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NEW YORK, NEW YORK - OCTOBER 16: Traders and others work on the New York Stock Exchange (NYSE) floor in New York City. 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. That's higher than both the 0.1% gain in August and the 0.3% Dow Jones forecast, according to the advance report. Meanwhile, Taiwan Semiconductor Manufacturing Co's reported its third-quarter net revenue jumped 36% year on year, and revised its fourth-quarter revenue upward.
Persons: it's, Dow, Christine Lagarde's, Dow Jones Organizations: NEW, Traders, New York Stock Exchange, CNBC, European Central Bank, Dow Jones, Nasdaq, Dow, Taiwan Semiconductor Manufacturing, U.S . Federal Reserve Locations: New York City, U.S
Grant said stocks could soon enter a period of weak returns, possibly for "many years." AdvertisementThe bull market in stocks looks like it's close to the top, according to an investment chief. AdvertisementSentiment and position indicators are also flashing signs investors are overexcited about the stock market, Grant said. The 3-month moving average of year-ahead stock market expectations has climbed to its highest on record, according to Conference Board data. That suggests there's little "cushion" in the event the stock market declines or experiences a shock, Grant said.
Persons: Michael Grant, Grant, , subpar, Morgan Organizations: Calamos Investments, Service, Conference, Board, Federal, Federal Reserve, Governors, Morgan Research, Bloomberg, Investors
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. Better-than-expected growth for ChinaChina's third-quarter gross domestic product expanded by 4.6% year on year, according to the National Bureau of Statistics. Chinese and U.S. retail sales going strongChina's retail sales for September grew 3.2% from a year ago, said the National Bureau of Statistics. Across the Pacific Ocean, retail sales in the U.S. rose a seasonally adjusted 0.4% for September.
Persons: Dow Jones, Pat Gelsinger, Altera Organizations: CNBC, China, National Bureau of Statistics, Dow, Dow Jones, Nasdaq, Intel, U.S . Federal Reserve Locations: U.S, Asia, Pacific, Shanghai
In this article KBE.IXIC.SPX.DJIASML-NLDAMZN.FTSEMS Follow your favorite stocks CREATE FREE ACCOUNTThe Morgan Stanley headquarters in New York, US, on Monday, Oct. 14, 2024. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Morgan Stanley , for one, reported third-quarter figures that surpassed earnings and revenue estimates. The bank's profit jumped 32% from a year ago, far outstripping the LSEG estimate and topping several other big banks' income growth. The investment banking business was a main source of profit for Morgan Stanley.
Persons: DJI ASML, Morgan Stanley, Michael Nagle, Piper Sandler, – CNBC's Hugh Son, Alex Harring, Jeff Cox, Lisa Kailai Han, Jesse Pound Organizations: Bloomberg, Getty, CNBC, Dow Jones, Nasdaq, U.S . Federal Reserve, P Bank ETF, UBS, U.S . Labor Department Locations: New York, Wall
Chinese robotaxi firm Pony AI files for U.S IPO
  + stars: | 2024-10-17 | by ( ) www.cnbc.com   time to read: +2 min
Pony AI, in which Japan's Toyota owns a 13.4% stake, revealed that its revenue nearly doubled to $24.7 million in the first half of 2024. Net loss attributable to the company was $51.3 million in the same period, compared with $69.4 million last year. The number of Chinese companies that pursued stock market flotations in the U.S. dropped in the past few years after Beijing clamped down on offshore capital-raising in 2021. EV maker Zeekr's debut in May was the first big listing by a Chinese company in the U.S. since then. Pony AI has applied to list on the Nasdaq stock exchange under the ticker symbol "PONY."
Persons: Saudi Arabia's NEOM, BingEx, Goldman Sachs Organizations: Toyota, U.S . Federal Reserve, Japan's Toyota, Saudi Arabia's, Zeekr's, Nasdaq, BofA Securities, Deutsche Bank, Huatai Securities, Tiger, underwriters Locations: Beijing, China, U.S, Saudi
Spencer Platt | Getty Images News | Getty ImagesThis 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. What you need to know todayThe bottom lineDespite markets falling Tuesday, there's still plenty to like about their current state. Weighed down by ASML's 16% dive and a report by Bloomberg on potential AI-chip export controls, semiconductor stocks like Nvidia and AMD fell 4.7% and 5.2% respectively. Still, investors are the most bullish in four years, according to the October BofA Global Fund Manager Survey.
Persons: DJI, Spencer Platt, there's, They're, Michael Hartnett, Mary Daly, who's, Dow, Piper, Craig Johnson, , Jeff Cox, Samantha Subin, Yun Li, Lisa Kailai Han, Alex Harring Organizations: AMD, New York Stock Exchange, Getty, CNBC, ASML's, Bloomberg, Nvidia, Semiconductor, Nasdaq, Dow Jones, Dow, Survey, U.S . Federal Reserve, San Francisco Fed, Federal Locations: U.S, Beijing
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. Breather from rally U.S. markets fell Monday, weighed down by a drop in semiconductor stocks and a 8.1% slide in UnitedHealth . Tech stocks fell 6.36%, while telecoms stocks rose 1.97%. Indeed, San Francisco Fed President Mary Daly, who's a member of the Federal Open Market Committee this year, noted that the central bank is "a long way from where [rates are] likely to settle."
Persons: ASML, there's, They're, Michael Hartnett, Mary Daly, who's, Dow, Piper, Craig Johnson, , Jeff Cox, Samantha Subin, Yun Li, Lisa Kailai Han, Alex Harring Organizations: New York Stock Exchange, CNBC, UBS, Tech, ASML's, Bloomberg, Nvidia, AMD, Semiconductor, Nasdaq, Dow Jones, Dow, Survey, U.S . Federal Reserve, San Francisco Fed, Federal Locations: New York City, U.S, Tuesday's, Netherlands, ., Beijing
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. Nvidia's numbers aren't a hallucinationNvidia shares rose 2.4% to close at $138.07, a new record for the stock. Data on employment, inflation and economic growth have signaled that the "economy may not be slowing as much as desired," Waller said. [PRO] Small cap strategyMarket wisdom has it that the performance of small-cap stocks will outstrip that of big-cap stocks.
Persons: Dow, it's, Christopher Waller, Waller, Kelly Ortberg, Russell, Bob Pisani Organizations: CNBC, Dow Jones, Dow, Nasdaq, European Central Bank, Nvidia, U.S . Federal, Boeing, P Global
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. Data on employment, inflation and economic growth have signaled that the "economy may not be slowing as much as desired," Waller said. A soft landing is the scenario in which inflation drops to the Fed's 2% target while economic growth and employment remain healthy. A "no landing," on the other hand, is when the economy continues expanding as inflation remains high.
Persons: Jefferies, Kelly Ortberg, Christopher Waller, Waller, Fed Governor Waller, Henry Allen, Ohsung Kwon, BofA, Kwon, , Jeff Cox, Sarah Min, Lisa Kailai Han, Yun Li Organizations: Shoppers, Miami Design District, CNBC, Grand View Research, Boeing, P Global, U.S . Federal, Fed, Deutsche Bank, Bank of America Securities Locations: Miami , Florida, U.S
European flags flutter in front of the European Central Bank (ECB) building prior to a news conference following the meeting of the governing council of the ECB in Frankfurt/Main, Germany, on September 12, 2024. Daniel Roland | Afp | Getty ImagesThe European Central Bank is on course to deliver its third interest rate cut of the year at its meeting this Thursday, as policymakers say inflation risks are easing faster than previously expected. Headline price rises in the euro area cooled to 1.8% in September, below the central bank's 2% target. Bank of France Governor Francois Villeroy de Galhau last week described an October rate cut as "very likely" and said such a step "won't be the last." This led him to forecast ECB rate cuts will take place both this week and at each of the central bank's forthcoming meetings, until the deposit rate hits 2.5%.
Persons: Daniel Roland, Francois Villeroy de Galhau, Villeroy, Christine Lagarde, Joachim Nagel, Germany's Bundesbank, Jack Allen Organizations: European Central Bank, ECB, Afp, Getty, Bank of France, France, European Union, Citi, Media, U.S, U.S . Federal, Barclays, Capital Economics, Reynolds, Bank of America Global Research Locations: Frankfurt, Main, Germany, U.S .
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy the rich keep getting richerElon Musk is on track to become the world's first trillionaire by 2027, according to a report from Informa Connect Academy. The biggest driver of Musk's wealth has been Tesla stock and his ownership of SpaceX. Federal Reserve data shows the share of wealth controlled by the top 1% has grown dramatically, while the wealth of the bottom 50% has stagnated. Some feel that rising tides lift all boats, while others think wealth concentration can be harmful to society.
Organizations: Elon, Informa Connect Academy, SpaceX, Federal
Federal Reserve Chairman Jerome Powell arrives to a news conference following the September meeting of the Federal Open Market Committee at the William McChesney Martin Jr. Federal Reserve Board Building on September 18, 2024 in Washington, DC. This week's inflation data provided more evidence that the Federal Reserve is nearing its objective, fresh on the heels of the central bank's dramatic interest rate cut just a few weeks ago. Consumer and producer price indexes for September both came in around expectations, showing that inflation is drifting down to the central bank's 2% target. The Wall Street investment bank on Friday projected that the Commerce Department's personal consumption expenditures price index for September will show a 12-month inflation rate of 2.04% when it is released later this month. The Fed prefers the PCE as its inflation gauge though it uses a variety of inputs to make decisions.
Persons: Jerome Powell, William McChesney Martin Jr, Goldman Sachs, Goldman, Austan Goolsbee Organizations: Federal, Federal Reserve, Washington , DC, Commerce, Fed, PCE, Chicago Fed, CNBC Locations: Washington ,
However, prices for many physical goods have deflated as supply-and-demand dynamics return to normal following pandemic-era contortions. "Outside of goods prices, I don't think we'll see price cuts," said Mark Zandi, chief economist at Moody's. That served to weaken demand, which also pushed down prices, economists said. Outside of supply-demand dynamics, the U.S. dollar's strength relative to other global currencies has also helped rein in prices for imported goods, economists said. Energy, food and consumer electronicsOutside of imported goods, consumers may also see a "normalization" of prices in food and energy, Zandi said.
Persons: Jeff Greenberg, Mark Zandi, Zandi, women's outerwear, Sarah House Organizations: Universal, Getty, Finance, Social Security, Vehicles, Wells, Wells Fargo Economics ., U.S . Federal, Fed, U.S, Energy Locations: Wells Fargo, U.S
Prices fall at the gas pumpAnnual food inflation is 'fairly tame'Frederic J. "What happens there can really move the dial when it comes to overall inflation and core inflation." CPI shelter inflation — which includes rental prices and an equivalent measure for homeowners — has gradually declined but remained stubbornly high. In September, shelter inflation throttled back on a monthly basis, to 0.2% from 0.5% in August. "Shelter inflation is now definitively moderating," Zandi said.
Persons: David Paul Morris, It's, Mark Zandi, Zandi, Sarah House, Frederic J, Brown, , That's, that's Organizations: Bloomberg, Getty, U.S . Bureau of Labor Statistics, Wells, Wells Fargo Economics, U.S . Federal Reserve, AFP, CPI Locations: Wells Fargo
Markets just keep rallying this year, with the S & P 500 up nearly 22% year-to-date and the Nasdaq jumping around 21%. In global stocks, the MSCI World index is around 16% higher. Meanwhile, recent data indicates that the U.S. Federal Reserve could be close to pulling off the much-discussed economic soft landing . With markets already running high, CNBC Pro screened for global stocks that have outperformed the MSCI World index, but still look cheap based on their forward price-to-earnings ratios. Returns of more than 16% so far this year, beating the MSCI World index.
Persons: Goldman Sachs, Morgan Stanley, Mary Ann Bartels Organizations: Nasdaq, Fed, U.S . Federal, CNBC Pro Locations: Wells Fargo
But he did not announce any major new plans for ensuring economic health, leaving investors feeling underwhelmed. The iShares MSCI China ETF (MCHI) sank nearly 11%, on track for its worst day ever. The iShares China Large-Cap ETF, for example, soared 33% between Sept. 23 and Oct. 7. Morgan Stanley strategist Laura Wang on Tuesday revised price targets for the major Chinese stock market indexes, suggesting no room for further gains compared with current levels. "Today's press conference at least in the near term reinforces such belief, in our view, and the stock market could see more divergence at individual stock level."
Persons: Zheng Shanjie, Bilibili, Nio, Ray Dalio, FXI, Jeff deGraaf, David Tepper, Morgan Stanley, Laura Wang, Wang, Merrill Lynch, Helen Qiao, Xiangrong Yu, Yu Organizations: National, Reform Commission, CSI China Internet, Billionaire, Bridgewater Associates, Greenwich Economic, Appaloosa Management, U.S . Federal Reserve, Wynn Resorts, Sands, Macau — Locations: China, Greenwich, Greenwich , Connecticut, Beijing, Macau, Tuesday's, U.S
European markets are heading for a mixed open Tuesday as regional sentiment sours further after a shaky start to the week, with investors watching the conflict in the Middle East closely and its potential impact on oil markets, supply chains and the global economy. Elsewhere overnight, U.S. stock futures were little changed following a losing day on Wall Street Monday as rising oil prices and bond yields weighed on markets. In the Asia-Pacific region, an initial rally for Chinese markets lost steam after a briefing from the country's National Development and Reform Commission provided few details on further stimulus. Earlier, mainland China's CSI 300 index had skyrocketed over 10% at the open at its return from the Golden Week holiday, but the index pared gains later in the session. Key releases for markets this week include U.S. Federal Reserve minutes and German trade on Wednesday, U.S. inflation on Thursday and U.K. economic growth on Friday.
Organizations: Reform, CSI, Federal Locations: Asia, Pacific
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed will have to cut 'more and sooner' than the dot plot has suggested: StrategistVishnu Varathan, head of economics and strategy at Mizuho Bank, says "we're not sold on 50 basis points all the way through for this year, even though I think the [U.S. Federal Reserve] will have to cut more and sooner than the dot plot has suggested."
Persons: Vishnu Varathan, we're Organizations: Mizuho Bank, U.S . Federal
CNBC Daily Open: Stocks can’t defy October’s gravity
  + stars: | 2024-10-04 | by ( Yeo Boon Ping | ) www.cnbc.com   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. [PRO] How to play the jobs report The U.S. jobs report for September, coming out later today, will indicate if the economy will be able to achieve a soft landing or is headed toward a recession. Analysts at JPMorgan break down how the S&P 500 could react , depending on the number of jobs added for September. With the jobs report out in about 12 hours, it's too late for second guessing, in any case.
Persons: AI's, Nvidia's, Blackwell, Jensen Huang, Dow Jones, David Kelly, Kelly, it's, , Jeff Cox, Alex Harring, Pia Singh Organizations: New York Stock Exchange, CNBC, JPMorgan, Nvidia, Port, U.S, International Longshoremen's Association, United States Maritime Alliance, Dow Jones Industrial, Nasdaq, Dow, U.S . Federal Reserve, Asset Management Locations: New York City, U.S, East, Gulf Coast
CNBC Daily Open: October’s gravity bringing stocks down
  + stars: | 2024-10-04 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
Michael M. Santiago | Getty ImagesThis 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. But gravity is catching up with stocks in October, which tends to be a volatile month. If the number of jobs added comes in higher than expected, markets are likely to react well. With the jobs report out in about 12 hours, it's too late for second guessing, in any case.
Persons: Michael M, Dow Jones, David Kelly, Kelly, it's, , Jeff Cox, Alex Harring, Pia Singh Organizations: New York Stock Exchange, Santiago, CNBC, Dow Jones Industrial, Nasdaq, Nvidia, Dow, U.S . Federal Reserve, Asset Management Locations: New York City
Andrew Bailey, Governor of the Bank of England, gestures as he addresses the media during a press conference at the Bank of England in London on Aug. 1, 2024. The British pound tumbled more than 1% against the U.S. dollar on Thursday after a The Guardian report that Bank of England Governor Andrew Bailey suggested more positive inflation data could lead the central bank toward a more aggressive approach to interest rate cuts. He also said he was encouraged that cost of living pressures had not been as persistent as previously thought, according to the Guardian. The central bank held its key rate in September, after cutting it by 25 basis points in August to 5%. During the September meeting, the institution expressed concerns about services inflation and the labor market, despite headline inflation hovering near its 2% target.
Persons: Andrew Bailey, Sterling, Bailey, BOE Organizations: Bank of England, U.S, Guardian, U.S . Federal, CNBC Locations: London, British
Oil market is short, says Carlyle Group's chief strategy officer
  + stars: | 2024-10-03 | 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 EmailOil market is short, says Carlyle Group's chief strategy officerJeff Currie, the chief strategy officer of Energy Pathways at Carlyle Group, discusses how the impact of the U.S. Federal Reserve, China stimulus measures and conflict in the Middle East is impacting oil and commodity markets.
Persons: Carlyle Group's, Jeff Currie Organizations: Email, Carlyle Group, U.S . Federal Reserve Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJP Morgan: India stocks “not appealing at the moment” due to valuationsJP Morgan Asset Management’s David Kelly cites the opportunities in Asian equity and debt markets following the U.S. Federal Reserve's 50 basis-point cut.
Persons: JP, David Kelly Organizations: U.S, U.S . Federal Locations: India, U.S .
Ilia Yefimovich/dpa | Picture Alliance | Getty ImagesMarkets are in danger of being "whipsawed" by the combination of regional conflict in the Middle East and rising unemployment in the United States, says Stephen Roach, senior fellow at Yale Law School's Paul Tsai China Center. Most Asian markets fell on Wednesday, tracking losses on Wall Street overnight, as investors fretted over rising tensions in the Middle East. A higher-than-expected unemployment rate could prompt the Fed to accelerate the easing cycle to achieve a soft landing. The unemployment rate in September is expected to come in at 4.2%, according to data of a Reuters poll on LSEG, unchanged from the August figure. The unemployment rate had jumped to near a three-year high of 4.3% in July, a dramatic rise from the five-decade low of 3.4% in April 2023.watch now
Persons: Ilia Yefimovich, Stephen Roach, Yale Law School's Paul Tsai, Hassan Nasrallah, Roach, CNBC's, Stephen Stanley, Kelvin Tay Organizations: Missiles, Getty, Yale Law, Yale Law School's Paul Tsai China Center, Wall, Israel Defense Forces, Santander, Organization of, Petroleum, Energy Information Administration, UBS Global Wealth Management, U.S . Federal Reserve, Traders, U.S, U.S . Federal Locations: Israel, Tel Aviv, Iran, United States, Iranian, Lebanon, U.S .
Over time, riskier assets have outperformed cash and cash alternatives, said Brian Rehling, its head of global fixed income strategy. Different types of fixed income Investors can benefit from different types of fixed income in their portfolios, Citi said. But since then, both stocks and high-yield fixed income have increased in price. "Investors should consider taking advantage of any pullbacks in these asset classes to reposition overallocations to short-term fixed income," it said. Meanwhile, it likes U.S. intermediate term taxable fixed income, as it prefers bonds with maturities of between three and seven years.
Persons: Steven Wieting, Brian Rehling, Wells Fargo, overallocations Organizations: U.S . Federal Reserve, Fed, Citi, Wells Fargo Investment Institute, Securities . Investment Locations: Wells Fargo, Wells
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