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CNBC Daily Open: Everyone gave Reddit an upvote
  + stars: | 2024-10-30 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +3 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. It's not too surprising, then, that the companies behind those services – Snap , Reddit and Alphabet – reported third-quarter results that beat Wall Street's expectations. It's Meta's and Microsoft's turn to report earnings later today. Note: CNBC Daily Open will be on a break Thursday, Oct. 31, for the public holiday in Singapore.
Persons: Rachel Reeves, Reddit, Evan Spiegel, That's, It's, Microsoft isn't, Meta, — CNBC's Julia Boorstin, Jonathan Vanian, Jennifer Elias Organizations: New York Stock Exchange, Inc, CNBC, Finance, Google, Microsoft, Meta Locations: Singapore
The U.K.'s Labour Party is set to unveil its national budget for the first time in 14 years later on Wednesday. Investment bank analysts have highlighted several stocks that could win or lose ground if the rumored measures are unveiled or curtailed. The Wall Street bank's analysts added that "U.K. long-dated yields might decline with easing budget uncertainty and continued inflation relief". The chancellor is reported to want to remove the inheritance tax relief available to investors holding stocks listed in this market in the Wednesday budget. Such a move may entice existing investors to sell the stocks, if the tax policy change likely impacts them.
Persons: Rachel Reeves, Goldman Sachs, Christian Mueller, Glissmann, Pound Sterling, Investec's Ben Newell, Alan Brierley, Investec's, Genuity, Canaccord Genuity, Alex Brooks, Justin Bates, Portia Patel, Michael Bloom Organizations: Labour, Finance, Investment, London Stock Exchange, Foresight, Fund, Greencoat, Renewables, Infrastructure, International, AIM, London Stock Exchange's, Technology Ashtead Tech Locations: United Kingdom
UK Finance Minister Rachel Reeves makes a speech during the Labour Party Conference that is held at the ACC Liverpool Convention Center in Liverpool, UK on September 23, 2024. LONDON — Nearly four months after taking office, the U.K.'s Labour government is set to unveil its debut budget on Wednesday, with markets braced for a major fiscal shake-up. "There's a huge amount of interest in this budget," Amanda Tickel, head of tax and trade policy at Deloitte U.K., told CNBC on Tuesday. Tickel forecast £35 billion ($45.4 billion) worth of tax rises and £5 billion in spending cuts to plug what Finance Minister Rachel Reeves says is a "big gap" in the budget. We haven't had a Labour government for 14 years, and they're going to want to make their mark on the tax system," she said.
Persons: Rachel Reeves, Amanda Tickel, haven't, we've, Reeves Organizations: Labour Party Conference, ACC Liverpool Convention Center, LONDON, Labour, Deloitte, CNBC Locations: Liverpool, London
An Australian one dollar coin sits atop a United States one dollar bill in this illustration photo taken February 12, 2016. The dollar hovered close to a three-month peak on Wednesday in a big week for macroeconomic data that could reveal the path for U.S. monetary policy. The Australian dollar edged closer to a three-month trough after some stickiness in inflation suggested a Reserve Bank of Australia interest rate cut is unlikely this year. The ADP employment report is due later in the day, ahead of the potentially crucial monthly payrolls report on Friday. "The U.S. dollar continues to garner strong support as markets adjust their rate path expectations," said James Kniveton, senior corporate FX dealer at Convera.
Persons: James Kniveton, Kniveton, Donald Trump, Rachel Reeves, Keir Starmer, Liz Truss Organizations: Reserve Bank of Australia, Federal Reserve, U.S ., Reserve Bank, Australia's, U.S, Treasury, Republican, European Central Bank, Sterling, Labor Locations: States, U.S, Australia, Europe
Maja Smiejkowska | ReutersLONDON — U.K. borrowing costs on Wednesday touched their highest level since Labour took office, after Finance Minister Rachel Reeves unveiled a vast package of tax hikes in her first budget. The yield had cooled to a 3 basis point rise to 4.35% by 4:00 p.m. U.K. time (12:00 p.m. The yield on 2-year bonds, which in the U.K. are known as gilts, were over 6 basis points higher at 4.33% after rising by as much as 10 basis points. The Treasury separately said it would raise gilt issuance by £22.2 billion ($28.9 billion) to £299.9 billion for the fiscal year to meet its net financing requirement. Those included the facts that many key policies had already been announced, and that any increase in borrowing would be to fund public investment.
Persons: Rachel Reeves, Maja Smiejkowska, Reeves, Liz Truss Organizations: Reuters LONDON, Labour, Treasury, Conservative Party, Bank of England Locations: London, Britain
Hollie Adams | Afp | Getty ImagesBritain's Labour government appears poised to raise "sin taxes" in its highly anticipated October budget as it seeks to cash-in on lucrative industries to bolster Treasury revenues. Among a litany of measures, including a major change to the government's fiscal rules, Reeves is reported to be considering a sin tax raid. "Sin stocks are a good place to start. Shares of London-listed gambling stocks fell sharply on the news. A Treasury spokesperson was not immediately available to comment when contacted by CNBC about the prospect of sin taxes in the budget.
Persons: Keir Starmer, Rachel Reeves, Hollie Adams, Reeves, Michael, Britain's, William Hill, Paddy Power, Chris J, Ratcliffe, Bruce Morley, Morley, Morningstar's, Field, Alishia Abodunde Organizations: Britain's, Labour, Afp, Getty, Finance, Michael Field, Morningstar Analysts, Morningstar, CNBC, Guardian, London, Entain Plc, Bloomberg, Department, Environment, Food, Rural Affairs, Treasury, University of Bath, Imperial Brands, American Tobacco, Government Locations: London, Michael Field Europe, Europe, crosshairs, U.S, England, vapes
UK Finance Minister Rachel Reeves makes a speech during the Labour Party Conference that is held at the ACC Liverpool Convention Center in Liverpool, UK on September 23, 2024. LONDON — U.K. Finance Minister Rachel Reeves will deliver the government's hotly awaited debut budget on Wednesday, putting to bed weeks of uncertainty over potential tax hikes and spending cuts. Reports suggest that the Treasury could target public sector net financial liabilities (PSNFL) in the U.K.'s measure of debt, rather than public sector net debt. The PSNFL measure takes in a wider account of the government's balance sheet, including financial assets and liabilities, than public sector net debt. In a note Friday, Goldman Sachs estimated that the changes could increase the government's fiscal headroom by around £50 billion ($65 billion).
Persons: Rachel Reeves, — Labour's, , Keir Starmer, Reeves, Goldman Sachs, Goldman sachs Organizations: Labour Party Conference, ACC Liverpool Convention Center, LONDON, Finance, Sky News, Financial Times, Treasury Locations: Liverpool
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with German Finance Minister Christian LindnerGerman Finance Minister Christian Lindner talks to CNBC's Karen Tso about the German economy, European capital markets and banking.
Persons: Christian Lindner, Karen Tso Organizations: German Finance, Christian Lindner German
German Finance Minister Christian Lindner on Friday warned that if the U.S. kicked off a trade war with the European Union, there could be retaliation. Trade is one of the main pillars of the German economy, suggesting heightened tensions, uncertainty and tariffs would hit the country harder than others. Trade tensions between the U.S. and China, and the EU and China, have been rising throughout the year. Both the U.S. and EU have implemented higher tariffs and on some goods imported from China, citing unfair trade practices. China in turn has also announced higher temporary tariffs on some imports from the EU.
Persons: Christian Lindner, Janet Yellen, Lindner, CNBC's Karen Tso, Donald Trump, it's, Chancellor Olaf Scholz's, Trump Organizations: IMF, World Bank, German, European Union, International Monetary, Washington , D.C, Free Democratic Party, Chancellor Olaf Scholz's Social Democratic Party, U.S, EU, Reuters Locations: Washington , DC, U.S, Washington ,, China, EU, Germany
Yen wobbles, vulnerable to political reverberations
  + stars: | 2024-10-25 | by ( ) www.cnbc.com   time to read: +4 min
Japanese yen banknotes of various denominations are arranged for a photograph in Tokyo, Japan, on July 22, 2015. The yen was last 0.1% lower at 152 per dollar and was looking at a 1.5% loss for the week. The yen has fallen roughly 5.5% for the month thus far, setting it up for its worst monthly decline since April 2022. Against the dollar, the euro last bought $1.08225, some distance away from its low of $1.076125 hit earlier this week. The dollar index last ticked up 0.04% to 104.09, after having scaled a roughly three-month high of 104.57 earlier in the week.
Persons: Ray Attrill, Katsunobu Kato, Janet Yellen, Donald Trump, Nick Rees, Sterling Organizations: of Japan's, Treasury, Liberal Democratic Party, LDP, National Australia Bank, country's Finance, FX, Monex, New Zealand Locations: Tokyo, Japan, Japanese, Germany —
U.K. Finance Minister Rachel Reeves on Thursday confirmed she intends to change the country's fiscal rules in the October budget, a move designed to free up billions of pounds for investment. Writing in The Financial Times on Thursday, Reeves said her "investment rule" will "get debt falling as a proportion of our economy." A Treasury spokesperson declined to comment when asked whether the fiscal rule change would target PSNFL in the U.K.'s measure of debt. The Institute for Fiscal Studies, an influential think tank, said on Sept. 30 that a change in the fiscal rules to target PSNFL would offer as much as £50 billion ($64.8 billion) of additional headroom for the government. Reeves confirmed the change to Britain's fiscal rules during a trip to the International Monetary Fund's annual meetings in Washington.
Persons: Rachel Reeves, Labour government's, Reeves, Keir Starmer Organizations: Britain's, Finance, Labour, Financial, Treasury, Fiscal Studies, International Monetary Locations: Washington
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere is enough competition for banks in Switzerland, says country's finance ministerKarin Keller-Sutter, Switzerland's finance minister, discusses geopolitical fragmentation and banking consolidation in the country.
Persons: Karin Keller, Sutter Locations: Switzerland
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIrish finance minister says budget will run at a significant surplusJack Chambers, Ireland's finance minister, discusses the health of the Irish economy, and the upcoming budget.
Persons: Jack Chambers
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDutch finance minister says risk of geopolitical fragmentation is real and increasingDutch Finance Minister Eelco Heinen says we all need to work together to prevent geopolitical fragmentation because it leads to poorer economies.
Persons: Eelco Heinen Organizations: Dutch Finance
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGreek finance minister: Our budget surplus is our message to marketsKostis Hatzidakis, the finance minister of Greece, speaks to CNBC's Karen Tso at the IMF annual meetings in Washington, D.C.
Persons: Karen Tso Locations: Greece, Washington ,
Nobody knows what Netanyahu’s endgame is
  + stars: | 2024-10-23 | by ( Ivana Kottasová | ) edition.cnn.com   time to read: +11 min
The Israeli military has already withdrawn from the area twice after saying, both times, that it had crushed Hamas there. A drone fired over the weekend slipped through Israeli air defenses and struck Netanyahu’s beach house some 50 miles from the Lebanese border. Netanyahu’s reluctance to strike a ceasefire deal, even now after securing several military victories, has angered many in Israel. “Ending the Gaza war and the Lebanon war is not an option for his political partners in the coalition. Mahmoud sleem/Anadolu/Getty Images“Netanyahu knows that there is no bigger picture of victory afterwards, because both Sinwar and Nasrallah are dead.
Persons: Yahya Sinwar, Benjamin Netanyahu, Netanyahu, Hassan Nasrallah, , , , Bushinsky, Sinwar, , ’ Netanyahu, Itamar Ben, Bezalel Smotrich, Gayil Talshir, we’ve, Talshir, Jack Gue3z, Biden, Israel, Antony Blinken, Joe Biden, Kamala Harris’s, what’s, ” Talshir, Mahmoud sleem, “ Netanyahu, Nasrallah, Donald, Trump, he’ll Organizations: Jerusalem CNN, Israel, Hamas, CNN, Finance, Hebrew University, Getty, State Locations: Jerusalem, Gaza, Israel, Iran, Hezbollah, Lebanon, Northern Gaza, Lebanese, Caesarea, Gaza . Aviv, Tel Aviv, AFP, Anadolu, Saudi, reemerge
CNN —The US and Western allies are moving forward with a $50 billion loan package to Ukraine backed by the profits of frozen Russian assets, which includes a US contribution of $20 billion, the White House announced Wednesday. “Ukraine will receive the assistance it needs now, without burdening our taxpayers,” said White House deputy national security advisor for international economics Daleep Singh. The US will disperse at least half of its $20 billion loan by this December, according to Singh. European lawmakers on Tuesday approved a loan of up roughly $37.7 billion (35 billion euros) for Ukraine backed by the frozen Russian assets. Should a peace agreement be reached in the conflict, either the Russian assets will stay frozen and generate interest to repay the loans until they’re repaid, or Russia will pay for the damage it has caused.
Persons: Joe Biden, , ” Biden, , Daleep Singh, Donald Trump, Singh, “ We’re, ” Singh, Japan —, Vladimir Putin, CNN’s Kayla Tausche, Arlette Saenz, Nikki Carvajal Organizations: CNN, White House, , White, European Union, Ukraine Locations: Ukraine, United States, Kyiv, United Kingdom, Canada, Japan, France, Germany, Italy, Puglia, Europe, Russia
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
Mike Kemp | In Pictures | Getty ImagesLONDON — The U.K. is likely to see interest rates drop at a faster pace than previously expected, according to economists who flagged key data releases that indicated inflationary pressures are finally easing. However, economists at Goldman Sachs in a Monday note forecast rate cuts "notably below market pricing." As a result, they see consecutive 25 basis point cuts taking the Bank Rate to 3% as early as September 2025, and to 2.75% in November next year. "Recent data have cemented expectations of another cut in interest rates in November. "That said, uncertainty around the economic outlook is high, and interest rate expectations will be sensitive to what the government announces in the Budget," Muir added.
Persons: Mike Kemp, Goldman Sachs, BOE, Price, , James Smith, Smith, David Muir, Muir, Keir Starmer, Rachel Reeves Organizations: of England, Labour, Bank of England's, BOE policymakers, Bank of England, ING . Services, Reuters, International Energy Agency, U.S . Federal Reserve, European Central Bank, Moody's, Finance Locations: City of London, London, United Kingdom
U.K. net borrowing rose to £16.6 billion ($21.59 billion) in September, the Office for National Statistics said Tuesday , up £2.1 billion from the year before. Chancellor Rachel Reeves gives a speech at the Treasury on July 8, 2024 in London, England. Reports suggest she may use the budget to change the way debt is calculated by the Treasury in order to create more room for capital expenditure. The latest borrowing figures "highlight the limited scope the [Finance Minister] has to increase day-to-day spending without raising taxes," Alex Kerr, U.K. economist at Capital Economics, said in a note. A change in debt rules would allow for borrowing for public investment by an additional £53 billion, Kerr added.
Persons: Chancellor Rachel Reeves, Rachel Reeves, Alex Kerr, Kerr, Reeves, — Jenni Reid Organizations: National Statistics, Treasury, Labour, Finance, Capital Economics Locations: London, England
Last week, U.K. Prime Minister Keir Starmer told Bloomberg that such speculation was "wide of the mark." Several entrepreneurs and investors have warned that the U.K. could face an exodus of technology entrepreneurs as a result of the reported tax changes. Calling the government's plan on capital gains tax the "biggest" issue for entrepreneurs, Stebbings said: "I know fewer entrepreneurs will be here. Not everyone agrees that capital gains tax shouldn't be increased to raise public finances. The analysis found that capital gains tax was not a primary driver of investment decisions, with entrepreneurs more focused on issues like access to financing, market opportunities and broader economic conditions.
Persons: Rachel Reeves, Keir Starmer, Reeves, Giles Andrews, Rishi Khosla, Victor Riparbelli, I've, Adam French, Harry Stebbings, Stebbings Organizations: Britain's, Getty, LONDON, Guardian, Bloomberg, Times, CNBC, Treasury, The Entrepreneurs Network, for Public, Research Locations: British, BADR, Europe, Paris, Berlin, U.S
Adding impetus to their effort is the fact Israeli military strikes are now hitting UN peacekeeping bases in southern Lebanon, which house European troops. European reproach of Israel reached new levels when Israeli military strikes began hitting posts of the UN peacekeeping mission in southern Lebanon. The UN has said Israel’s military has fired on its peacekeepers multiple times in recent weeks, injuring more than a dozen. ‘We have blocked everything’Italy’s Prime Minister Giorgia Meloni also condemned Israel’s actions in Lebanon, including an Israeli military strike that hit a UN peacekeeping base where around 1,100 Italian troops are stationed. In an earlier move that protested Israel’s war in Gaza, Spain, Ireland and Norway formally recognized Palestinian statehood in May.
Persons: CNN —, Benjamin Netanyahu, , ” Hugh Lovatt, Josep Borrell, Ali Moustafa, ” Lovatt, , Biden, It’s, ” Borrell, Lovatt, Israel, Maya Sion, Netanyahu, António Guterres, Emmanuel Macron, “ Netanyahu, Macron, Carl Court, ” Macron, ” Netanyahu, Borrell, Guterres, Giorgia Meloni, ” Meloni, Meloni, Tzidkiyahu, Keir Starmer, of National Security Itamar Ben, Bezalel Smotrich, David Cameron, Ben Gvir, Smotrich, ” Ben Gvir’s, Chancellor Olaf Scholz, Israel “ Organizations: CNN, UN, EU, North Africa, Foreign Relations, Hamas, European Union, Red Crescent, Reuters, UNIFIL, Europe, Agence France, Presse, United Nations Interim Force, AFP, Israel, UK, Stockholm International Peace Research Institute, Foreign Affairs Council, Getty, of National Security, Finance, Sky News, DPA, Nazi Locations: CNN — Israel, Gaza, Lebanon, Israel, East, Berlin, Rafah, Egypt, United States, , Iran, Spain, Ireland, Italy, France, Tzidkiyahu, Jerusalem, Paris, AFP, Marjayoun, Vichy, Stockholm, Germany, United Kingdom, Irish, Sion, Norway, Britain, Lebanese, Khiam, Palestine
Analysts pick winners from China stimulus measures
  + stars: | 2024-10-20 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +4 min
Now that China's key ministers have spoken on stimulus, analysts have narrowed down the stocks likely to benefit. Chinese stocks have tempered their recent rally as investors await more policy details. Beyond interest rate cuts, the most tangible Chinese stimulus policies include subsidies to boost consumption with a trade-in program, along with incremental property market support. They screened for mainland-traded Chinese stocks with relatively high dividend yields and strong cash flow. While Chinese property developers may not bounce back right away, HSBC analysts expect construction software company Glodon, listed in Shenzhen, can benefit from property market stabilization.
Persons: David Chao, Morgan Stanley, Morgan, Ni Hong, Edward Chan Organizations: Asia Pacific, Aluminum Corp, Cement, HSBC, National Bureau of Statistics Locations: Japan, Invesco, Hong Kong, Anhui, Beijing, Shenzhen, Shanghai
If Netanyahu is feeling that pressure, that wasn't evident from his comments on Friday. International insistence that the Israeli government ease the suffering in Gaza had already intensified in the weeks before Sinwar was killed. Domestically, that may be more of a complex dance for Netanyahu, who heads a still-fragile coalition comprised of many of Israel’s most hawkish lawmakers. Until then, we will intensify military pressure,” Finance Minister Bezalel Smotrich — whom both major U.K. political parties have considered sanctioning this year — said in a post on X. Before Hamas' attack, Netanyahu was scrambling to keep onside the disparate right-wing and religious parties in his fractious ruling coalition while facing huge protests against him.
Persons: Netanyahu, , , Sinwar, Joe Biden, ” Biden, Bezalel Smotrich —, Organizations: U.S, Locations: Iran, Gaza, Lebanon, Syria, Iraq, Yemen, Berlin
The Hamas leader was “the caring father and the leader of the Palestinian cause,” Moslah added. “May God have mercy upon him.”For others, Sinwar’s death was an unsurprising outcome for a hardened jihadi militant. He spent years in an Israeli jail learning Hebrew and studying the inner workings of Israeli politics and military tactics. It showed a man, identified by Israel as Sinwar, sitting in a chair in a destroyed apartment as an Israeli drone buzzed around him. Moments later, the Israeli military would fire its kill shot — a missile destroying the building.
Persons: Sinwar, , ” Abaad, Moslah, , Ziad Maqdad, “ Yahya Sinwar, Burcu, Khalil Al, Hayya, Yahya Sinwar, lamely, Seyed Abbas Araghchi, Omar Dajani, David, Sinwar “, Dajani, John Wessels, Ahmed Yossef, Benny Gantz, Gaza “, Belazel Smotrich, Frank Lowenstein, Barack Obama, Mohammed, ” Lowenstein, Sheikh Ahmed Yassin, Rashid Khalidi, Netanyahu Organizations: NBC News ’, Royal United Services Institute, Israel Defense Forces, NBC, AFP, Getty, Palestinian Center, Policy, Research, University of, Columbia University, Locations: Palestinian, Beit Hanon, Gaza, Israel, United States, London, Jerusalem, Iranian, Palestine, Stockton , California, Sinwar, “ Israel
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