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CNBC Daily Open: Good data, bad news?
  + stars: | 2024-01-18 | by ( Shreyashi Sanyal | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street's other two main indexes also dropped as better-than-expected retail sales data helped lift Treasury yields. Strong retail salesU.S. retail sales came in higher than expected for the last month of 2023 in a sign that holiday shopping picked up. Apple Watch sales banned in U.S. againThe U.S. Court of Appeals for the Federal Circuit reinstated a sales ban on Apple's watches with blood oxygen sensors.
Persons: Dow, Wall, Dow Jones, Jamie Dimon, Dimon, Donald Trump's Organizations: New York Stock Exchange, CNBC, Dow, Davos JPMorgan Chase, Economic, Apple Watch, Appeals, Federal Circuit, Apple Locations: New York City, Davos, Switzerland, U.S
Read previewThe World Economic Forum in Davos is in full swing, but one of the great and good is not in Switzerland this week: Elon Musk. Grok roasts Klaus Schwab at WEF pic.twitter.com/zzpaNTWnKm — Elon Musk (@elonmusk) January 18, 2024However, Musk was full of praise for one Davos attendee : Argentine president Javier Milei. It received plenty of legitimate criticism , but also sparked conspiracy theories that believe it is a sinister plan by elites to use the Covid-19 pandemic to control the world. Comments under his X post "roasting" Schwab also featured several posts alluding to conspiracy theories surrounding the WEF. The World Economic Forum did not immediately respond to a request for comment from Business Insider.
Persons: , Elon, Klaus Schwab, Grok roasts Klaus Schwab, zzpaNTWnKm — Elon, Musk, Javier Milei, D254kMpgDh — Elon, Milei, who's, Schwab, chatbot, hadn't, He's, Prince, Wales Organizations: Service, Economic, Business, World Economic Locations: Davos, Switzerland, WEF, Argentine, Argentina
The hefty Davos promotions come after India surpassed China last year as the world's biggest country by population. Now India is touting its growing strength as a nation of innovation and as a global business hub in front of some of the world's richest and most powerful people. "As China's economy slows down, India's relatively rapid growth stands out as a clear opportunity for investors in Davos looking for bright spots." "We had an all-time revenue record in India," Apple CEO Tim Cook said on the company's latest earnings call in November, in response to an analyst's question about the company's momentum there. Hidary said Indian billionaire Mukesh Ambani's smartphone company Jio will serve about 600 million people in India through a $12 device.
Persons: There's, Ravi Agrawal, Agrawal, Narendra Modi, that's, Tim Cook, Apple Tim Cook, Punit Paranjpe, Jack Hidary, Hidary, Mukesh, Ambani Organizations: India Engagement, Wipro, Infosys, Tata, Foreign Policy, CNN, CNBC, World Bank, International Trade Administration, Visual, Bank of India, Dell, HP, Lenovo, Apple, AFP, Getty, India, AMD, Nvidia, Micron, WEF Locations: DAVOS, Switzerland, Davos, India, China, CNN India, Maharashtra, Tamil Nadu, Telangana, Karnataka, U.S, Mumbai, Bangalore, Gujarat
The topic of Donald Trump has dominated dinners and parties at Davos, with many in attendance at the World Economic Forum mulling the former president's potential return to the White House after his resounding Iowa caucus victory. 2024 predictionsJamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Steve Schwarzman, Chairman, CEO & Co-Founder Blackstone Group, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Adam Galici | CNBCBlackstone CEO Stephen Schwarzman expressed another common theme among executives — that both Trump and U.S. President Joe Biden are flawed choices. Marc Benioff, co-founder, chairman and CEO Salesforce, speaking with CNBC's Sara Eisen at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024.
Persons: Donald Trump, Evelyn Hockstein, , I'm, Trump's, Jamie Dimon, JPMorgan, Adam Galici, Jamie Dimon wouldn't, CNBC's, Dimon, Biden, Trump, he's, Steve Schwarzman, Stephen Schwarzman, Joe Biden, Schwarzman, Ben Smith, Smith, Marc Benioff, Salesforce, Bloomberg's Brad Stone, CNBC's Sara Eisen Organizations: Reuters, Switzerland — Global, Washington , D.C, Trump, ., JPMorgan Chase, CNBC, NATO, White, U.S, Capitol, Blackstone Group, CNBC Blackstone, Biden, Wall Street Locations: Des Moines , Iowa, U.S, Reuters DAVOS, Switzerland, Washington ,, Davos, Trade, China, Mexico, United States
Read previewMustafa Suleyman, the cofounder of DeepMind, Google's AI division, says that AI will be able to create and run its own business within the next five years. During a Thursday panel on AI at the 2024 World Economic Forum, the now-CEO of Inflection AI was asked how long it would take for AI to pass an exam akin to the Turing test. He seems to believe that AI will be able to exhibit those business-savvy capabilities before 2030— and inexpensively. Earlier this week, Suleyman told CNBC at Davos that AI is a "fundamentally labor-replacing" tool in the long term. Advertisement"It will be able to reason over your day, help you prioritize your time, help you invent, be much more creative," Suleyman told CNBC.
Persons: , Mustafa Suleyman, Turing, Suleyman, Suleyman didn't Organizations: Service, Business, CNBC, Davos Locations: Davos, Switzerland
Read previewUkrainian President Volodymyr Zelenskyy this week name-checked the surface-to-air missile system that has given Ukraine a fighting edge against Russia's purportedly invincible weapons systems in recent months. AdvertisementBut the Ukrainian president specifically heralded the American-provided Patriots as the "most powerful" weapons system "in the world today." He added that the Ukrainian battlefield has proven to be the true test for the Patriot systems in action. A military analyst told Newsweek last year that the Ukrainians have used the Patriot missile systems in ways that have even surprised the Pentagon. Zelenskyy had long been requesting the US to send the missile systems.
Persons: , Volodymyr Zelenskyy, Russia's, Zelenskyy, Kinzhals, Vladimir Putin, Zelenskky, Nicholas Carlson Organizations: Service, Business, Economic, Russian Federation, Patriots, Western Patriots, Russia's, Newsweek, Patriot, Pentagon, The New York Times, Ukraine, NATO Locations: Ukraine, Davos, Russian, Russia, Congress, Germany, Netherlands, Romania, Spain
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBen Smith on 2024 Davos takeaway: An attempt to walk away from 'a progressive political posture'Semafor co-founder and editor-in-chief Ben Smith joins 'Squawk Box' to discuss the 2024 World Economic Forum in Davos, Switzerland, key takeaways this week, and more.
Persons: Ben Smith Locations: Davos, Switzerland
Christian Sewing, Chief Executive Officer of Deutsche Bank, has acknowledged that a recession in Germany is inevitable, and urged leaders to accelerate its decoupling from China. Denis Balibouse | ReutersDeutsche Bank CEO Christian Sewing on Thursday said that merger and acquisition activity is not a priority for his group, as speculation resurfaces over the future of domestic rival Commerzbank . The state still has a 15% stake in Commerzbank, but Reuters reported earlier this week that Finance Minister Christian Lindner is open to disposing of it. The merger of Germany's two biggest banks would create a combined entity with around $2 trillion in assets, although Deutsche Bank's low valuation could complicate any such move. The bank trades at around 12 euros per share, a fraction of its book value, and a significant portion of assets would need to be marked down.
Persons: Denis Balibouse, Christian Lindner Organizations: Deutsche Bank, Reuters Deutsche Bank CEO, Commerzbank, Reuters, Deutsche, CNBC, Economic Locations: Germany, China, Commerzbank, Davos, Switzerland, Europe
The company incorporated Shenzhen Yinwang Intelligent Technology Co Ltd on Tuesday in the southern Chinese city of Shenzhen, where Huawei is based. The news marks another milestone for Huawei, which has accelerated its automotive ambitions in the past three years. But it has been hobbled in recent years by US export restrictions, which sent the company into a tailspin. The unveiling coincided with a launch by Chinese rival Xiaomi of its own first electric car, showing how competition between the two companies has spilled over to another sector. In November, a subsidiary of Changan, a Chinese state-owned automaker, disclosed that it had partnered with Huawei to form a new company created to provide smart car systems.
Persons: Elon Musk’s Tesla, Warren Buffett Organizations: Taipei CNN, Huawei, Intelligent Technology Co, Elon, Chongqing Changan Automobile Co, Changan, Shenzhen Yinwang, Automotive, Ministry of Industry, Information Technology, Economic Locations: Hong Kong, Taipei, Shenzhen, China, Changan, Chongqing, United States, Davos, Switzerland
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHRH Princess Eugenie and former UK PM Theresa May discuss tackling modern slaveryTania Bryer talks to HRH Princess Eugenie, co-founder of The Anti-Slavery Collective and Theresa May, chair of the Global Commission for Modern Slavery and Human Trafficking and former U.K. prime minister, on the sidelines of the World Economic Forum in Davos. Tania asked them about their shared mission to combat modern slavery and human trafficking which has been estimated to affect fifty million people worldwide.
Persons: Eugenie, Theresa, Tania Bryer, Princess Eugenie, Theresa May, Tania Organizations: Global Commission, Modern, Economic Locations: Davos
DAVOS, Switzerland (AP) — Artificial intelligence is easily the biggest buzzword for world leaders and corporate bosses diving into big ideas at the World Economic Forum’s glitzy annual meeting in Davos. In a sign of ChatGPT maker OpenAI’s skyrocketing profile, CEO Sam Altman is making his Davos debut to rock star crowds, with his benefactor, Microsoft CEO Satya Nadella, hot on his heels. Illustrating AI’s geopolitical importance like few other technologies before it, the word was on the lips of world leaders from China to France. Here's a look at the buzz:OPENAI OPENING BIG AT DAVOSPolitical Cartoons View All 253 ImagesThe leadership drama at the AI world's much-ballyhooed chatbot maker followed Altman and Nadella to the swanky Swiss snows. China, one of the world’s centers of AI development, wants to “step up communication and cooperation with all parties” on improving global AI governance, Li said.
Persons: OpenAI’s, Sam Altman, Satya Nadella, Altman, Nadella, , OpenAI, Klaus Schwab quizzed, Li Qiang, , Li, Ursula von der Leyen, Emmanuel Macron, Google's Bard, he's, can’t, Julie Sweet, Arvind Krishna, Yann LeCun, LeCun, ____ Chan, Matt O'Brien Organizations: Davos, DAVOS, Bloomberg, Microsoft, , European, EU, Accenture, AP Locations: DAVOS, Switzerland, Davos, China, France, Swiss, percolated, afterparties, Europe, Britain, Valley, London, Providence , Rhode Island
The idea of using Russia's frozen assets is gaining new traction lately as continued allied funding for Ukraine becomes more uncertain and the U.S. Congress is in a stalemate over providing more support. Bipartisan legislation circulating in Washington called the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act would use assets confiscated from the Russian Central Bank and other sovereign assets for Ukraine. Belgium, which is holding the rotating presidency of the European Union bloc for the next six months, is now leading the talks on whether to seize Russia's assets. Belgium is also the country where most frozen Russian assets under sanctions are being held. Maria Snegovaya, a senior fellow at the Center for Strategic and International Studies, cautioned that if Ukraine's immediate needs aren't met, “no amount of seized Russian assets is unfortunately going to compensate for what may happen."
Persons: — It's, Volodymyr Zelenskyy, “ Putin, , ” Biden, Penny Pritzker, , Nicholas Mulder, Vladimir Putin, Shalanda Young, ” Young, ” Sergey Aleksashenko, Treasuries —, Konstantin Malofeyev, Alexander De Croo, De Croo, Maria Snegovaya, aren't, Ellen Knickmeyer, Lisa Mascaro, Seung Min Kim, Zeke Miller, Aamer, Sam Petrequin, Jamey Keaton Organizations: WASHINGTON, Russian Central Bank, U.S ., U.S, ., , Ukraine, Russia, Cornell University, Washington, Russia's Central Bank, White, Management, Russian Central Banker, Russian, Justice Department, State Department, European Union, Belgian, Center for Strategic, International Studies, Associated Press Locations: United States, Ukraine, Davos, Switzerland, Ukrainian, Washington, , America, Russia, Russian, U.S, China, Frankfurt, Belgium, Brussels
Minister of Foreign Affairs of Ukraine Dmytro Kuleba attends a joint briefing with Minister of Foreign Affairs of the Netherlands Hanke Bruins Slot. Kuleba said: "So do I believe there is a potential for [Russian President Vladimir] Putin and Trump to agree on something behind Ukraine's back if Trump becomes president? He added that Trump was also the "first to sell lethal weapons to the Ukraine." The U.S. administration continues to push for further funding in Congress to support Ukraine in its war with Russia, which began in Feb. 2022. The U.S. has been a staunch ally of Ukraine throughout the war, supplying more than $75 billion in humanitarian, military and financial support.
Persons: Ukraine Dmytro Kuleba, Dmytro Kuleba, Donald Trump, Kuleba, Vladimir, Putin, Trump, Ukraine's, Steve Sedgwick, Volodymyr Zelenskyy, Biden, Washington's, Joe Biden's Organizations: Foreign Affairs, Netherlands, Bruins, Publishing, Ukraine's, CNBC, Economic, Trump, Republican Party, Ukraine, House Republicans Locations: Ukraine, Davos, Russia, Europe, America, U.S
European markets are heading for a mixed open Thursday as investors continue to monitor news and comments from the World Economic Forum in Davos, Switzerland. A number of European central bank officials at Davos have been hawkish about interest rate cuts, warning that despite progress tackling inflation, markets have gotten ahead of themselves in terms of expectations for spring rate cuts.
Organizations: Economic Locations: Davos, Switzerland
“The Argentine economy is in such bad shape that it has to be shaken up. President Milei and his team are doing exactly that,” she said during an interview in Davos. He has also devalued Argentina’s currency. However, some of Milei’s measures, such as the devaluation, are also likely to stabilize Argentina’s economy in the medium term, Sperrfechter said. Among his most radical plans, Milei has pledged to ditch the peso as Argentina’s official currency and replace it with the US dollar.
Persons: London CNN —, ” “, ” Javier Milei, , Milei, Juan Peron, Kristalina Georgieva, CNN’s Richard Quest Wednedsay, Milei’s, Kimberley Sperrfechter, Sperrfechter, It’s Organizations: London CNN, Economic, Council, Foreign Relations, Reuters, International Monetary Fund, IMF, Argentine, Capital Economics, CNN, , US Federal Reserve Locations: Davos, Switzerland, Argentina, Argentine, US, “ Argentina
Vas Narasimhan, chief executive officer of Novartis AG, listens during a panel session on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 22, 2019. Vas Narasimhan, CEO of pharmaceutical firm Novartis, told CNBC Tuesday that he didn't believe there had been much improvement in preparedness for pandemics in the wake of the Covid crisis. "I'm sad to say, I don't think we've improved unfortunately," said Narasimhan, speaking at the World Economic Forum in Davos, Switzerland. He explained that there did not appear to be the continued level of investment as hoped for, during this "inter-pandemic" period. "Now that we're past the pandemic — and really because of the feats of our industry, companies coming up with incredible mRNA vaccines and diagnostic tools — we're back to almost no investment from governments," Narasimhan said.
Persons: Vas, Narasimhan Organizations: Novartis AG, Economic, Novartis, CNBC Locations: Davos, Switzerland
DAVOS, Switzerland (AP) — The top diplomats of Iran and the United States sit down for public — and separate — one-on-one chats while the U.N. chief and leaders of France, Argentina and Spain will deliver speeches as the World Economic Forum's annual meeting saunters into a busy second day on Wednesday. U.S. Secretary of State Antony Blinken, after a day of meetings Monday including one with Ukrainian President Volodymyr Zelenskyy, is on tap for a broadcast conversation with New York Times columnist Tom Friedman. Iranian Foreign Minister Hossein Amirabdollahian will speak with CNN's Fareed Zakaria. It came hours after one missile strike earlier Tuesday hit a U.S. vessel. “Please, strengthen our economy, and we will strengthen your security,” the Ukrainian leader said.
Persons: Antonio Guterres, Antony Blinken, Volodymyr Zelenskyy, Tom Friedman, Hossein Amirabdollahian, CNN's Fareed Zakaria, Emmanuel Macron, Pedro Sanchez, , Javier Milei —, Guterres, Zelenskyy, Vladimir Putin Organizations: Ukrainian, New York Times, Iranian, Spanish Locations: DAVOS, Switzerland, Iran, United States, France, Argentina, Spain, Swiss, Davos, U.N, East, North Africa, U.S, Yemen, Gaza, Palestinian, Israel, Ukraine
BINigel Vaz, CEO of Publicis Sapient, a consulting firm, compares the buzz around AI to the early days of the internet. BINela Richardson, chief economist at ADP, told BI there's a big learning gap on what constitutes AI. Much of what is being called "generative AI" has been around for decades, while much of what workers think is AI is actually automation. Similarly, Guru Gowrappan, CEO of ViaSat, a communications operator, says many companies are just talking about AI at Davos — but not actually doing much with it. And some of them are just recategorizing what they were doing to call it AI," he tells BI.
Persons: , I've, Davos — I've, Sheila Warren, there's, Warren, Nigel Vaz, Publicis, Vaz, Bain, Nela Richardson, Richardson, Ivana Bartoletti, Guru Gowrappan, Gowrappan Organizations: Service, Economic, Business, Davos —, Crypto, VR, Infosys, IBM, Accenture, Consulting, ADP, Wipro, ViaSat, Davos Locations: Davos
"You've now reached the end of today's AI utility," Gelsinger said. "This next phase of AI, I believe, will be about building formal correctness into the underlying models." "Certain problems are well solved today in AI, but there's lots of problems that aren't," Gelsinger said. "Basic prediction, detection, visual language, those are solved problems right now. But at the end of the day, I need the knowledge worker to say is it right."
Persons: Pat Gelsinger, You've, Gelsinger Organizations: Microsoft, Google, Intel, CNBC Locations: DAVOS, Switzerland
The yield on the 10-year Treasury note edged higher to 4.0694%. The 2-year Treasury yield rose by around 5 basis points to trade at 4.278%. Treasury yields were higher early Wednesday, with the 10-year yield holding above 4%, as investors focused on fresh data and commentary from Federal Reserve members. On Tuesday, yields jumped after comments from Federal Reserve Governor Christopher Waller, who suggested that while the central bank will likely cut rates this year, it may take its time. At the World Economic Forum in Davos, more European Central Bank members indicated that markets were getting ahead of themselves on rate cut projections.
Persons: FactSet, Christopher Waller, Klaas Knot, Jeff Cox, Pia Singh Organizations: Treasury, Federal Reserve, Investors, Economic, Central Bank, CNBC Wednesday Locations: Davos, Dutch
The new artificial intelligence era represents a huge moment for the tech industry that has not been seen in a decade, according to a top executive at Facebook parent company Meta Platforms. "This is a seismic moment," Mendelsohn said, in conversation with CNBC's Tania Bryer at the World Economic Forum in Davos, Switzerland. In her role at Meta, Mendelsohn leads relationships with top marketers and agencies. She is also a seasoned advertising executive, with past experience including partner and executive chairman at London advertising agency Karmarama, and non-executive director of alcoholic beverages firm Diageo. Last year also marked a major pivot toward artificial intelligence for Meta — an area where the company plays a key role with its LLaMA large language model.
Persons: Nicola Mendelsohn, Mendelsohn, CNBC's Tania Bryer, Mark Zuckerberg's Organizations: Facebook, Meta, Economic, Diageo Locations: Davos, Switzerland, London
Read previewCompanies are racing to deploy AI in the workplace but one Stanford University professor said the technology should be used to "complement people" rather than replace them altogether. Brynjolfsson explained that savvy companies will use AI in conjunction with workers because some tasks are better completed by humans and others by machines. Related storiesSome companies have been laying off workers as they implement AI. Some workers are naturally concerned about whether AI is coming for their jobs as the hype around the technology continues. Two CEOs working on new robotic technologies echoed Brynjolfsson's point, telling Business Insider that workers don't need to fear that AI will replace them.
Persons: , Erik Brynjolfsson, Brynjolfsson, We're Organizations: Service, Stanford University, Business, Stanford Digital Economy Lab, Economic, Deloitte Locations: Davos
watch nowSome Davos participants are already preparing their business for a potential Republican leader in the White House. "Considering what happened when President Trump was in office, his main interest is trade. He added that his company is allocating more resources to their operations in the United States so they can protect themselves against any trade disputes. "We have to produce locally, especially in the United States ... We have scenarios to be able to respond to that leadership change," he added. The United States is one of the main markets for Suntory, which is looking to expand its sales beyond China.
Persons: Donald Trump, State Rex Tillerson, Nicholas Kamm, I've, Tim Adams, Trump, Ron DeSantis, Nikki Haley, Joe Biden, Takeshi Niinami, Bill Winters, Biden Organizations: State, Economic, AFP, Getty, Institute of International Finance, CNBC, Florida Gov, South Carolina Gov, Republican, Trump, Democratic, Suntory, Congress, Standard Chartered, U.S Locations: Davos, Switzerland, DAVOS, United States, Swiss, Iowa, The Iowa, China, U.S, Washington, Beijing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIran's foreign minister warns the U.S. not to ‘tie their destiny’ to the fate of NetanyahuSpeaking to CNBC at the World Economic Forum in Davos, Iran's Foreign Minister Hossein Amir-Abdollahian discusses relations with Israel and cautions the U.S. to reconsider its relationship with the country's Prime Minister Benjamin Netanyahu.
Persons: , Netanyahu, Hossein Amir, Abdollahian, Benjamin Netanyahu Organizations: CNBC, Economic, Iran's, country's Locations: U.S, Davos, Israel
Zelenskyy addressed skeptical American voters in response to a question posed by Business Insider. "Peace in Ukraine means peace in Europe which means peace in the world," he said. AdvertisementUkrainian President Volodymyr Zelenskyy has a clear message for American voters ahead of the 2024 election: Don't give up on Ukraine. "Peace in Ukraine means peace in Europe which means peace in the world." Trump has long been a skeptic of continued US funding to Ukraine and has championed "America First" isolationist policies instead.
Persons: Volodymyr Zelenskyy, Zelenskyy, , Biden, Israel —, Zelenskyy's, Donald Trump, Trump, Putin Organizations: Business, Service, American, Economic, Ukraine, GOP, Kiel Institute, Republicans, Republican, NATO Locations: Davos, Ukraine, Europe, Russia, Israel, USA, Trump
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