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☆ Oil prices are on track for their strongest run since before Russia invaded Ukraine
▼ + stars: | 2023-07-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

US oil prices are also set for a 3.9% gain this week, and have chalked up their longest rally since April 2022. So why are oil prices climbing? Oil output cutsAccording to the International Energy Agency, global oil demand is expected to rise by 2.2 million barrels per day to a record 102 million this year. But global oil production is forecast to rise by only 1.5 million barrels per day to 101.5 million, the agency said in a report this month. That failed to materialize, a factor that weighed on oil prices earlier this year.

Persons: —, “, ” Giovanni Staunovo, Staunovo, Justin Sullivan, Edward Gardner, Gardner, Xi Jinping Organizations: London CNN —, Brent, International Energy Agency, Organization of, Petroleum, OPEC, UBS, CNN, Saudi, Getty, Capital Economics, Communist Party’s Locations: Ukraine, China, Russia, Saudi Arabia, Riyadh, Gulf, Europe, France, Spain, Germany, Europe’s

☆ Project Wild Earth: This family of four has just embarked on a 5-year adventure around the world
▼ + stars: | 2023-07-21 | by ( Kate Springer | ) edition.cnn.com time to read: +11 min

They instantly connected and maintained a long-distance relationship for a year after his road trip ended before moving to Hong Kong to start a life together. During the project, dubbed “Project Wild Earth,” they will also share stories on their website and social media accounts about inspiring rangers, support organizations, government officials and entrepreneurs they work or come in contact with. Leah, an American, worked as a primary school teacher and helped establish a Sudbury school in Hong Kong that empowers children to direct their own education. The Priors found themselves stuck in Hong Kong, which had some of the strictest pandemic restrictions in the world due to its “zero-Covid” approach. “When these things unfolded in Hong Kong, we had to reconsider everything.

Persons: we’re, Matt, Leah Prior, Leah, Zapp, Graham, Paige, “ Leah, ” Matt, ”, “, AdventureX, Jack, Matt couldn’t, “ Jack, Sai Kung, “ It’s, Dr, Jane Goodall, Tompkins, Allen, –, Reinhard Dirscherl, Charlotte, they’ll Organizations: CNN, The Explorers Club, Sumy Sadurni, Getty, Allen Coral Atlas, Jane, Jane Goodall Institute and, Bank Locations: Charlotte, Laos, London, South Korea, Hong Kong, Europe, Central Asia, China, Southeast Asia, Asia, Pacific, Africa, Americas, American, Sudbury, British, Indonesia, Hong, New Territories, AFP, Patagonia, agroforestry

☆ Investors look beyond Turkey rate hike disappointment, for now
▼ + stars: | 2023-07-21 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +4 min

"There is a huge gap between rates and inflation, but investors still have faith in this policy shift," Peach said. "They will tolerate a gradual tightening cycle if the key rate rises towards 30% at the end of the year." International bonds are still widely held by foreign investors, though much less so the domestic ones exposed to the lira currency's wild swings. BETTER BUFFERSRising central bank reserves are another positive sign. JPMorgan raised its inflation outlook for Turkey after the rate hike, now expecting year-end inflation at 57% versus 50% previously.

Persons: Hafize Gaye Erkan, Tayyip Erdogan, Nick Eisinger, Liam Peach, Peach, Paul McNamara, Emre Akcakmak, It's, Cagri Kutman, Jorgelina, Karin Strohecker, John Stonestreet Organizations: LONDON, Vanguard, Capital Economics, GAM Investments, Net, East Capital, JPMorgan, United Arab, KNG Securities, Thomson Locations: Turkey, London, United Arab Emirates, Rosario

☆ Here are Monday's biggest analyst calls: Apple, Pepsi, Yelp, Chewy, Netflix, Nvidia, Tesla, Meta and more
▼ + stars: | 2023-07-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

"We are initiating coverage with an ONON with an Outperform rating and $38 price target. Citi opens a positive catalyst watch on Valvoline Citi opened a positive catalyst watch on Valvoline and says it has robust fundamentals. "We open a 30-day upside catalyst watch based on strong fundamentals and the stock's relative under-performance post completion of the Dutch tender offer on 6/8." Citi opens a positive catalyst watch on Bank of New York Mellon Citi opened a positive catalyst watch on the investment bank ahead of earnings Tuesday. Morgan Stanley reiterates Apple as overweight Morgan Stanley raised its price target on Apple to $220 from $190 and says India is the company's "next frontier."

Persons: TD Cowen, Cowen, Goldman Sachs, it's, Wells, Tesla, Wells Fargo, Morgan Stanley, Apple, Morgan Stanley downgrades Conagra, Morgan Stanley downgrades Pepsi, Raymond James downgrades, Raymond James, Bernstein, Aramark, Oppenheimer Organizations: Citi downgrades AT, Citi, Valvoline Citi, Bank of New York Mellon Citi, BK, Nvidia, Deutsche Bank, Netflix, Baidu, Apple, Pepsi, Barclays, LT, JPMorgan, Bank of America, Zynga, NXP Semiconductors, Intel Citi, Intel, AMD, Meta, Suisse, Arista Networks, ISI Locations: eCommerce, China, India, Apple India

☆ Inflation fever is finally breaking. The Fed’s soft landing may be in sight
▼ + stars: | 2023-07-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

But I can’t help imagine him quietly fist-pumping the moment he got wind of the latest inflation data. For context, a year ago the CPI peaked at 9.1% — the worst inflation in more than 40 years. After a punishing stretch of rising prices, “the fever is breaking,” wrote Bill Adams, chief economist for Comerica Bank. In other words, the Fed may actually pull off the “soft landing” — lowering inflation without tanking the economy — that few believed was doable even six months ago. “The odds of achieving a soft landing just went up drastically,” Dan Alpert, managing director of Westwood Capital, told me.

Persons: CNN Business ’, Jerome Powell, he’d, Jay won’t, ”, Bill Adams, Jay Powell, “ We’ve, Lael Brainard, Joe Biden’s, “, Brainard, hadn’t, ” Dan Alpert, “ I’m, Jamie Dimon, you’ll Organizations: CNN Business, New York CNN, Consumer, Comerica Bank, Fed, Westwood Capital, JPMorgan Chase Locations: New York

☆ Apple supplier Foxconn pulls out of $19.5 billion India chip project
▼ + stars: | 2023-07-10 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Lead Apple supplier and global manufacturing powerhouse Foxconn has pulled out of a $19.5 billion joint venture project with a Indian conglomerate Vedanta that would have brought semiconductor and display manufacturing to the Indian state of Gujarat. "Foxconn has determined it will not move forward on the joint venture with Vedanta," the Taiwanese company told CNBC. Foxconn said the decision was by "mutual agreement," but that it remained "confident" about India's semiconductor ambitions. Foxconn has broken ground on multiple factory sites across India, although the $20 billion joint venture with Vedanta would have been one of the largest. Foxconn continues to build other factories across India, including one in Telangana and one in Bengaluru.

Persons: Foxconn, Narendra Modi's, Vedanta Organizations: Apple, Foxconn, Vedanta, CNBC, U.S Locations: Mumbai, India, Gujarat, China, U.S, Telangana, Bengaluru

☆ 3 major companies trying to move supply chains out of China, and how they're faring in their attempts to move away from the factory of the world
▼ + stars: | 2023-06-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Ted Cannis, a senior executive at Ford, told the Financial Times in December that there is a "large-scale rethinking of logistics operations" across the auto supply chain. "The supply chain is going to be the focus of this decade," Cannis said. Among the companies Apple is relying on to make the Vision Pro is Taiwan's Foxconn — which is the main supplier shifting its supply chain away from China. The move was made after China's COVID-19 lockdowns rocked supply chain and production timelines, but prices are the real driving reason behind the move. "Right now, robustness of our supply chain also needs to be considered to ensure the stable procurement of parts."

Persons: —, Donald Trump, lockdowns, COVID, Ashutosh Sharma, Forrester, Ted Cannis, Cannis, China's, Wellsenn, Cowell, Liu Young, TSMC, Morris Chang, Chips, Dylan Patel, SemiAnalysis, Tim Cook, Fang DongxuFeature, Mazda, China's COVID, Masahiro Moro, ", Moro Organizations: Mazda, Service, Privacy, East, Ford, Financial Times, Apple, Vision, Apple's, Cowell e Holdings, Future Publishing, Reuters Locations: China, India, Zhengzhou, Henan, Vietnam, Mexico, Taiwan, Arizona, Nanjing, Fang DongxuFeature China, Japan Japanese, Japan

The new rule highlights how governments are reassessing their reliance on India's $42 billion pharmaceutical industry since the contamination came to light last year. India's industry supplies nearly half of the pharmaceuticals used in Africa. In April, India’s government said its officials had held meetings in Africa to ensure its drug exports did not suffer after at least 70 children died in Gambia after ingesting the cough syrup last year. "Quntrol shall conduct document verification, physical inspection of the consignment and sampling, for laboratory testing for each shipment," the letter said. Since June 1, India has made tests mandatory for all cough syrups before they are exported.

Persons: India’s, Janneh Kaira, Rajeev Singh Raghuvanshi, Raghuvanshi, Krishna N, Aurora Ellis Organizations: Reuters, Medicines Control Agency, MCA, Quntrol Laboratories, Bank, World Health Organization, Thomson Locations: DELHI, Gambia, India, Africa, Mumbai

☆ Merck Sues Over Law Empowering Medicare to Negotiate With Drugmakers
▼ + stars: | 2023-06-06 | by ( Rebecca Robbins | ) www.nytimes.com time to read: +1 min

The pharmaceutical company Merck on Tuesday sued the government over a federal law that empowers Medicare for the first time to negotiate prices directly with drugmakers. Democrats pushed through the Medicare-negotiation program last summer as a provision of the Inflation Reduction Act, framing it as a way of lowering drug prices. Only some drugs will be subject to negotiation with Medicare and only after they have been on the market without competition for years. But Merck, which generated $14.5 billion in profit last year, claimed in a statement on Tuesday that the law would stifle its ability and that of its peers to make risky investments in new cures. Other drug companies have suggested that they will choose to cut certain drug development programs because of the projected dent to their revenue.

Organizations: Merck, Medicare Locations: Washington

☆ Here's what analysts are saying about Apple's new Vision Pro headset
▼ + stars: | 2023-06-06 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

The tech giant on Monday unveiled its Vision Pro mixed reality headset, which will retail for $3,499. Davidson downgraded Apple stock to neutral , insisting that any positive bump from the Vision Pro announcement was already priced into the stock's current trading levels. that if Apple's Vision Pro could achieve a ~25% ship share this would leave us to est. He raised his price target to $210 from $185, implying upside of about 17% from Monday's close. To be sure, he maintained Apple as a top pick and with a price target of $190.

Persons: Apple's, D.A, Davidson, Wells, Aaron Rakers, Rakers, Goldman Sachs, restating, Michael Ng, Samik Chatterjee, Chatterjee, Bernstein's Toni Sacconaghi, Sacconaghi, Morgan Stanley's Erik Woodring, — CNBC's Michael Bloom Organizations: Apple, Apple's, JPMorgan Locations: Wall, Monday's

At the height of the tightening cycle in September last year, eight central banks hiked rates by a cumulative 550 bps. Year-to-date, G10 central banks have delivered 21 rate hikes and tightened by a total of 725 bps. That compares with 54 rate hikes in the whole of 2022 and 2,700 bps of rate hikes. Developed markets interest ratesMeanwhile, emerging markets were slightly further advance in the cycle with some central banks changing tack to easing mode. That compares with 11 meetings in April, where two central banks delivered a total of 50 bps.

Persons: Jean Boivin, Karin Strohecker, Vincent Flasseur, Hugh Lawson Organizations: European Central Bank, Bank of England, Federal Reserve, BlackRock Investment Institute, UN, Thomson Locations: Australia, New Zealand, Norway, BlackRock, Israel, South Africa, Thailand, Malaysia, Hungary

Climate investors aren’t expecting a triumphant repeat of what happened two years ago, when Engine No. 1, a San Francisco-based activist hedge fund, stunned the corporate world by landing three of its eco-conscious nominees on Exxon’s board. Mark van Baal, founder of the activist shareholder group Follow This, was more blunt. The hedge fund, he said, was “the biggest disappointment in the fight against climate change.”Engine No. But critics say that green investments are still a tiny percentage of Exxon’s spending, and that the company remains committed to fossil fuels.

Persons: aren’t, DealBook, Vivienne Walt, ”, Mark Kramer, “, Danielle Fugere, Mark van Baal Organizations: Exxon, Legal, General Investment Management, Harvard Business School Locations: San Francisco, Berkeley, Calif, Texas, New Mexico

☆ Risks on Indian rupee seen on the downside in wake of yuan's plunge
▼ + stars: | 2023-05-31 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, May 31 (Reuters) - The bias on the Indian rupee is seen on the downside in Wednesday's trading session after the Chinese yuan dropped to a fresh six-month low to the U.S. dollar. Non-deliverable forwards indicate the rupee will open slightly weaker than 82.71 in the previous session. "Looking at the yuan, you would have to say a move higher (on USD/INR) is more likely," a spot trader said. Data showed that China's factory activity contracted faster than expected in May on weakening demand, pushing Asian shares and U.S. equity futures lower. 29** NSDL data shows foreign investors sold a net $43.7mln worth of Indian bonds on May.

Persons: Joe Biden, Kevin McCarthy, Nimesh Vora, Sohini Goswami Organizations: U.S ., U.S . Federal Reserve, ANZ, Brent, Thomson Locations: MUMBAI, Hong Kong, China, .

☆ Here are Tuesday's biggest analyst calls: Nvidia, Tesla, Ford, Wayfair, Coinbase, Disney, PayPal & more
▼ + stars: | 2023-05-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Barclays reiterates Tesla as overweight Barclays said the stock is well positioned for more gains. "The dominant narrative ahead for Tesla is one of growth, with expectations for significant volume growth and share gains in the years ahead." Roth MKM upgrades Constellation Brands to buy from hold Roth MKM said it sees the company accelerating market share gains. "As weather warms, we expect the share gains for Modelo Especial and Corona to accelerate. Morgan Stanley upgrades Medtronic to overweight from equal weight Morgan Stanley said in its upgrade of Medtronic that it's turning an operational corner. "

☆ Marvell Technology shares surge after earnings beat. Here's how to play it
▼ + stars: | 2023-05-26 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Market Movers rounded up the best reactions from investors and analysts on Marvell Technology . The chipmaker's stock hit a new 52-week high Friday. A day earlier, Marvell posted beats on the top and bottom lines in its latest quarterly report. On a conference call with analysts, CEO Matt Murphy said artificial intelligence is a "key growth driver," and the semiconductor company is now reassessing how it looks at the "tremendous" business potential of AI. Marvell shares gained 32.4% Friday.

☆ Assad banks on new 'global order' to help revive his status
▼ + stars: | 2023-05-22 | by ( Cnn Staff | ) edition.cnn.com time to read: +7 min

During his address, Assad presented himself as an elder statesman, lecturing his neighbors about the need to take advantage of changes in global politics. “Today we are faced with an opportunity of change in the global order, which has become multipolar due to the hegemony of the West, which is devoid of principles, morals, friends or partners,” Assad told the summit, held in the Saudi port city of Jeddah. But observers have differed as to whether real economic cooperation with Syria is possible without access to the Western financial system, which has been blocked by Western sanctions on the country. “They can also try working with or through Russia, and possibly with and through Iran – although that carries its own obvious risks,” he said, referring to Arab states that want to do business in Syia. There are plenty of ways of doing this.”Assad’s ultimate goal however, said Landis, is to get sanctions lifted with the help of Arab states.

☆ China still conducting police activities in Germany -German ministries
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 15 (Reuters) - German security authorities believe that China is still conducting police activities on German soil even though Beijing assured Berlin in February that it had ceased to do so, the German foreign and interior ministries said on Monday. "The security authorities continue to assume that there are two so-called overseas police stations in Germany," a spokesperson for the interior ministry said at a regular press conference. Berlin called on Beijing in November to shut down extraterritorial police stations in the country. The interior ministry spokesperson clarified that the police stations in question were "not fixed-location offices, but mobile facilities" from which Chinese and non-Chinese nationals were conducting "official duties" on behalf of Beijing. Germany is reassessing its bilateral relations with China amid increased wariness of Beijing as a strategic rival even as it remains Berlin's largest trading partner.

☆ A hedge fund manager shares the 7 GPT-4 prompts he used to filter top stocks and the 6 key takeaways he learned from his AI experiments
▼ + stars: | 2023-05-11 | by ( Laila Maidan | ) www.businessinsider.com time to read: +12 min

He found a series of prompts that allows GPT-4 to respond with good stock market insight. The crossroad where technology meets the stock market isn't new territory for Patel. It responded with seven key variables that did indeed impact 2022's broad stock market performance. It picked three of the same stocks Patel already held: Microsoft, Visa, and Apple. Otherwise, the majority of them would have been able to navigate 2022's stock market better.

BERLIN, May 9 (Reuters) - Chinese Foreign Minister Qin Gang said on Tuesday that Beijing would maintain lines of communication with all parties to the war in Ukraine, including Germany, in seeking a ceasefire. European nations have repeatedly criticised China for its refusal to describe Russia's war in Ukraine as an invasion, or to call for a Russian withdrawal. "China is willing to maintain communication with relevant parties, including Germany, to achieve an early ceasefire." Qin said Beijing "firmly opposes some countries in using their so-called laws to impose long-arm jurisdiction and unilateral sanctions on other countries, including China". He added: "China will make necessary responses and resolutely safeguard the legitimate rights and legitimate interests of Chinese enterprises."

☆ Newsletter publisher TheSkimm has laid off 13%, its second layoff this year as cuts ripple across media
▼ + stars: | 2023-05-02 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Newsletter publisher TheSkimm laid off 13%, or about 22 people. It's the second layoff this year for the once-buzzy millennial media outlet. Layoffs hit newsletter publisher TheSkimm for the second time this year as it continues to face a punishing advertising market. The cuts came amid a tough economic environment in which a wide range of media, entertainment, and tech companies have laid off staff. The company faced tough times in the pandemic when advertisers were spending less and reassessing which media outlets were truly essential, and TheSkimm's lighthearted tone felt out of step with the times.

☆ Google's 80-acre San Jose mega-campus is on hold as company reckons with economic slowdown
▼ + stars: | 2023-04-21 | by ( Jennifer Elias | ) www.cnbc.com time to read: +9 min

The city of San Jose may now be paying the price. CNBC has learned that, as part of Google's downsizing that went into effect early this year, the company has gutted its development team for the San Jose campus. By then, the company had already completed much of its multi-year land grab of downtown San Jose for the future campus. Google spent several years planning for the San Jose complex and invested significant resources in winning over the local community. "We all originally knew that it's going to be a long-term plan," San Jose councilmember Omar Torres, who represents the downtown area, told San Jose Spotlight in February.

☆ Nasdaq futures fall 1% as Tesla earnings disappoint
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures down: Dow 0.43%, S&P 0.72%, Nasdaq 1.04%April 20 (Reuters) - Nasdaq futures slid 1% on Thursday as Tesla shares tumbled after the electric-vehicle maker posted its lowest quarterly gross margin in two years, while investors grew nervous about the outlook for U.S. interest rates. Shares of other megacap stocks such as Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O) and Alphabet Inc (GOOGL.O) fell between 0.7% and 1.2%. Comments from Fed policymakers this week have also supported bets of further tightening by the U.S. central bank. Fed funds futures traders are pricing in an 83% probability of a 25 bps rate hike next month, according to CME Group's Fedwatch tool. ET, Dow e-minis were down 146 points, or 0.43%, S&P 500 e-minis were down 30.25 points, or 0.72%, and Nasdaq 100 e-minis were down 137 points, or 1.04%.

☆ Watch CNBC's full interview with RBC's Gerard Cassidy on Big Bank earnings
▼ + stars: | 2023-04-14 | 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 EmailWatch CNBC's full interview with RBC's Gerard Cassidy on Big Bank earningsGerard Cassidy, RBC Capital Markets head of U.S. bank equity strategy and large cap bank analyst, joins 'Power Lunch' to discuss big bank earnings, reassessing earning's target prices, and regional banks grappling with margin pressure.

☆ PNC net interest revenue missed expectations due to margin pressure, says RBC's Gerard Cassidy
▼ + stars: | 2023-04-14 | 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 EmailPNC net interest revenue missed expectations due to margin pressure, says RBC's Gerard CassidyGerard Cassidy, RBC Capital Markets head of U.S. bank equity strategy and large cap bank analyst, joins 'Power Lunch' to discuss big bank earnings, reassessing earning's target prices, and regional banks grappling with margin pressure.

☆ Premarket stocks: What the OPEC cuts mean for Putin and Russia
▼ + stars: | 2023-04-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

OPEC+ was formed in 2016 to coordinate and regulate oil production and stabilize global oil prices. What it means for Putin: OPEC+’s decision to cut oil production could have big implications for Russia. After Russia invaded Ukraine last year, the United States and United Kingdom immediately stopped purchasing oil from the country. Higher-priced oil could help Russia pay for its war on Ukraine and also boosts revenue in Saudi Arabia. Current regulations, Dimon argued, could actually lull banks into complacency without actually addressing real system-wide banking issues.

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