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☆ China's surprise stimulus could be a red flag, so investors should approach the nation's long-awaited rally with caution
▼ + stars: | 2024-09-26 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

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

☆ Benghazi ‘mastermind’ Ahmed Abu Khatallah resentenced to 28 years in prison
▼ + stars: | 2024-09-26 | by ( Devan Cole | ) edition.cnn.com time to read: +5 min

Washington CNN —Ahmed Abu Khatallah, the Libyan militia leader convicted for his role in the deadly 2012 terrorist attack on the US consulate in Benghazi, was resentenced Thursday to 28 years in prison, despite federal prosecutors seeking at least 60 years to life. Khatallah was present at the hearing, sitting silently at the defense table in a white prison jumpsuit and a long white beard. He listened to the proceedings through a pair of interpreters, but did not address the court at any point. The judge also sentenced Khatallah to 10 years for the fourth crime and ordered him to serve that time after completing the 12-year sentence. The judge maintained the 10-year sentence for the fourth crime, which Khatallah will serve following the first 18 years.

Persons: Washington CNN — Ahmed Abu Khatallah, Christopher Cooper, Khatallah, Cooper, ” “, ”, Glen Doherty, ” Greg Doherty, Cooper’s, “, John Crabb, ” Jeffrey Robinson, J, Christopher Stevens, Sean Smith, Tyrone Woods, Doherty, Barack Obama, Hillary Clinton, Clinton, CNN’s Laura Koran Organizations: Washington CNN, Justice Department, DC, White House Locations: Benghazi, Washington , DC, Libya, America

☆ These China stocks are favored by analysts no matter how the central bank stimulus pans out
▼ + stars: | 2024-09-26 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Stocks in China rose in response, with the CSI 300 Index climbing 4.3% Tuesday, its best day since July 2020. But whether or not the latest policy steps succeed, CNBC Pro screened for China stocks that analysts praise regardless of the pace of economic growth at home. About three quarters of analysts covering PDD rate it a buy, and the stock could climb roughly 43% based on analysts' consensus price target. On Tuesday, after the announcement of the latest policies to revive the flagging China economy, PDD shares in the U.S. jumped more than 11%. Other names on the list of favored China stocks included online learning and tutoring provider TAL Education Group and digital shipping platform Full Truck Alliance .

Persons: Hong, Morgan Stanley, Terence Flynn, Flynn, CoreValues, Ben Harburg, CNBC's, Harburg, Biden Organizations: People's Bank of China, CSI, CNBC Pro, China ETF, Therapeutics, YE25, U.S, TAL Education Group, Alliance Locations: China, Ph3, U.S

☆ Gold's tremendous rally is making even long-term bulls a bit nervous
▼ + stars: | 2024-09-26 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

It was the sixth positive trading session in a row. In midday trading, gold futures were adding to those records Thursday. XAU= YTD mountain Gold is trading at record highs and closing in on a 30% gain for 2024. However, Bank of America ETF strategist Jared Woodard warned in the same note that gold might be "tactically overbought." That would represent a roughly 5-8% pullback," Krinsky said, referring the SPDR Gold Shares fund backed by physical gold.

Persons: Jared Woodard, Woodard, Wayne Gordon, Gordon, Jonathan Krinsky, Krinsky Organizations: Federal, Bank, America, Bank of America, UBS

☆ Bitcoin tests $65,000 after positive U.S. economic data: CNBC Crypto World
▼ + 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 EmailBitcoin tests $65,000 after positive U.S. economic data: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Andy Baehr of CoinDesk Indices discusses the catalysts behind bitcoin's recent rally and the rate of adoption of digital assets among institutions.

Persons: explainers, Andy Baehr Organizations: CNBC Crypto, CNBC

☆ U.S. crude oil falls nearly 3%, trades below $68 on report Saudi committed to production increase
▼ + stars: | 2024-09-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil prices fell nearly 3% on Thursday on a report that Saudi Arabia is committed to pressing ahead with production increases later this year. Saudi is prepared to ditch its unofficial oil price target of $100 per barrel, people familiar with the kingdom's thinking told The Financial Times. Saudi officials are ready to increase oil production in December even if the move results in a prolonged period of low oil prices, the people said. Here are Thursday's energy prices:Prices are also under pressure on the expectation that oil production will rise in Libya. Oil prices rallied earlier in the week after Beijing announced a new stimulus package.

Organizations: Financial Times, Beijing Locations: Saudi Arabia, Saudi, Libya, China

☆ An 88-year-old man was cleared of murder after spending 46 years on death row — mostly in solitary confinement
▼ + stars: | 2024-09-26 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +1 min

Iwao Hakamada was acquitted after 46 years on death row for a 1968 quadruple murder. Hakamada was the longest-serving inmate on death row of any prisoner worldwide. Go to newsletter preferences Thanks for signing up! AdvertisementAn 88-year-old man has been acquitted of multiple murders in Japan after spending 46 years on death row — most of them in solitary confinement. Iwao Hakamada, the world's longest-serving death row inmate, was found guilty in 1968 of murdering his boss, his boss's wife, and their two children and setting fire to their home.

Persons: Iwao Hakamada, Hakamada, — Organizations: Service, Business Locations: Japan

☆ New York City Mayor Eric Adams has been indicted
▼ + stars: | 2024-09-26 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +1 min

Eric Adams has been indicted, The New York Times first reported on Wednesday. With this indictment, Adams has become the first sitting NYC mayor to be criminally charged. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNew York City Mayor Eric Adams has been indicted after a federal corruption probe, The New York Times first reported on Wednesday. With this indictment, Adams has become the first sitting New York mayor to face criminal charges.

Persons: Eric Adams, Adams, — Organizations: New York Times, Service, York City, New York, Times, Business Locations: York

☆ Treasury yields hold steady as investors look to economic data, Fed speaker comments
▼ + stars: | 2024-09-26 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

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

☆ China’s newest nuclear-powered submarine sank earlier this year, US official says
▼ + stars: | 2024-09-26 | by ( Oren Liebermann | Paul P. Murphy | ) edition.cnn.com time to read: +3 min

CNN —China’s newest nuclear-powered submarine sank pierside in the spring and the Chinese Navy tried to conceal the loss, according to two US defense officials. The attack submarine was the first of its new Zhou-class line of vessels, the official said, under construction at a shipyard near the city of Wuhan. “It’s not surprising that the PLA Navy would try to conceal the fact that their new first-in-class nuclear-powered attack submarine sank pierside,” said the senior US defense official. According to the latest China military power report from 2023, the PLA Navy operates six nuclear-powered ballistic missile submarines, six nuclear-powered attack submarines, and 48 diesel-powered attack submarines. The PLA Navy has 370 platforms, which includes 234 warships, according to CRS, while the US has 219 warships.

Persons: The Zhou, Zhou, It’s, ”, Tom Shugart, “ I’ve, ” Shugart, Shugart Organizations: CNN, Chinese Navy, Maxar Technologies, PLA Navy, Center, New, New American Security, People’s Liberation Army, PLA ) Navy, US Navy, Street Journal, Congressional Research Service, Navy, CRS Locations: Wuhan, The, New American, Beijing, United States, China, Washington ,

☆ Here's why Wells Fargo is our top performer Thursday — plus, 3 things we want from Costco's earnings
▼ + stars: | 2024-09-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Chipping away: Shares of Wells Fargo popped around 5% on signs of progress in its multiyear journey to clean up its operations and have its Federal Reserve-mandated asset cap removed. In addition, this news pushes back on the idea that Wells Fargo recently suffered a regulatory setback. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Wells, Wells Fargo, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, Micron, Street, Department of Justice, AMD, Starbucks, Chipping, Reserve, Bloomberg News, Fed, Bloomberg, Currency, Club, Costco, Jim Cramer's Charitable Locations: China, Wells

☆ Video: NYC Mayor Eric Adams speaks after indicted on 5 federal public corruption charges
▼ + stars: | 2024-09-26 | by ( Cassandra Eldred | ) edition.cnn.com time to read: 1 min

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☆ Watch: Meteorologist breaks down the latest Hurricane Helene forecast
▼ + stars: | 2024-09-26 | by ( Ak Pohlers | ) edition.cnn.com time to read: 1 min

☆ One of the top-performing sectors could be heading for trouble
▼ + stars: | 2024-09-26 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

The communications services sector has been on an unbelievable tear for nearly two years. Since hitting a low on October 2022, the Communication Services Select Sector (XLC) has nearly doubled, outperforming the S & P 500 in that time. "The smallest sector in the market (by constituents not value) has been one of the most dominant over the past two years," wrote Wolfe Research's Rob Ginsberg. Our sense is that is better for sale here," Ginsberg wrote. Elsewhere on Wall Street this morning, Bernstein upgraded Starbucks to outperform from market perform.

Persons: Wolfe, Rob Ginsberg, Ginsberg, Bernstein, Brian Niccol, Danilo Gargiulo Organizations: Communications, Netflix, Taco Bell Locations: GOOGL

☆ H&M shares fall as much as 8% on profit miss and scrapped earnings margin target
▼ + stars: | 2024-09-26 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

The logo of Swedish clothing retailer H&M hangs over one of its stores on March 28, 2018 in Berlin, Germany. Shares of H&M tumbled as much as 8% on Thursday after the world's second-largest listed fashion retailer posted a miss on operating profit and abandoned its earnings margin target. The Swedish clothing retailer reported that operating profit for the group's fiscal third quarter came in at 3.51 billion Swedish crowns ($345.8 million), which compared to 4.74 billion Swedish crowns a year ago. H&M dropped its earnings margin target for 2024 after warning of more challenging conditions earlier in the year. At present we estimate that this year's operating margin will be lower than 10 percent," H&M's Ervér said in a written statement.

Persons: LSEG, Daniel Ervér, Helena Helmersson, Ervér, Inditex, M's Ervér, M Organizations: Reuters, UBS Locations: Berlin, Germany, Swedish, Zara, London, Stockholm

☆ I was too stressed out to enjoy my quiet vacation — until I changed my approach
▼ + stars: | 2024-09-26 | by ( Robin Madell | ) www.businessinsider.com time to read: +7 min

AdvertisementOn the first day of my quiet vacation, I had great luck with the timing. After that incident, I was so anxious about getting caught while quiet vacationing during work hours that I changed my approach. AdvertisementMy trip turned from quiet vacationing to a workcation with reduced working hours — but it was still very worth it. I told my job I was in ItalyWhen I first went on my quiet vacation, I tried to keep it secret. It just feels so much better to do the work first and then enjoy your vacation to the maximum.

Persons: —, Holly Andrews, I'd, It's, Tess Martinelli Organizations: Service, Business, Italy — Locations: Newport , United Kingdom, Bari, Italy, Bari Castle, tmartinelli

☆ UK Prime Minister Keir Starmer touts pro-business agenda
▼ + 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 Prime Minister Keir Starmer touts pro-business agendaBritish Prime Minister Keir Starmer is touting a new pro-business agenda for the UK after the country's recent deal with BlackRock.

Persons: Keir Starmer Organizations: UK, British, BlackRock

☆ Major global chip stocks rally on Micron's 15% surge; ASML up 4%
▼ + stars: | 2024-09-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Global chip stocks rallied on Thursday after U.S. memory semiconductor maker Micron posted revenue guidance that topped expectations and boosted its share price. SK Hynix and Micron are both suppliers of memory chips to Nvidia's products designed for artificial intelligence processes in data centers. HBM chips are seen as key for AI. Micron reiterated that its HBM chips are sold out for 2024 and 2025. The optimism around Asian chip stocks filtered through to Europe.

Organizations: Micron, Samsung Electronics, SK Hynix, Samsung, Tokyo Electron, Nikkei, SoftBank, Semiconductor Locations: U.S, South Korea, Japan, Europe, Dutch

☆ Newsmax and Smartmatic settle 2020 election defamation case on eve of trial
▼ + stars: | 2024-09-26 | by ( Marshall Cohen | ) edition.cnn.com time to read: +3 min

The pro-Trump cable outlet Newsmax and voting technology company Smartmatic settled a major 2020 election defamation lawsuit Thursday in a last-minute agreement to avoid a high-stakes trial. But in the run-up to the trial, Smartmatic’s hand weakened significantly, further raising the possibility of a settlement. Smartmatic has claimed that the lies promoted by Newsmax, Fox News, and other Trump allies destroyed its reputation and cost the company billions of dollars. However, as the Newsmax trial approached, Smartmatic’s lawyers reduced the company’s damages claim to approximately $370 million, according to statements in court. It often makes sense to settle rather than pay the expenses of a trial and possible appeals.”The settlement is the latest in a string of 2020 election defamation cases to reach an out-of-court agreement before trial.

Persons: Smartmatic, Newsmax, Erik Connolly, ” Connolly, “ Smartmatic, Donald Trump, ” Howard Cooper, Trump, Eric Davis, ”, Eric Robinson Organizations: Trump, Smartmatic, Newsmax, Fox News, University of South, Dominion, Systems, News, Fox Corporation, Fox Locations: Wilmington , Delaware, . Delaware, ”, University of South Carolina

☆ Rudy Giuliani disbarred in DC as part of 2020 election lies fallout
▼ + stars: | 2024-09-26 | by ( Tierney Sneed | ) edition.cnn.com time to read: +2 min

CNN —Former New York City Mayor Rudy Giuliani is disbarred in Washington, DC, the district’s highest local court said Thursday, a move stemming from the ethics proceedings Giuliani faced in New York because of his efforts to help former President Donald Trump try to overturn the 2020 election. Those New York proceedings led to Giuliani losing his license to practice there this summer, and because the DC Bar has a reciprocal relationship with the New York Bar, he is now being disbarred in the district. According to the new order from the DC Court of Appeals, Giuliani did not respond to an opportunity to object to his disbarment in Washington. Meanwhile, two Georgia election workers obtained a $148 million defamation judgment against him for false allegations he made about them after the 2020 election. The New York disciplinary attorney ethics proceedings against Giuliani played out mostly behind closed doors.

Persons: Rudy Giuliani, Giuliani, Donald Trump, Washington . Giuliani, Ted Goodman, ”, Mayor Giuliani can’t, ” Goodman Organizations: CNN, Former New York City, DC, New, of Appeals, Trump, Prosecutors, The, New York Supreme Locations: Washington , DC, New York, York, Washington ., Pennsylvania, Georgia, Arizona

☆ 2 of our China-related stocks are on the move after the Chinese government pledges more stimulus
▼ + stars: | 2024-09-26 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Starbucks shares rose roughly 2% on an analyst upgrade and the stimulus news out of China. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Bernstein, Brian Niccol, Jim Cramer's, Jim Organizations: CNBC, Micron, Saudi, Club, Jefferies, GE Healthcare, UBS, GE, Jim Cramer's Charitable Locations: China

☆ NYC Mayor Eric Adams indicted on federal charges in campaign finance case
▼ + stars: | 2024-09-26 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

New York City Mayor Eric Adams speaks during a press conference at the City Hall, after it was revealed that he received a fresh round of federal grand jury subpoenas, New York City, U.S., August 16, 2024. New York City Mayor Eric Adams has been indicted on criminal charges in federal court in Manhattan, a source familiar with the matter told CNBC on Wednesday night. The indictment, which remains sealed for now, at least in part accuses Adams of criminal conduct related to donations to his 2021 mayoral campaign. Adams, a 64-year-old former police captain, is at least the second New York mayor to be criminally charged while still in office. If Adams resigns before his first term in office ends, he would be replaced by New York City Public Advocate Jumaane Williams as acting mayor.

Persons: Eric Adams, Adams, Alexandria Ocasio, Cortez, Jumaane Williams Organizations: York City, City, New York City, CNBC, city's Campaign, Program, New York, New York Police Department, Manhattan U.S, Attorney's, New York Times, City Hall, Police Department, Brooklyn Borough, FBI, Public Locations: York, New York City, U.S, New York, Manhattan, Turkey, Israel, China, Qatar, South Korea, Uzbekistan, New, Alexandria, Cortez

☆ Eric Adams told a staffer he 'always' deleted texts following discussion of alleged Turkish bribes, messages obtained by prosecutors show
▼ + stars: | 2024-09-26 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +1 min

Eric Adams told a staffer he "always" deleted messages after discussing alleged bribes. Prosecutors included some of the messages in the new indictment against the NYC mayor. Go to newsletter preferences Thanks for signing up! AdvertisementNew York City Mayor Eric Adams promised to "always" delete messages exchanged with one of his staffers who arranged Turkish government-funded trips, according to the indictment against him unsealed Thursday. "To be o[n the] safe side Please Delete all messages you send me," the Adams staffer wrote in a message to Adams, according to the indictment.

Persons: Eric Adams, Adams, — Organizations: NYC, Service, York City, Prosecutors, Business Locations: York, Turkish

Sharon Kim partnered with her oldest brother and his wife to purchase a home in the suburbs of New York City for around $750,000. Mickey Todiwala | CNBC Make ItKim and her brother weren't very close growing up, thanks to a seven-year age gap. Mickey Todiwala | CNBC Make ItThe increased down payment gave them the leverage they needed. Kim, her brother and his wife decided to complete the majority of renovations to the home themselves to cut down on costs. Mickey Todiwala | CNBC Make ItKim estimates they've spent around $40,000 on renovations so far.

Persons: Sharon Kim, Mickey Todiwala, Kim, weren't, homeownership, they've Organizations: CNBC, Parsons School of Design, YouTube, Parsons, Spotify, Amazon Prime, Apple Locations: New York City, Manhattan, Queens, New Jersey, South Korea

☆ Kamala Harris is embracing the degree-free wave — and thousands of workers could benefit
▼ + stars: | 2024-09-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewVice President Kamala Harris wants to make it easier to get a job without a college degree if she wins the election. "Eliminate degree requirements while increasing skills development for half a million federal jobs. AdvertisementThis proposal comes at a time when a growing number of Americans are questioning the value of a college degree. Larry Hogan announced the state would be opening up thousands of jobs to workers without degrees, and Utah's Gov. Spencer Cox dropped college degree requirements from 98% of the state's jobs that same year.

Persons: —, Kamala Harris, Harris, Joe Biden, Trump, It's, Larry Hogan, Spencer Cox, Pell Grant, Biden's, Zers —, LeLaina Wakeham Organizations: Service, Business, Maryland Gov, Utah's, Biden, Higher Locations: Pittsburgh

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