donors often fully or partially fund basic income programs, lessening the cost burden on local governments. US states with active basic income programs include California, Illinois, Colorado, New York, Georgia, Louisiana, and more.
Persons: , Melvin Carter, Paul, Shafeka Hashash, Hashash, It's, John Gillette, Oscar Wong, UBI, Andrew Yang, Howlette, hasn't, Michael Tubbs, Allan Baxter, What's, Sam Altman, Elon Musk Organizations: Service, Business, St, SDI, SNAP, Economic Security, Arizona, Rep, American, Orleans Mayor's, Youth, University of British Columbia, Alaska Permanent Fund, Tech Locations: Valley, America, Los Angeles and Illinois, Texas, Missouri, Arizona , Iowa, South Dakota, Orleans, Denver, Atlanta, Alaska, California , Illinois, Colorado , New York , Georgia, Louisiana, Canada, Brazil, China, Germany, India, Iran, Ireland, California, New Mexico, Oregon
In the latest poll, 79% of Black registered voters say they would definitely vote, up from 68% in the June poll. The poll suggests Trump’s improvements among Black voters relative to 2020 are driven largely by Black voters under the age of 60. Harris is also generally viewed more favorably among Black registered voters compared with registered voters overall, even after accounting for Black voters’ overwhelming Democratic lean. Democratic Black likely voters, however, are twice as likely as Democratic likely voters overall to consider the economy their top issue (42%, compared with 19%). Results among Black registered voters have a margin of sampling error of plus or minus 7.8 percentage points; among Black likely voters, it is plus or minus 7.7 percentage points.
Persons: CNN — Kamala Harris, Donald Trump, SSRS, Joe Biden’s, Black, Trump, CNN’s, Harris, That’s, – Harris, Biden, Joe Biden, Andrew Harnik, don’t, CNN’s Jennifer Agiesta, Ariel Edwards, Levy Organizations: CNN, Trump, CNN’s, Biden, Black, Girard College, Democrats, Democratic Party, Black Democratic, Democratic Black, Democratic, White Americans, Black Americans Locations: Black, Philadelphia , Pennsylvania, United States
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