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CNBC Daily Open: More all-time highs? Yes please
  + stars: | 2024-09-27 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 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. Why are Treasury yields rising? Treasury yields tend to move in tandem with interest rates. When the U.S. Federal Reserve cut interest rates last week, it's not unreasonable to expect Treasury yields to dip.
Persons: Hong, it's, they've, Jeff Cox, Sam Altman, Bret Taylor, Sarah Friar, OpenAI's, Ishiba, Shigeru Ishiba, Sanae Takaichi Organizations: CNBC, Major, CSI, Treasury, U.S . Federal Reserve, Altman, PM, Liberal Democratic, Bank of, People's Bank of China, Barclays Locations: Major U.S, Asia, Pacific
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK PM Keir Starmer on 2024 U.S. election: We will work with whoever the president isUK Prime Minister Keir Starmer joins 'Squawk Box' to discuss the country's stance on ongoing wars, UK's decision to suspend some arms exports to Israel, state of UK-U.S. relationship, his view on the 2024 U.S. election, and more.
Persons: Keir Starmer Locations: Israel
Candidates in the upcoming leadership race for the ruling Liberal Democratic Party (LDP) join hands after giving speeches for the Liberal Democratic Party presidential election in Osaka, Japan on September 18, 2024. Japan's ruling party will elect the successor to outgoing Prime Minister Fumio Kishida on Friday in a race likely to decide the next leader of the nation. Kishida had thrown the Liberal Democratic Party for a loop when he announced in August that he would not be running for its top office, effectively ending his three-year term. The party has a majority in both chambers of the legislature, effectively ensuring its chief becomes the next prime minister. Polls suggest that the favorites in the election include ex-environment minister Shinjiro Koizumi, economic security minister Sanae Takaichi and former defense minister Shigeru Ishiba.
Persons: Japan's, Fumio Kishida, Kishida, Shinjiro Koizumi, Sanae Takaichi, Shigeru Ishiba Organizations: Liberal Democratic Party, Liberal Democratic Locations: Osaka, Japan
The Federal Supreme Court (STF) in Brazil suspends Elon Musk's social network after it fails to comply with orders from Minister Alexandre de Moraes to block accounts of those being investigated by the Brazilian justice system. X has to pay one last fine before the social network owned by Elon Musk is allowed back online in Brazil, according to a decision out Friday from the country's top justice, Alexandre de Moraes. Earlier this month, X filed paperwork informing Brazil's supreme court that it is now in compliance with orders, which it previously defied. X's legal representative in Brazil, Rachel de Oliveira, is also required to pay a fine of 300,000 reals. Earlier this month, the STF froze the business assets of Musk companies, including both X and satellite internet business Starlink, operating in Brazil.
Persons: Alexandre de Moraes, Elon Musk, Brazil's, Rachel de Oliveira, de Moraes, Musk, X, STF Organizations: Federal Supreme Court, Elon, Globo, Tribunal Federal, SpaceX Locations: Brazil, Brazilian
Florida ranks sixth among states with the largest shares of homeowners who don't have meaningful insurance. Putnam County, in the northern part of the state, is at 32.9%, while in Miami-Dade County, nearly 25% lack homeowners insurance that would protect them from calamity. In Miami-Dade County, 33.5% of homeowners pay $4,000-plus a year, ranking it in the top 10 among the country's most populous counties. Curtis, who has lived in Taylor County for 40 years and is a former forester, said many of her neighbors can't afford to pay for insurance. Her insurance doesn't cover hurricane damage, so McDonald will anxiously await news from home until the storm passes, she said.
Persons: Michelle Curtis, Hurricane Helene, Curtis, Helene, Debbie McDonald, Hurricane Idalia, she's, McDonald Organizations: Southeastern, Atmospheric Administration, Miami, Dade, Census, Cedar Locations: Florida, Perry, Hurricane, Taylor County, Florida’s Big Bend, Southeastern U.S, Putnam County, Miami, Dade County, U.S, Cedar, Gainesville, Jacksonville
Trump's arguments for overturning his $454M civil fraud verdict received a warm reception Thursday. Trump attorney D. John Sauer has made this line drawing a central point of his appeal. The appeal argues that James' fraud case wrongly interfered in the decisions of "sophisticated" banks that had been happy to loan Trump money regardless of any exaggerations. Deutsche Bank relied on Trump's financial statements in loaning him $400 million to develop his Chicago skyscraper, his Washington, DC hotel, and his Miami golf resort. Advertisement"And I will stress, your honor, that this does have harm to the public and the markets," she said of Trump's persistent financial frauds.
Persons: , Donald Trump, Trump, Peter H, Moulton, Letitia James, James, John Higgitt, Judith Vale, Higgitt, Vale, Lehman, Dianne T, Renwick, John Sauer, Sauer, E, Jean Carroll, Trump's, Arthur Engoron Organizations: Trump Org, Service, New York, General's, New York's AG, Lehman Brothers, Trump, Deutsche Bank, Supreme Court, Mazars USA, New Locations: Manhattan, York, Chicago, Washington, Miami, DC
Advertisement"The pressure is very, very high," Jennifer Hephzibah, a senior HR professional in India, told Business Insider. 'Glorifying overwork'This always-on culture has come under the spotlight recently following the death of an EY employee, Anna Sebastian Perayil, in July. EY told BI it was "taking the family's correspondence with utmost seriousness and humility" and called Perayil's death an "irreparable loss." AdvertisementCost centers and cheap laborHuge multinational companies, such as EY, Google, Microsoft, Salesforce, and Accenture, have set up cost centers in India. "It definitely exists that multinational companies tend to think, 'We love that the Indians work hard, so let's keep doing that.'"
Persons: , it's, Jennifer Hephzibah, Anna Sebastian Perayil, Peryail's, Sebastian Perayil, Anna, Perayil's, Rajiv Memani, EY, Narayana Murthy, Kavach Khanna, Khanna, Jeanie Chang, let's, Chang, Hephzibah, Jeanie Organizations: Service, International Labour Organization, Business, Boston Consulting Group, Infosys, Google, Microsoft, Accenture, Global, Centers, BI, Gallup State Locations: India, Japan
Oil prices were little changed on Thursday after falling in the previous session as signs of higher fuel demand and falling stockpiles in the U.S., the world's biggest oil user, offset concerns over demand elsewhere, particularly in China. Oil prices were little changed on Thursday after falling in the previous session as signs of higher fuel demand and falling stockpiles in the U.S., the world's biggest oil user, offset concerns over demand elsewhere, particularly in China. Oil prices slumped over 2% on Wednesday as worries over supply disruptions in Libya eased and demand concerns continued despite China's latest stimulus plans. Oil prices initially rose following the stimulus announcement from the world's biggest oil importer. "Any revival in Libyan production would return to a market that is already beset by concerns of weak demand in the U.S. and China," ANZ Research said.
Organizations: Brent, U.S, West Texas, ANZ Research, Energy Information Administration Locations: U.S, China, Libya, United States
JPMorgan Chase CEO Jamie Dimon spoke at The Atlantic Festival 2024 this month. Dimon said American schools should change how they approach education. He said schools should teach subjects like financial education and nutrition. Go to newsletter preferences Thanks for signing up! Dimon said that high schools and community colleges could do more to prepare young folks for adulthood.
Persons: Jamie Dimon, Dimon, Organizations: JPMorgan, Service, JPMorgan Chase, Business
Yet, India's central bank appeared to dismiss the negativity earlier this month and reiterated its bullish view of India's growth rate, still expecting the economy to grow by 7.2%. However, when prompted on whether India's growth rate could compete with what China has already achieved for over two decades, the governor was less buoyant. But if you are looking at 10-plus growth, before I venture into that, I have to really do my homework much more," Governor Das said. This week, China's central bank, President Xi Jinping and other top leaders announced plans to boost the country's economy and attract investment. If India intends to grow as fast as China did, it may have to get a move on.
Persons: Goldman Sachs, CNBC's Tanvir Gill, Shaktikanta Das, Das, Narendra Modi, he's, , Xi Jinping, David Tepper, he'd, Kaanhari Singh Organizations: Bank of America, Deutsche Bank, Reserve Bank of India, CNBC, Bank, Appaloosa Management, Barclays Locations: Wall, India, China
AdvertisementLorraine Tan, Morningstar's director of equity research for Asia, also thinks monetary stimulus won't be sufficient. History says their skepticism is warranted, as China's past stimulus efforts have often failed to lead to sustainable gains. Even if this surge holds up, it won't necessarily spark a self-fulfilling prophecy that provides a lasting boost for China's economy. But others like Tan from Morningstar believe this bad news is reflected in Chinese stocks' cheap valuations. The team at UBS Global Wealth Management is also cautiously optimistic about Chinese stocks after this news.
Persons: , they're, Betty Wang, Marcelli, Lorraine Tan, Tan, Brian Mulberry, Mulberry, Wang, China isn't, Jeff Kleintop, Charles Schwab, Donald Trump, Rory Green, Xi Jinping, Biden, Trump, That's, Kleintop, Morningstar, she'd Organizations: Service, Business, People's Bank of, Oxford Economics, UBS Global Wealth Management, Zacks Investment Management, Federal Reserve, BI Locations: China, People's Bank of China, Asia, Central, Republic
Eric Adams took perks and donations from the Turkish government for years, prosecutors say. "It is very expensive because it is last minute," the airline manager texted the Adams staffer, according to the indictment. AdvertisementThe Adams staffer pushed the manager to charge a more realistic-sounding price, prosecutors say. The Adams staffer asked for "$1,000 or so," noting that Adams' "every step is being watched right now." The Turkish Airlines manager also offered to set up Adams in the Four Seasons, which the Adams staffer deemed "too expensive."
Persons: Eric Adams, wasn't, Adams, , Damian Williams Organizations: Service, Turkish Airlines, Prosecutors, Turkish, United Nations, Cosmopolitan Suite, Regis Locations: Turkish, New York City, Turkey, Istanbul, Manhattan, Regis Istanbul, New York, France
Indexes rallied Thursday on positive jobs data and promises of further economic stimulus in China. AdvertisementUS stocks rallied on Thursday, fueled by China stimulus measures and positive jobs data to pare losses from yesterday. The indexes rallied after leaders in China pledged to support the economy with more strong policy measures. The indexes' gains were also fueled by positive labor market data. Meanwhile, second-quarter GDP came in unrevised at a 3% annualized rate, according to data released Thursday.
Persons: , Eric Jackson, SocGen Organizations: Service, Labor Department, Federal Reserve Locations: China, unrevised
UK Prime Minister Keir Starmer touts pro-business agenda
  + stars: | 2024-09-26 | 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 EmailUK Prime Minister Keir Starmer touts pro-business agendaBritish Prime Minister Keir Starmer is touting a new pro-business agenda for the UK after the country's recent deal with BlackRock.
Persons: Keir Starmer Organizations: UK, British, BlackRock
Bank of Japan board members are split over the future path of interest rates, minutes of the central bank's monetary policy meeting in July showed. The board also pointed out that import prices had turned positive again, and upside risks to prices required attention. Some board members pointed out that "it was appropriate for the Bank to make moderate adjustments" given such risks. Another member pointed out that medium-to long-term inflation expectations were not anchored at 2%, and prices remained vulnerable to downside risks. As such, the BOJ should avoid a situation where the market expectations for future rate hikes "increase excessively."
Organizations: Bank of, Bank of Japan, Bank Locations: Bank of Japan, Tokyo
Why oil prices have plunged 3% today
  + stars: | 2024-09-26 | by ( Filip De Mott | ) www.businessinsider.com   time to read: +3 min
Saudi Arabia is committed to boosting oil output in December, the FT reported. The kingdom is resigning itself to a period a lower prices, sources told the FT.Oil markets spiraled on the news, falling as much as 4% on Thursday. AdvertisementA report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday. In essence, the kingdom is giving in to lower prices, FT sources said. The eastern-based faction has committed to reopening the country's oil fields in response, a move that could bring more crude output back online.
Persons: , Brent Organizations: FT ., Service, Financial Times, West Texas Intermediate, Saudi, Bloomberg Locations: Saudi Arabia, Riyadh, Iraq, Kazakhstan, China, Libya
India's economic growth story is a stunning one — but the question of where investors should park their money is not always straightforward, with one Blackstone executive highlighting a common mistake. However, focusing too much on the macro story can be dangerous for investors, according to Blackstone Private Equity's head of Asia, Amit Dixit. I think you go to India for the macro, everybody knows," Dixit said at the Milken Institute's recent Asia Summit in Singapore. While the list of companies Blackstone invests in India are extensive, he spotlighted the likes of information technology service firm Mphasis , IT service management company R Systems and automotive components manufacturer Sona Comstar . "I think, either end of the spectrum, you can make a lot of money as an investor," he said.
Persons: Blackstone, Blackstone Private Equity's, Amit Dixit, Dixit, Sona Comstar, it's, Manraj Sekhon, Sekhon Organizations: Blackstone Private, Milken, Summit, CNBC, Blackstone, Systems, Templeton Global Investments, Milken Asia Summit Locations: India, Hong Kong, Asia, Singapore
Read previewSpeaking at the US Treasury Market Conference on Thursday, Treasury Secretary Janet Yellen referenced her predecessors — and their mistakes — often. This story is available exclusively to Business Insider subscribers. "In January 2021, I stepped into a Treasury Department whose focus on financial stability had all but disappeared," she said. "Put simply, we were without crucial tools to identify and help respond to risks to financial stability," she said. Related storiesThere's nothing indicating that a second Trump administration would bring a different attitude toward regulation than his first.
Persons: , Janet Yellen, Donald Trump, Yellen, Trump's, Trump, Steven Mnuchin, Jon Hilsenrath, Kamala Harris Organizations: Service, US Treasury Market Conference, Business, Treasury Department, Federal Reserve, Securities, Exchange, Politico, Trump, Wall Street Locations: Basel III, mull
Stocks in China rose in response, with the CSI 300 Index climbing 4.3% Tuesday, its best day since July 2020. But whether or not the latest policy steps succeed, CNBC Pro screened for China stocks that analysts praise regardless of the pace of economic growth at home. About three quarters of analysts covering PDD rate it a buy, and the stock could climb roughly 43% based on analysts' consensus price target. On Tuesday, after the announcement of the latest policies to revive the flagging China economy, PDD shares in the U.S. jumped more than 11%. Other names on the list of favored China stocks included online learning and tutoring provider TAL Education Group and digital shipping platform Full Truck Alliance .
Persons: Hong, Morgan Stanley, Terence Flynn, Flynn, CoreValues, Ben Harburg, CNBC's, Harburg, Biden Organizations: People's Bank of China, CSI, CNBC Pro, China ETF, Therapeutics, YE25, U.S, TAL Education Group, Alliance Locations: China, Ph3, U.S
Authorities "must work to halt the real estate market decline and spur a stable recovery," the readout said in Chinese, translated by CNBC. The readout said leaders called for strengthening fiscal and monetary policy support, and touched on a swath of issues from employment to the aging population. Just days after the U.S. cut interest rates, the People's Bank of China on Tuesday announced a slew of planned interest rate cuts and real estate support. This real estate policy is aiming at reducing its drag on the economy." Tempering growth expectationsThe meeting readout said China would "work hard to complete" the country's full-year economic targets.
Persons: Xi Jinping, Zhiwei Zhang, Stocks, Goldman Sachs, Yue Su, Zong Liang, Zong, Bruce Pang Organizations: Getty, CNBC, Communist Party, People's Bank of China, Economist Intelligence Unit, Bank of Locations: Yuexi County, Anqing, Anhui province, China, BEIJING, Hong Kong, U.S, Beijing, JLL
China test-fired an ICBM this week, launching it into the Pacific Ocean for the first time in over 40 years. Though it was anything but, China's Ministry of Defense said the test launch was "routine." China's intercontinental ballistic missile test on Wednesday was its first in the Pacific in over 40 years. China's ICBM test comes less than a week before the 75th anniversary of the founding of the People's Republic of China. Xinhua/Lin Yiguang via Getty ImagesThe publicly announced ICBM launch comes as PLARF expands its nuclear arsenal and builds up its missile capabilities.
Persons: , could've, Xu, Decker Eveleth, Tianran, Eveleth, Lin Yiguang, PLARF, Captain Ryan DeBooy Organizations: Service, Army's, Force, China's Ministry of Defense, China People's Liberation Army News, Communication Center, Open Nuclear Network, Business, Center for Naval, Getty, Department of Defense, Pentagon, US, Chinese Foreign Ministry Locations: China, Hainan, South, Pacific, Communication Center China, People's Republic of China, Xinhua, Japan, Guam, Russia, Philippines, Taiwan, Beijing, Taiwan Strait
Read previewA Japanese destroyer sailed through the Taiwan Strait for the first time in decades, Japan's Yomiuri newspaper reported, citing Japanese government officials. Japan's foreign affairs ministry and New Zealand's defense ministry didn't immediately respond to requests for comment. Related storiesIt's not the first time in recent weeks that international vessels have crossed the Taiwan Strait. During a press conference on Wednesday, China's foreign ministry said it was "highly vigilant on Japan's political intention behind this move." According to updates shared by Taiwan's defense ministry , China's aircraft, vessels, and ships now operate around Taiwan almost daily, sometimes crossing the median line in the strait and causing Taiwan to scramble its planes.
Persons: , Fumio Kishida, Japan's, Yoshimasa Hayashi, didn't, Boris Pistorius, Lin Jian Organizations: Service, Yomiuri, Japan's, Defense Force, Business, - Defense Force, Kyoto, NHK, New, Australian Defense Force, German, Foreign Locations: Taiwan Strait, East, China, Taiwan, Japan, New Zealand, South China, Australian
Australia's inflation rate has come within the RBA's target range in the month of August, easing from 3.5% in July to 2.7%., according to a Wednesday release from the country's Bureau of Statistics. The drop puts the rate below the Reserve Bank of Australia's target range of 2%-3% for the first time since August 2021. He said that while the relief programs will bring headline inflation to the top of the RBA's target range, the RBA will be "looking through" these subsidies and focusing on core inflation. He writes, "the path of core inflation back to the target range has stalled somewhat, and it is hard to see a major improvement in the near term. We think the bank will need to see three more inflation prints before they are comfortable embarking on an easing cycle."
Persons: Australia's, Michelle Bullock, Bullock, Sean Langcake, Langcake Organizations: Statistics, Reserve Bank, U.S . Federal Reserve, Fed, ., Australia's Locations: SYDNEY, AUSTRALIA, Sydney, Australia, country's, Oxford
Finally, and most importantly, for the subject for this week's podcast, he's the Esports World Cup CEO. So if I would have any idea, any understanding on video games, right, I would watch that too. There's always a clear qualifying way to go to the Esports World Cup, right? I mean, in stadiums, security is being paid by the state for big competition, like a World Cup, right? Arjun KharpalAnd Ralf are you likely to keep the Esports World Cup in Saudi if you renew this next year?
Persons: Ralf Reichert, CNBC's, Tom Chitty, Reichert, Paris, Ralf Reichart, you've, it's, Arjun Kharpal Ralf, I've, I'd, There's, Arjun Kharpal, we're, haven't, Ralf Reichart It's, what's, Tom Chitty Ralf, What's, I'm, esports, we've, We've, Ralf, Ralf Reichart I'd, that's, Arjun, Tom, we'll Organizations: Sports League Gaming, MLS, Premier League, esports, Saudi Locations: esports, Riyadh, Saudi, German, Gothenburg, Sweden, Bangladesh, China, East, Africa, Saudi Arabia
Bhatnagar pointed to how Taiwan's Powerchip Semiconductor Manufacturing Corporation will help India's Tata Electronics to build the country's first 12-inch wafer fab in Gujarat. However, analysts said India first needs to learn the ropes before it can compete with the East Asian giant, especially since its semiconductor manufacturing industry is still at a very nascent stage. "India is far behind China in semiconductor manufacturing. Earlier in September, the U.S. Department of State announced it will partner with the India Semiconductor Mission and India's electronics and IT government body to improve the global semiconductor value chain. "We are encouraging [the] semiconductor industry in a big way.
Persons: Narendra Modi, Eri Ikeda, Trendforce, Bhatnagar, Rishi Bhatnagar, Ikeda, Cozying, Biden, Modi, Jensen Huang, Sundar Pichai, Huang, Thomas Caulfield, Lisa Su, Tarun Pathak, CNBC's Tanvir Gill, Goldman Sachs Organizations: Dixon Technologies, Bloomberg, Getty, India, Indian, CNBC, Department of Management Studies, Indian Institute of Technology, Semiconductor Manufacturing Corporation, Tata Electronics, Micron Technology, Devices, Tata Group, East, External, of Engineering, U.S . Department of State, India Semiconductor, Nvidia, Google, Hindustan Times, AMD, Counterpoint, Apple, Counterpoint Research Locations: Uttar Pradesh, India, Indian Institute of Technology Delhi, Taiwan, China, South Korea, U.S, Japan, Gujarat, American, China India, New York, New Delhi, Beijing
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