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☆ CNBC Daily Open: China, the dozing dragon
▼ + stars: | 2023-06-20 | by ( Yeo Boon Ping | ) 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. Blinken unexpectedly meets XiU.S. Secretary of State Antony Blinken ended his China visit by meeting with Xi Jinping, the country's president. Blinken's meeting could pave the way for U.S. President Joe Biden to meet Xi in November. The country's mortgage market's so volatile that HSBC temporarily stopped offering some home loans earlier this month.

Persons: Blinken, Antony Blinken, Xi Jinping, Blinken's, Joe Biden, Xi, Buffett, Warren Buffett's Berkshire Hathaway, Morgan Stanley Organizations: CNBC, Xi U.S, U.S, Juneteenth, Mitsubishi, Mitsui, Sumitomo, HSBC, Asia Locations: Lujiazui, Pudong, Shanghai, China, frayed U.S, America, Itochu, Berkshire, Japan, Asia Pacific

☆ Berkshire Hathaway boosts stake in Occidental Petroleum to 24.4%
▼ + stars: | 2023-05-18 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

May 18 (Reuters) - Berkshire Hathaway Inc (BRKa.N) said on Thursday it had acquired more shares of Occidental Petroleum Corp (OXY.N), boosting its stake in the oil company to 24.4%. In a regulatory filing, the conglomerate controlled by billionaire Warren Buffett said it paid about $201 million for 3.46 million Occidental shares between May 16 and 18. Berkshire has bought Occidental shares on each of the last six trading days, paying about $327 million for 5.62 million shares. Berkshire also owns approximately $9.5 billion of Occidental preferred stock carrying an 8% annual dividend, plus warrants to buy $5 billion of Occidental common shares at $59.62 each. He also tried to end speculation that Berkshire might buy Occidental and further diversify its own energy portfolio.

☆ Buffett-backed Nubank has AI investments as 'great priority', CEO says
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nubank CEO David Velez talks on stage during the opening of the Web Summit technology conference, in Rio de Janeiro Brazil May 1, 2023. REUTERS/Ricardo MoraesSAO PAULO, May 18 (Reuters) - Investments in artificial intelligence are a "great priority" for Brazilian digital lender Nubank , Chief Executive David Velez said on Thursday, adding that the firm expects to demonstrate it soon as it pushes for expansion. "Five years from now you'll be talking to Nubank in your self-driving car, you'll be talking to Nubank in your home," Velez told reporters. Nubank debuted on the New York Stock Exchange in late 2021 raising nearly $2.6 billion. She added Nubank also sees growth opportunity in Mexico as "much bigger" than in Brazil at the moment.

☆ China's BYD beefs up autonomous driving credentials with new unit, hiring spree
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

Current BYD recruiting advertisements for engineers specialising in autonomous driving that target top Chinese universities such as Zhejiang University, indicate that the hiring is ongoing. BYD set up an intelligent driving research division in Shanghai last year, according to three sources with direct knowledge of the matter. The automaker, which is 9.87% owned by Warren Buffett's Berkshire Hathaway Inc (BRKa.N) and had some 660,000 employees as of April, declined to elaborate on its autonomous driving strategy. BYD has also this year teamed up with autonomous driving chip technology firms Nvidia (NVDA.O) and Horizon Robotics (RBOT.TO), saying it wanted to develop more intelligent vehicles. Both are high-volume models and further advances in BYD autonomous driving features would popularise the technology within China.

☆ Morning Bid: Are we there yet? Market holds breath for debt ceiling deal
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Ankur BanerjeeNervousness in the market over the looming U.S. debt ceiling deadline prevailed through the Asian hours and will remain the main focus for investors as Europe wakes up. McCarthy, the speaker of the House of Representatives, told reporters the two sides remained far apart on an agreement. But he said, "It is possible to get a deal by the end of the week. European markets are set for a lower open, with traders waiting for April inflation data for the eurozone. Japan's economy emerged from recession and grew faster than expected in the first quarter as a post-pandemic consumption rebound offset global headwind.

☆ Wall Street closes lower after Home Depot outlook, US retail sales
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The Commerce Department reported retail sales rose 0.4% in April, short of the estimate for an increase of 0.8%. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates. While the market is currently pricing in a rate cut by the end of the year, recent comments from Fed officials suggested they are not ready to cut rates soon. Cleveland Fed President Loretta Mester said she does not think the central bank can hold interest rates steady yet. (This story has been corrected to say 'a rate cut,' instead of 'a rate hike,' in paragraph 8)Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ S&P 500, Dow fall, dragged by Home Depot outlook, US retail sales
▼ + stars: | 2023-05-16 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Home Depot (HD.N) shed 1.73%, the biggest drag on the Dow Industrials and among the heaviest weights on the S&P 500 after the home improvement retailer cut its annual sales forecast and projected a steeper-than-expected decline in profit. The Commerce Department reported retail sales rose 0.4% in April, short of the estimate for an increase of 0.8%. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates. Cleveland Fed President Loretta Mester said she does not think the central bank can hold interest rates steady yet. The S&P 500 posted 10 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 42 new highs and 163 new lows.

Berkshire acquired 9.92 million shares in Capital One, a stake worth $954 million based on the closing price on March 31, regulatory filings showed on Monday. The bank's shares have shed around 15% since early March as the banking crisis has clobbered shares of U.S. regional lenders. Silicon Valley Bank, Signature Bank, and First Republic Bank are the three banks that have so far collapsed during the current crisis. The KBW Regional Banking Index (.KRX) fell 0.38%. Fed Vice Chair for Supervision Michael Barr said the central bank was "carefully considering" rule changes for larger regional banks, including requiring them to account for unrealized losses on their banks when considering capital levels.

The Commerce Department reported retail sales rose 0.4% in April, at half the pace against an expected increase of 0.8%. "The retail sales data has been positive in several months, but it's still weak," said Jamie Cox, managing partner at Harris Financial Group. You are probably seeing the end of the decline in retail sales, but it's not going to be a smooth ride from here." Dow Jones Industrial Average (.DJI) component Home Depot (HD.N) shed 1.4%, hitting its lowest level in over six months after the company lowered its annual sales forecast. Shares of Capital One Financial Corp (COF.N) jumped 2.4%, rising the most on the S&P 500, after Berkshire Hathaway Inc (BRKa.N) on Monday disclosed it has begun investing in the consumer lender.

The Commerce Department reported retail sales rose 0.4% in April, at half the pace against an expected increase of 0.8%. "The retail sales data has been positive in several months, but it's still weak," said Jamie Cox, managing partner at Harris Financial Group. You are probably seeing the end of the decline in retail sales, but it's not going to be a smooth ride from here." "There is little chance we will see a resolution to the U.S. debt ceiling issue today," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "The negotiations will likely remain tight as Republicans ask decent spending cuts to accept a debt ceiling relief, while Biden is not willing to compromise on spending into the election year."

The main indexes started the week with modest gains as trading was range-bound amid a wrangling in Washington between the White House and Republicans. "There is little chance we will see a resolution to the U.S. debt ceiling issue today," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Shares of rival Lowe's Companies Inc (LOW.N) fell 3.2%, while retail giant Walmart Inc (WMT.N) slipped 0.4%. Focus will also be on economic data, with retail sales expected to increase by 0.8% in April after falling 0.6% in the month before. ET, Dow e-minis were down 80 points, or 0.24%, S&P 500 e-minis were down 3 points, or 0.07%, and Nasdaq 100 e-minis were up 5.25 points, or 0.04%.

The Commerce Department reported retail sales rose 0.4% in April, at half the pace against an expected increase of 0.8%. "The retail sales data has been positive in several months, but it's still weak," said Jamie Cox, managing partner at Harris Financial Group. You are probably seeing the end of the decline in retail sales, but it's not going to be a smooth ride from here." The S&P 500 retail index (.SPXRT) lost 0.6%. Shares of Capital One Financial Corp (COF.N) jumped 5.4%, rising the most on the S&P 500, after Berkshire Hathaway Inc (BRKa.N) on Monday disclosed it has begun investing in the consumer lender.

☆ Berkshire invests in Capital One, sheds Bank of NY Mellon
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

May 15 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Monday said it has begun investing in Capital One Financial Corp (COF.N) and no longer has a stake in Bank of New York Mellon Corp (BK.N). Berkshire made its disclosures in a regulatory filing listing its U.S.-listed stocks as of March 31. Capital One shares rose 5.3% in after-hours trading, following Berkshire's disclosure of an approximately $954 million stake in the bank. The filing does not identify which investments are Buffett's and which were made by his portfolio managers Todd Combs and Ted Weschler, though larger investments are usually Buffett's. Reporting by Jonathan Stempel in New York Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Berkshire invests in Capital One, sheds four stocks
▼ + stars: | 2023-05-15 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Buffett's company made its disclosures in a regulatory filing listing its U.S.-traded stocks as of March 31. Capital One shares rose 5.7% in after-hours trading following Berkshire's disclosure of a 9.92 million share stake worth about $954 million. In Monday's filing, Berkshire also revealed a new $41.3 million stake in Diageo Plc (DGE.L), the maker of alcoholic beverages including Johnnie Walker and Guinness. BERKSHIRE BUYS MORE APPLE, BANK OF AMERICADespite the selling, Berkshire still invests in several financial services companies. Berkshire also has dozens of operating businesses including the BNSF railroad, Geico car insurance, and many energy, manufacturing and consumer units.

☆ How TikTok sensation Squishmallows found Warren Buffett
▼ + stars: | 2023-05-13 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

May 13 (Reuters) - Squishmallows joined Warren Buffett's business empire two years after Lady Gaga, Kim Kardashian and others helped make the plush stuffed toys a viral sensation on TikTok. They married in 1993 and embarked on law careers, but Judd Zebersky soon realized that wasn't his destiny. Laura Zebersky, a litigator, sold her practice in 2005 and joined him, becoming Jazwares' president. "This was a brand that needed a lot of love," Judd Zebersky said. "Greg is exactly what we have all learned about the Berkshire model," Laura Zebersky said.

☆ Occidental to favor buybacks over funding direct air capture plants
▼ + stars: | 2023-05-10 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

HOUSTON, May 10 (Reuters) - Occidental Petroleum Corp (OXY.N) on Wednesday said it will distribute any excess cash from high oil prices to shareholders instead of funding direct air capture (DAC) plants. It is building its first large scale DAC plant in Texas. It is, however, lacking external funding to fulfill its plan to build more than 100 DAC units, starting with the second plant. Occidental on Tuesday reported adjusted income of $1.1 billion, missing analysts estimates amid a 20% decline in oil prices from a year ago. Results were primarily impacted by the timing of crude oil sales in the quarter, the company said.

May 9 (Reuters) - U.S. oil and gas producer Occidental Petroleum Corp (OXY.N) on Tuesday reported a 48% decline in first-quarter earnings that fell well short of analyst estimates as global economic growth concerns led to a decline in oil prices. Occidental's crude oil sold for 19% less than the year-ago quarter, averaging $74.22 per barrel. Earnings declined despite a boost in first quarter oil and gas daily output to 1.22 million barrels from 1.08 million a year earlier, helped by higher production from its Permian operations. Adjusted earnings of $1.09 per share for the quarter fell far short of analysts' $1.24 per share estimate compiled by Refinitiv. Occidental increased its year-end production guidance by 20,000 barrels of oil and gas to 1.22 million barrels per day.

☆ Occidental Petroleum misses quarterly profit estimates
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Oil and gas producer Occidental Petroleum Corp's (OXY.N) first-quarter profit missed analysts' estimates on Tuesday, as oil prices eased amid concerns of a slowdown in global economic growth. Global oil prices pulled back during the reported quarter from the peaks reached last year following Russia's invasion of Ukraine. The Houston-based company posted adjusted earnings of $1.09 per share for the quarter, compared with analysts' estimates of $1.24 per share, according to Refinitiv data. Occidental, which is backed by billionaire investor Warren Buffett's Berkshire Hathaway Inc (BRKa.N), said its production during the first quarter rose to 1.22 million barrels of oil equivalent per day (boepd) from 1.08 million boepd a year earlier, helped by higher production from Permian. Reporting by Sourasis Bose in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

For most of the day, stocks struggled for direction amid disappointing earnings from Tyson Foods and Catalent and a short-lived rebound in regional banks. The struggle for a clearer direction comes after a rally on Friday, when U.S. jobs data pointed to a resilient labor market. Producer prices, weekly jobless claims and consumer sentiment data are all lined up for the week. Shares of regional banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. Warren Buffett's Berkshire Hathaway Inc's Class B shares rose after posting a $35.5 billion first-quarter profit, boosted by gains from stocks such as Apple.

☆ Warren Buffett's rival for attention at Berkshire weekend: Squishmallows
▼ + stars: | 2023-05-08 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

[1/2] Investors and guests walk by a Squishmallow display during the Berkshire Hathaway Inc in Omaha, Nebraska, U.S. May 5, 2023. On Friday, the start of Berkshire Hathaway Inc's (BRKa.N) three-day shareholder weekend, thousands thronged a convention hall in downtown Omaha, Nebraska, for five hours to buy discounted products from many Berkshire-owned brands. For many, the $9.99 Squishmallows featuring Buffett and Munger, made by Berkshire's recently acquired toy company Jazwares, were the must-have memento. About 10,000 Buffett and Munger Squishmallows were sold, and by Monday they were fetching as much as $255 at auction on eBay. Reporting by Jonathan Stempel in Omaha, Nebraska Editing by Megan Davies and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

The struggle for a clearer direction comes after a rally on Friday, when U.S. jobs data pointed to a resilient labor market. Producer prices, weekly jobless claims and consumer sentiment data are all lined up for the week. A rally in regional banks' shares proved short-lived, with PacWest Bancorp (PACW.O) rising 5.6% after gaining as much as about 30% earlier in the session after the lender sharply cut its quarterly dividend to boost capital. Shares of regional banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. Warren Buffett's Berkshire Hathaway Inc's Class B shares rose 0.9% after posting a $35.5 billion first-quarter profit, boosted by gains from stocks such as Apple.

Producer prices, weekly jobless claims and consumer sentiment data are all lined up through the week. "The bigger picture is inflation will remain higher for longer and that we are heading into a recession. The KBW Regional Banking index (.KRX) fell 2.2% after posting its best single-day performance in seven weeks on Friday. Shares of regional banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. The S&P index recorded 10 new 52-week highs and four new lows, while the Nasdaq recorded 47 new highs and 53 new lows.

On the other end, regional banks' shares stretched gains from a rebound on Friday, with PacWest Bancorp (PACW.O) jumping 19.9% after the lender sharply cut its quarterly dividend to boost capital. Shares of such banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. "We're in an information vacuum right now, waiting for the next inflation data. Warren Buffett's Berkshire Hathaway Inc's Class B shares rose 1.2% after posting a $35.5 billion first-quarter profit, reflecting gains from stocks such as Apple. The S&P index recorded seven new 52-week highs and two new lows, while the Nasdaq recorded 31 new highs and 23 new lows.

Regional bank shares stretched gains from a rebound on Friday, with PacWest Bancorp (PACW.O) jumping 33% premarket after the company announced quarterly dividend. Shares of such banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. ET, Dow e-minis were up 67 points, or 0.2%, S&P 500 e-minis were up 6 points, or 0.14%, and Nasdaq 100 e-minis were down 4.25 points, or 0.03%. Data on producer prices, weekly jobless claims and on consumer sentiment are all lined up through the week. On earnings, Warren Buffett's Berkshire Hathaway Inc's Class B shares rose 1.5% after the company posting a $35.5 billion first-quarter profit, reflecting gains from stocks such as Apple.

By margins of at least 3-to-1, shareholders voted against three proposals that Berkshire disclose more about its climate-related risks or greenhouse gas emissions and efforts to address them, and its efforts to promote diversity. They also voted down by a nearly 10-to-1 margin a renewed call for an independent director to replace Buffett as chairman. The proponent of the independent chair proposal said it would leave Berkshire "less identified" with Buffett's "political activities." The votes were not surprising because Buffett owns special shares that give him a nearly 32% voting stake in Berkshire, making it difficult to adopt proposals he opposes. Berkshire shareholders also reelected the company's 15-person board.

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