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Hong Kong CNN —China’s top diplomat Wang Yi has had a busy week in which two devastating conflicts have loomed large. Kuleba’s visit was the first time in the nearly 29 months of Russia’s war on Ukraine that a high-level Ukrainian official has visited China. Official statements from Beijing and Kyiv after Wednesday’s Wang-Kuleba talks gave no indication that the Ukrainian diplomat had swayed Beijing toward Kyiv’s vision for peace. Observers say Beijing could, at some point, play a role in any potential future talks, but is unlikely to shift its relationship with Russia. But it was met with some skepticism from observers in the region given the failure of past attempts at unity.
Persons: Hong Kong CNN —, Wang Yi, Wang, Fatah, Dmytro Kuleba –, , Kuleba, Beijing “, ” Wang, , Steve Tsang, Kuleba’s, Vladimir Putin, Volodymyr Zelensky, , Zelensky, Russia ”, Antony Blinken, Mahmoud al, Mussa Abu Marzuk, Pedro Pardo, Beijing’s, Wednesday’s Wang, ” Kuleba, Xi, Chong Ja Ian, Donald Trump, Trump’s, JD Vance, ” Chong, Jonathan Fulton Organizations: Hong Kong CNN, Hamas, Ukrainian, SOAS China Institute, University of London, Beijing, NATO, Central Committee, Fatah, China's, Getty, Foreign Ministry, Ukrainian Foreign Ministry, Kyiv, Observers, West, National University of Singapore, Republican, Global, , Palestinian, US State Department, West Bank ”, Atlantic Locations: China, Hong Kong, Beijing, Gaza, Ukraine, Russia, United States, Russian, Kyiv, Laos, AFP, Guangzhou, Ukrainian, Moscow, China’s, ” Russia, India, Brazil, Israel
A tanker carrying 1.4 million liters of industrial fuel capsized off the coast of Philippines, leading to one casualty and a vast oil spill, local authorities said Thursday. The vessel had departed Limay and was bound for fellow Philippines' port of Iloilo, according to data from The Coast Guard said it is now addressing the oil spill and intends to finish siphoning the fuel from the sunken tanker to prevent further spreading within seven days. The Philippine Coast Guard Aviation Command separately alerted that it had deployed air assets on a search-and-rescue mission to the sunken tanker. The Philippines-flagged tanker MT Princess Empress suffered engine troubles in rough seas and sank with its load of 800,000 litres of industrial fuel oil off the central Oriental Mindoro province.
Persons: Armando Balilo, Gavan, Balilo, Gaemi, Carina —, Bongbong Marcos Organizations: country's Cost Guard, Authorities, Coast Guard, Philippine Coast Guard Aviation Command, Metro Manila Council, Philippines, Bataan, Terra Nova Locations: Philippines, Philippine, Limay, Bataan, Iloilo, Manila, Taiwan, Mindoro
Chinese banks cut deposit rates to relieve squeezed margins
  + stars: | 2024-07-25 | by ( )   time to read: +2 min
Brent Lewin | Bloomberg | Getty ImagesFive of China's major state-owned banks on Thursday cut deposit rates to cushion a hit to their already record low margins after this week's surprise lowering of lending benchmarks to bolster stuttering economic growth. Industrial and Commercial Bank of China (ICBC) , Agricultural Bank of China , China Construction Bank , Bank of China and Bank of Communications cut deposit rates by 5 to 20 basis points, according to statements on their websites. It marks the first broad reduction in deposit rates by Chinese banks since December last year. Prior to that, Chinese lenders had broad cuts to deposit rates in late 2022, their first such move since 2015. ICBC cut its demand deposit rate by five basis points to 0.15% and one-year deposit rate by 10 basis points to 1.35%.
Persons: Brent Lewin, Nie Wen, Nie Organizations: Agricultural Bank of China Ltd, Bloomberg, Getty, Commercial Bank of China, Agricultural Bank of, China Construction Bank, Bank of China, Bank of Communications, Shanghai Hwabao Trust Locations: Guangdong, Guangzhou, Guangdong Province, China, Agricultural Bank of China, Shanghai
CNBC | Evelyn ChengSHANGHAI — China on Thursday announced its most targeted measures yet for boosting consumption, which has remained lackluster since the Covid-19 pandemic. Authorities announced they would allocate 300 billion Chinese yuan ($41.5 billion) in ultra-long special government bonds to expand an existing trade-in and equipment upgrade policy. He noted how the new policy links Beijing's ultra-long bond program — announced in March — with consumption. The National Development and Reform Commission on Thursday then announced the expanded policy to support consumption. He noted that the 300 billion yuan designation also reflects "a new way of thinking" which can have impact at scale.
Persons: Evelyn Cheng, Zong Liang, , Zong, Bruce Pang Organizations: CNBC, Thursday, Authorities, National Development, Reform, Ministry of Finance, Bank of, People's Bank of Locations: Evelyn Cheng SHANGHAI, China, People's Bank of China, JLL
Southwest reported 58 cents in adjusted earnings per share on $7.35 billion of revenue. Analysts surveyed by LSEG were looking for a profit of 51 cents per share on $7.32 billion in revenue. RTX reported $1.41 earnings per share, ex-items, compared to analysts' estimate of $1.30 per share, according to LSEG. KLA reported adjusted earnings of $6.60 per share, higher than analysts' expectations of $6.15 per share, according to LSEG. Ford reported adjusted earnings per share of 47 cents, significantly less than the consensus forecast of 68 cents, per LSEG.
Persons: oversupply, overshadowing, AbbVie, Dow, LSEG, Northrop Grumman, Dr Pepper, ServiceNow, CJ Desai, Molina, FactSet, Edwards, Ford, , Yun Li, Jesse Pound, Christina Cheddar Berk, Fred Imbert Organizations: Airlines —, American Airlines, Honeywell —, Southwest Airlines —, Hasbro, IBM, Northrop, LSEG, Nasdaq, KLA Corporation, U.S . Army, Molina Healthcare, Technology, Ford, Viking Therapeutics Locations: LSEG
Asia-Pacific markets saw a sell off on Thursday, tracking losses on Wall Street as the S&P 500 and Nasdaq Composite saw their worst days since 2022. The broad market index lost 2.31%, closing at 5,427.13, while the tech-heavy Nasdaq slid 3.64% to end at 17,342.41. Meanwhile, Tesla shares declined 12.3% — their worst day since 2020 — on weaker-than-expected results and a 7% year-over-year drop in auto revenue. Over in Asia, investors will assess South Korea's advance second-quarter GDP numbers, which came in slightly below expectations. South Korea's GDP grew 2.3% year on year, lower than the 2.5% expected by economists polled by Reuters.
Persons: Organizations: Nasdaq, Dow Jones, Tech, Nvidia, Meta, Reuters Locations: Seoul . Asia, Pacific, Asia
Traditional infrastructure might not seem as sexy as the newer AI data centers, but Bank of America believes traditional infrastructure has stronger growth prospects than AI infrastructure. The heavy focus on technology and AI has resulted in investors overlooking traditional infrastructure investment. Invest in industrials and materialsIn particular, Bank of America identified the industrials and materials sectors as the best investment opportunity within traditional infrastructure. The industrials sector trades at a relative forward PE of 0.98, and materials trades at 0.92. AdvertisementSome specific industries within those sectors are especially undervalued, such as construction materials and metals & mining.
Persons: , there's, Savita Subramanian, it's, Reshoring Organizations: Service, Big Tech, American Society of Civil Engineers, Business, Bank of, Bank of America Government, Bank of America, Bank, Invest, Industrial Locations: North America, industrials
Vice President Kamala Harris, now the presumptive Democratic nominee for president, has a long history as a climate-minded politician. During her time as vice president, she helped broker the largest climate deal in U.S. history, the $370 billion Inflation Reduction Act of 2022. Now, the choice of running mate could help bolster her climate and energy agenda, or moderate her stance for voters in swing states. Josh Shapiro, Governor of PennsylvaniaOn Monday, Gov. As a candidate, he set goals to generate 30 percent of the state’s energy from renewables by 2030, a nearly 10-fold increase, and to stop adding carbon dioxide to the atmosphere by 2050.
Persons: Kamala Harris, polluters, Josh Shapiro, Biden’s, Shapiro’s Organizations: Democratic, Green Locations: U.S, Pennsylvania
Texas InstrumentsMarkets InsiderFund: GMO US Quality ETF (QLTY)Weight in fund: 3.8%Tom Hancock, the manager for the GMO US Quality ETF (QLTY), identified Texas Instruments (TXN) as the holding in his fund he's most bullish on given that it has recently underperformed much of the semiconductor industry. "Texas Instruments is a semiconductor company without a strong 'AI' story behind it. The stock has hence lagged its industry despite great long-term fundamentals and strong management," Hancock said. "Those chips go into all manner of applications across industrial, automotive, consumer electronics, communications infrastructure as well as data centers. Shares of Texas Instruments are up 7% over the last 12 months.
Persons: Tom Hancock, Hancock, QLTY Organizations: Texas, TI, Texas Instruments
US stocks dropped Wednesday, with the Nasdaq seeing its steepest single-day loss since 2022. AdvertisementUS stocks dropped on Wednesday, led by a steep sell-off in the tech sector after the first batch of mega-cap earnings disappointed investors. Tesla shares dropped 12% after the carmaker missed earnings estimates and logged a big drop in auto revenue. AdvertisementOther mega-cap tech stocks also tumbled in Wednesday's session as investor sentiment soured. Investors are waiting on more mega-cap tech earnings, with Meta, Apple, and Amazon set to report their financials next week.
Persons: Organizations: Nasdaq, Service, Dow Jones Industrial, YouTube, Nvidia, Meta, Tech, Apple, Here's Locations: Tech
Read previewThis as-told-to essay is based on a conversation with Ken Mac, a 43-year-old stay-at-home dad in the Chicago area. AdvertisementWhen I told my coworkers I was resigning to become a stay-at-home dad, they were shocked that I'd leave such a well-paying job. Related storiesHowever, I feel the impact and reward of my job as a stay-at-home dad more than I did as an engineer. It also underscores the demands of being a stay-at-home parent — there are no breaks, no sick days, and no PTO. This always prompts a pause before I reveal I'm a stay-at-home dad.
Persons: , Ken Mac, It's, Andrea, I've, I'd, wasn't, Ken, isn't, aren't, would've, Lauryn Haas Organizations: Service, Business, Locations: Chicago
Traders work on the floor of the New York Stock Exchange (NYSE) on July 24, 2024 in New York City. Stock futures rose Wednesday night after a sharp tech-driven sell-off dragged the Nasdaq Composite and the S&P 500 to their worst session since 2022. S&P 500 futures rose 0.2%, while Nasdaq 100 futures advanced 0.3%. In after-hours trading, Ford Motor shares tumbled about 10% after the company's second-quarter earnings came in much lower than analysts had expected. More than 25% of companies in the S&P 500 have reported their second-quarter earnings, according to FactSet data.
Persons: Chipotle, ServiceNow, Yung, Yu Ma, Ma Organizations: New York Stock Exchange, Nasdaq, Dow Jones, Ford Motor, IBM, Nvidia, Microsoft, BMO Wealth Management, American Airlines, Northrop Grumman, Honeywell, Hasbro Locations: New York City, Stock
Louis Lehot, a Silicon Valley law-firm partner, specializes in taking companies from startup to IPO. The IPO market is expected to pick up later this year, so Business Insider emailed Silicon Valley lawyer Louis Lehot, a partner at Foley & Lardner, for advice on how startups should prepare for life as public companies. Are public market investors generally keen to invest in IPOs, or are they focused elsewhere? Public market investors are selective, focusing on established profitability and sustainable growth over speculative, high-growth stories. What are the key process changes companies need to make ahead of an IPO?
Persons: Louis Lehot, Lehot, , Lardner, Collison Organizations: Service, Foley, Healthcare, Biotech, Green Energy, Enterprise, Street, Investor
Executives at Blackstone Mortgage Trust, or BXMT, have said that it was well-positioned to withstand stresses in the commercial real estate market brought on by the pandemic and sharply rising interest rates. Executives at Blackstone have also said that they see the real estate market bottoming. The fund's loan book is tied largely to strong segments of the commercial real estate market, including residential apartment buildings, industrial warehouses, and hotels. Executives have described its loan balances as conservative relative to the value of the real estate assets that serve as their collateral. AdvertisementBut BXMT has significant exposure to the office market, where value declines have been steep enough to dip below outstanding loan balances in some cases.
Persons: , behemoth Blackstone, Katherine Keenan, Anthony Marone, Katie Keenan, BXMT, Keenan Organizations: Service, Blackstone Mortgage Trust, Business, Blackstone
Significant pressure on productionThe US and Europe have ramped up artillery production rates to try to outgun Russia and meet Ukraine's battlefield needs. However, he noted that Israel would fight a "very" different type of war with Hezbollah than Ukraine is fighting with Russia. Ukraine could pay a priceCancian doesn't believe that Ukraine would run out of artillery projectiles. Levantovscaia said diverting artillery to Israel could potentially cost Ukraine the war, but said she wasn't "100% sold," and that Ukraine's innovation and determination could counterbalance that. Even so, Temnycky said that any new limits on arms and ammunition would "certainly" make the objective of winning the war in Ukraine harder.
Persons: , Daniel Hagari, Raphael Cohen, Kathryn Levantovscaia, Jeff Jurgensen, Levantovscaia, Mark Temnycky, RAND's Cohen, Israel, Mark Cancian, Cohen, Temnycky Organizations: Service, Hezbollah, Israel Defense Forces, Business, Israel's Air Force, Russia, RAND Project Air Force, Forward Defense, Strategy, Defense Ministry, Pentagon, CNN, Council's Eurasia, Hamas, Marine, Center for Strategic, International Studies, RAND, Israel, Ukraine Locations: Israel, Iran, Lebanon, Gaza, Ukraine, Europe, Russia, United States
Nasdaq futures fell after Alphabet and Tesla reported earnings. Tesla auto revenue dropsTesla's second-quarter earnings fell short of expectations as automotive sales declined for the second consecutive quarter. YouTube's ad revenue fell short of estimates amid increased competition from platforms like TikTok. GM skidsGeneral Motors' beat second-quarter earnings estimates but shares fell 6% as it restructures its struggling autonomous vehicles and Chinese business. RBC Capital Markets' Tom Narayan highlighted GM's expectation that second-half earnings will be $2.5 billion lower than in the first half.
Persons: Tesla, Ruth Porat, Morgan Stanley's Adam Jonas, Tom Narayan Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Treasury, Tesla, GM, General, RBC Capital Markets, United Parcel Service, UPS, Barclays, CNBC Pro Locations: New York City, U.S, Waymo
As the United States presidential election nears, there's one key theme that's expected to continue regardless of who wins: the reshoring of American manufacturing . Tema ETFs runs the actively managed American Reshoring ETF (ticker RSHO), designed to take advantage of this trend. "The American reshoring fund is built on the foundation that the world's not getting any safer. However, the fund manager cautioned that there could be challenges in hiring skilled labor due to the decline in the United States semiconductor manufacturing industry over the years. TSM 5Y line While TSMC is less than 1% of the American Reshoring ETF, Clean Harbors is a top 10 holding with 4.71% allocated.
Persons: Yuri Khodjamirian, CNBC's, PFAS —, Khodjamirian Organizations: United, Republicans, Democrats, Tema, American, Harbors, Clean Harbors, Taiwan Semiconductor, ETF Locations: United States, Tema, North America, Arizona
A general view of the Lotte tower amid the the Seoul city skyline and Han river during sunset. Hong Kong's Hang Seng index futures were at 17,741, higher than the HSI's last close of 17,635.88. South Korea's Kospi rose 1.01%, while the small-cap Kosdaq climbed 1.22%. South Korea's producer price index in June rose 2.5% year-on-year, compared to a 2.3% climb in May. According to economists polled by Reuters, the country's consumer price index is expected to climb 2.7% year-on-year.
Persons: Australia's, Narendra Modi's, , Samantha Subin, Hakyung Kim Organizations: Nikkei, Barclays, Traders, Reuters, Nasdaq, Dow Jones Locations: Seoul, India, Asia, U.S
AdvertisementShe explained that from a tactical perspective, Ukraine and Russia are learning much about each other, and in response, the cycles of adaptation and countermeasures are rapidly compressing. "Russia's allies and their partners are learning from them, and this is now a currency that Russia has to give to Iran, China, North Korea — that learning of our equipment." Iran and North Korea have collectively outfitted Russia with a bunch of lethal aid, including missiles, rockets, artillery shells, and drones. Photo by ANONYMOUS/Middle East Images/AFP via Getty ImagesChina's support for Russia as it wages war in Ukraine has been more discreet. Experts and officials have also said that North Korea is likely learning about how its weapons perform in actual combat conditions.
Persons: , Dara Massicot, Massicot, Baiba Braže, Alina Smutko, Tehran's, Abrams, ALEXANDER NEMENOV, It's, Luke Coffey, Iran's Organizations: Service, NATO, Business, Carnegie Endowment, International, Latvia's, Mechanized Brigade, REUTERS, Getty, CNN, Russian, Army Tactical Missile, West, Ukraine —, Hudson Institute, North, General Staff, Ukrainian Armed Forces, Institute for, Ukraine Locations: Ukraine, Russia, Washington, Iran, China, North Korea, Moscow, Iranian, Kermanshah, Beijing, Tehran, Pyongyang, AFP, Israel, Korea, Ukrainian, X
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. Wiz walks awayCloud security startup Wiz rejected a $23 billion acquisition offer from Google, opting instead to pursue an IPO. The move allows Warner Bros. to retain some of its NBA broadcasting rights. However, the NBA may not want Warner Bros. as a media rights partner and could reject the company's matching rights, which could lead to a legal tussle.
Persons: Kamala Harris, Russell, CrowdStrike, George Kurtz, Mark Green, Andrew Garbarino, Wiz, Hai Precision Industry —, Hong Organizations: New York Stock Exchange, CNBC, Tech, Nvidia, Nasdaq, Dow Jones Industrial, Homeland Security, Microsoft, Delta Air Lines, Google, NBA, Warner Bros, Discovery, National Basketball Association, Amazon Prime, Taiwan Semiconductor Manufacturing Corp, Hai Precision Industry, CSI, U.S Locations: New York City, U.S, Asia, Pacific, Taiwan
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on July 22, 2024. Nasdaq stock futures traded lower Tuesday night after megacap tech companies Alphabet and Tesla reported their second-quarter results. Futures tied to the tech-heavy Nasdaq 100 moved down 0.5%, while S&P 500 futures fell 0.4%. Shares of Google parent company Alphabet fell 1.7% in extending trading. Although Alphabet reported a top and bottom line beat, Youtube advertising revenue fell below the consensus estimate.
Persons: Tesla, Dan Greenhaus, Greenhaus, I've Organizations: New York Stock Exchange, Nasdaq, Dow Jones Industrial, Google, Dow, Investors, Federal Reserve, Asset Management, Dynamics, Boston Locations: New York City
Can Kamala Harris Sell ‘Bidenomics’?
  + stars: | 2024-07-23 | by ( Jim Tankersley | )   time to read: +1 min
President Biden has signed more major economic legislation than any other president has this century. He presided over record job growth and a recovery from pandemic recession that was the envy of the wealthy world. But voters gave Mr. Biden little credit, focusing instead on the inflation surge that plagued much of Mr. Biden’s term. That shortcoming was jeopardizing Mr. Biden’s re-election chances well before he fumbled through a televised debate last month and re-inflamed questions about his age. As Mr. Biden steps away from the 2024 campaign and Vice President Kamala Harris tries to rally support for the presidential nomination, economic questions loom large over her candidacy.
Persons: Biden, Mr, Biden’s, Donald J, Trump, Kamala Harris Locations: America, China
Early industry testing of the Privacy Sandbox tools designed to emulate online targeting produced fairly dire results. Google won't escape regulatory scrutinyIt's unclear whether keeping cookies would allow Google to shake off regulators' grasp of its Privacy Sandbox. In 2022, Google pledged to give the UK's Competition and Markets Authority oversight of its Privacy Sandbox rollout and Chrome cookie removal. A key question now is whether Google's commitments to the CMA need to change now that third-party cookies remain in the mix. And there isn't a clear answer about the future governance of the Privacy Sandbox, to ensure Google doesn't preference its own ad products.
Persons: , Ciaran O'Kane, Bobby Ewing, Jon Snow, they'd, Googler Organizations: Service, Business, Google, YouTube, Apple, CMA
CNBC Daily Open: Wall Street looks past political uncertainty
  + stars: | 2024-07-23 | by ( Abid Ali | )   time to read: +3 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. Tech reboundThe S&P 500 posted its biggest gain since June 5, recovering from its worst weekly slide since April, as tech stocks rebounded led by Nvidia. The move allows Warner Bros. to retain some of its NBA broadcasting rights. However, the NBA may not want Warner Bros. as a media rights partner and could reject the company's matching rights, which could lead to a legal tussle.
Persons: Russell, CrowdStrike, George Kurtz, Mark Green, Andrew Garbarino, Berkshire Hathaway, Walter Cho, Joe Biden's, Kamala Harris Organizations: CNBC, Tech, Nvidia, Nasdaq, Dow Jones Industrial, Homeland Security, Microsoft, Delta Air Lines, Buffett, Warren, Bank of America, Apple, Boeing, Korean Air, Farnborough, NBA, Warner Bros, Discovery, National Basketball Association, Amazon Prime, Trump Locations: U.S, Berkshire
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. The S & P 500 edged slightly higher Tuesday as investors awaited quarterly earnings releases after the close from influential tech companies. This follows CNBC-parent Comcast's quarterly earnings on Tuesday, which missed revenue estimates due to weakness in theme parks and film studios. 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 .
Persons: Jim Cramer, Danaher, that's, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, Dow Jones, Google, YouTube, NFL, Walt Disney, Club, Disney
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