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☆ 2 of the world's biggest oil producers are looking for new ways to power their economies
▼ + stars: | 2024-10-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Oil prices ended down 7% last week and are lower this year-to-date, despite Middle East tensions. Oil prices have been depressed this year because China — the world's largest oil importer — is in a prolonged economic downturn. Last year, they each accounted for 11% of the world's oil supply. This means that Saudi Arabia is looking to corner a larger market share instead of targeting higher profit margins by restricting output. Advertisement"But the problem is when oil prices spike, it sends oil companies searching for temporarily profitable oil," he added, referring to the US shale boom as the most recent example.

Persons: —, Abishur Prakash, Prakash, Anton Siluanov, Matthew Huber, we're, Huber Organizations: Service, —, Financial Times, International Energy Agency, Brent, US West Texas, Syracuse University, Saudi, Trump, OPEC Locations: Saudi Arabia, Russia, China, Toronto, Israel, Iran, Europe, OPEC

☆ Market-making giant Citadel Securities is rebuilding the tech that powers its trades as it eyes growth
▼ + stars: | 2024-10-22 | by ( Bianca Chan | ) www.businessinsider.com time to read: +7 min

Ken Griffin's market maker, Citadel Securities, is revamping its core trading infrastructure. AdvertisementIn 2023, Citadel Securities COO of technology, Jeff Maurone, was meeting with senior leaders to discuss technology priorities for the year. I almost look at it as the stretching of business," Woods told Business Insider. Building Citadel Securities' trading infrastructure of the futureIn the last few years, Citadel Securities pushed into credit trading, expanded its rates franchise, and introduced an institutional options offering. Maurone's team supports Citadel Securities' technology organization, and he manages a team of 15 people.

Persons: Ken Griffin's, Josh Woods, Jeff Maurone, —, Maurone, Woods, Matt Culek, Peng Zhao, Jim Esposito Organizations: Citadel Securities, Service, Securities, McKinsey, Deloitte, COOs, Citadel Securities Each Locations: Asia Pacific, EMEA, COOs —, New York, Jeff's

☆ CNBC Daily Open: Concerns over high interest rates return, pressuring stocks
▼ + stars: | 2024-10-22 | 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. The team pointed to high valuations and concentration in today's stock market as reasons for their forecast. [PRO] Ranking the Magnificent SevenThe Magnificent Seven bag of stocks — Alphabet , Amazon , Apple , Meta , Microsoft , Nvidia and Tesla — is responsible for most of the S&P 500's rally this year. Not so, according to a tech investor who owns all seven stocks.

Persons: Europe's, Goldman, Goldman Sachs, David Kostin, Bob Iger, Iger, Bob Chapek Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Treasury, Autonomous, Microsoft, Disney, Apple, Meta, Nvidia, Tesla

☆ 4 reasons GM is crushing it right now
▼ + stars: | 2024-10-22 | by ( Benjamin Zhang | ) www.businessinsider.com time to read: +4 min

GM's profits were driven by strong SUV sales, EV growth, cost reductions, and improved China sales. GM's EVs hold a 9.8% share of the US EV market, behind only Tesla. AdvertisementGeneral Motors reported strong third-quarter 2024 profits on Tuesday, topping Wall Street's estimates and helping send shares surging more than 9%. Of those who purchased a GM EV, more than 60% are conquests from other automakers, Barra said. Reuss said GM has eliminated 2,700 unique parts, ranging from seat assemblies to wiring harnesses, from its inventory.

Persons: —, Mary Barra, EVs, Barra, Mark Reuss, Reuss Organizations: Motors, US, Service, Detroit, GM, Chevrolet Traverse, GMC Acadia, Consumers, General Motors, EV, Tesla Locations: China

☆ India and China have struck a deal that could ease tension along its disputed border
▼ + stars: | 2024-10-22 | by ( Simone Mccarthy | Aishwarya S Iyer | ) edition.cnn.com time to read: +5 min

CNN —India and China have reached an agreement on military disengagement along their disputed border, New Delhi said, a step toward reducing frictions between the nuclear-armed neighbors that comes as both countries’ leaders arrive in Russia for a summit. Both foreign ministries declined to comment on whether the two leaders would hold formal one-on-one talks in Kazan. ‘A positive development’The violence in 2020 was followed by a process of disengagement and border talks, but friction points have remained, including areas where both sides previously patrolled but have since become so-called buffer zones. However, even with that restoration, there are other steps that would need to be taken in a long process along the disputed border. “There are many other issues of de-induction and de-mobilization of troops on both sides; infrastructure that has been built, etc.

Persons: Subrahmanyam Jaishankar, Xi Jinping, Narendra Modi, Aksai Chin, Modi, ”, ” Jaishankar, Lin Jian, Beijing “, It’s, Manoj Kewalramani Organizations: CNN, Indian, People’s Liberation Army, PLA, India’s Ministry of Defense, NDTV, India’s, Affairs, Foreign Ministry, Takshashila Locations: India, China, New Delhi, Russia, Beijing, Kazan, Ladakh, Johannesburg, Indian, Bangalore

☆ Cuba fights to come back from a nationwide blackout, then a storm that killed six
▼ + stars: | 2024-10-22 | by ( ) www.cnbc.com time to read: +3 min

"The country has completely halted," said homemaker Mayde Quiñones, 55, who cares for her mother-in-law, who is in her 80s. The prolonged nationwide blackout that followed a massive outage Thursday night was part of countrywide energy problems that led to the largest protests in Cuba in almost 30 years, in July 2021. The Cuban government on state television Monday night said that it's producing 1300 megawatts when peak demand can hit 3 gigawatts. He said that Oscar would bring "an additional inconvenience" to Cuba's recovery since it would affect key Cuban power plants, such as Felton in the city of Holguín, and Renté in Santiago de Cuba. The blackout was considered to be Cuba's worst since Hurricane Ian hit the island as a Category 3 storm in 2022 and damaged power installations.

Persons: Hurricane Oscar, Miguel Díaz, Canel, Mayde Quiñones, Karine Jean, Pierre, it's, Juan Estrada, hasn't, Vicente de la O Levy, Oscar, Felton, Antonio Guiteras, Ian, haven't Organizations: Hurricane, Cuban, Authorities, Energy Locations: Cuba, San Antonio, Sur, U.S, Europe, United States, Havana, Holguín, Santiago de Cuba

☆ We are receiving more natural gas through Croatia than ever before: Hungarian Energy Minister
▼ + stars: | 2024-10-22 | 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 EmailWe are receiving more natural gas through Croatia than ever before: Hungarian Energy MinisterCsaba Lantos, the Energy Minister of Hungary discusses the country's energy diversification efforts.

Persons: Csaba Lantos Organizations: Hungarian Energy, Energy Locations: Croatia, Hungary

☆ Asia markets open lower after major U.S. indexes slip; India prepares for Hyundai debut
▼ + stars: | 2024-10-22 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A bronze bull statue outside the Bombay Stock Exchange (BSE) building in Mumbai, India, on Monday, June 3, 2024. India's stock futures jumped after exit polls indicated a resounding victory for Prime Minister Narendra Modi's ruling party in general elections that concluded Saturday. Photographer: Dhiraj Singh/Bloomberg via Getty ImagesAsia-Pacific markets slipped on Tuesday, trailing a mixed session on Wall Street. During the U.S. trading session, two Federal Reserve officials had spoken about the trajectory of interest rates. Dallas Federal Reserve President Lorie Logan said she supports the current move to lowering interest rates, but that a patient approach will be needed.

Persons: Narendra Modi's, Dhiraj Singh, Australia's, Kospi, Neel Kashkari, Lorie Logan Organizations: Bombay Stock Exchange, Bloomberg, Getty Images, Nikkei, Hyundai, Federal, Minneapolis, Dallas Federal Locations: Mumbai, India, Getty Images Asia, Pacific, South, Asia, Hyundai India

☆ CNBC Daily Open: High interest rate worries pressure stocks
▼ + stars: | 2024-10-22 | 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. Shares of Hyundai Motor India fallHyundai Motor India shares retreated more than 5% on Tuesday – their trading debut – according to BSE data. Hyundai Motor India is a wholly owned Indian subsidiary of South Korean automaker Hyundai. New bullish phase for goldGold prices hit a record high of $2,700 per ounce on Monday, and are continuing their ascent Tuesday.

Persons: Australia's, Paul Wong Organizations: CNBC, Nasdaq, Dow Jones, Treasury, Hyundai Motor India, Hyundai, South, Reuters, Sprott Asset Management, Citi, U.S ., Scotiabank, Canadian Locations: Asia, Pacific, India, Reuters ., China, U.S

☆ Russia's friendship with North Korea may have backfired
▼ + stars: | 2024-10-22 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

Kim Jong Un and Vladimir Putin share a toast at a banquet table North Korean State MediaRussia's dangerous new allianceFor decades, South Korea has been in an uneasy standoff with its isolated and authoritarian neighbor, North Korea. AdvertisementRussia formed a new military alliance with North Korea to secure badly needed ammunition from North Korean stockpiles for its faltering campaign in Ukraine. South Korea is increasingly concerned about the technological capabilities and security guarantees North Korea has likely gained from Russia in return. Russia, previously a backer of sanctions designed to curtail North Korea's nuclear program, is now helping North Korea evade them. South Korea says it could arm UkraineIn response to Russia's strengthened relationship with North Korea, South Korea is threatening to arm Ukraine in its battle against the Russian invasion.

Persons: —, Georgiy Zinoviev, Yoon Suk, Zinoviev, Dmitry Peskov, Kim Jong Un, Vladimir Putin, Ellen Kim, Russia's, Joe Biden, Kim Hong Kyun Organizations: Kremlin, Service, Russia, Korean, Korean State Media, Bloomberg, Center for Strategic, International Studies, ROK, South Korea's National Security Council, South, New York Times, Korea's Locations: Korea, North, Russia, Ukraine, North Korea, South Korea, US, Seoul, Asia, East Asia, Moscow, Russian, It's, South

A mid-October poll by The Associated Press measured which of the two candidates voters trust on a variety of economic issues. Harris’ campaign declined to say where she wants to set the federal minimum wage, which is currently $7.25 per hour. Former President Donald Trump answers questions as he works the drive-thru line at a McDonald's on Oct. 20 in Feasterville-Trevose, Pa. “Donald Trump is running on a middle-class tax hike, Kamala Harris is running on a middle-class tax cut,” Harris campaign spokesperson James Singer said. “Working families like rank-and-file Teamsters overwhelmingly support President Trump because only he will Make America Wealthy, Strong, and Great Again.”

Persons: Donald Trump’s, Kamala Harris, Harris, Trump, ”, Kent Smetters, Sen, Chris Caldwell, Harris ’, Smetters, —, hasn’t, Joe Biden, Donald Trump, Win McNamee, “ Donald Trump, ” Harris, James Singer, “, Anna Kelly Organizations: Biden, Tufts University, Trump, University of Pennsylvania’s Wharton School, Daily, Wharton, Democratic, The Associated Press, Voters, Bureau of Labor Statistics, Economic, Institute, Republican National, Teamsters, America Locations: Pennsylvania, McDonald’s, Las Vegas, U.S, Arizona, Feasterville, Pa, China, Communist

☆ Navajo code talker, who played crucial role in WWII, dies at 107
▼ + stars: | 2024-10-21 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +4 min

One of the last Navajo Code Talkers, who helped secure an Allied victory in World War II by sending crucial messages in a code based on the Navajo language, has died. “On behalf of the entire Navajo Nation, our Navajo veterans and service men and women, First Lady Jasmine Blackwater-Nygren and me, we extend our sincerest condolences and prayers to the family of Mr. Kinsel,” Navajo Nation President Buu Nygren said announced on social media. From right, Navajo Code Talkers John Pinto , John Kinsel, Sr. and William T. Brown during the Navajo Nation Code Talkers Day ceremony in Window Rock, Ariz., on Aug. 14, 2018. Kinsel received a Purple Heart in 1989 and a Congressional Silver Medal for his service as a Navajo code talker in 2001. Following Kinsel's death, there are now only two surviving Navajo Code Talkers: Former Navajo Chairman Peter MacDonald and Thomas H. Begay, The Associated Press reported.

Persons: John Kinsel Sr, Lady Jasmine Blackwater, Kinsel, Buu Nygren, Mr, selflessly, Talkers John Pinto, John Kinsel, William T, Brown, Mark Henle, Nygren, “, ”, John Woo, Kinsel’s, Ronald Kinsel, “ Cheii, Peter MacDonald, Thomas H Organizations: Navajo, U.S . Marine Corps, USA, Marines, U.S . Navy, Navajo Times, Marine Corps, Department of Veteran Affairs, Associated Press Locations: Navajo, United States, Republic, Pacific, Iwo Jima, Cove , Arizona, Lukachukai, Guam, Bougainville

King Charles III was heckled in Australia on Monday by an Indigenous senator who shouted “you’re not my king” as the British monarch finished a speech at Parliament House. The king, who is the first reigning British monarch to visit Australia in 13 years, was addressing lawmakers and other dignitaries in the Great Hall of Parliament House in Canberra, the Australian capital. “If he is the successor, then he needs to answer.”Queen Camilla and King Charles III during a ceremony at Parliament House in Canberra, Australia, on Monday. “Nothing stands still.”Earlier on Monday, a traditional Aboriginal welcoming ceremony was held for the royal couple outside Parliament House. “I can only say how much my own experience has been shaped and strengthened by such traditional wisdom.”The king arrived in Australia last Friday.

Persons: King Charles III, “ you’re, ”, Queen Camilla, ” Lidia Thorpe, Charles, Anthony Albanese, “, ” Thorpe, Thorpe, “ We’ll, ” Queen Camilla, Victoria Jones, Queen Elizabeth II, ” Albanese, Albanese, we’ve, Australia’s, ” Charles Organizations: House, of Parliament House, Sky News, Getty Images Australia, Australia’s Aboriginal, Torres Strait, Nations, Australian Locations: Australia, British, Canberra, Commonwealth, Victoria, Pacific, Samoa

☆ BRICS: The West wants Putin isolated. A major summit he’s hosting shows he’s far from alone
▼ + stars: | 2024-10-21 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +9 min

Brazilian President Luiz Inacio Lula da Silva was expected to join but canceled his trip after suffering an injury at home. “This BRICS summit is really a gift (for Putin),” said Alex Gabuev, director of the Carnegie Russia Eurasia Center in Berlin. Russian President Vladimir Putin, Chinese leader Xi Jinping, then-Brazilian President Jair Bolsonaro, South African President Cyril Ramaphosa and Indian Prime Minister Narendra Modi pose as they arrive for the BRICS summit in Brasilia in November 2019. While BRICS is primarily geared toward economic collaboration, its meeting last year took place in the shadow of the war in Ukraine. The gathering in Kazan also gives Putin ample opportunity for one-on-one facetime with his fellow BRICS leaders and other friendly dignitaries in attendance.

Persons: Vladimir Putin, –, Xi, India’s Narendra Modi, Iran’s Masoud, Cyril Ramaphosa, Recep Tayyip Erdogan, Luiz Inacio Lula da Silva, Putin –, Xi –, Putin, BRICS, Donald Trump, ”, Alex Gabuev, …, BRICS “, ” Gabuev, Xi Jinping, Jair Bolsonaro, Narendra Modi, Adriano Machado, Mahmoud Abbas, Israel –, Jonathan Fulton, Volodymyr Zelensky, Yevhen Titov, they’ll, Manoj Kewalramani Organizations: CNN, Carnegie Russia Eurasia Center, Indian, Reuters, International, Israel, Atlantic Council, United Nations General Assembly, US, New Development Bank, World Bank, International Monetary Fund, BRICS, Kremlin, Takshashila Locations: Ukraine, Moscow, Russian, Kazan, Brazil, Russia, India, China, South Africa, Egypt, United Arab Emirates, Ethiopia, Iran, Beijing, Tehran, United States, Berlin, Brasilia, Johannesburg, Israel, Gaza, Hezbollah, Lebanon, Abu Dhabi, “, Gabuev, BRICS, Kharkiv, Indian, Bangalore

☆ Hawaii lifeguard rescues stranded teenage kayaker
▼ + stars: | 2024-10-21 | by ( Alaa Elassar | ) edition.cnn.com time to read: +8 min

But finally, “I knew I couldn’t waste any more time,” Keaulana told CNN. The missing 17-year-old was Kahiau Kawai. When the sun started setting and I was going further out as it got darker, that’s when I started to worry,” Kahiau told CNN. And this kid somehow survives the whole night,” Keaulana said. Kahiau Kawai, who is wearing the long sleeve shirt, with his Kamehameha Schools kayaking teammates at the conference championships after surviving 11 hours stranded in the ocean.

Persons: Noland Keaulana, ’, “, ” Keaulana, Kahiau Kawai, Kahiau, ” Kahiau, Keaulana, ‘, Jensen Kalua, Cmdr, Zach Hunter, ”, Kelehua Kawai, ” Kahiau Kawai, ” Kawai, “ I’m Organizations: CNN, Honolulu Ocean Safety Department, Honolulu Fire Department, US Coast Guard, Authorities, Noland Keaulana . U.S . Coast Guard, Coast Guard, ” Coast Guard, Hawaii News, Polynesian, Kamehameha Schools Locations: Honolulu, Keaulana, Ala Wai, Noland Keaulana . U.S, Hawaiian

☆ CNBC Daily Open: Everyone’s watching Netflix shares
▼ + stars: | 2024-10-21 | 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. That's the longest streak this year for the S&P 500 and Dow Jones Industrial Average , both of which hit record highs. Watching Netflix sharesNetflix shares popped 11% on Friday, a day after the company reported third-quarter results that beat earnings, revenue and paid membership estimates. For investors looking to secure a steady stream of income still, Morgan Stanley recommends considering dividend income stocks, and picks 10 dividend stocks from Asia-Pacific, excluding Japan, for its "conviction list."

Persons: Pan Gongsheng, Morgan Stanley Organizations: CNBC, Dow Jones, CSI, People's Bank of, Netflix, Boeing Locations: Asia, Pacific, People's Bank of China, Japan

☆ Women soccer players call on FIFA to cut ties with Saudi oil giant Aramco
▼ + stars: | 2024-10-21 | by ( Ben Church | ) edition.cnn.com time to read: +5 min

CNN —More than 100 soccer players from the women’s game have signed an open letter to FIFA, urging the sport’s world governing body to end its sponsorship deal with Saudi oil and gas company Aramco. In April this year, FIFA announced a four-year global partnership with the majority state-owned oil giant, giving it sponsorship rights to the 2026 men’s World Cup and the 2027 Women’s World Cup. “The Saudi authorities trample not only on the rights of women, but on the freedom of all other citizens too,” the letter, addressed to FIFA president Gianni Infantino, said. Last year, it produced an average of 12.8 million barrels of oil a day, far more than any other company. US oil and gas companies combined, however, produce more than Saudi Arabia, according to a 2023 analysis from the US Energy Information Administration.

Persons: Vivianne Miedema, Becky Sauerbrunn, trample, Gianni Infantino, “, Miedema, ”, John Walton, Prince Mohammed bin Salman, sportswashing Organizations: CNN, FIFA, Saudi, Manchester City, Saudi Aramco, BBC, CNN Sport, Aramco, Manchester, Fox News, US Energy Information Administration, “ Grassroots, ”, Women’s Locations: Saudi, Aramco, Saudi Arabia, Saudi Aramco

☆ This US couple moved to Italy for a more affordable retirement
▼ + stars: | 2024-10-21 | by ( Silvia Marchetti | ) edition.cnn.com time to read: +7 min

The retired elementary teachers, originally from Syracuse, New York, resolved to leave the US and move to Italy for good. Memorable tripUS couple Tony and Francine Smarrelli, both of Italian descent, relocated to Italy in December 2023. Other plus points included the superb restaurants (cheaper than in the States) and the friendliness of the people, say the couple. According to Tony, his father and grandfather migrated from Italy to the US in 1938 to make a better life for themselves. Lifestyle changeThe couple have found life in Italy to be far cheaper, and say that their monthly expenses are significantly reduced.

Persons: Tony Smarrelli, Francine, Tony, Francine Smarrelli, Mark’s, “, ’ ” Tony, ”, expats, hadn’t, Cooper, He’d, Scalea, he’s Organizations: CNN, Eastern Seaboard, “, Pinehurst, Country Club Locations: Venice, Italy, Syracuse , New York, Scalea, Italian, Calabria, St, Tocco, Abruzzo, Naples, American, South California, Syracuse, Pinehurst , North Carolina, “ Southern Italy

☆ China tightens export controls for tech and goods with military use, ahead of Xi's trip to Russia
▼ + stars: | 2024-10-21 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

A DJI Inspire 1 Pro drone is flown during a demonstration at the SZ DJI Technology Co. headquarters in Shenzhen, China, on Wednesday, April 20, 2016. China has unveiled a set of export control regulations for so-called dual-use items, which refer to goods or technologies that can be used for civilian as well as military purposes, ahead of President Xi Jinping's trip to Russia. The regulations come amid intensified U.S. sanctions targeting Chinese companies which the U.S. deems have been supplying dual-use goods, such as drones, to aid Russia's war effort in Ukraine. China has attempted to show that "it is following similar norms as other nations in terms of how it regulates trade in dual-use goods," he added. Alicia Garcia-Herrero, chief economist for Asia-Pacific at Natixis, however, suggested that Russia will likely be exempted from the possible export controls.

Persons: Xi, Mao Ning, Benjamin Cavender, Alicia Garcia, Herrero, Alex Capri Organizations: SZ, Technology, State, China Market Research Group, National University of Singapore Locations: Shenzhen, China, Russia, Ukraine, Russian, Kazan, Washington, Asia, Natixis

☆ A US F-35 stealth fighter just landed on a destroyer Japan turned into an aircraft carrier for the first time off the California coast
▼ + stars: | 2024-10-21 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

The US landed an F-35 stealth fighter on Japan's new aircraft carrier for the first time. US and Japanese forces are integrating the short-takeoff/vertical landing F-35B onto the JS Kaga. AdvertisementA US F-35 stealth fighter jet landed aboard Japan's new destroyer-turned-aircraft carrier for the first time off the coast of California, the US military said, sharing photos of the event. Japan's Izumo-class JS Kaga recently converted into a light aircraft carrier. Kaga's successful modification also paves the way for another Japanese helicopter carrier, JS Izumo, to be converted into an aircraft carrier.

Persons: Kaga, —, Cmdr, Darin Russell, Lockheed Martin, Japan's JS Kaga, Shusaku Takeuchi, Darin Russell Japan Organizations: US, Service, US Marine Corps, British Royal Navy, Air, Naval Air Base, Lockheed, ITF, Self, Defense Force, Force, JS Izumo, - Defense Force, US Navy, East China Locations: California, Naval Air Base Patuxent, Maryland, San Diego , California, Japan, San Diego, Bataan, Red, China, South, East, Tokyo, Australia

☆ Oil prices steady after 7% weekly drop
▼ + stars: | 2024-10-21 | by ( ) www.cnbc.com time to read: +1 min

Oil prices steadied in early trading on Monday, following a more than 7% drop last week on worries about demand in China, the world's top oil importer, and an easing of concerns about potential supply disruptions in the Middle East. Oil prices steadied in early trading on Monday, following a more than 7% drop last week on worries about demand in China, the world's top oil importer, and an easing of concerns about potential supply disruptions in the Middle East. That marked the contracts' biggest weekly declines since Sept. 2, on slowing economic growth in China and falling risk premiums in the Middle East. China on Monday morning cut benchmark lending rates as anticipated, part of a broader package of stimulus measures to revive the economy. Data on Friday had shown that China's economy grew at the slowest pace since early 2023 in the third quarter, fueling growing concerns about oil demand.

Persons: Brent, WTI, Joe Biden, Baker Hughes Organizations: Brent, . West Texas Locations: China, East, Israel, Iran, Beirut

☆ Asia-Pacific markets mixed as investors await China loan prime rate announcement
▼ + stars: | 2024-10-21 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The central bank of the People's Republic of China is responsible for formulating and implementing monetary policies, preventing and defusing financial risks and maintaining financial stability. Asia-Pacific markets were mixed Monday as traders awaited China's loan prime rate announcement, with focus also on Japan's general election at the end of this week. China's central bank is expected to cut the one-year and five-year LPRs by 20 basis points, according to a note by ING and echoing the statement made by People's Bank of China Governor Pan Gongsheng on Friday. "Data aside, it is worth monitoring if there are potential further government ministry briefings or a potential announcement of the timing for the National People's Congress meeting in the week ahead, as stimulus rollout remains a major theme for markets," ING said. Other key economic data this week will include October inflation figures for Japan's capital city of Tokyo, as well as advance third-quarter GDP figures from South Korea.

Persons: Pan Gongsheng Organizations: ING, People's Bank of China, National People's Locations: People's Republic of China, Asia, Pacific, Tokyo, South Korea

☆ European markets set to start the new trading week in mixed territory
▼ + stars: | 2024-10-21 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading toward a mixed start to the new trading week. The U.K.'s FTSE 100 index is expected to open 17 points higher at 8,373, Germany's DAX down 12 points at 19,644, France's CAC up 1 point at 7,611 and Italy's FTSE MIB up 55 points at 35,087, according to data from IG. Regional markets had ended last week on a high note after the European Central Bank announced its third interest rate cut of the year last Thursday, lowering the deposit rate by another 25 basis points, as inflation risks in the European Union are seen to be easing faster than anticipated. Overnight, Asia-Pacific markets were mixed as traders assessed China's loan prime rate announcement, with focus also on Japan's general election at the end of this week. Stateside, stock futures ticked higher Sunday night after the Dow Jones Industrial Average and S&P 500 notched their best weekly win streaks of 2024.

Persons: Germany's DAX Organizations: France's CAC, IG, Regional, European Central Bank, Dow Jones Industrial Locations: European Union, Asia, Pacific

☆ New Zealand cannot rely solely on the intermittency of solar and wind power, says minister
▼ + stars: | 2024-10-21 | 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 EmailNew Zealand cannot rely solely on the intermittency of solar and wind power, says ministerShane Jones, New Zealand's Minister for Resources and Associate Minister for Energy, says the government's plans to reverse a ban on oil and gas exploration is "pragmatic", but admits that re-engaging industry to operate in the country will be difficult.

Persons: Shane Jones Organizations: New, Resources, Energy

☆ Arrangements about Balingian oil and gas fields will be reached soon
▼ + stars: | 2024-10-21 | 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 EmailArrangements on Balingian's offshore oil and gas fields will be reached soon: Sarawak PremierAbang Johari Openg, the Premier of the Malaysian state of Sarawak discusses the recently discovered offshore oil and gas fields off the Balingian province and says that there is 'not much controversy' regarding whether ownership lies with the state or the federal government.

Persons: Abang Johari Openg Organizations: Abang Locations: Sarawak, Malaysian, Balingian

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