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☆ US wholesale inflation surged higher in November
▼ + stars: | 2024-12-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

CNN —US wholesale inflation shot higher last month, an unwelcome sign that some prices could be heating up before they come down the pike to consumers. October’s monthly and annual rates were both revised higher from their initial estimates. However, food prices surged last month by 3.1%, driving the overall index higher. An ongoing deadly avian flu coupled with holiday-based demand has caused shortages and driven egg prices higher. On Wednesday, the latest Consumer Price Index landed in line with expectations but did show that some stagnation in the progress on reining in inflation.

Persons: Price Organizations: CNN, of Labor Statistics, PPI, Index

☆ A key pillar of Russia's wartime economy could soon be taking another hit
▼ + stars: | 2024-12-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The global oil markets are weighed down by ample supply and demand concerns, in part due to China's flagging economy. "So the global oil market is softer and that creates possibly an opportunity to take some further action," Yellen said. The US has been tightening its noose on Russian energy revenues. The measures have allowed the global energy markets to continue functioning in an orderly fashion — which prevents price shocks and inflation — but still limit Russia's oil revenue. In November, Russia's oil revenue fell 21% from a year ago amid weak energy prices, according to Bloomberg calculations based on official data.

Persons: Yellen, Janet Yellen, Biden, Dmitry Peskov Organizations: Bloomberg, Bloomberg TV, Brent, US West Texas, Kremlin, US Locations: Russia, Macquarie, Russian, Ukraine, India, China

☆ Economy faces 'some potential storms' in 2025, Moody's chief economist says
▼ + stars: | 2024-12-12 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Mark Zandi, chief economist of Moody's Analytics, testifies during the Senate Budget Committee hearing titled "The Default on America Act: Blackmail, Brinkmanship, and Billionaire Backroom Deals," in Dirksen Building on Thursday, May 4, 2023. Tom Williams | Cq-roll Call, Inc. | Getty ImagesThe economy is doing "exceptionally well" as President-elect Donald Trump gets ready to enter the White House, according to Moody's Analytics chief economist Mark Zandi. "The economy can weather a lot of storms," Zandi said. But, he added, "I do think there are some potential storms coming" next year under the new administration. Immigration policy, tariffs could affect economy

Persons: Mark Zandi, Tom Williams, Donald Trump, Zandi Organizations: Senate, Billionaire, Cq, Inc, Getty, Analytics, Consumer Federation, Gross

☆ Stifel says a 10%-15% S&P 500 correction is coming because of sticky inflation
▼ + stars: | 2024-12-12 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Stocks could be in store for a correction in 2025 as inflation remains persistently above the Federal Reserve's 2% target, according to Stifel Financial. The firm cited stubborn price pressures alongside sluggish growth in gross domestic product as key catalysts for its S & P 500 forecast, with Bannister seeing real U.S. GDP slowing to about 1.5% by the middle of 2025. He forecast two more rate reductions in 2025 before the Fed ultimately concludes cutting rates in the second half of 2025. Bannister's forecast comes as stocks have lately cooled in response to a lack of progress in bringing inflation down further. The S & P 500 has advanced more than 27% in 2024, the Nasdaq Composite has gained more than 32%, and the Dow Jones Industrial Average is up 17%.

Persons: Barry Bannister, Bannister Organizations: Healthcare, Utilities, Staples, Reserve, Funds, Nasdaq, Dow Jones

☆ AI 'godfather' Geoffrey Hinton says AI will one day unite nations against a common existential threat
▼ + stars: | 2024-12-12 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Geoffrey Hinton said that, right now, countries are working in secret to gain an advantage. That will change once AI becomes so intelligent it presents an existential threat, he said. However, this could change once AI becomes advanced enough to pose an existential threat to humanity, AI "godfather" and Nobel Prize winner Geoffrey Hinton says. AdvertisementHinton said this collaboration could resemble the Cold War, when Russia and the United States — despite being enemies — shared a common goal to avoid nuclear war. The United States and China are already beginning to collaborate on existential threats related to AI.

Persons: Geoffrey Hinton, Hinton, they're, —, Sam Altman, Altman, Goldman Sachs, Joe Biden, Xi Jinping Organizations: Royal Swedish Academy of Engineering Sciences, Chinese Communist Party, United, Economic Cooperation Locations: Russia, United States, China, Britain, Israel, Sweden, Asia

CD rates have been going down throughout 2024, but some local institutions still offer good rates. California Coast Credit Union offers a startling 9.50% APY on its 95th anniversary Celebration CD. In comparison, even the best CDs available nationwide mostly offer CD rates in the high 4% to 5% APY range. If you're interested in opening a CD with this credit union, you'll want to act fast since CD rates are likely to decline further in 2025. Most of these are short-term CDs since short-term CD rates are currently outperforming long-term CD rates.

Persons: it's, you'll, You'll, We've Organizations: California Coast Credit Union, Business, Service, California Coast Credit, Imperial, Social, U.S . Locations: California, San Diego, Riverside, Orange, Los Angeles, Ventura, San Bernardino

☆ Americans who are charged overdraft fees are now on track to save $225 a year
▼ + stars: | 2024-12-12 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

The CFPB previously found that banks were charging Americans unnecessary overdraft fees. AdvertisementOn Thursday, the Consumer Financial Protection Bureau announced that it finalized a rule that would limit overdraft fees at the bank. Overdraft fees are charged when customers make a withdrawal that results in a negative account balance. Lower-earning Americans are disproportionately impacted by overdraft fees, per a previous report from the CFPB. Have you paid overdraft fees or struggled with banking fees?

Persons: Rohit Chopra, Donald Trump, Elon Musk, Vivek Ramaswamy, Musk, Chopra, Musk's Organizations: Consumer Financial, Bureau, Department of Government, asheffey

☆ Oil little changed as demand weakness offsets sanctions-driven supply risks
▼ + stars: | 2024-12-12 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed in early Asian trade on Thursday as forecasts of weak demand and a higher-than-expected rise in U.S. gasoline and distillate inventories stemmed gains from an additional round of European Union sanctions that threatened Russian oil flows. OPEC cut its demand growth forecasts for 2025 for the fifth straight month on Wednesday and by the largest amount yet. Weak demand, particularly in top importer China, and non-OPEC+ supply growth were two factors behind the move. However, investors anticipate a rise in Chinese demand, after Beijing unveiled plans this week to adopt an "appropriately loose" monetary policy in 2025, which could spur oil demand. The Kremlin said that reports of a possible tightening of U.S. sanctions on Russian oil suggested the administration of President Joe Biden wants to leave a difficult legacy for U.S.-Russia relations.

Persons: Joe Biden, Janet Yellen Organizations: Montebello Oil, Union, . West Texas, OPEC, ANZ, Energy Information Administration, China, U.S . Federal Reserve, European Union, Ukraine Locations: Montebello, Montebello , California, United States, OPEC, Beijing, Russia

☆ Grocery prices: Trump just said groceries will be more affordable ‘very soon.’ He’s also said that might be very hard to achieve
▼ + stars: | 2024-12-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

“Grocery prices have skyrocketed,” he said. “When I win, I will immediately bring prices down, starting on day one,” Trump continued. “It’s hard to bring things down once they’re up,” Trump said in his Time Magazine “Person of the Year” interview published Thursday, referring to grocery prices. I think that energy is going to bring them down.”“I think a better supply chain is going to bring them down,” he continued. Experts have told CNN that drilling more, even if feasible, would not move the dial much in terms of lower grocery prices due to a plethora of other factors.

Persons: Donald Trump, “ They’re, ”, Time’s, Trump, ‘, “, ” Trump, “ That’s, That’s, he’s Organizations: New, New York CNN, New York Stock Exchange, White, National Retail Federation, Hackett Associates, Global, CNN Locations: New York, Suez, Panama

☆ India's inflation slows from 14-month high, raising hopes of interest rate cut under new governor
▼ + stars: | 2024-12-12 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

India's headline inflation softened from 14-month highs, coming in at 5.48% in November. The print was down from the 6.21% in October and was below the 5.53% expected by economists polled by Reuters. India's economy expanded by just 5.4% in its second fiscal quarter ending September, well below estimates by economists and close to a two-year low. While the Reserve Bank of India does not produce monthly inflation estimates, the RBI projected the headline print will hit 5.7% during the country's third fiscal quarter ending in December. The RBI has previously cautioned that adverse weather events and the rise in international agricultural commodity prices pose upside risks to food inflation.

Persons: bode Organizations: Reuters, Reserve Bank of Locations: Reserve Bank of India, Agriculture

☆ Humpback whale makes record journey from South America to Africa
▼ + stars: | 2024-12-12 | by ( Julianna Bragg | ) edition.cnn.com time to read: +6 min

CNN —A male humpback whale has made an extraordinary journey from South America to Africa — traveling more than 13,046 kilometers (8,106 miles) — the longest migration recorded for a single whale, a new study found. Humpback whales typically return to specific breeding locations each year because whale populations tend to be geographically distinct. The future of migrationWhaling in the 20th century killed nearly 95% to 99% of the humpback whale population in the Indian Ocean, according to Cheeseman. As a result, little information remains about the behavior and lives of humpback whales in that region. However, if exceptions to standard migratory patterns continue, Cheeseman suggests that humpback whales may adopt behaviors from other populations.

Persons: ”, Ted Cheeseman, Cheeseman, Ari Friedlaender, Humpbacks, Ekaterina Kalashnikova, ” Cheeseman, ” Friedlaender, “ Organizations: CNN, Pacific, Royal Society Open Science, Southern Cross University, West, University of California Locations: South America, Africa, Colombia, Zanzibar, East Africa, Australia, North, Alaska, Gulf, Maine, Norway, West Indies, Cape Verde, Santa Cruz, Zanzibar Channel, Fumba, Tanzanian, Unguja, Cheeseman

☆ Donald Trump and Bernie Sanders Want to Save You Money on Credit Cards
▼ + stars: | 2024-12-12 | by ( Emily Stewart | ) www.businessinsider.com time to read: +15 min

Sky-high credit-card interest rates are not popular. "He said, you know what, credit-card interest rates, which in some cases right now are 20, 25%, should not be higher than 10%. The average credit-card interest rate for new card offers is 24.43%, according to LendingTree — up about 10 percentage points from a decade ago. "Obviously, the interest rates have to respond to changing market conditions, and we've definitely seen that happen. A rate cap isn't the only solution to America's ballooning credit-card-debt problem and just how expensive it is to carry debt.

Persons: everyone's, Donald Trump, Sen, Bernie Sanders, Trump, Sanders, Elizabeth Warren, Matt Schulz, LendingTree, we've, Julie Margetta Morgan, Margetta Morgan, Schulz, Chi Chi Wu, Elon Musk, Wu, Banks, it's, Natasha, Janet Yellen, Aaron Klein, Barack Obama, Klein, Alexandria Ocasio, Cortez, they're, Warren, Carter Dougherty, Emily Stewart Organizations: White, Business, Politico, American Bankers Association, LendingTree, Consumer Financial, Federal Reserve Bank of New, Trump, Chi, National Consumer Law Center, Yale, Washington, Brookings Institution, Department, Treasury, Consumer, Financial Reform, Republicans Locations: Federal Reserve Bank of New York, Alexandria, Washington

☆ The market is overlooking a key risk ahead of 2025: 'Stubbornly sticky' inflation
▼ + stars: | 2024-12-12 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

Bond yields, which are correlated with inflation and interest rate expectations, leaped on the news. Following this print, the market believes an interest rate cut next week is almost guaranteed. Higher prices could complicate a strong setupMajor investment firms are almost universally bullish heading into 2025, and for good reason. "And while this print shouldn't force that reality to interrupt the holiday season, investors should be [wary] of impacts higher inflation might have on their portfolios and be prepared accordingly." The former often benefits from higher inflation since a jump in oil prices would pad its profits.

Persons: Lara Castleton, Janus Henderson, Steve Sosnick, Donald, Rick Rieder, Jim Baird, Plante, Baird, Gargi Chaudhuri, aren't, Ronald Temple, deglobalization, Rieder, Sinead Colton Grant, Trump, he's, Colton Grant, Janus Henderson's Castleton Organizations: Nasdaq, Janus, Janus Henderson Investors, Business, Interactive Brokers, Reserve, Financial, Americas, BlackRock, Trump, Lazard, Fed Locations: wilting, Castleton

☆ A way to generate income on GM and possibly buy it on the cheap using options
▼ + stars: | 2024-12-12 | by ( Michael Khouw | ) www.cnbc.com time to read: +6 min

While absorbing Cruise may streamline operations and cut costs, GM is (or was) a front-runner in autonomous driving technology and the front-runner among legacy US automakers. GM TSLA YTD mountain GM vs. Tesla, YTD Both GM and Waymo, using a broader suite of sensors, were making a considerably more significant investment per vehicle to provide additional safeguards than Tesla does with its camera-only approach. The second was the massive $5.6 billion cash infusion spearheaded by Alphabet into Waymo, which was announced in late October. GM YTD mountain GM, YTD General Motors will likely generate over $12 billion in free cash flow for FY2024. Selling a cash-covered put is a way to take a neutral to mildly bullish posture seeking to collect options premium.

Persons: Lyft, Tesla, Meta, Mark Zuckerberg's, haven't, Cruise, —, I've Organizations: GM, YTD, Toyota, Motors, CNBC, NBC UNIVERSAL Locations: Lyft, San Francisco

☆ Gold eases on profit taking after scaling more than one-month peak
▼ + stars: | 2024-12-12 | by ( ) www.cnbc.com time to read: +1 min

Gold slipped on Thursday as investors booked profits after prices hit more than one-month high earlier in the day on increased expectations of an interest rate cut by the Federal Reserve next week. Spot gold shed 0.5% to $2,704.41 per ounce, as of 0257 GMT. According to CME's FedWatch Tool, traders now see a 98.4% chance of a 25-basis-points Fed rate cut on Dec. 18, compared with an about 86% odds before the U.S. inflation report. Meanwhile, the European Central Bank is all but certain to cut rates again on Thursday and signal further easing in 2025. The bullion is seen as a safe investment during economic and geopolitical turmoil and thrives in a low interest rate environment.

Persons: Gold, we've, Ajay Kedia, CME's, Price Organizations: Federal Reserve, Kedia Commodities, European Central Bank, United Nations General Assembly, Hamas Locations: China, Mumbai, U.S, Israel, Gaza

☆ Swiss National Bank takes leap with 50-basis-point interest rate cut amid franc strength
▼ + stars: | 2024-12-12 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

A view of the headquarters of the Swiss National Bank (SNB), before a press conference in Zurich, Switzerland, March 21, 2024. The Swiss National Bank on Thursday cut its key interest rate by 50 basis points, exceeding expectations of a smaller trim amid an ongoing tussle with depressed inflation and a strong Swiss franc. More than 85% of economists polled by Reuters had forecast the bank would implement a smaller, 25-basis-point cut. The SNB's easing of monetary policy today takes this development into account," the bank said Thursday after its first meeting under new Chair Martin Schlegel. It assumes the SNB policy rate holds at 0.5% over the entire forecast horizon.

Persons: Martin Schlegel, Kyle Chapman Organizations: Swiss National Bank, Reuters, Ballinger Group, ECB, Trump Locations: Zurich, Switzerland, Swiss

☆ Egg prices may soon ‘flirt with record highs,' supplier says. Here's why
▼ + stars: | 2024-12-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

"There's a very real chance we could flirt with record highs" for prices, said Brian Moscogiuri, vice president of Eggs Unlimited, an egg supplier. watch nowGrade A egg prices peaked at $4.82 a dozen in January 2023, having jumped from $1.93 in January 2022. How a 'serious' bird flu outbreak is affecting egg pricesNow, as in 2022-23, highly pathogenic avian influenza — better known as bird flu — is a big culprit. That has "caused an egg supply shortage," said Ryan Hojnowski, an egg analyst at Expana, an agricultural market research firm. Thanksgiving, Christmas holidays raise egg demandThe egg supply shortage is also running headlong into peak season for consumer demand.

Persons: Justin Sullivan, Brian Moscogiuri, Taylor Swift, Trevor Noah, Moscogiuri, Ryan Hojnowski, Andrew Novakovic, Hojnowski, Novakovic Organizations: U.S . Bureau of Labor Statistics, Finance, Centers for Disease Control, Cornell SC Johnson College of Business Locations: San Anselmo , California, U.S

☆ CNBC Daily Open: Nasdaq climbs past 20,000, powered by megacap tech gains
▼ + stars: | 2024-12-12 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. OPEC cuts demand forecast againOPEC has cut its 2024 global oil demand growth forecast for a fifth straight month and by its largest amount yet, according to Reuters. OPEC expects global oil demand to rise by 1.61 million barrels per day, down from the previous forecast of 1.82 million bpd last month. It also cut its 2025 growth estimate to 1.45 million bpd from 1.54 million bpd. China accounted for part of the latest downgrade, with Chinese oil demand expected to rise by 430,000 bpd in 2024, down from 760,000 bpd increase predicted in July.

Persons: Tesla Organizations: CNBC, Nasdaq, Amazon, Dow Jones, Investment Company Institute, Vanguard, U.S, OPEC, Reuters, Wall Street Locations: October's, U.S, China

☆ Hundreds of student-loan borrowers who applied for debt cancellation are being denied relief by a major lender, over 20 Democratic lawmakers say
▼ + stars: | 2024-12-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Sen. Elizabeth Warren led over 20 colleagues in requesting the CFPB and FTC investigate student-loan company Navient. A group of Democratic lawmakers said that a major student-loan company is denying some student-loan borrowers relief that they might qualify for. Instead, they can request a school misconduct application from Navient, and Navient would then decide whether to approve it. AdvertisementThe issue, the lawmakers wrote, is that Navient has denied relief for the majority of borrowers who applied. BI previously spoke to some borrowers who have attempted to navigate Navient's school misconduct application process.

Persons: Sen, Elizabeth Warren, Navient, it's, Alexandria Ocasio, Cortez, Ron Wyden, Warren, Nick Eucker Organizations: Democratic, Consumer Financial Protection Bureau, Federal Trade Commission, Navient, Business, BI Locations: Alexandria

☆ Dollar holds steady despite rate cut bets; Aussie rises after jobs data
▼ + stars: | 2024-12-12 | by ( ) www.cnbc.com time to read: +3 min

The Aussie dollar surged after Australian employment beat forecasts, while the euro held steady ahead of the European Central Bank's (ECB) monetary policy decision later in the day. Markets have further trimmed back expectations for a December rate hike from the Bank of Japan after Bloomberg news reported Japan's central bank sees "little cost" to waiting. The Politburo on Monday vowed to switch to an "appropriately loose" monetary policy to spur economic growth. The Swiss franc traded at 0.88315 per dollar, with markets weighing the prospect of a half-point rate cut on Thursday from the Swiss National Bank. The dollar last fetched C$1.41435 after the Bank of Canada slashed its key policy rate by 50 basis points to 3.25% on Wednesday to help address slower growth.

Persons: Carol Kong, Traders, Sterling Organizations: U.S ., Treasury, U.S . Federal, Aussie, European, Bank's, Treasury Department, Fed, Commonwealth Bank of Australia, Bank of Japan, Bloomberg, Economic Work, Reuters, Swiss, Swiss National Bank, Bank of Canada Locations: U.S, China's, China

☆ Not seeing any signs of consumer resilience waning in any way, says BofA’s Liz Everett Krisberg
▼ + stars: | 2024-12-12 | 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 EmailNot seeing any signs of consumer resilience waning in any way, says BofA’s Liz Everett KrisbergLiz Everett Krisberg, head of Bank of America Institute, joins ‘Squawk Box’ to break down the Institute’s November Consumer Checkpoint Report, which provides real-time consumer spending and financial health estimates.

Persons: Liz Everett, Liz Everett Krisberg Organizations: Bank of America Institute

☆ No one wants to own cable TV networks anymore
▼ + stars: | 2024-12-12 | by ( Peter Kafka | ) www.businessinsider.com time to read: +3 min

If so, consider that the people who own cable TV networks seem increasingly uninterested in hanging on to them. That's the real story behind WBD's corporate maneuvering Thursday — to make a cable TV spin-off or sale much more likely. Comcast is ditching its cable TV networks. That's because Comcast's spun-off cable TV operation will want to find other cable TV networks to add to its collection, so it can increase negotiating power. (Just Thursday, Google said it was hiking the price of its YouTube TV cable bundle by 14%.)

Persons: WBD, WBD execs, Comcast's, Donald Trump's, David Zaslav Organizations: Comcast, Warner Bros, TNT, Food Network, Trump, Big Tech, Big Media, Google, YouTube Locations: Big

☆ Klarna CEO on state of consumer: Seeing a clear shift away from credit cards
▼ + stars: | 2024-12-12 | 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 EmailKlarna CEO on state of consumer: Seeing a clear shift away from credit cardsKlarna CEO Sebastian Siemiatkowski joins 'Squawk Box' to discuss the holiday shopping season, state of the consumer, growth outlook for the company, future of the credit card ecosystem and retail banking, impact of AI, and more.

Persons: Sebastian Siemiatkowski

BEIJING, CHINA - NOVEMBER 9: Chinese President Xi Jinping attends a meeting with Indonesian President Prabowo Subianto (not pictured) at the Great Hall of the People on November 9, 2024 in Beijing, China. China affirmed its recent policy shifts and stressed plans to boost growth in a high-level economic planning meeting that wrapped up Thursday, according to a daily evening news broadcast on state-run CCTV. It added that the meeting also affirmed plans for China to moderately loosen monetary policy. That readout's use of "moderately loose" monetary policy had not appeared since the depths of the global financial crisis in 2008. China typically announces the full-year growth target and fiscal deficit at an annual parliamentary meeting in March.

Persons: Xi Jinping, Prabowo Subianto, Donald Trump Organizations: of, Communist Party, U.S, House, Xinhua, National People's Congress Locations: BEIJING, CHINA, Beijing, China

☆ Why Gordon Singer is more powerful than ever at his father's $70 billion firm
▼ + stars: | 2024-12-12 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +10 min

Yet Gordon Singer has more power than ever inside the firm. In 2009, Gordon Singer was named head of Elliott's London office. AdvertisementThese people said that before the restructuring, the Elliott London office could put trades on with the younger Singer's sign-off. Another former investor estimated that the London office had control of up to $7 billion in capital at its peak. Before Bhanji's departure, the most surprising exit was by Levine, a partner who has known Gordon Singer and his brother, Andrew, since they were kids.

Persons: Paul Singer's, Gordon, Singer, Gordon Singer, Elliott, Paul Singer, Nabeel, Jonathan Pollock, institutionalizes, Gordon Singer's, Pollock, Gordon Singer didn't, Jonathan Bush, George W, Bush, Elliott alums, James Bayliss, Mark Levine, Sebastien de La Riviere, Mark Wills, Levine, Andrew, Mark, he's, Gaurav Toshniwal, John Pike, Pike, Pat Frayne, there's, Paul, Giorgio Furlani Organizations: Lehman Brothers, Elliott, Bain, Employees, Europe's, Ken, Financial Times, Sargasso Partners, London, Oxford's Exeter College, Williams College, Italian soccer, AC Milan Locations: London, New York, Elliott London, Italy, Asia, Hong Kong, Tokyo, who's, Italian, Florida

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