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The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, fell 0.4%. Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 1.2%, snapping three straight days of gains. Hong Kong's Hang Seng (.HSI) fell 1.7%, while mainland China blue chips (.CSI300) fell 0.4%. The index fell 1.3% last week, its steepest decline since mid-July, part of the wider risk-on mood in markets. The euro slipped 0.4% to $1.067, down from an eight-week peak of $1.0756 hit on Monday.
Persons: Toby Melville, Michael Hewson, Nicholas Chia, HSI, Tom Wilson, Tom Westbrook, Ankur Banerjee, Lincoln, Kim Coghill, Christina Fincher Organizations: London Stock Exchange Group, City of, REUTERS, Nasdaq, CMC, Standard Chartered, Fed, Reserve Bank of Australia, Brent, Thomson Locations: City, City of London, Britain, U.S, Asia, Pacific, Japan, China, Saudi Arabia, Russia, London, Singapore
Baidu ordered 1,600 of Huawei Technologies' 910B Ascend AI chips - which the Chinese firm developed as an alternative to Nvidia's A100 chip - for 200 servers, the source said, adding that by October, Huawei had delivered more 60% of the order, or about 1,000 chips, to Baidu. Baidu, alongside Chinese peers such as Tencent (0700.HK) and Alibaba (9988.HK), is known to be a long-time client of Nvidia. Baidu was not previously known to be a AI chip customer of Huawei. Huawei's website says it has since 2020 collaborated with Baidu to make its AI platform compatible with Huawei hardware. Baidu has developed its own line of Kunlun AI chips, which the company says supports large-scale AI computing, but the company has mainly relied on Nvidia's A100 chip to train its LLM.
Persons: Aly, Baidu, Ernie, Yelin Mo, Zhang Yan, Brenda Goh, Josh Ye, Gerry Doyle Organizations: Baidu, Artificial Intelligence, REUTERS, Rights, HK, Huawei, U.S ., Nvidia, Huawei Technologies, U.S, HUAWEI, Reuters, Thomson Locations: Shanghai, China, Rights BEIJING, SHANGHAI, U.S, Beijing, Hong Kong
Exports shrank 6.4% from a year earlier in October, customs data showed on Tuesday, faster than a 6.2% decline in September and worse than a 3.3% fall expected in a Reuters poll. The bad exports data may hit market confidence as we had expected the supply chain of exports to recover," said Zhou Hao, economist at Guotai Junan International. "The significant improvement in imports may come from rising domestic demand, in particular a demand to replenish stocks." However, in a sign trade is finding some footing, South Korean exports to China fell at their slowest pace in 13 months in October. China's manufacturing activity unexpectedly contracted in October, data showed last week, complicating policymakers' efforts to revive growth.
Persons: Zhou Hao, Joe Cash, Ellen Zhang, Sam Holmes Organizations: REUTERS, Rights, Imports, Guotai, Analysts, Thomson Locations: Qingdao, Shandong province, China, Rights BEIJING, North American, Korean
The day Hamas attacked Israel, I unexpectedly reunited with my best friend in Kyiv. My friend, meanwhile, traveled across Ukraine as a local producer for foreign journalists covering the war. “They leave Ukraine because the front is moving slowly,” my friend told me when we met at her place in Kyiv. “The journalists will be back in no time once we liberate any significant patch of land.”Liberate another significant patch of occupied territories and discover another mass grave, I thought. Those of us not in the trenches must continue selling Ukrainian resistance to the world, telling our stories in the hope of support.
Persons: Valery Zaluzhny Locations: Israel, Kyiv, Ukraine, Britain, Lviv, Poland, London
EUROPE Australia hikes but tempers its outlook
  + stars: | 2023-11-07 | by ( ) www.reuters.com   time to read: +3 min
Two women walk next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. The Aussie dollar fell more than 0.8% and Australian government bonds rallied because the 25 basis point hike by the Reserve Bank of Australia came with a softening of language on whether further hikes would be needed. It was an otherwise quiet session in the absence of major updates that might have consequences for the interest rate outlook. Last week's chaos in Chinese money markets has subsided but it left behind a glimpse of financial pressures beneath the surface and the challenges around China's uneven recovery from the COVID-19 pandemic. British house prices, German industrial output and European producer prices are due later on Tuesday, as are earnings from UBS (UBSG.S).
Persons: Daniel Munoz, Tom Westbrook, Read, SoftBank, Benjamin Netanyahu, Fed's Waller, Logan, Schmid, ECB's de, Edmund Klamann Organizations: Reserve Bank of Australia, REUTERS, Bond, South, Read Reuters, UBS, 163rd Melbourne, NY, Thomson Locations: Sydney, Australia, Asia, Japan, British, Gaza
Portugal’s Prime Minister Resigns Unexpectedly
  + stars: | 2023-11-07 | by ( Cassandra Vinograd | ) www.nytimes.com   time to read: +1 min
Prime Minister António Costa of Portugal resigned unexpectedly on Tuesday, hours after the police raided government buildings as part of an inquiry into corruption and “influence peddling” and issued an arrest warrant for Mr. Costa’s chief of staff. Mr. Costa, who had been in power since 2015, said in televised remarks that he had been “surprised” to learn that he would be the subject of criminal proceedings and that “no illicit act weighs on my conscience.”“However, I believe that the dignity of the office of the prime minister is not compatible with any suspicion about your integrity, your good conduct and even less with the practical suspicion of any criminal act,” he added. “Therefore, in these circumstances, obviously, I presented my resignation.”A judge authorized police to search of 37 locations — including the office of Mr. Costa’s chief of staff, the Ministry of Environment, the Ministry of Infrastructure, a City Council office in the town of Sines and several private homes, according to a statement from the prosecutor general’s office.
Persons: António Costa of Portugal, , Costa’s, Costa Organizations: Ministry of Environment, Ministry of Infrastructure Locations: Sines
Asia stocks snap winning streak, Aussie slips
  + stars: | 2023-11-07 | by ( Tom Westbrook | ) www.reuters.com   time to read: +3 min
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 1.2% following a three-day rally that lifted the benchmark by nearly 6%. South Korean shares (.KS11) fell 3% as traders unwound some of Monday's surge on the reimposition of a short-selling ban. Treasuries were broadly steady in Asia, having unwound a little of last week's rally on Monday. Ten-year yields hovered at 4.92% - about 10 basis points above where they closed on Friday, but below where they were a week earlier. "It was a dovish hike...it's not pointing to any immediate need for a follow-up," said RBC Capital Markets rates strategist Rob Thompson on the phone from Sydney.
Persons: Kim Kyung, Nicholas Chia, it's, Rob Thompson, Alan Ruskin, George Saravelos, Gold, bitcoin, Ankur Banerjee, Lincoln Organizations: Tokyo Stock Exchange, REUTERS, Rights, Reserve Bank of Australia, South, Japan's Nikkei, Shanghai, Nasdaq, Standard Chartered, Fed, Capital Markets, U.S, Deutsche Bank, Brent, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Australia, Asia, Pacific, Sydney, Taiwan, East, Russia, Saudi Arabia, Singapore
CNBC Daily Open: Markets are on a hot streak
  + stars: | 2023-11-07 | by ( Shreyashi Sanyal | ) 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. China imports surpriseChina's imports unexpectedly rose in October from a year ago, but exports recorded a worse-than-expected drop. Data showed imports rose by 3% in U.S. dollar terms for the month, above a Reuters' forecast for a 4.8% drop. [PRO] Growth stocks that are set for bigger leapsHigher-for-longer interest rates are bad for growth stocks but, investor hopes were reignited after the U.S. Federal Reserve kept rates unchanged for the second consecutive meeting.
Persons: Jane, OpenAI Organizations: CNBC, Dow Jones, Dow, Reserve Bank of Australia, Bora, Microsoft, U.S . Federal Reserve, CNBC Pro Locations: U.S, Asia, South, China
First discovered in 1911, superconductors can seem almost magical — they conduct electricity without resistance. Most require ultracold temperatures, and recent advances toward superconductors that function at higher temperatures require crushing pressures. A superconductor that works at everyday temperatures and pressures could find use in M.R.I. Superconductors unexpectedly became a viral topic on social networks over the summer when a different group of scientists, in South Korea, also claimed to have discovered a room-temperature superconductor, named LK-99. Even though it was published in a high-profile journal, Dr. Dias’s claim of a room-temperature superconductor did not set off euphoria like LK-99 did because many scientists in the field already regarded his work with doubt.
Persons: Dias’s, . Dias, Dias Locations: South Korea
Gross domestic product (GDP) grew 4.94% annually in the July-September quarter, compared with 5.05% predicted by economists surveyed by Reuters. Growth was 5.17% in the second quarter. In the July-September period, household spending growth decelerated to 5.06%, from 5.22% in the previous three months. A bright spot in the GDP breakdown came from investment, which recorded a 5.77% growth in the third quarter, versus 4.63% in the second quarter. On a non-seasonally adjusted, quarter-on-quarter basis, gross domestic product expanded 1.60% in the July-September period.
Persons: Gayatri Suroyo, Kanupriya Kapoor Organizations: Gross, Reuters, Growth, Bank Indonesia, Thomson Locations: JAKARTA, Asia's, Ukraine, Middle
But the fact that he is the overwhelming favorite to run the GOP, it makes this a staggering Monday,” said presidential historian Douglas Brinkley. Trump once took the stand — unexpectedly and briefly — after he was accused of violating a partial gag order. “My intent is to attend Donald’s appearance as he was gracious enough to attend my court appearances,” he said. Eric Trump, the former president's middle son, who testified in the case last week, said his father was eager for his appearance on the stand. The judge eventually ruled in Roosevelt's favor after a five week trial, in which the former president spent eight days on the witness stand.
Persons: Donald Trump, Trump, “ It’s, , Douglas Brinkley, , Arthur Engoron, Engoron, Michal Cohen, , Eric Trump, Cohen, Trump's, ” Brinkley, Theodore Roosevelt, William Barnes, Eric Tucker Organizations: Trump, DEMOCRAT, New York Republican Party, Associated Press Locations: Manhattan, New York, Washington
Mr. Trump posted a picture of her with Senator Chuck Schumer, accusing her of partisanship and saying she was “running this case against me.”Though the order is limited, Mr. Trump violated it twice in less than a week. Mr. Cohen spent two days on the stand testifying that Mr. Trump had lied about the value of his properties. Mr. Cohen spoke calmly and confidently as he recounted Mr. Trump’s obsession with his net worth. Mr. Cohen said he had not, prompting Mr. Trump and one of his lawyers, Alina Habba, to throw their hands up in victory. Outside the courtroom, Mr. Trump declared that Mr. Cohen had been “proven to be a liar.”Trump took the stand unexpectedly.
Persons: Donald J, Michael D, Cohen, Trump, , Arthur F, Engoron, Justice Engoron, Allison Greenfield, Chuck Schumer, , Cohen —, Trump’s, flustered, Alina Habba, ” Trump, Greenfield, Organizations: Mr, Locations: Greenfield
CNBC Daily Open: A cool jobs report heats up markets
  + stars: | 2023-11-06 | 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. Winning weekStocks and bonds in the U.S. rallied in tandem on Friday as markets digested jobs data and rebounded from October lows. Musk's GrokElon Musk's new AI company, xAI, released Grok, a generative artificial intelligence chatbot similar to ChatGPT. But Buffett's company did register a loss of $24.1 billion in the third quarter because of drops in Apple's shares.
Persons: nonfarm, That's, Grok Elon, Grok, Berkshire Hathaway, Stocks, Piper Sandler Organizations: Los Angeles, CNBC, Siemens, India's Siemens Ltd Locations: Los Angeles , California, U.S
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. Markets reboundStocks and bonds in the U.S. rallied in tandem on Friday as markets digested jobs data and rebounded from October lows. [PRO] Surging semiconductor salesThe semiconductor industry was mired in a supply glut for the most of last year. For one, there was a 13% month on month jump in September's semiconductor sales to $46.9 billion.
Persons: nonfarm, That's, Korea's Kospi, Musk's Grok Elon, Grok, Berkshire Hathaway Organizations: CNBC, KPMG, Citi Locations: U.S, Asia, Pacific
Pedestrians are reflected in a window while walking past the Bank of Canada office in Ottawa March 4, 2015. The survey showed a median of 27 financial participants expect interest rates to drop to 4.00% in the fourth quarter of 2024, up from an expectation of 3.50% in the previous survey released in July. A median of market participants expect inflation to drop to 2.2% by end-2024 and the gross domestic product to grow 1.2% in 2024 versus a year earlier. Both unchanged from the previous survey. The BoC has raised interest rates ten times between March 2022 and July 2023 to cool inflation, which the bank expects to slowly edge down to its 2% target by end-2025.
Persons: Chris Wattie, Ismail Shakil, David Ljunggren, Marguerita Choy Organizations: Bank of Canada, REUTERS, Rights OTTAWA, BoC, Thomson Locations: Ottawa, Canadian
HONG KONG, Nov 6 (Reuters) - Global fund managers sold China equities sharply in October despite further steps from authorities aimed at boosting the world's second-largest economy, according to a report from Morgan Stanley that cited data from fund flow tracker EPFR. "The outflows (are) mostly due to regional funds' rebalancing out of China, in which European-domiciled funds led," Morgan Stanley analysts led by Gilbert Wong said. According to Morgan Stanley, persistent outflows have resulted in foreign long-only managers being their most underweight on China since 2018. Stocks sold off include JD.com (9618.HK), Xiaomi (1810.HK) and China Construction Bank (601939.SS). Separately, Goldman Sachs prime services data showed hedge fund net allocation to China increased to 8.5% as of end-October, up from 8.1% at end-September.
Persons: Morgan Stanley, Gilbert Wong, Stocks, Goldman Sachs, Summer Zhen, Edwina Gibbs Organizations: Global, Reuters, Investors, CSI, HK, China Construction Bank, Baidu, AIA, Thomson Locations: HONG KONG, China, Hong Kong, U.S
Interest rates for long-term borrowing for capital improvements also would be less costly for Pine Tree Power. The anger and frustration from electric ratepayers in Maine is a far cry from the days when Iberdrola bought Central Maine Power, the state’s largest electric utility. The privately operated, nonprofit Pine Tree Power utility would contract with a private grid operator through a competitive bidding process. But Pine Tree Power would face some of the same constraints as CMP and Versant. And, like the existing utilities, Pine Tree Power would have no control over the actual cost of electricity, which comprises about half of consumers' monthly bills.
Persons: Mainers, , Timothy Cox, Janet Mills, William Harwood, Seth Berry, Harwood, Ann, Ursula Schryver, Schryver, Mike Jacobs, Jacobs, who's, Christie Decker, , Decker, Freed, Willy Ritch, ” Al, David Sharp, @David_Sharp_AP Organizations: Central Maine Power, Energy Partners, Democratic Gov, Maine Public, CMP, Nationwide, American Public Power Association, Union of Concerned Scientists, Iberdrola, Maine, Tree, Maine Affordable Energy Coalition Locations: PORTLAND, Maine, U.S, Washington, Tree, Francisco, San Diego, Ann Arbor , Michigan, Rochester , New York, Nebraska, Boston, Wilton, Pine, ” Al Cleveland
Ukraine's Volodymr Zelenskyy said Sunday his military is changing tactics to prevent a "stalemate." In an interview with NBC News, the Ukrainian president insisted his country can still win the war. Ukraine's military is planning "to strike [the] Russian Federation unexpectedly," he added. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Ukrainian president argued that such support would be rewarded with battlefield success, claiming his country's armed forces plan to use new tactics in the months ahead.
Persons: Ukraine's Volodymr Zelenskyy, , Volodomyr Zelenskyy, Zelenskyy Organizations: NBC News, Russian Federation, Service Locations: Russia, United States, Ukraine, Ukrainian, Washington
U.S. Job Growth Expected to Cool
  + stars: | 2023-11-03 | by ( Talmon Joseph Smith | Joe Rennison | Jason Karaian | ) www.nytimes.com   time to read: +2 min
The report is also expected to find that gains in average hourly earnings were solid but decelerated to 4 percent from a year earlier. The September report showed an unexpectedly strong gain of 336,000 jobs — a figure that will be revised Friday — and a year-over-year wage gain of 4.2 percent. has reached tentative contract agreements with the three major U.S. automakers and told striking members to return to their jobs. “We expect the October employment report to show a large deceleration in job growth, although the moderation will be overstated by the impact of striking autoworkers,” Nancy Vanden Houten, lead U.S. economist at Oxford Economics, said in a note. “Excluding those workers,” she added, “job growth will still be relatively robust, although narrowly based.”Since early 2022, the benchmark interest rate set by the Federal Reserve has surged from near zero to more than 5 percent.
Persons: Nancy Vanden Houten, Jerome H, Powell, Mr, , Organizations: Bloomberg, United Automobile Workers, Oxford Economics, Federal Reserve
The report is also expected to find that gains in average hourly earnings were solid but decelerated to 4 percent from a year earlier. The September report showed an unexpectedly strong gain of 336,000 jobs — a figure that will be revised Friday — and a year-over-year wage gain of 4.2 percent. has reached tentative contract agreements with the three major U.S. automakers and told striking members to return to their jobs. “We expect the October employment report to show a large deceleration in job growth, although the moderation will be overstated by the impact of striking autoworkers,” Nancy Vanden Houten, lead U.S. economist at Oxford Economics, said in a note. “Excluding those workers,” she added, “job growth will still be relatively robust, although narrowly based.”Since early 2022, the benchmark interest rate set by the Federal Reserve has surged from near zero to more than 5 percent.
Persons: Nancy Vanden Houten, Jerome H, Powell, Mr, , Organizations: Bloomberg, United Automobile Workers, Oxford Economics, Federal Reserve
Strikes at car and truck plants are likely to have a widespread impact on manufacturing activity given their large supply chains. Energy consumption by industrial users steadied over the third quarter, which was consistent with the worst of the manufacturing downturn being over. The stabilisation of both diesel and industrial electricity sales in the summer was consistent with manufacturing activity steadying ahead of a renewed expansion. Because the industrial downturn has been long but shallow, distillate inventories remain well below the long-term seasonal average. Return to expansion would likely cause diesel stocks to deplete rapidly and put upward pressure on industrial prices quickly.
Persons: Andrew Kelly, John Kemp, Louise Heavens Organizations: REUTERS, Institute, Supply, Federal Reserve, Global, U.S, Thomson, Reuters Locations: IceStone, New York City , New York, U.S, Chartbook
Both benchmarks gained more than $2 a barrel on Thursday, but were on track to lose about 4% on the week. The report could bolster the view that the U.S. Federal Reserve need not raise interest rates further. The Fed held interest rates steady on Wednesday, while the Bank of England held rates at a 15-year peak. The stable policies kept oil prices supported as some risk appetite returned to markets. "The oil market will be watching for an escalation of tensions, particularly on the Lebanese border, as Hezbollah attacks increase," City Index Fiona Cincotta said.
Persons: Jussi Rosendahl, Brent, Fiona Cincotta, Sayyed Hassan Nasrallah, Israel, Jeslyn Lerh, Mark Potter Organizations: REUTERS, U.S, West Texas, National Bureau, Statistics, U.S . Labor Department, U.S . Federal, Fed, Bank of, Palestinian, Thomson Locations: Porvoo, Finland, China, Bank of England, Gaza, Lebanese, Saudi Arabia, Singapore
But the apparent role of AI in Microsoft’s recent amplification of bogus stories raises questions about the company’s public adoption of the nascent technology and for the journalism industry as a whole. The poll prompted criticism from Microsoft’s readers, “This has to be the most pathetic, disgusting poll I’ve ever seen,” one person wrote. “We had a really tight knit, super talented editorial team and we had all worked together for a long time,” Pfeuffer told CNN. “I don’t think people realize how many people use [MSN],” she told CNN. “It felt like I was standing in line at the grocery store reading a National Enquirer front page,” Kawar told CNN.
Persons: Joe Biden, Britain’s, Lilie James, James ’, Anna Bateson, , ” Bateson, Brad Smith, Bateson, , Brandon Hunter, “ Brandon Hunter, Dean Preston, Elon Musk, Pfeuffer, ” Pfeuffer, Biden, Joe Biden ”, Ferris, ” Kawar, he’s Organizations: CNN, Democratic Party, NBA, Microsoft, Guardian, MSN, Guardian Media Group, San Francisco, Microsoft Edge, Enquirer, Microsoft Microsoft, Google Locations: OpenAI, Sydney, Australia, Santa Monica , California
Paleontologists recently described the previously unknown mosasaur from fossils found near the North Dakota town of Walhalla. The town’s name comes from Valhalla, the feasting hall of Norse mythology where dead heroes gather, so the scientists dubbed the mosasaur Jormungandr walhallaensis. When the scientists examined the skull, they quickly realized they had something unusual on their hands. This combination of traits convinced the researchers that what they were looking at was a new genus and species. Here is a line drawing of the skull of the Jormungandr walhallaensis.
Persons: Amelia Zietlow, Richard Gilder, Jormungandr, Zietlow, “ He’s, ” Zietlow, Henry Sharpe, Takuya Konishi, Jormungandr walhallaensis, , it’s, Konishi, walhallaensis, ” Konishi, Clint Boyd, , ” Mindy Weisberger Organizations: CNN, American Museum of, American Museum, Natural, Richard Gilder Graduate, North, North Dakota Geological Survey, American, of, University of Cincinnati, Scientific Locations: North Dakota, Walhalla, Valhalla, New York City, Clidastes, United States
New York CNN —US stocks soared higher again on Thursday as investors bet that the Federal Reserve’s current round of economically painful rate hikes might be over. Both the S&P 500 and Dow are on track to notch their largest weekly gains this year and the Dow closed its best day since June. Tech stocks pulled markets higher Thursday, with shares of Tesla up nearly 6.3% and shares of Nvidia up about 2.8%. While all 11 sectors of the S&P 500 were trading higher on Thursday, there were some notable outliers. Shares of Airbnb were down 3.3% after the company beat on third-quarter revenue earnings but lowered its forward guidance.
Persons: Jerome Powell, , Louis Navellier Organizations: New, New York CNN, Federal, Dow, Nasdaq, Treasury, Navellier, Associates, Labor, Labor Department, Apple, Tech, Nvidia, Meta, Facebook Locations: New York
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