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☆ China's Xi Makes First Known Visit to Central Bank -Sources
▼ + stars: | 2023-10-24 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

BEIJING (Reuters) - Chinese President Xi Jinping made his first known visit to the nation's central bank since he became president a decade ago, two sources with knowledge of the matter said, as China's economy and financial markets grapple with headwinds. Xi, along with Vice Premier He Lifeng and other government officials, visited the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) in Beijing on Tuesday, the sources told Reuters. The purpose of the visit was not immediately known. The PBOC and SAFE could not be immediately reached for comment outside of business hours. Capital outflows from China rose sharply to $75 billion in September, the biggest monthly figure since 2016, Goldman Sachs' preferred gauge of foreign exchange flows showed, underscoring intensifying depreciation pressure on the yuan.

Persons: Xi Jinping, Goldman Sachs Organizations: People's Bank of China, State Administration of Foreign Exchange, Reuters, Capital Locations: BEIJING, Beijing, Capital outflows, China

☆ Several People Hospitalized in Austria After Taking Suspected Fake Ozempic
▼ + stars: | 2023-10-24 | by ( Derrick Bryson Taylor | More About Derrick Bryson Taylor | ) www.nytimes.com time to read: +1 min

Several people in Austria were treated in a hospital after using what government officials believe to be counterfeit Ozempic, underscoring worries across parts of Europe that fake versions of the diabetes drug may be circulating. Ozempic began trending this year as celebrities, TikTok influencers and others described using it to quickly lose weight. It was first approved by the Food and Drug Administration in 2017 to treat diabetes. A similar drug called Wegovy, which contains a higher dose of Ozempic’s active ingredient, semaglutide, was approved in 2021. The patients treated in Austria reported serious side effects like hypoglycemia and seizures, indications that the product most likely contained insulin instead of semaglutide, officials said.

Persons: underscoring, Ozempic, TikTok influencers, semaglutide Organizations: Food and Drug Administration Locations: Austria, Europe

Israel is widely expected to launch a ground offensive in Gaza following Hamas’ brutal Oct. 7 rampage into southern Israeli communities. At least 222 people were captured and dragged back to Gaza, including foreigners, the military said Monday, updating a previous figure. The Israeli military released footage showing what it said were attacks on Hamas infrastructure. The Israeli military said a soldier was killed and three others were wounded by an anti-tank missile during a raid inside Gaza. Israel repeated its calls for people to leave northern Gaza, including by dropping leaflets from the air.

Persons: Israel ramped, Israel, —, Abu Youssef Al, Talaat Barghout, Netanyahu, Joe Biden “, Antony Blinken, Israel “, ” Israel, ___ Magdy, Wafaa Shurafa, Amy Teibel, Brian Melley Organizations: Hamas, West Bank, U.S, Qatar . Tanks, Ministry, Crescent, Associated Press, Najjar, World Health Organization Locations: RAFAH, Gaza, United States, Israel, Egypt, Gaza City, Iranian, U.S, Lebanon, Syria, Washington, American, Qatar, Rafah, U.N, Jerusalem, Cairo, Krauss, Deir al, London, israel

☆ China is a stormy place to do business right now after shock exec arrests and Foxconn probes
▼ + stars: | 2023-10-23 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +6 min

That follows shock arrests and allegations of bribery at the Shanghai offices of US agency GroupM. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementChilling effectThe probes and arrests are likely to further chill foreign business activity in China. Outwardly, China's leaders have emphasized the country is open to foreign investment. "Both Chinese investment overseas and foreign investment in China have boosted friendship, cooperation, confidence, and hope," said Chinese Premier Xi Jinping earlier this month at a summit on the country's Belt and Road infrastructure initiative.

Persons: —, Foxconn, Bain, Mintz, Steve Tsang, it's, Xi, Dan Harris, Terry Gou, Gou, Tim Cook, Cook, Wang Wentao, Apple, GroupM Organizations: Apple, Foxconn, GroupM, Service, WPP, Financial Times, FBI, SOAS China Institute, New York Times, Chinese Communist Party, Huawei Locations: China, Shanghai, Taiwan, Beijing, New York, Seattle

☆ A recession will hit next year, hammering stock prices and home values, Wall Street veteran predicts
▼ + stars: | 2023-10-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The Wall Street veteran expects stocks and house prices to fall once unemployment and mortgage defaults rise. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementA recession will strike the US economy next year, pummeling stocks and house prices, a Wall Street veteran has warned. So, I predict that's going to happen not until sometime, at best, mid next year." 'Sell everything, you're going bankrupt.'

Persons: Harley Bassman, Bassman, Steve Eisman, —, Rosenberg, Merrill Lunch, it's, I've, Steve Carrell, Mark Baum Organizations: Wall Street, Service, Management, Credit Suisse, Merrill

☆ Iran's Quandary: How to Stay Out of Israel's War on Hamas
▼ + stars: | 2023-10-22 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +9 min

Iran, a longtime backer of Gaza's rulers Hamas, finds itself in a quandary as it tries to manage the spiralling crisis, according to nine Iranian officials with direct knowledge of the thinking within the clerical establishment. "We are in contact with our friends Hamas, Islamic Jihad, and Hezbollah," Vahid Jalalzadeh, the head of parliament's National Security Committee said on Wednesday, according to Iranian state media. Iran's foreign ministry didn't respond to a request for comment about the country's response to the unfolding crisis, while Israeli military authorities declined to comment. Khamenei, the supreme leader, has denied Iran was involved in the attack, though he praised the damage inflicted on Israel. "Iran's nuanced position emphasizes the delicate balance it must maintain between regional interests and internal stability," said the former senior Iranian official.

Persons: Parisa Hafezi, Jonathan Saul, Arshad Mohammed DUBAI, wouldn't, Avi Melamed, Ayatollah Ali Khamenei, Sayyed Hassan Nasrallah, Israel, Israel didn't, Khamenei, Joe Biden, Biden, John Kirby, Washington, Jon Alterman, Jerusalem, Arshad Mohammed, Laila Bassam, Samia Nakhoul, Michael Georgy, Pravin Char Organizations: Reuters, Islamic, parliament's National Security, Israel, Wednesday, Hezbollah, U.S, Germany's Ramstein Air Base, House, State Department, CSIS, Swiss, Iran, Iranian Locations: Iran, Israel, Gaza, Tehran, U.S, Lebanon, Yemen, United States, Islamic Republic, Iranian, Lebanese, Syria, Iraq, Washington, America, GAZA, LEBANON, China, Saudi Arabia, Dubai, Beirut, Paritosh, New York

[1/4] A formation of Israeli tanks is positioned near Israel's border with the Gaza Strip, in southern Israel October 21, 2023. Iran, a longtime backer of Gaza's rulers Hamas, finds itself in a quandary as it tries to manage the spiralling crisis, according to nine Iranian officials with direct knowledge of the thinking within the clerical establishment. "We are in contact with our friends Hamas, Islamic Jihad, and Hezbollah," Vahid Jalalzadeh, the head of parliament's National Security Committee said on Wednesday, according to Iranian state media. Iran's foreign ministry didn't respond to a request for comment about the country's response to the unfolding crisis, while Israeli military authorities declined to comment. "Iran's nuanced position emphasizes the delicate balance it must maintain between regional interests and internal stability," said the former senior Iranian official.

Persons: Violeta Santos Moura, wouldn't, Avi Melamed, Ayatollah Ali Khamenei, Sayyed Hassan Nasrallah, Israel, Israel didn't, Khamenei, Joe Biden, Biden, John Kirby, Washington, Jon Alterman, Parisa Hafezi, Jonathan Saul, Jerusalem, Arshad Mohammed, Laila Bassam, Samia Nakhoul, Michael Georgy, Pravin Organizations: REUTERS, Rights, Islamic, parliament's National Security, Israel, Wednesday, Hezbollah, U.S, Germany's Ramstein Air Base, House, State Department, CSIS, Swiss, Iran, Iranian, Thomson Locations: Israel's, Gaza, Israel, Rights DUBAI, Iran, Tehran, U.S, Lebanon, Yemen, United States, Islamic Republic, Iranian, Lebanese, Syria, Iraq, Washington, America, GAZA, LEBANON, China, Saudi Arabia, Dubai, Beirut, Paritosh, New York

☆ US budget gap soars to $1.7 trillion, largest outside COVID era
▼ + stars: | 2023-10-20 | by ( David Lawder | ) www.reuters.com time to read: +5 min

The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021. For September, the final month of the fiscal year, the deficit fell to $171 billion from $430 billion in September 2022. The fiscal 2023 deficit would have been $321 billion larger, but was reduced by this amount because the Supreme Court struck down Biden's student loan forgiveness program as unconstitutional. Reuters GraphicsRECORD INTEREST COSTSThe 2023 deficit marks an abrupt end to two years of falling deficits for Biden as COVID-19 spending faded. Fiscal 2023 outlays fell $137 billion, or 2% from the prior year to $6.134 trillion.

Persons: Elizabeth Frantz, Joe Biden's, Biden, Donald Trump, Kevin McCarthy, Biden's, Janet Yellen, Shalanda Young, outlays, Gross, David Lawder, Dan Burns, Andrea Ricci Organizations: U.S, Capitol, REUTERS, Rights, Social Security, Treasury Department, Representatives, . House, Management, Treasury, Reuters Graphics, Federal, Federal Reserve, Thomson Locations: Washington , U.S, Ukraine, Israel, U.S

☆ BoC likely done raising rates, to cut by mid-2024 say economists: Reuters poll
▼ + stars: | 2023-10-20 | by ( Milounee Purohit | ) www.reuters.com time to read: +4 min

The risk of a revival in inflation, last measured at 3.8%, has led most to forecast now is not the time for the central bank to strongly signal they are done raising rates. Twenty-nine of 32 economists polled Oct. 13-20 expect no change to the central bank's 5.00% overnight rate (CABOCR=ECI), with the remaining three expecting a 25 basis point hike. While most are confident the central bank is done hiking, a significant minority of economists who answered an additional question, 8 of 18, said the risk of the BoC raising rates at least once more is "high". Still, a two-thirds majority, 20 of 30, see the BoC cutting its overnight rate at least once before end-June 2024. The distribution of where economists saw the overnight rate by end-June was split many ways.

Persons: Randall Bartlett, underscoring, Tony Stillo, Milounee Purohit, Maneesh Kumar, Ross Finley, Jonathan Oatis Organizations: Bank of Canada, BoC, Desjardins, U.S . Federal Reserve, Oxford Economics, Bank, Thomson Locations: BENGALURU, Canada

☆ Biden, Netanyahu Discuss Gaza Aid, Hostages in Call
▼ + stars: | 2023-10-20 | by ( ) www.wsj.com time to read: 1 min

President Biden spoke with Israeli Prime Minister Benjamin Netanyahu on Friday, the White House said. The two leaders discussed plans to move humanitarian assistance into Gaza from Egypt, and efforts to secure hostages taken by Hamas, according to a U.S. account of the call. "The President reaffirmed the United States’ support for Israel’s right to defend itself and obligation to protect its citizens, while underscoring the importance of operating consistent with the law of war to include the protection of civilians in Gaza caught in the conflict launched by Hamas," the White House said.

Persons: Biden, Benjamin Netanyahu Organizations: Israeli, United, Hamas, White Locations: Gaza, Egypt, U.S, United States

☆ China says US Pentagon report on nuclear warheads distorts facts
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsBEIJING, Oct 20 (Reuters) - A U.S. Pentagon report saying China will probably have more than 1,000 nuclear warheads by 2030 was filled with prejudice and distorts facts, and China had no intention of engaging in a nuclear arms race, its foreign ministry said on Friday. The Pentagon said in an annual report released on Thursday that China had more than 500 operational nuclear warheads in its arsenal, as of May. The report added that China's Navy had more than 370 ships and submarines, up from the 340 ships last year. "As long as any country does not use or threaten to use nuclear weapons against China, it will not be threatened by China's nuclear weapons," Mao said. In a report last November, it said China would likely have a stockpile of 1,500 nuclear warheads by 2035.

Persons: Carlos Barria, Mao Ning, Mao, Joe Cash, Bernard Orr, Kim Coghill Organizations: Pentagon, REUTERS, Rights, U.S . Pentagon, Navy, Thomson Locations: Arlington , Virginia, U.S, Rights BEIJING, China, United States

☆ These 25 Republicans voted against Jim Jordan on the third ballot — underscoring the doomed and futile nature of his ongoing speakership bid
▼ + stars: | 2023-10-20 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Jim Jordan hemorrhaged even more votes during the third vote on his speakership bid on Friday. Here are the 25 Republicans who voted against him this time. AdvertisementAdvertisementBelieve it or not, Rep. Jim Jordan is still trying to become the next speaker of the House. Sure enough, 25 Republicans voted against Jordan on Friday, more than the 22 who voted against him on Wednesday and the 20 who voted against him on Tuesday. AdvertisementAdvertisementHere are the 25 Republicans who voted against Jordan on Friday:

Persons: Jim Jordan hemorrhaged, —, Jim Jordan, Jordan, Brian Fitzpatrick, Tom Kean of, Marc Molinaro, Republican holdouts, he's, Tim Burchett, Kevin McCarthy, Patrick McHenry, Jordan's, McHenry, McCarthy Organizations: Service, The, The Ohio Republican, Republican, House Republicans, Republicans, GOP Locations: The Ohio, Pennsylvania, Tom Kean of New Jersey, New Jersey, Tennessee, Jordan, holdouts, McHenry

[1/4] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. To prevent demand from waning, market leader Tesla, with industry-leading profit margins, has been the first and most aggressive in slashing prices, forcing others to follow suit and squeezing margins. "If interest rates remain high ... it's that much harder for people to buy the car. They simply can't afford it," Musk said, adding he would "accelerate" expansion of the Mexico factory if interest rates come down. That is not expected in the United States until June 2024, based on current market estimates , with recent robust economic data suggesting the central bank might leave interest rates higher for longer.

Persons: Aly, Elon Musk, Musk, Tesla, Ford, Tom Narayan, Narayan, Abhirup Roy, Ben Klayman, Jamie Freed Organizations: REUTERS, FRANCISCO, Wednesday, General Motors, Ford, EV, GM, Chevrolet Silverado, GMC, Air, RBC Capital Markets, Reuters, Thomson Locations: China, Shanghai, Mexico, Michigan, Detroit, U.S, United States, San Francisco

☆ EV battery firm CATL's Sept China market share slumps, bodes ill for Q3 results
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +3 min

People walk past the booth of the battery manufacturer Contemporary Amperex Technology Co. Limited (CATL) at the Auto Shanghai show, in Shanghai, China April 18, 2023. CATL reports quarterly results on Thursday, and investors will be on the look out for the extent the world's largest EV battery maker bore the brunt of the EV sales slowdown in China and rising pressure from automakers to cut battery prices. "This... is an incentive for CATL to offer some price cuts to secure its market share." CATL's setback also comes amid weakening EV sales in China that stoked an intense price war among automakers and a subsequent cost reduction pressure on battery firms and other suppliers. Shares in Shenzhen-listed CATL dropped 15% so far this year, lagging a 6% drop in broader market (.CSI300).

Persons: Aly, Qiaoyi Li, Zhang Yan, Brenda Goh, Miyoung Kim Organizations: Amperex Technology, ., Auto, REUTERS, Rights, Electric, EV, Citi, China Automotive Battery Innovation Alliance, HK, LSEG, Ford, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, Michigan, U.S, Shenzhen

☆ Welcome to the revenge of the Republicans you've never heard of before
▼ + stars: | 2023-10-19 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +7 min

Rep. Jim Jordan's speakership bid has been thwarted — for now. Call it the revenge of the Republicans you've never heard of — the ones who aren't regularly featured on Fox News, who don't have massive social media followings, and who aren't known for styling themselves as right-wing crusaders. If Jordan's speakership bid ultimately fails, it will signify a stunning turnaround for a party that's been in thrall to its loudest voices since the ascent of Donald Trump in 2015. AdvertisementAdvertisement81 House Republicans — more than a third of the conference — voted for him anyway. 20 House Republicans voted against him on Tuesday, 22 voted against him on Wednesday, and even more were expected to vote against him on a potential third vote.

Persons: Jim Jordan's speakership, —, Kevin McCarthy's, Matt Gaetz, Gaetz's, Jim Jordan, Republican holdouts, Republicans you've, aren't, McCarthy, Gaetz, Pro Tempore Patrick McHenry —, Jordan's, that's, thrall, Donald Trump, Austin Scott, Austin Scott of, Jordan, Scott, Republican who's, Steve Scalise's, Scalise, underscoring, Lauren Boebert, wasn't, Republicans —, — Gaetz, Chip Roy, Paul Gosar of, Kay Granger, Republicans who’s, Anna Moneymaker, Anthony D'Esposito, Steve Womack, who's, Sean Hannity, they've, Jordan hasn't, Austin Scott's, Jack Bergman, Tom Williams, Jack Bergman —, General Bergman, James Hogge, Dan Meuser Organizations: Republicans, Service, Rep, —, Republican, Fox News, Ohio Republican, Pro Tempore, North Carolina —, GOP, Democrat, Georgia Republican, Freedom Caucus, New York Republicans, Republican Governance Group, Trump, Images Locations: Florida, Ohio, North Carolina, Austin Scott of Georgia, Colorado, Boebert, Texas, Paul Gosar of Arizona, Kay Granger of Texas, Arkansas, @RepKayGranger, Pennsylvania

He said he would ask Congress on Friday for a combined security funding package – described at being around $100 billion for Ukraine, Israel, Taiwan and the U.S.-Mexico border – to help Ukraine and Israel defend themselves. Biden warned that Putin would not stop there, perhaps moving to Poland or another NATO nation and escalating the conflict. NATO's charter says that if one member nation is attacked, all of NATO will come to that member's aid. Biden called for unity in the United States, including an intolerance for both antisemitism and Islamophobia in the wake of the Hamas attack. But he said it was imperative that the United States take the lead during the separate crises he said were related by the common theme of defending democracy and the dignity of people.

Persons: Joe Biden, Biden, Vladimir Putin's, ” Biden, Israel –, – Biden, Putin, Israel, grousing Organizations: NATO, West Bank, Hill, Israel, Republicans Locations: United States, U.S, Ukraine, Israel, America, Taiwan, Mexico, Poland, Gaza, Hamas

☆ Elon Musk warned of Cybertruck headaches, consumers' debt woes, and a 'stormy' economic backdrop on Tesla's earnings call. Here are his 14 best quotes.
▼ + stars: | 2023-10-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Elon Musk tackled a wide range of topics during Tesla's third-quarter earnings call on Wednesday. The world's richest man and CEO of the electric-vehicle maker underscored the difficulties of scaling Cybertruck production, touted Tesla's Optimus humanoid robot over Boston Dynamics' mechanical dogs, and trumpeted his cost-cutting efforts, according to a transcript provided by AlphaSense/Sentieo. Tesla's Optimus robot appearing to do yoga. (Musk was describing Tesla's focus on cutting the cost of car parts by even a few cents.) Tesla is "not going to sink," says Elon Musk.

Persons: Elon Musk, Musk, —, Elon, Oz, Marie Antoinette, Tesla's, that's, Tesla, they've, You've Organizations: Service, Boston Dynamics, AlphaSense, General Motors, Chrysler, Getty, Silicon Valley Bank, Suisse — geez Locations: Silicon

ON TRACK FOR GOVT GDP TARGETThe recovery momentum suggests the government's full year 2023 growth target of around 5.0% is likely to be achieved. The key issue is what growth target the government will set and how much fiscal easing will take place." The statistics bureau said China would be able to hit the 2023 growth target if the fourth quarter growth tops 4.4%. Moody's Analytics has also raised its 2023 growth projection to 5% from 4.9%. The faltering property sector has hit some of the biggest developers in the country.

Persons: Matt Simpson, Zhiwei Zhang, Tingshu Wang, Frederic Neumann, Louise Loo, Ellen Zhang, Joe Cash, Kevin Yao, Shri Navaratnam Organizations: Gross, National Bureau, Statistics, Reuters, Index, New, REUTERS, Nomura, JPMorgan, Analysts, Country Garden Holdings, HK, Global Research, HSBC, Oxford Economics, Monetary Fund, Thomson Locations: BEIJING, Brisbane, U.S, Beijing, China, New Zealand, Asia

They took swipes at the United States and depicted themselves as building a “fairer, multipolar world.” And they marveled at their countries’ “deepening” trust. And he gave a prominent role to President Vladimir V. Putin of Russia, underscoring how central their relationship is to Mr. Xi’s vision. Mr. Putin was treated as the guest of honor and often pictured by Mr. Xi’s side. While Mr. Putin and Mr. Xi huddled, President Biden landed in Israel on a visit aimed at preventing the war between Israel and Hamas from spreading. Though Mr. Xi did not publicly remark on the war, Mr. Putin, at a news briefing, blamed the United States for increasing tensions in the Middle East by sending warships to the region.

Persons: Xi Jinping, Vladimir V, Putin, Mr, Xi, Biden, ” Locations: China, Russia, United States, Beijing, Ukraine, Gaza, Israel, Russo

☆ Fed on pause as policymakers parse mixed data
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +3 min

"I believe we can wait, watch and see how the economy evolves before making definitive moves on the path of the policy rate," Fed Governor Christopher Waller told the European Economics & Financial Center Seminar in London. It can't continue this way, he said, but it's too soon to know which way the data will break. Should the economy soften, he said, "we can hold the policy rate steady." Speaking at a separate event at Queens College, New York Fed President John Williams offered a similar perspective. Fed policymakers are weighing whether that level is high enough to get inflation on a path to their 2% goal.

Persons: Christopher Waller, it's, John Williams, Waller, Ann Saphir, Michael S, Dan Burns, Jonathan Oatis Organizations: Federal Reserve, European Economics & Financial, Queens College, Queens College , New York Fed, Fed, Derby, Thomson Locations: London, Washington, Queens College ,

☆ Nasdaq beats profit estimates on strong demand for investment products
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsOct 18 (Reuters) - Nasdaq (NDAQ.O) on Wednesday reported third-quarter profit that beat Wall Street estimates, helped by stronger demand for its indexes and anti-financial-crime products. The diversification has helped it offset a prolonged slump in the initial public offering (IPO) market. Listings at Nasdaq are yet to gather pace despite the IPO market beginning to show "green shoots", underscoring risks to recovery even as hopes of a soft landing grow. A total of 87 companies listed on the Nasdaq Stock Market in the quarter, compared to 98 a year earlier.

Persons: Adena Friedman, Pritam Biswas, Pooja Desai Organizations: Nasdaq, REUTERS, Wall, Thomson Locations: New York City, U.S, Bengaluru

The less-ambitious approach fit with Biden's determination to pivot his foreign-policy focus from Middle East hotspots to China. Arab leaders “are very aware this is going to keep blowing up. Then, Hamas's breakout from Gaza shattered what National Security Adviser Jake Sullivan had hailed as a period of Middle East calm. Brokering those alliances would stabilize the Middle East in themselves, no Israeli-Palestinian peace accord needed, supporters have argued. The nightmare unfolding now for Israeli and Palestinian civilians argues differently, when it comes to Biden's approach, critics say.

Persons: Biden, Richard Nixon, Joe Biden, Benjamin Netanyahu's, Abdel Fattah el, Sissi, Antony Blinken, ”, Yezid Sayigh, Malcolm H, it’s, Sayigh, Netanyahu, Mahmoud Abbas, Donald Trump, Jake Sullivan, Prince Mohammed bin Salman's, “, Jonathan Lord, Yousef Munayyer, Sam Magdy Organizations: WASHINGTON, Camp David, Israeli, West Bank, United, Palestinian, Kerr Carnegie Middle East Center, U.S, Trump, United Arab, National, Biden, Hamas's, Center, New, New American Security, Arab, Associated Press Locations: Israel, China, Gaza, United States, Cairo, East, Jordan, Egypt, East Jerusalem, Saudi Arabia, Beirut, Lebanon, American, United Arab Emirates, Bahrain, Morocco, U.S, Iran, Saudi, New American, Palestine, Washington

☆ Apple CEO Tim Cook makes surprise visit to China as iPhone 15 gets off to a challenging start
▼ + stars: | 2023-10-17 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Apple CEO Tim Cook holds up a new iPhone 15 Pro during an Apple event on Sept. 12, 2023, in Cupertino, California. Apple CEO Tim Cook cheered on gamers at an event during a surprise visit to China, underscoring the market's importance to the iPhone giant at a time when it faces mounting challenges. Gamers gathered at an Apple store in Chengdu in southwestern China to play "Honor of Kings," a game developed by TiMi Studio, which is owned by Chinese tech giant Tencent . "The action-packed Honor of Kings started here in Chengdu and is now a global phenomenon on the App Store," Cook said in a post on Chinese social media service Weibo. Honor of Kings is one of the biggest mobile games in China and a substantial revenue driver for Apple's App Store in the country.

Persons: Tim Cook, Kings, Cook Organizations: Apple, TiMi, Huawei Locations: Cupertino , California, China, Chengdu, Weibo

☆ Premarket stocks: What the Israel-Hamas war means for US markets
▼ + stars: | 2023-10-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Growing unrest in the Middle East has cast a shadow on global financial markets. Israeli stocks listed in New York and Tel Aviv have sunk to recent lows, underscoring the growing economic uncertainties in the war-torn region and leaving investors unsure of where markets go from here. Funds in the US hold more than $43 billion in Israeli stocks and bonds, according to a Bloomberg tracker. Big names, big exposure: As the war continues, businesses with headquarters, factories and inventory in Israel appear increasingly at risk to geopolitical turmoil. “If the war remains confined between Israel and Palestinians, it’s likely that the markets will forget about it after a few days,” he wrote.

Persons: ”, Steven Schoenfeld, Jamie Dimon, “, Benjamin Netanyahu, Raffi Boyadjian, Sam Stovall, Nathaniel Meyersohn, drugstores, David Silverman, Bill Ford, Vanessa Yurkevich, Ford, Jim Farley, Shawn Fain Organizations: CNN Business, Bell, New York CNN, Nasdaq, Funds, Bloomberg, Hamas, Bank of Israel, JPMorgan, Israel Innovative Technology, Mobileye, Tower Semiconductor, Teva Pharmaceutical, XM, CVS, Walgreens, Walmart, Fitch, Ford Motor Company, United Auto Workers, Big Three, UAW, Monday, Ford Locations: New York, Tel Aviv, New Jersey, Israel, United States, Canada, China, Ukraine, Kippur, Kuwait, Kansas City, drugstores, Rouge, Dearborn , Michigan

☆ Poland election: Donald Tusk's pro-European opposition seems set to oust populists, but tense days lie ahead
▼ + stars: | 2023-10-17 | by ( Rob Picheta | ) edition.cnn.com time to read: +3 min

PiS finished ahead of opposition party Civic Coalition (KO), led by former Polish Prime Minister and European Council President Donald Tusk, on 30.7%. Tusk had promised to restore democratic norms in Poland and cooperate with Western European allies, among whom Warsaw was fast becoming a pariah. Poland’s PiS-aligned President, Andrzej Duda, is expected to give the PiS every chance to form a government before turning over proceedings to Poland’s new block of opposition lawmakers. According to the Polish constitution, the president must call a new parliamentary session within 30 days of the election. Tusk had painted the election as a last chance to save Polish democracy.

Persons: CNN —, PiS, Donald Tusk, Tusk, Poland’s, Andrzej Duda, Mateusz Morawiecki, ” Organizations: CNN, Justice, National Electoral Commission, Civic Coalition, Polish, European, Tusk’s, Western, Confederation, Democracy, European Union Locations: Warsaw’s, Poland, Warsaw, Kyiv, Ukraine

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