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☆ China wants to dominate in AI — and some of its models are already beating their U.S. rivals
▼ + stars: | 2024-12-17 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

China is focusing on large language models (LLMs) in the artificial intelligence space. On Hugging Face, a repository of LLMs, Chinese LLMs are the most downloaded, according to Tiezhen Wang, a machine learning engineer at the company. Qwen, a family of AI models created by Chinese e-commerce giant Alibaba , is the most popular on Hugging Face, he said. Facebook parent Meta, as well as European start-up Mistral, also have open-source versions of AI models. While the focus is on AI models right now, there is also debate over what applications will be built on top of them — and who will dominate this global internet landscape going forward.

Persons: It's, Tiezhen Wang, Wang, Qwen, DeepSeek, we've, Grace Isford, Mistral, Paul Triolo, Isford, Xin Sun Organizations: Istock, Getty, CNBC, U.S, OpenAI's o1, Lux Capital, Facebook, Group, Google, Apple, King's College London Locations: China, U.S, Washington, OpenAI, Beijing

The Storm Corps – the 11th Army Corps of the North Korean military – are “better trained, (have) better physique and (are) better motivated than your average North Korean soldier,” Chun said. KCNA/Reuters/File‘Fair game’Mental strength, however, may not be enough to overcome the worst challenges the North Korean soldiers could face. But some North Korean military units are well supplied, and “have regular food and logistical supply,” said 38 North’s Madden. “These North Korean units, their main mission is to disrupt,” said Chun, the former South Korean army officer. South Korean intelligence suggests North Korean soldiers in Russia could be receiving salaries of $2,000 a month.

Persons: —, –, Kim Jong, “ indoctrinated, Chun, ” Chun, Kim, Michael Madden, ”, ” Oleksandr, Kim Seong, Kang Ri, they’re, North’s Madden, “, Kim’s, ” Madden, Madden, Ng Han Guan, “ He’s, he’s, that’s, Ukraine’s, it’s Organizations: Hong Kong CNN, North Korean, Koreans, Storm Corps, South, US Navy Seals, Rangers, SAS, 11th Army Corps, Korean, Stimson, Korean Central News Agency, KCNA, US State Department, State Department, 225th, CNN, CIA, Factbook, North, United Nations, Washington -, Strategic, International Studies . Locations: Seoul, South Korea, Hong Kong, Russia, Ukraine, Moscow, Pyongyang, Ukrainian, Koreans, Russian, Russia’s, Kursk, North Korea, Washington, Vietnam, Korea, North Korean, Kaesong, Korean, North Koreans, South Korean, China, Fangchuan, China's Jilin province, North

☆ The retreat from the world’s largest auto market has begun
▼ + stars: | 2024-12-17 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

Chinese consumers who once preferred Western brands now feel Chinese brands are a better value. As recently as five years ago, they had only 38% of the Chinese market, with foreign brands capturing the rest. BYD electric cars for export at a port in Yantai in eastern China's Shandong province on April 18. Russo said it would be another huge mistake for Western automakers to abandon China just because they’re not competitive now. And they will have to learn how to compete with Chinese automakers and their affordable EVs in the future, he said.

Persons: ”, Jeff Schuster, China , Schuster, Mary Barra, they’ll, Michael Dunne, ” Dunne, “, Tingshu Wang, Dunne, Stellantis, North America —, Ford, Xi Jinping, Bill Russo, Automobility, they’re, ” Russo, Russo, CNN’s Hassan Tayir Organizations: New, New York CNN, General Motors, —, “, GM, Western, Beijing International Automotive Exhibition, Reuters, China Passenger Car Association, SAIC, Jeep, Dodge, Chrysler, South America, Chevrolet, JV, Shanghai —, Getty, Trump Locations: New York, China, North America, Europe, China ,, Beijing, South, Shanghai, Asia, Yantai, China's Shandong

☆ PDD's Temu app tops U.S. iOS downloads for second year running amid greater scrutiny of China companies
▼ + stars: | 2024-12-17 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Temu, which ships cheap goods from China, first entered the U.S. market in 2022. As the likes of Temu and Shein attract American consumers with cheap goods and aggressive advertising, they have also caught the attention of Washington. U.S. officials are not the only ones concerned about Chinese imports flooding their domestic markets. In Southeast Asia, Vietnam and Indonesia have imposed a range of anti-dumping tariffs on Chinese goods, while Thailand recently announced measures to monitor cheap imports. Nomura estimates a U.S. ban on all de minimis imports from China could reduce the latter's annual export growth by 1.3% and drag GDP growth down by 0.2%.

Persons: Trump, ByteDance's TikTok, China's PDD, Biden, Donald Trump's, Nomura Organizations: Amazon, China's, China's PDD Holdings, iOS, CNBC Locations: China, U.S, StatCounter, Washington, Southeast Asia, Vietnam, Indonesia, Thailand

☆ Still waiting for real reforms in China: MS IM
▼ + stars: | 2024-12-17 | 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 EmailStill waiting for real reforms in China: MS IMPatrick Campbell, portfolio manager at Morgan Stanley Investment Management, says China's monetary policy adjustments have little effect without real reforms in the private sector, and that investors will remain cautious.

Persons: Patrick Campbell Organizations: Morgan Stanley Investment Management Locations: China

☆ China's AI models are challenging U.S. rivals
▼ + stars: | 2024-12-17 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's AI models are challenging U.S. rivalsChinese companies are focusing on open-source large language model, which industry insiders say are proving to match and even surpass U.S. AI models in some areas. CNBC's Arjun Kharpal reports.

Persons: Arjun Kharpal Locations: U.S

In this article UAL Follow your favorite stocks CREATE FREE ACCOUNTHong Kong-Taipei is the busiest international flight route, according to a report released Tuesday by aviation intelligence company OAG. Seven of the 10 busiest international routes in the world are in Asia-Pacific, though seat capacity on many of those routes still haven't recovered to 2019 levels. Busiest domestic routesDomestic flight routes are far busier than international ones, in terms of the volume of scheduled seats. The busiest route in the world is in South Korea, linking Seoul to the island of Jeju. Busiest domestic routes by regionThe busiest route in Africa links South Africa's Cape Town to Johannesburg (5 million seats) and in Europe, Spain's Barcelona to the island of Mallorca (2.9 million seats).

Persons: Hong, —, John Grant, OAG, Grant Organizations: Air Japan, Shanghai —, Spain's Locations: Hong Kong, Taipei, Asia, Cairo, Jeddah, Seoul Incheon, Tokyo, Japan, Haneda, Narita, Kuala Lumpur, Singapore, Bangkok, New York, JFK, London, Heathrow, North America, Europe, America, Orlando , Florida, San Juan , Puerto Rico, South Korea, Seoul, Jeju, Hokkaido, Fukuoka, Tokyo Haneda, Beijing, Shanghai, Guangzhou, Saudi Arabia, Riyadh, Africa, South, Town, Johannesburg, Spain's Barcelona, Mallorca

☆ Indonesia protectionist policy to draw investment misguided: Economists
▼ + stars: | 2024-12-17 | by ( Dylan Butts | ) www.cnbc.com time to read: +6 min

On Dec. 3, Indonesia's deputy industry minister told reporters that the country plans to increase the local content requirement for smartphone investments. Still, Indonesia is a small overseas sales market for Apple, with few consumers wealthy enough to buy a cutting-edge iPhone, economists said. Indonesia's content policy requires 40% of smartphones and tablets to be locally made. "Local content requirements have not been successful in attracting FDI to Indonesia. In addition to its local content requirements, Indonesia has also implemented other protectionist policies, including tariffs, to drive greater investments into the country.

Persons: Tim Cook, Budi Arie Setiadi, Joko Widodo, Bhima Yudhistira Adhinegara, What's, Arianto Patunru, Will Indonesia's, Indonesia's, CELIOS, Adhinegara, Yessi, Krisna Gupta Organizations: Apple, Indonesian, Communication, Industry, Afp, Getty, Center of Economic, Law Studies, CNBC, Apple Developer, Samsung, Center for Indonesian, Studies, Economic Research Institute, ASEAN Locations: Indonesian, Jakarta, Apple, Indonesia, Vietnam, China, Cupertino, Bali, South, Southeast Asia, East Asia

☆ Trump transition team plans sweeping rollback of Biden EV, emissions policies
▼ + stars: | 2024-12-16 | by ( ) www.cnbc.com time to read: +3 min

The transition team also recommends imposing tariffs on all battery materials globally, a bid to boost U.S. production, and then negotiating individual exemptions with allies, the document shows. Taken together, the recommendations are a stark departure from Biden administration policy, which sought to balance encouraging a domestic battery supply chain, separate from China, with a rapid EV transition. The proposals came from a Trump transition team charged with crafting a strategy for swift implementation of new automotive policies. "Assured sources of critical minerals and materials" are "critical to U.S. national security," the report found. Trump transition spokeswoman Karoline Leavitt said voters gave Trump a mandate to deliver on campaign promises, including stopping government attacks on gas-powered cars.

Persons: Donald Trump's, Trump, Joe Biden's, Elon Musk's Tesla, Karoline Leavitt, Leavitt Organizations: U.S, Reuters, China, Trump, Biden, EV, General Motors, Hyundai, Elon, The Defense Department Locations: China, U.S

☆ 'No easy way' to stimulate China's consumption, says economist
▼ + stars: | 2024-12-16 | 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 Email'No easy way' to stimulate China's consumption, says economistHao Hong, partner and chief economist at Grow Investment Group, discusses China's November economic data dump, saying another cut in banks' cash reserve ratio may not be "too helpful" at this stage.

Persons: Hao Hong Organizations: Grow Investment

☆ China's biggest shopping festival couldn't convince consumers to spend more money
▼ + stars: | 2024-12-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China's retail sales grew 3% on-year in November, missing expectations and showing weak demand. The property crisis and low consumer confidence are dragging down China's economic recovery. AdvertisementIn November, China's retail sales — a measure of consumption — grew 3% from a year ago, according to official data released on Monday. Related storiesChina is mired in an epic property crisisChina is grappling with a years-long property crisis. China's retail sales data came about a month ahead of President-elect Donald Trump's inauguration.

Persons: Lynn Song, Song, Vishnu Varathan, Donald Trump's, Trump, Hong Organizations: Reuters, Mizuho Securities Locations: China, Greater China, Beijing, Asia, Japan

☆ Jim Cramer explains why you should look toward more cult stocks in 2025
▼ + stars: | 2024-12-16 | by ( Kristian Burt | In | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Monday said that the fundamentals can sometimes hold investors back from buying stocks that, in hindsight, are obvious success stories, and used cult stocks as an example. "But unlike meme stocks, cult stocks have such a loyal shareholder base that they can trade independently of the business for years and years." Cramer said that the most obvious example of a cult stock is Tesla . He also named two other companies as examples of cult stocks, Netflix and Palantir . "Sometimes conventional methods of valuation are completely worthless, and you need to embrace the dynamics of cult stocks.

Persons: CNBC's Jim Cramer, Cramer, didn't, Elon Musk's, Donald Trump, Musk, Palantir, Alex Karp's Organizations: Trump, Netflix Locations: EVs

☆ China's November retail sales miss expectations as real estate slump deepens
▼ + stars: | 2024-12-16 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

China's retail sales disappointed in November as sentiment in the real estate market weakened further, in another sign that Beijing's efforts to boost the economy have failed to revive sluggish demand. Retail sales rose by 3% in November from a year ago, according to National Bureau of Statistics data released Monday, missing the forecast of 4.6% in a Reuters poll. The slump in real estate investment for the January to November period deepened, shrinking by 10.4% from a year ago, following a 10.3% decline reported in the January to October period. Consumer and business confidence has been hit by a prolonged property downturn, local government debt risks and high unemployment. "The stimulus effect has been short-lived," My Bui, economist at investment management firm AMP said in an email.

Persons: Bui Organizations: National Bureau, Statistics, Consumer, AMP, Reuters, National

☆ Taiwan gets its first US Abrams tanks as it prepares for a possible invasion by China
▼ + stars: | 2024-12-16 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

Taiwan has received 38 Abrams tanks from the US, with more tanks to come. China has stepped up its military aggression toward Taiwan, and some fear an invasion. Taiwan has taken delivery of its first-ever Abrams tanks from the US, and its first delivery of a new type of US tank in three decades. AdvertisementTaiwan's defense ministry said on Monday that the country had received 38 Abrams tanks from the US, according to AFP. AdvertisementHowever, the US approved the possible sale of 108 Abrams tanks to Taiwan in 2019.

Persons: Abrams, Taiwan's, Ian Easton, Lin Jian Organizations: AFP, Taiwan's Ministry of National Defense, Central News Agency, CNA, Tiger, China Maritime Studies, US Naval War College ., Street Journal Locations: Taiwan, China, Russia

☆ China gears up for an uncertain 2025. How investors plan to prepare
▼ + stars: | 2024-12-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

"It is clear that China is setting the stage to increase stimulus in 2025, potentially to counteract any adverse trade policies from the incoming Trump administration," Costello said. Cambridge Associates is neutral on Chinese stocks, wanting to see more evidence of a pickup in growth. "With recovery of China's hospital procurement for medical equipment from September, we foresee a growth rebound for the China medical device sector in 2025," the HSBC analysts said. Snibe, traded in the Shenzhen market, can see 19% earnings growth, with Mindray profits expected to climb 15%. In contrast, this year's rally in Chinese stocks could snap multiple years of declines.

Persons: Aaron Costello, Stocks, Trump, Costello, Biden, Donald Trump, CNBC's Jim Cramer, Xi Jinping, Karoline Leavitt, Xi, Paul Christopher, Christopher, Wells, Downside, — CNBC's Michael Bloom Organizations: Cambridge Associates, Ministry of Finance, HSBC, Imaging, New York Stock Exchange, Fox News, Macro Research, Reuters, Citigroup, Wells, Wells Fargo Investment Institute Locations: Asia, Beijing, China, Shanghai, Shenzhen, U.S, Wells Fargo, Hong Kong

☆ Suspected sabotage of European undersea cables shows just how vulnerable these critical lines are to attack
▼ + stars: | 2024-12-15 | by ( ) www.businessinsider.com time to read: +6 min

Undersea cables between Finland-Germany and Lithuania-Sweden were cut, potentially sabotaged. NATO is enhancing surveillance and coordination to protect critical underwater infrastructure. The damage to the cables, which European officials said appeared deliberate, highlights just how vulnerable these critical undersea lines are. AdvertisementIn May this year, NATO held its first Critical Undersea Infrastructure Network meeting and launched its Maritime Centre for the Security of Critical Undersea Infrastructure to better coordinate the capabilities of its members and increase collaboration between them. Yantar, one of GUGI's special-purpose spy vessels, which nominally acts as a survey vessel, has often been spotted near underwater cables.

Persons: Yi Peng, Yi, Mikkel Berg Pedersen, Ritzau Scanpix, Boris Pistorius, Pistorius, Dmitry Peskov, Jens Stoltenberg, David Cattler, LPhot Kyle Heller, Cattler Organizations: NATO, Yi Peng, Steam, Danish Defence Command, European, Undersea, Network, Maritime Centre, Infrastructure, British Royal Navy, Russia, Directorate, Research Locations: Finland, Germany, Lithuania, Sweden, Russia's Ust, Gulf, AFP, Ukraine, Russia, Estonia, Norwegian, Norway, European Union, Russian, Denmark, Nordic

☆ How China's satellite megaprojects are challenging Elon Musk's Starlink
▼ + stars: | 2024-12-15 | by ( Magdalena Petrova | ) www.cnbc.com time to read: +4 min

China faces a tall order in its efforts to catch up to Elon Musk's SpaceX satellite service. SpaceX's Starlink already has nearly 7,000 operational satellites in orbit and serves around 5 million customers in more than 100 countries, according to SpaceX. China is aiming for a similar scale and hopes to have around 38,000 satellites across three of its low earth orbit internet projects, known as Qianfan, Guo Wang and Honghu-3. Aside from Starlink, European-based Eutelsat OneWeb has also launched more than 630 low earth orbit, or LEO, internet satellites. "In certain countries, China could see this as almost like a differentiator.

Persons: SpaceX's Starlink, Guo Wang, OneWeb, Starlink, Steve Feldstein, Feldstein, Blaine Curcio, Juliana Suess, Suess Organizations: Elon, SpaceX, Carnegie Endowment, International, Orbital Gateway Consulting, German Institute for International and Security Affairs, Huawei Locations: China, European, U.S, Western Europe, Canada, Russia, Afghanistan, Syria, Africa, Ukraine

☆ Trump inviting Xi to his inauguration is an audacious power play
▼ + stars: | 2024-12-14 | by ( Tom Porter | Hannah Abraham | ) www.businessinsider.com time to read: +5 min

Trump's decision to invite China's Xi Jinping to his inauguration surprised many observers. When President-elect Donald Trump invited China's President Xi Jinping, the leader of the US' biggest geopolitical rival, to his January inauguration on Thursday, it came as somewhat of a surprise. But Trump has long reveled in unpredictability, and has often balanced his confrontational China policies with years of lavishing praise for Xi. AdvertisementSome see Trump's invitation as the latest power play designed to imbalance Xi and reset US-China relations. All of this makes it highly unlikely that Xi will want to come to the US to clap as Trump is sworn in as president.

Persons: China's Xi Jinping, Trump, Donald Trump, Xi Jinping, Xi, Kerry Brown, Ali Wyne, Wyne, Neil Thomas, Thomas, Trump's, Brown Organizations: China's, Asia Pacific, Chatham House, Lau China Institute, King's College, Crisis, Asia Society, Center for, ABC News, Nvidia, Trump, Bloomberg Locations: China, London, Trump, Center for China, loggerheads, Russia, Ukraine, Taiwan, combatting

☆ Asia markets poised to fall as investors assess pledges at high-level China economic meeting
▼ + stars: | 2024-12-13 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets were set to mostly fall Friday, mirroring moves on Wall Street that was weighed down by a hotter-than-expected producer price inflation reading. The producer price index, which measures wholesale inflation, climbed 0.4% for November, higher than the Dow Jones estimate of 0.2%. India will also release its wholesale inflation figures for November later in the day. Economists polled by Reuters expect India's wholesale inflation rate to come down to 2.2% from October's 2.36%. China on Thursday affirmed its recent policy shifts and stressed on plans to boost growth following a meeting that happened after China's market close.

Persons: Dow Jones Organizations: PPI, Bank of Japan's, Reuters Locations: Yokohama, Japan, Asia, Pacific, India, China

☆ China signals readiness to mend ties with U.S. ahead of Trump inauguration
▼ + stars: | 2024-12-13 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +4 min

U.S. President Donald Trump, right, and Xi Jinping, China's president, walk past members of the People's Liberation Army (PLA) during a welcome ceremony outside the Great Hall of the People in Beijing, China, on Thursday, Nov. 9, 2017. During his election campaign, Trump had threatened to impose tariffs in excess of 60% on China. Earlier this month, the Joe Biden administration announced broader restrictions on U.S. exports of advanced memory chips and chipmaking machineries to Chinese companies. President Xi reiterated on Tuesday that he had "full confidence" to achieve this year's growth target, calling the country "the biggest engine of world's economic growth." Overtures but not capitulationEarlier this week, CBS reported that Trump had invited the Chinese leader to attend his inauguration next month.

Persons: Donald Trump, Xi, Qilai Shen, Xi Jinping, Kenneth Jarrett, Jarrett, Shen Meng, Trump, Joe Biden, machineries, Daniel Balazs, Sam Radwan, Derek Scissors, Gabriel Wildau, Teneo Organizations: People's Liberation Army, PLA, of, People, Bloomberg, Getty, U.S, U.S ., China Business Council, Albright, Trump, America, Chanson, Rajaratnam, of International Studies, Nvidia, CNBC, CBS, American Enterprise Institute Locations: Beijing, China, U.S, Washington

☆ OpenAI emails show Elon Musk wanted for-profit structure in 2017
▼ + stars: | 2024-12-13 | by ( Hayden Field | ) www.cnbc.com time to read: +4 min

In a blog post titled "Elon Musk wanted an OpenAI for-profit," the startup alleged that in 2017, Musk "not only wanted, but actually created, a for-profit" to serve as the company's proposed new structure. "When he didn't get majority equity and full control, he walked away and told us we would fail," OpenAI wrote in the blog post. OpenAI's "structure doesn't seem optimal," Musk wrote in a November 2015 email to OpenAI CEO Sam Altman, according to screenshots shared in the blog post. "In particular, the YC stock along with a salary from the nonprofit muddies the alignment of incentives," Musk wrote, according to the screenshots. Musk wrote that China "will do whatever it takes to obtain what we develop.

Persons: Elon Musk, Sam Altman, OpenAI, didn't, xAI, Musk, Shivon Zilis, Greg Brockman, Brockman, Ilya Sutskever, Altman, Musk's, Tesla, Tesla Al Organizations: Elon, CNBC, YC, Intelligence Technologies, Inc, Google Locations: Ankara, Turkey, China, OpenAI

☆ JPMorgan economist discusses China's plans to boost domestic demand
▼ + stars: | 2024-12-13 | 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 EmailEncouraging that China is making domestic demand a top priority but scale may fall short: JPMorganGrace Ng, senior Greater China economist at JPMorgan, says the housing downturn and youth unemployment rate are major drags on China's domestic consumption recovery.

Persons: JPMorgan Grace Ng Organizations: JPMorgan Locations: China

☆ China says Philippines has 'provoked trouble' in South China Sea with U.S. backing
▼ + stars: | 2024-12-13 | by ( ) www.cnbc.com time to read: +3 min

A vessel identified by the Philippine Coast Guard as "Chinese maritime militia" (back R) and a China Coast Guard vessel (front R) sailing near the Philippine military chartered Unaizah May 4 (L) during its supply mission to Second Thomas Shoal in the disputed South China Sea on March 5, 2024. China accused the Philippines on Friday of having "provoked trouble" in the South China Sea with U.S. backing, a week after Beijing and Manila traded accusations over a new confrontation in the disputed waters. "The Philippine side, with U.S. support and solicitation, has been stirring up trouble in many spots in the South China Sea," Wu Qian, a spokesperson for China's defence ministry, said on its official WeChat account. Beijing and Manila have been involved this year in a series of confrontations at reefs and outcrops in the South China Sea, which China claims almost in its entirety. Sovereignty over the Scarborough Shoal has never been established.

Persons: Thomas Shoal, Wu Qian, China's, EEZs Organizations: Philippine Coast Guard, China Coast Guard, Philippine, Unaizah, U.S, National Maritime Council, National Security Council, Navy's, China's Coast Guard, United, UN, Scarborough, Association of Southeast, Nations Locations: China, Philippines, South, U.S, Beijing, Manila, South China, Spratly, Scarborough, Brunei, Malaysia, Taiwan, Vietnam, The U.S, Huangyan, United Nations

☆ CNBC Daily Open: Inflation’s still high — but so is the stock market
▼ + stars: | 2024-12-13 | 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. U.S. producer prices still hotU.S. producer prices rose 0.4% in November, higher than the Dow Jones consensus estimate of 0.2%. The hotter-than-anticipated increase in producer prices comes after headline consumer prices rose at a sharper annual rate in November compared with the prior month. [PRO] Tom Lee makes his 2025 predictionsFundstrat's Tom Lee has a history of correct calls.

Persons: reemphasizing, Dow Jones, Tom Lee, Lee, — Organizations: CNBC, CSI, PPI, Reserve Bank of, European Central Bank Locations: Asia, India, Reserve Bank of India

☆ Oil edges lower on 2025 supply surplus forecast, but set to notch weekly gain
▼ + stars: | 2024-12-13 | by ( ) www.cnbc.com time to read: +2 min

Oil prices inched lower on Friday as investors focused on a forecast of ample supply and shrugged off expectations of higher demand next year from Chinese stimulus measures, while eyeing another Federal Reserve interest rate cut next week. Supply is expected to exceed demand growth forecast of 1.1 million bpd, IEA said in its monthly oil market report, raising its demand forecast from 990,000 bpd last month. Three of Canada's biggest oil producers forecast higher production in 2025. Building on record production in the U.S., Goldman Sachs expects Lower 48 shale oil production to grow by 600,000 bpd in 2025 although the growth could slow if Brent falls below $70 a barrel. Chinese crude imports grew annually for the first time in seven months in November, driven by lower prices and stockpiling.

Persons: Warren Patterson, ING's, Goldman Sachs, Brent, WTI, ING's Patterson Organizations: Union Pacific, Brent, West Texas, International Energy Agency Locations: Salt Lake City , Utah, OPEC, United States, Canada, Guyana, Brazil, Argentina, U.S, Russia, Iran, Saudi Arabia, China, India

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