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A Trader works on the floor of the New York Stock Exchange in New York City, June 24, 2024. LONDON — European stocks are expected to open higher Wednesday, reversing negative sentiment seen in the previous trading session. The positive open anticipated for European markets comes after rocky trade in the region, and elsewhere globally, after a tech-driven selloff — although volatility in the sector appeared to stabilize after chipmaking giant Nvidia rallied Tuesday. Wall Street is likely to shift its attention toward fresh U.S. inflation data on Friday with the release of May's personal consumption expenditures price index, the U.S. Federal Reserve's preferred inflation gauge. Data releases in Europe on Wednesday include Germany's GFK consumer survey for July and European consumer confidence data for June.
Persons: Germany's DAX Organizations: New York Stock Exchange, LONDON, CAC, IG, Nvidia, U.S, U.S . Federal Locations: New York City, Asia, Pacific, U.S ., Europe, Mulberry
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailImportant to divorce politics from portfolio construction, says UBS' Tom McLoughlinTom McLoughlin, UBS Global Wealth Management, Americas head of fixed income, joins 'Money Movers' to discuss how the 2024 presidential election will impact the markets.
Persons: Tom McLoughlin Tom McLoughlin Organizations: UBS, UBS Global Wealth Management Locations: Americas
CNN —There are a variety of methods golfers can call upon to soothe their anxiety in the face of a dreaded playoff. Three beers and eight nerve-wracking holes later, the 27-year-old stamped his ticket to his first ever PGA Tour event. Nick Bienz works at Golf Galaxy, has never played any pga tour sanctioned event, he is so nervous he’s pounding beers. He had attempted to qualify for events before, including several on the Korn Ferry Tour – the PGA Tour’s developmental circuit – but had never been so close to getting over the line. “I don’t remember hitting the putt,” Bienz added to the PGA Tour.
Persons: Nick Bienz, Hoagland, Bienz, Ryan French –, ” Bienz, , BeXgsjiWFv, , ’ Bienz, Tom Kim, Scottie Scheffler, ’ ”, Kevin Kisner –, couldn’t, , ‘ I’m, , , “ I’m Organizations: CNN, Golf Galaxy, Indiana University, Purdue University Indianapolis, IUPUI, PGA, Detroit Golf Club, French Locations: Hoagland , Indiana, Washington , Michigan, Bienz, South, Ohio
And AIPAC’s attacks have galvanized a concerted countercampaign by the left to try to discredit the group, which is bipartisan, among Democratic voters. Mr. Latimer ran up large margins in more moderate suburban communities, including ones with sizable Jewish populations. Mr. Bowman’s opponents churned out an unusually large amount of opposition research against him, including old blog posts dabbling in Sept. 11 conspiracy theories. Mr. Latimer returned to the episode repeatedly to argue that Mr. “He’s making the party look really bad,” said Sandra Altman, citing Mr. Bowman’s fire alarm episode and his left-leaning views, as she voted for Mr. Latimer in Scarsdale.
Persons: Jamaal Bowman, , Bowman, George Latimer, Dave Sanders, Israel, Marshall Wittmann, Bernie Sanders, Alexandria Ocasio, Cortez, Gregg Vigliotti, Bernie Sanders of, Ayanna Pressley, , Latimer, Cori Bush, Biden, , Bowman’s, Stephen Colbert, Cash Cobain, Ocasio, Sanders, Reagan, Paul Feiner, “ I’ve, he’s, ” Marsha Gordon, Ms, Gordon, “ Jamaal Bowman, Sandra Altman, “ He’s, ” Molly Longman Organizations: Democratic, Israel, Westchester County, AIPAC, The New York Times, American Israel Public Affairs Committee, ., The New York Times Left, Justice Democrats, Cortez of New York, Bernie Sanders of Vermont, Massachusetts, Jewish, Democratic Party, Mr Locations: York, New York City, Gaza, Westchester, Israel, New York, Bronx, Cortez of New, Mount Vernon, Missouri, Yonkers, Latimer, Scarsdale, , N.Y
The City of Wichita recently had an experience that's become all too common — its water system was hacked. The cyberattack, which targeted water metering, billing and payment processing, followed the targeting of water utilities across the U.S. in recent years. While the methods may be simple, an attack last year by an Iranian-backed activist group against 12 water utilities in the U.S. reinforced how purposeful "an attacker's mindset" can be, according to Witt. The targeted utilities all contained equipment that was Israeli-made. Attacks on U.S. water utilities' IT systems can have a similar psychological impact, and even if the attacks don't directly interfere with the operations of the utility, still lessen public trust in water supply.
Persons: that's, Ryan Witt, Witt, Adam Isles, Stuart Madnick Organizations: Environmental Protection Agency, FBI, NSA, Congress, U.S . Air Force, Chertoff Group, CNBC, Colonial Pipeline, Infrastructure Security Agency, Cybersecurity, MIT Sloan Locations: City, Wichita, Iranian, U.S, Israeli, United States, Texas,
PIMCO's Jerome Schneider on Yields
  + stars: | 2024-06-26 | 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 EmailPIMCO's Jerome Schneider on YieldsJerome Schneider, head of short-term portfolio management at PIMCO, and CNBC's Rick Santelli discuss opportunities in fixed income and how debt and deficits will impact the yield curve.
Persons: PIMCO's Jerome Schneider, Jerome Schneider, Rick Santelli Locations: PIMCO
Risk sentiment was also capped as hawkish comments from Federal Reserve officials kept near-term U.S. rate cut expectations in check in a boost to the dollar. The comments along with data showing a stable housing market kept expectations in check over when and by how much the Fed will cut rates. Markets are pricing in 47 basis points of easing this year, with a rate cut in September pegged at 66% probability, CME FedWatch tool showed. In the currency market, the dollar index , which measures the U.S. unit against six peers, was steady at 105.64, while the euro was at $1.0715. The yen touched a 34-year low of 160.245 per dollar on April 29, prompting Tokyo to spend roughly 9.8 trillion in late April and early May to support the currency.
Persons: Androniki, Lisa Cook, Cook, Michelle Bowman, Selena Ling, OCBC, OCBC's Ling, Shri Navaratnam Organizations: Nikkei, REUTERS, Federal Reserve, . Federal, Reuters, Bank of Japan's, Brent, U.S, West Texas, Thomson Locations: Tokyo, Japan, SINGAPORE, U.S, Asia, Pacific
Food wars will rise amid trade barriers and climate risk, Olam Agri's CEO warned. Advertisement"Food wars" are looming over global stability, as trade barriers and the climate crisis strain supply, the head of trading firm Olam Agri warned. We will fight bigger wars over food and water," he said during last week's Redburn Atlantic and Rothschild consumer conference. Though agricultural commodity traders took the blame for rising food costs after Russia's 2022 invasion of Ukraine, the CEO pushed back. Instead, the outbreak of non-tariff trade barriers was likely the chief culprit, with 1,266 curbs proliferating that year.
Persons: , Sunny Verghese Organizations: Service, The Financial Times, Rothschild Locations: Ukraine
Mark Rutte, the long-serving Dutch prime minister, was formally named the new secretary-general of NATO on Wednesday, putting an experienced, strongly pro-Ukraine leader with a reputation for conciliation at the head of the alliance. The decision, sealed by NATO ambassadors during a meeting at the 32-nation alliance’s headquarters in Brussels, removes a potentially contentious issue from the alliance’s 75th anniversary summit meeting next month in Washington. President Biden and his NATO counterparts will formally welcome Mr. Rutte to their table at a summit, which begins on July 9. Long a favorite of Mr. Biden for the post, Mr. Rutte served as the Dutch prime minister four times, for nearly 14 years, building complicated coalitions through debate and compromise. Those skills should serve him well in an alliance that works by consensus, where one country can block the intentions of the rest.
Persons: Mark Rutte, Rutte, Jens Stoltenberg, Donald J, Trump, Biden, Long, Mr Organizations: NATO, Ukraine Locations: Ukraine, Brussels, Washington
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIPO market is coming back in Europe — but not in tech, UBS saysAthena Theodorou, head of software EMEA at UBS, discusses the outlook for M&A and IPOs in the U.S. and Europe.
Persons: Athena Theodorou Organizations: UBS Locations: Europe, U.S
Afghanistan fans celebrate the team's win against Bangladesh at the T20 World Cup. Gurbaz is the leading run scorer at the T20 World Cup. “That Afghanistan team got into the semis for the first time,” the 25-year-old told the International Cricket Council (ICC) website. It’s an unbelievable feeling.”Khan (middle) celebrates the dismissal of India's Rishabh Pant at the T20 World Cup. And in a statement posted online, the Afghanistan Cricket Board expressed its “disappointment” towards Australia’s decision and “reiterates its stance on neutral and politics-free cricket across the globe.”
Persons: – couldn’t, Ashraf Ghani, Mullah Amir Muttaqi, Mullah Khairullah Khairkhah, Rashid Khan, ” Khan, cramp, Jonathan Trott, Ricardo Mazalan, Raees Ahmadzai, Khan –, Mohammad Nabi, Hashmatullah, Rahmanullah Gurbaz, Ibrahim Zadran, Fazalhaq Farooqi, Ramon Espinosa, Trott, Khan, Nabi, Noor Ahmad –, bamboozled, Gurbaz, , , India's Rishabh Pant, Randy Brooks, Barney Ronay, Suhail Shaheen, ” Shaheen Organizations: CNN, Pakistan, Afghanistan Cricket Board, Bangladesh, AFP, Getty, Australia, Afghan national cricket team, International Cricket Council, ICC, Afghanistan, United, Guardian, ACB, FIFA, International Olympic Committee Locations: Australia, Afghanistan, Africa, Trinidad and Tobago, Bangladesh, , AFP, Taliban, United States, Doha
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVolkswagen's deal with Rivian is positive, but rewards will not be felt for years: analystCyrus Mewawalla, head of thematic intelligence at GlobalData, says Volkswagen's partnership with Rivian is a step in the right direction, but it will take a long time to pull off.
Persons: Rivian, Cyrus Mewawalla Organizations: Rivian
In the biggest shock (by the FIFA world rankings) of Euro 2024 so far, Georgia defeated Portugal 2-0 to secure a place in the knockout stages in what is their major tournament debut. Georgia reached Euro 2024 — their first-ever appearance at a major tournament — after beating Greece in a playoff penalty shootout at the end of March. They had actually finished fourth in their Euro qualifying group, ahead of only Cyprus, but reached the playoffs via the Nations League route topping Group C4. Frustration was understandable, but it consumed him for the rest of the game — right until he was substituted midway through the second half, still without a goal in three appearances at Euro 2024. Going into tonight’s game, he had conceded four goals at Euro 2024 — but that was from 20 shots on target.
Persons: Roberto Martinez, Kvaratskhelia, Georges Mikautadze, Cristiano Ronaldo, , , Willy Sagnol, , Steve Clarke’s, tamely, Giorgi Mamardashvili —, Sagnol, , Tom Burrows, Ronaldo, Goncalo Ramos, Oliver Kay, Germain, Mikautadze, Diogo Costa, Joao Palhinha, Luis de la Fuente, De la, Antonio Silva, Silva, Pedro Neto, Martinez, Joao Felix, Felix, Francisco Conceicao, Conceicao, Neto, Jay Harris, Giorgi Mamardashvili, Diogo Dalot, Chris Brunskill Organizations: FIFA, Spain, Sunday, Georgia, Greece, Nations League, Athletic, , Scotland, Valencia, Ajax, Portugal, Paris Saint, Albania, Wolverhampton Wanderers, Barcelona, Europa League for Locomotive Tbilisi Locations: Georgia, Portugal, Slovenia, Frankfurt, France, Belgium, Turkey, Cologne, Cyprus, Germany, Czech Republic, Romania, Europe, Metz, Paris, Napoli
CNN —The trial of Evan Gershkovich, the first American journalist to be arrested on espionage charges in Russia since the Cold War, began Wednesday morning in a closed door hearing that has been condemned by his newspaper and the United States. While many newsrooms subsequently pulled their reporters out of Russia, Gershkovich remained, covering the war and how it was changing life in Russia. Footage on Wednesday morning showed Gershkovich inside a glass court cage, his head shaved, ahead of the trial due to start imminently behind closed doors. The trial of Gershkovich, the American-born son of Soviet-era emigres to the US, has highlighted the extent to which Russia’s invasion of Ukraine has harmed relations between Moscow and Washington. Gershkovich seen inside an enclosure for defendants in Yekaterinburg, Russia on June 26, 2024.
Persons: Evan Gershkovich, Gershkovich, Gershkovich “, Matthew Miller, ” Miller, Ella Milman, Mikhail Gershkovich, “ He’s, ” Milman, He’s, Evan, Evgenia Novozhenina, Natalia Kolesnikova, Emma Tucker, , ” Tucker, Joe Biden, Evan ”, Paul Whelan, Whelan, , Biden, Brittney Griner, , Griner, Viktor Bout, Bout, Putin, Tucker Carlson, Andrei Soldatov, Vladimir Putin, Vadim Krasikov, ” Putin, Gershkovich’s, Mikhail Organizations: CNN, Wall Street, Russia, CIA, WSJ, US State Department, State, Reuters, Getty, Journalism, , Kremlin, Tucker Carlson Network Locations: American, Russia, United States, Ukraine, Yekaterinburg, Moscow, Washington, Sverdlovsk Regional, Russian, Moscow’s, AFP, Soviet, Ukrainian, Chechen, Berlin
Read previewAn internal Microsoft tracking tool has revealed which executives AI CEO Mustafa Suleyman is working with most during his first few months on the job. Microsoft in March hired Suleyman , the head of startup Inflection AI and a cofounder of AI pioneer DeepMind, to be CEO of a newly formed Microsoft AI group. The organization is responsible for consumer AI products such as Microsoft's Copilot AI chatbot and the Bing search engine. Kevin Scott, Microsoft chief technology officerKevin Scott MicrosoftKevin Scott is Microsoft's chief technology officer and executive vice president of AI. Caitlin McCabe, CEO chief of staffMcCabe is Satya Nadella's chief of staff.
Persons: , Mustafa Suleyman, Suleyman, Karén Simonyan, Yusuf Mehdi, Microsoft Nick Adams, Reuters Mehdi, Kevin Scott, Kevin Scott Microsoft Kevin Scott, He's, Scott, Kevin, Satya Nadella, Amy Hood, Phillip Faraone, Hood, Rajesh Jha, Jha wasn't, Jha, Caitlin McCabe, McCabe, Satya Nadella's, She's, Nadella, Jon Tinter, Chris Young, Tinter Organizations: Service, Microsoft, Business, Reuters, OpenAI
In a Wednesday interview with CNBC's Jim Cramer, Levi Strauss CEO Michelle Gass said the popularity of "top-to-bottom" denim outfits is growing. "Our new focus is, yes, continuing to own jeans, but taking that denim top to bottom," she said. Besides the "head-to-toe denim lifestyle," Gass added other trends like baggier and looser items are on the rise. She said that much of this quarter's success came from the direct-to-consumer business and the women's category. "We see our consumers as being really resilient, and we're excited about the [denim] category," she said.
Persons: CNBC's Jim Cramer, Levi Strauss, Michelle Gass, Gass, there's Locations: U.S
The assistant, called Debrief, keeps detailed logs of advisors' meetings and automatically creates draft emails and summaries of the discussions, bank executives told CNBC. Morgan Stanley's wealth management division hosts about 1 million Zoom calls a year, the bank told CNBC. Zoom In Icon Arrows pointing outwards Morgan Stanley’s new Debrief program, a new AI tool for wealth management advisors based on OpenAI’s GPT-4. In a sense, Morgan Stanley's projects in generative AI amount to a "grand experiment in productivity," said McMillan. Morgan Stanley's wealth management division is one of the world's largest with $5.5 trillion in client assets as of March; the firm wants to reach $10 trillion.
Persons: Bing Guan, Morgan Stanley, Jeff McMillan, Morgan Stanley's, McMillan, Morgan, I'm, Don Whitehead, who's Organizations: Bloomberg, Getty, CNBC Locations: Houston
There may not be much upside left this year in the S & P 500, at least according to the paid seers on Wall Street. The S & P 500 is up 15% so far in 2024, while the Nasdaq has added 18%. .SPX YTD mountain S & P 500 In fact, the S & P 500 is anticipated to stall even with a flurry of strategists recently upping their targets. Similarly, Evercore ISI's Julian Emanuel anticipates the S & P 500 could end the year at 6,000 , the highest forecast in CNBC's survey. By year end, Lakos-Bujas anticipates the S & P 500 will fall to 4,200, or a more than 20% plunge.
Persons: Goldman Sachs, David J, Kostin, Evercore ISI's Julian Emanuel, buybacks, Russell, Piper Sandler, Dubravko Lakos, Bujas Organizations: Nasdaq, CNBC PRO, Deutsche Bank, Tech, Microsoft, Dow Jones, Nvidia
People are losing the cognitive and social skills they need for a thriving personal and professional life, says organizational psychologist Richard Davis. "We are at risk of losing this essential capability that I call receptivity," says Davis, the managing director of Toronto-based leadership consulting firm Russell Reynolds Associates. "It's the ability to have good judgment, to have insight about people, and it's a major concern." "It's a cognitive ability that you need to actually exercise in order to not lose it," he says. People's ability to talk to and connect with each other is similarly at risk, he says.
Persons: Richard Davis, Davis, Russell Reynolds, Waze Organizations: Russell Reynolds Associates Locations: Toronto
Here's where BlackRock sees opportunity in municipal bonds
  + stars: | 2024-06-26 | by ( Michelle Fox | ) www.cnbc.com   time to read: +3 min
Municipal bonds are a great way for investors to grab some tax-advantaged income, they'll just have to be nimble, according to BlackRock. "Municipal bonds offer investors high after-tax income with less volatility compared to other fixed income assets and remain a good diversifier to equity and equity-like risk," Carney said. Where BlackRock sees opportunity Within muni bonds, BlackRock specifically likes focusing on states that primarily rely on consumption taxes. Those states that focused on personal income taxes, like California and New York, experienced much greater declines, he said. Lastly, essential revenue bonds tend to be more durable since they are drawing on revenue.
Persons: they'll, Sean Carney, Carney, BlackRock, munis Organizations: muni, BlackRock, Bond, Reserve, AA Locations: BlackRock, Florida , Nevada , Tennessee, Washington, California, New York
Hedges are a long-short story now, says Citi's Mithra Warrier
  + stars: | 2024-06-26 | 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 EmailHedges are a long-short story now, says Citi's Mithra WarrierMithra Warrier, Citi North America head of capital, joins 'Closing Bell' to discuss the hedge fund market and plays in the sector.
Persons: Hedges, Warrier Organizations: Citi North America
Two Adidas employees out in China corruption probe
  + stars: | 2024-06-26 | by ( Juliana Liu | ) edition.cnn.com   time to read: +3 min
Hong Kong CNN —Two employees have left Adidas as a result of an ongoing investigation by the German sportswear brand into allegations of corruption in China. Chinese state media outlet Economic View reported Wednesday that both former employees had worked in marketing for Adidas China. The allegations against Adidas executives were contained in an unsigned letter from people calling themselves employees of Adidas China. Greater China — a region that encompasses mainland China, Hong Kong and Taiwan — accounts for 15% of the company’s sales. In mainland China, Adidas is the second-largest international sportswear brand behind Nike (NKE).
Persons: ” Claudia Lange, , , Jiemian, Lange, Yang Mi, Yi, Fred Organizations: Hong Kong CNN —, Adidas, , Adidas China, CNN, Nike Locations: China, Hong Kong, Taiwan, Beijing
Even as few as two hours daily on a device can cause eye problems, says Dr. Steven Reed, an optometrist and president of the AOA. Unmanaged screen use can lead to issues including dry eye, eye strain, back and neck pain, headaches, heavy eyelids, tearing and blurred vision. Modify brightness to a comfortable level depending on surrounding lighting and increase contrast on your device to reduce glare. Getting glasses that block blue light and reflective light, which are available for prescription and non-prescription lenses, can be an effective option for some people to prevent eye strain, too, eye doctors say. "If you're on your screen until bedtime and then you don't really sleep well, that impacts your overall health significantly," he says.
Persons: Steven Reed, Unplugging, Reed, Valerie Sheety Organizations: American Optometric Association, Deloitte Economics
The iShares U.S. Pharmaceuticals ETF (IHE) is up 9% since July 2015, when it hit a fresh all-time high. All of the back-and-forth movement since 2015 has produced what could be a monstrous bullish pattern. But we're trying to capture a major breakout from an area that's done next to nothing in nearly a decade. INVA, on the other hand, bottomed in March 2023, and just recently broke out of a large inverse head & shoulders pattern. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.
Persons: IHE, Eli Lilly, Johnson, JNJ, MRK, Frank Cappelleri Organizations: U.S . Pharmaceuticals, IHE, Merck, CNBC, NBC UNIVERSAL Locations: U.S, LLY
(Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)Shopee and its courier service Shopee Express agreed to adjust its current practices after admitting to breaching a competition rule in Indonesia, the country's watchdog said on Wednesday. "Shopee and Shopee Express admitted that they had violated Law no. KPPU said Shopee proposed adjustments to its current practices on June 20 which were approved by the commission council. "Shopee Indonesia attended a meeting with KPPU on 25 June to discuss points of the integrity pact that was shared by KPPU last week. Last month, KPPU revealed its preliminary investigation found that Shopee allegedly prioritized Shopee Express in every package delivery to consumers.
Persons: Rafael Henrique, Shopee, Persaingan Usaha, KPPU Organizations: Getty, Shopee, Shopee Express, KPPU, CNBC, Express Locations: BRAZIL, Indonesia, Shopee Indonesia, Republic of Indonesia
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