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☆ Soft landing is the base case over the next 12 months, says S&P Global's Satyam Panday
▼ + stars: | 2024-09-24 | 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 EmailSoft landing is the base case over the next 12 months, says S&P Global's Satyam PandayJulian Emanuel, Evercore ISI senior managing director, and Satyam Panday, S&P Global Ratings chief U.S. economist, join 'Squawk on the Street' to discuss the possibility of economic expansion, the lack of growth in China, and more.

Persons: Satyam, Satyam Panday Julian Emanuel, Satyam Panday Organizations: Satyam Panday, Satyam, Global Locations: China

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

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

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

☆ Gold holds ground on dovish Fed-speak, Mideast concerns
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: +1 min

Gold prices steadied on Tuesday after surging to a record high in the previous session, following broadly dovish comments from U.S. Federal Reserve officials and escalating tensions in the Middle East. Bullion hit a record high of $2,635.29 on Monday. "Gold prices continue to be well-supported amid a series of dovish Fed rhetoric overnight," said IG market strategist Yeap Jun Rong. Chicago Fed Bank President Austan Goolsbee said there are "lots of cuts" to come over the next 12 months, while Fed President Neel Kashkari noted that the actual path would depend on incoming data. "Tensions in the region will likely be kept high for longer, which could see gold prices retain its bullish bias."

Persons: Yeap Jun Rong, Austan Goolsbee, Neel Kashkari Organizations: U.S . Federal Reserve, Chicago Fed Bank, Hezbollah Locations: U.S, ., Israel, Lebanon

☆ Stocks and bonds are at odds on what happens next after Fed rate cut
▼ + stars: | 2024-09-24 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

For the third quarter, the S & P 500 has popped 4.7%, while the Dow is higher by 7.7%. "The bond market has the fed funds rate being cut below 3% in 2025," Johnston, the firm's head of derivatives and cross asset strategy, wrote in a note Monday. On Monday, S & P Global said its U.S. manufacturing purchasing managers' index fell to a 15-month low in September — while its services sector gauge showed expansion. He likes put spreads on the SPDR S & P 500 ETF Trust (SPY) expiring Oct. 31. If history is any guide, it'll most likely be the bond market.

Persons: Cantor Fitzgerald's Eric Johnston, Johnston Organizations: Dow Jones, Federal Reserve, Dow, P Global, Trust Locations: —

☆ CNBC Daily Open: Fedspeak reassures markets
▼ + stars: | 2024-09-24 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets regain momentumU.S. markets rose Monday, with the S&P 500 and Dow Jones Industrial Average notching fresh closing highs. Asia-Pacific stocks mostly climbed Tuesday, with the Chinese and Hong Kong markets popping over 3% on Beijing's announcement of policy easing measures. PBOC policy easingThe People's Bank of China Governor Pan Gongsheng on Tuesday announced a cut to banks' reserve requirement ratio.

Persons: Neel Kashkari, The Beverly Hilton, Pan Gongsheng Organizations: Federal Reserve Bank of Minneapolis, The Beverly, CNBC, Dow Jones, People's Bank of China, Boeing, Tech, Big Tech, Companies, Nomura Locations: Beverly Hills , California, U.S, Asia, Pacific, Hong Kong, China, Beijing

☆ These are the top 10 global talent hubs in the world — and the U.S. isn't one of them
▼ + stars: | 2024-09-24 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +2 min

For the eleventh consecutive year, Switzerland topped the list as the world's most talent-competitive country, according to the IMD 2024 World Talent Ranking, signaling its strong and stable talent pool despite the rapidly changing global work landscape. The ranking measures how economies around the world perform when it comes to sustaining their pool of talent. This data is broken down into three buckets: investment in and development of homegrown talent, appeal (the extent to which a country taps into the overseas talent pool) and readiness (the availability of skills and competencies in the talent pool), according to the report. Switzerland remains at the forefront of talent competitiveness, topping the list since the ranking's inception in 2014. Singapore's steady rise is driven by the readiness of its talent pool, rated as No.

Organizations: IMD, Competitiveness, Switzerland Singapore Locations: Switzerland, Switzerland Singapore Luxembourg Sweden Denmark Iceland Norway Netherlands Hong Kong Austria, Asia, Singapore, Hong Kong, United States, U.S

☆ Oil prices rise on concerns of wider Middle East conflict, U.S. storm
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Tuesday on concerns the intensifying conflict between Israel and Hezbollah may impact supply in the key Middle East producing region and a tropical storm may impact output in the U.S., the world's biggest crude producer, later this week. Oil prices rose on Tuesday on concerns the intensifying conflict between Israel and Hezbollah may impact supply in the key Middle East producing region and a tropical storm may impact output in the U.S., the world's biggest crude producer, later this week. Brent crude futures for November were up 21 cents, or 0.3%, at $74.11 a barrel at 0030 GMT. "The oil market has been concerned that rising tensions in the region were dragging the OPEC oil producer closer to engagement," said ANZ bank said in a note, referring to Iran. U.S. oil producers were evacuating staff from Gulf of Mexico oil production platforms as forecasters predicted the second major hurricane in two weeks could tear through offshore oil producing fields.

Organizations: Brent, Hezbollah, ANZ, U.S, National Hurricane Center Locations: Israel, U.S, Lebanon, Iranian, Hamas, Gaza, Iran, Gulf Coast, Gulf, Mexico, Cuba

☆ Seeing no US recession as equity market rally broadens out: CIO
▼ + stars: | 2024-09-24 | 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 EmailSeeing no US recession as equity market rally broadens out: CIOPrashant Bhayani of BNP Paribas Wealth Management says U.S data paints a mixed picture but do not signal a recession, as equity markets continue to rally and credit spreads remain tight.

Persons: Prashant Bhayani Organizations: BNP, Wealth Management

☆ JPMorgan CEO Jamie Dimon warns 'geopolitics is getting worse'
▼ + stars: | 2024-09-24 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Jamie Dimon, Chairman and Chief Executive officer (CEO) of JPMorgan Chase & Co. (JPM) speaks to the Economic Club of New York in Manhattan in New York City, U.S., April 23, 2024. A year after Jamie Dimon named geopolitics as the world's biggest risk, JPMorgan Chase's CEO sounded the alarm again, warning that the state of global stability has gotten worse. During his visit to India, Dimon said in an exclusive interview with CNBC-TV18 released Tuesday: "My caution is all geopolitics, which may determine the state of the economy." "Geopolitics is getting worse, they are not getting better. The interview came almost a year after Dimon had called geopolitics, after Russia's invasion in Ukraine, the biggest risk that he sees facing the world, larger than high inflation or a U.S. recession.

Persons: Jamie Dimon, Dimon, Yemen's, I'm Organizations: JPMorgan Chase & Co, Economic, of New, JPMorgan, CNBC, TV18, ., Federal Reserve, Traders Locations: of New York, Manhattan, New York City, U.S, India, Red, Ukraine, Russia

☆ Impact of rate cuts on retailers
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailImpact of rate cuts on retailersSimeon Gutman, U.S. retail analyst at Morgan Stanley, joins CNBC’s ‘The Exchange’ to discuss consumer sentiment, how rate cuts will affect retailers through the holiday season, and more.

Persons: Simeon Gutman, Morgan Stanley

☆ CSIS: Trump & Harris diverge on India-US economic ties
▼ + stars: | 2024-09-24 | 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 EmailCSIS: Trump & Harris diverge on India-US economic tiesRichard Rossow, Chair in U.S.-India Policy Studies at CSIS, compares where Harris and Trump could align and diverge on India policy, adding that military ties will likely deepen regardless of election results.

Persons: Harris, Richard Rossow, Trump Organizations: CSIS, Trump, Studies Locations: India

☆ Stocks making the biggest moves premarket: Visa, Starbucks, Salesforce, Lowe's and more
▼ + stars: | 2024-09-24 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Starbucks — The coffee house chain moved 1.6% lower after Jefferies downgraded the stock to underperform from hold and cut its price target. BioNTech — U.S.-listed shares of the German biotechnology company rose 2.7% on the heels of a Morgan Stanley upgrade to overweight from equal weight. Pinterest — The image sharing company rose more than 1% after Oppenheimer initiated coverage of the stock with an outperform rating. GE Vernova — Shares gained nearly 1% after Guggenheim initiated coverage of GE Vernova with a buy rating, saying that it is "still in the early stages of a multi-year improvement in profitability." Analyst Joseph Osha's $300 price target implies a roughly 19% increase from Monday's closing price for the stock.

Persons: Jefferies, Piper Sandler, Lowe's, Oppenheimer, Morgan Stanley, BioNTech, Joseph Osha's, —, Sarah Min, Michelle Fox, Pia Singh, Sean Conlon, Jesse Pound, Fred Imbert Organizations: Thor Industries, Arlo Technologies, Visa, Bloomberg, Justice Department, Citi, Mastercard, Federal Reserve, GE, Guggenheim Locations: U.S, China, —

☆ More than 400 economists, former White House advisors endorse Harris, warn against Trump policy agenda
▼ + stars: | 2024-09-24 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Democratic presidential nominee and Vice President Kamala Harris speaks to members of the media upon her arrival at Joint Base Andrews in Maryland on Sept. 22, 2024. More than 400 economists and former White House policy advisors announced their support for Vice President Kamala Harris over former President Donald Trump in an open letter Tuesday. "It is a choice between inequity, economic injustice, and uncertainty with Donald Trump or prosperity, opportunity, and stability with Kamala Harris." Some on the list, such as Biden's former National Economic Council Director Brian Deese, have already been advising the Harris campaign behind closed doors. Sean O'Keefe was deputy director of the Office of Management and Budget in former President George W. Bush's White House.

Persons: Kamala Harris, Donald Trump, Joe Biden, Barack Obama, Bill Clinton, Jason Furman, Roger Altman, Clinton, Penny Pritzker, Obama, Alan Blinder, Brian Deese, Harris, Sean O'Keefe, George W, Bush's, Phillip Braun, Ronald Reagan's Organizations: Democratic, Base Andrews, White, Republicans, Harvard, of Economic, Obama, Federal Reserve, Federal Trade Commission, Consumer Financial, Bureau, CNN, Economic, Republican, Management, Economic Advisers Locations: Maryland, U.S

☆ Trump floats expanded R&D business tax credits, says he would appoint 'manufacturing ambassador'
▼ + stars: | 2024-09-24 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Former U.S. President and Republican presidential candidate Donald Trump speaks during a campaign rally at Johnny Mercer Theatre in Savannah, Georgia, on Sept. 24, 2024. If implemented, this proposal would reverse a major component of Trump's 2017 Tax Cuts and Jobs Act, which phased out traditional R&D tax credits. Starting in 2022, businesses were no longer allowed to write off their R&D expenses the same year they incurred them. The former president also said he would appoint a specialized "manufacturing ambassador" if he wins a second term in the White House. Trump also doubled down on his hardline approach to trade, saying he would impose a "100% or 200% tariff" on cars imported from Mexico.

Persons: Donald Trump, Kamala Harris, Trump Organizations: U.S, Republican, Johnny Mercer Theatre Locations: Savannah , Georgia, America, Mexico

☆ Citi's Drew Pettit on opportunities in nuclear energy
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCiti's Drew Pettit on opportunities in nuclear energyDrew Pettit, Citi Research U.S. equity strategist, joins 'The Exchange' to discuss opportunities in nuclear energy, his picks for green stocks, and more

Persons: Citi's Drew Pettit, Drew Pettit Organizations: Citi Research

The Chinese central bank's largest stimulus measures since Covid should provide the world's second-largest economy with a much-needed boost, which should help our portfolio companies doing business there. The Club has a broad range of companies with significant sales exposure to China, and some with none. Here's a look at the percentages in our 32 stock portfolio, as well as recent earnings call commentary, about the business climate and the potential in China. On the industrial side, DuPont has the most China exposure because of its electronics and water businesses. Eaton and Dover don't have nearly as much China exposure.

Persons: Donald Trump, Kamala Harris, Biden, Colette Kress, Tim Cook, Brian Niccol, Gamble, Andre Schulten, Peter Arduini, Lori Koch, Stanley Black, —, Jeff Marks, Jim Cramer's, Jim Cramer, Jim, Peng Organizations: People's Bank of China, Wall, Commodities, Republican, House, Democratic, Trump, Broadcom, Nvidia, AMD, Nvidia's, Apple, Starbucks, Investors, Huawei, Jefferies, Consumer, Procter, Barclays, GE Healthcare, GE, DuPont, Banking, Coterra Energy, Investing, Jim Cramer's Charitable, CNBC Locations: Asia, China, America, U.S, Eaton, Dover, People's Republic of China

☆ Mortgage rates dip, giving U.S. homebuyers over $200,000 in additional spending power in some U.S. cities
▼ + stars: | 2024-09-24 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

U.S. home buyers are gaining tens of thousands in purchasing power as mortgage rates drop. The findings are based on the monthly payment for a median-priced home in the U.S., a 20% down payment and a 6.2% mortgage rate. The analysis applied the same method to each of the 100 largest cities, calculating how much extra buying power homebuyers have in each local market compared with last year. Here are the 15 metro areas where buying power has increased the most based on 6.2% and 6% mortgage rates. Buying power is how much more home a buyer in each market can afford compared with October 2023.

Organizations: Federal Reserve Locations: U.S, Jose , California

☆ Watch: Biden speaks at the United Nations General Assembly in New York
▼ + stars: | 2024-09-24 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 10:00 a.m. Please refresh the page if you do not see a player above at that time.] President Joe Biden addresses the United Nations General Assembly for the final time in his presidency, with a speech that will attempt to tout his administration's foreign policy achievements against a backdrop of ongoing wars in the Middle East, Ukraine and Sudan. Vice President Kamala Harris, the Democratic nominee, and her Republican opponent, former President Donald Trump, are also set to meet with foreign leaders visiting the U.S. for the U.N. events this week.

Persons: Joe Biden, Kamala Harris, Donald Trump Organizations: United Nations General Assembly, Democratic, Republican Locations: East, Ukraine, Sudan

☆ Op-ed: The UK's budget problems date back to the 2008 financial crisis
▼ + stars: | 2024-09-24 | by ( Kevin Klowden | Chief Global Strategist At The Milken Institute | ) www.cnbc.com time to read: +2 min

Over the past few weeks, economic news from the U.K. has heavily focused on the state of British national finances and how they might impact both the British public and the prospects for economic growth. Regardless of how the U.K. fiscal situation stands now, it is clear that the current shortfalls are both years in the making and run the risk of having consequences that could last for years to come. The ultimate dilemma facing Labour now is that the country cannot produce enough revenue to close systemic shortfalls without sustained economic growth, but it also cannot create economic growth without real investment, both from the public and private sectors. In many ways, the current fiscal situation dates back to the financial crisis of 2008 and the fact that the country's economy was unable to snap back readily to close the budget shortfalls that occurred then. Borrowing in the financial year to August stood at £64.1 billion ($85 billion), with the country's debt hitting 100% of GDP.

Persons: Keir Starmer, John Healey, George Robertson, Rachel Reeves, Jeremy Hunt Organizations: British, Defence, Downing, Labour, Conservative Locations: London, England, British, United States, China, Japan

Tune in, and tell us what you think at theheadlines@nytimes.com. For corrections, email nytnews@nytimes.com. For more audio journalism and storytelling, download the New York Times Audio app — available to Times news subscribers on iOS — and sign up for our weekly newsletter.

Organizations: New York Times

☆ Novo Nordisk CEO to testify at Senate hearing over high weight loss drug prices
▼ + stars: | 2024-09-24 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

Lars Fruergaard Jørgensen, CEO of Novo Nordisk, speaks during an interview in New York on Aug. 10, 2022. Novo Nordisk 's top executive is slated to face a Senate grilling on Tuesday over the high prices of the company's weight loss drug Wegovy and diabetes treatment Ozempic, as demand for both injections soars in the U.S.Novo Nordisk CEO Lars Fruergaard Jørgensen will testify at a Senate Health, Education, Labor and Pensions Committee hearing at 10 a.m. It comes roughly five months after Sen. Bernie Sanders, the Vermont independent who chairs the Senate panel, opened an investigation into the Danish drugmaker's pricing practices. Sanders contends that Novo Nordisk charges Americans substantially higher prices for its blockbuster drugs than it does for patients in other countries. Before insurance, Ozempic costs nearly $969 per month and Wegovy costs almost $1,350 per month in the U.S.

Persons: Lars Fruergaard Jørgensen, Sen, Bernie Sanders, Sanders Organizations: Novo Nordisk, Health, Education, Labor, Washington , D.C, Nordisk Locations: New York, U.S, Washington ,, Vermont, Danish, Germany

☆ UK Prime Minister Keir Starmer says tough times are needed to spark national renewal
▼ + stars: | 2024-09-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

Prime Minister Sir Keir Starmer during an 'In Conversation' event with Debbie Weinstein, managing Director Goole UK&I during the Labour Party Conference at the ACC Liverpool. Liverpool, ENGLAND — U.K. Prime Minister Keir Starmer insisted on Tuesday that tough decisions taken now will spark a new era for Britain, as he sought to shake a fog of pessimism that has clouded his new premiership. "Change must mean nothing less than national renewal," he told a crowd of Labour Party delegates Tuesday. Wes Streeting, minister for health and social care, said that promised improvements to the U.K.'s National Health Service (NHS) would take time to implement. We need to rebuild the economy, rebuild public services and rebuild trust in politics," he said at the conference Monday.

Persons: Sir Keir Starmer, Debbie Weinstein, Keir Starmer, Starmer, Jeremy Corbyn, Rachel Reeves, Reeves, Wes Streeting, Tulip Siddiq Organizations: Goole, Labour Party Conference, ACC Liverpool, Labour Party, Conservative, Wealth Fund, Finance, National Health Service, Treasury, Labour, CNBC, Conservative Party Locations: Liverpool, ENGLAND, Britain, England

☆ U.S. Steel CEO defends sale to Nippon, says deal will 'win on its merits'
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. Steel CEO defends sale to Nippon, says deal will 'win on its merits'U.S. Steel CEO David Burritt joins 'Money Movers' to discuss the company's growth strategy, a possible merger with Nippon, and more.

Persons: David Burritt Organizations: U.S . Steel, Nippon, . Steel

☆ US economy continues to show strength: Port of Los Angeles
▼ + stars: | 2024-09-24 | 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 EmailUS economy continues to show strength: Port of Los AngelesPort of Los Angeles' Gene Seroka remains upbeat on the U.S. economy, highlighting strong consumer demand ahead of the holiday shopping season.

Persons: Gene Seroka Organizations: of Los Angeles Port Locations: of Los Angeles, of Los Angeles Port of Los Angeles, U.S

☆ CNBC Pro Talks: After the Fed cuts rates, one fund manager will reveal where to invest right now
▼ + stars: | 2024-09-24 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +3 min

After the U.S. Federal Reserve cut interest rates by a bumper 50 basis points , investors have been left wondering whether growth or value stocks are the best bet. On CNBC's upcoming Pro Talks , Silvia Amaro will ask value investor Sean Peche where he sees opportunities in the current market. Peche is portfolio manager at the U.K.-based Ranmore Fund Management and manages its $329 million Ranmore Global Equity Fund . As of Aug. 31, the Ranmore Global Equity Fund has returned 21.6% over the last year, underperforming its benchmark MSCI World Index's 24.4%. CNBC Pro subscribers can watch Pro Talks live on Wednesday, Sept. 25, at 7 a.m.

Persons: Silvia Amaro, Sean Peche, He'll, Warren Buffett, Eli Lilly, ager, CNBC's Silvia Amaro Organizations: U.S . Federal Reserve, Ranmore Fund Management, Global Equity Fund, Investors, Ranmore, Equity, Petrobras, Baidu, ABN Amro, Ranmore Global Equity Fund, Decillion Fund Management, Orbis Investment Advisory, CNBC, Beyond Locations: Carrefour, China, U.S, London

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