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☆ China's real estate stimulus could boost this stock, analysts say
▼ + stars: | 2024-10-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

While China's property development giants find their footing amid the ongoing real estate slump, several analysts have their sights on housing transaction and services platform KE Holdings . The stock also trades in Hong Kong. In contrast, an index of Chinese property stocks in Hong Kong has gained just under 3% for the year after a volatile three weeks. But China's giant property developers now face a market that's very different from the one they saw in their heyday. Goldman has a price target of 54 Hong Kong dollars ($6.95) and $21 for the company's U.S.-listed shares.

Persons: Jefferies, Xi Jinping, Richard Tang, Hong Kong, Julius Baer, Tang, Goldman Sachs, Goldman, — CNBC's Michael Bloom Organizations: KE, KE Holdings, Jefferies, CNBC, People's Bank of, Bank of America Securities, Bank of America, BofA Securities, Goldman, Hong Locations: U.S, Hong Kong, Friday's, China, People's Bank of China, Beijing, Hong

Here’s the latest:• Gas stations still waiting for fuel: Just under 30% of the state’s gas stations have no fuel as of early Sunday, according to the monitoring website GasBuddy.com. In the hard-hit Tampa-St. Petersburg area, more than three quarters of stations, 77%, are out of gas. Some people told CNN they’ve had to use word of mouth to find out which stations have gas. Paula Cast told CNN her family visited four or five different gas stations Friday, but everything was closed. Then on Saturday, they got a call from one of their friends saying a Wawa station had gas.

Persons: Joe Biden, Ft ., Kevin Guthrie, Ron DeSantis, Crews, ”, Mike Jefferis, •, Biden, Hurricane Milton ”, Milton, Hillsborough County Sheriff Chad Chronister, ” Chronister, they’d, Chronister, CNN they’ve, Paula Cast, we’ve, CNN’s Sam Fossum Organizations: CNN, White House, • Gas, state’s Division, Emergency Management, Patrol, ”, FEMA, Hurricane, Hillsborough County Sheriff, National Weather Service, Hillsborough Locations: Milton, Florida, St, Petersburg, Tampa, Sarasota, Ft, Ft . Myers, Naples, Orlando, state’s, Plant City, Bradenton, Charlotte, Pinellas, Hillsborough, • St, Hillsborough County, Tampa Bay, Hillsborough , Sarasota, Manatee, Lithia , Florida, Valrico, Oldsmar, Pinellas County ., Wawa, Valrico , Florida

Polling has consistently found that Biden is a drag on Harris' candidacy and that voters are eager for a new direction. But Harris has been reluctant to be critical of Biden by outright critiquing his presidency. Harris would seek to distance herself from Biden somewhat delicately, likely giving the White House a heads up before doing so, three of the people familiar with the discussions said. Just hours after her interview on “The View,” Harris faced the same type of question by Stephen Colbert, who asked what major changes would be clear in a potential Harris administration and what might stay the same. Harris delivered a similar answer during her debate with Trump last month, which Biden took particular note of, NBC News has reported.

Persons: WASHINGTON, Kamala Harris ’, Joe Biden, Harris ’, Biden —, Donald Trump, Harris, Biden, “, Trump, ”, ” Trump, Kamala Harris, ’, ” Harris, Stephen Colbert, I’m Organizations: Republican, White, ABC, Trump, NBC News Locations: “, Pennslyvania

The group, calling itself Riverfolk Rescue, has since grown to nearly 200 volunteers who are reaching isolated communities, dropping off supplies and shoveling mud across western North Carolina. Sarah Beth Neal, bottom, with Riverfolk Rescue volunteers. The group’s team in Florida is still assessing the situation there, but local responders so far appeared to have things handled, Neal said. Vast quantities of reddish-brown mud are an added obstacle, said Alexander Smith, a Riverfolk Rescue volunteer. Riverfolk Rescue vehicles drive under a downed tree.

Persons: he’d, didn’t, Tim Rogers, ” Rogers, “, ” Neal, she’d, Neal, Sarah Beth Neal, There’s, Alexander Smith, ”, Hampton, Kristin Kastelic, Kastelic, It’s, ” Kastelic, who’d, ’ ” Organizations: Hampton, U.S . Geological Survey, Facebook, Riverfolk Rescue, East, NBC Locations: Hampton, Charlotte, N.C, “, Sweetwater , Tennessee, North Carolina, Florida, NC, U.S, Tennessee, Bryson City , North Carolina, Smoky, Asheville

☆ America's offices are about to see a wave of distress that could result in a billion square feet of fresh housing supply
▼ + stars: | 2024-10-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Advertisement"The banks are going to have to dispose of that real estate," Barkham told Business Insider in an interview. John Vavas, a real estate finance attorney at Polsinelli who works with commercial real estate lenders, has worked on a handful of office-to-residential conversion deals this year. There's around 1.2 billion square feet worth of office space that could be spun into residential space, Yardi said in a separate report. Late payments on commercial real estate loans have climbed to 1.42% in the second quarter, the highest rate in nearly 10 years. Commercial real estate prices, meanwhile, dropped another 9% year-over-year in the first quarter, Fed data shows.

Persons: —, Richard Barkham, Barkham, RentCafe, John Vavas, Yardi, Vavas Organizations: Service, Federal, Silverstein Properties, Washington DC Locations: New York, United States, New York City, Dallas, Chicago, Los Angeles

☆ Chinese finance minister hints at increasing the deficit at highly anticipated briefing
▼ + stars: | 2024-10-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — China's Minister of Finance Lan Fo'an told reporters Saturday during a press briefing that the central government has room to increase debt and the deficit. Economists have said China needs additional fiscal support, but Beijing has yet to announce any. He did not name specific figures and noted supporting real estate required multiple policies. In a meeting in late September, led by Chinese President Xi Jinping, authorities had called for strengthening monetary and fiscal policy support. China's retail sales grew only modestly over the last few months, and the country's real estate slump has shown few signs of turning around.

Persons: Lan Fo'an, Zheng Shanjie, Pan Gongsheng, Finance Lan Fo'an, Lan, Finance Liao Min, Xi Jinping, Ting Lu Organizations: National Development, Reform Commission, People's Bank of China, National People's Congress, BEIJING —, Finance, Nomura, National Bureau, Statistics Locations: Beijing, China, BEIJING

While Republicans don’t need to win Nevada to flip the Senate, the state could help dictate the size of a GOP majority. Rosen told NBC News before addressing the Culinary Union that voters have a “clear choice” in the Senate race. “I think Sam Brown is just too extreme, and I want to continue being that pragmatic problem solver, that bipartisan senator who gets results for Nevada,” Rosen said. “It’s a massively missed opportunity,” said one Nevada Republican operative who requested anonymity to speak candidly about party strategy. Asked if Harris should distinguish herself more from the president to win Nevada, Rosen said: “The race is about Kamala Harris versus Donald Trump.

Persons: Sen, Jacky Rosen, ” Rosen, Rosen, Republican Sam Brown, Donald Trump, Kamala Harris, Sam Brown, ” Brown, Raegan Lehman, Democratic Sen, Catherine Cortez Masto, Joe Biden, Hillary Clinton, Brown, Amy Walter, ”, “, “ Sam, ” Lehman, he’s, Zac Moyle, ” Moyle, it’s, Anita Henson Sanchez, Trump, Harris, Biden, “ I’m, Silvia Buanrostro, Amy Organizations: Nevada Democrat, Democratic, United States Senate, Culinary Union, GOP, Republican, Army, NBC, Senate, “, Social Security, Republicans, Trump, Nevada Republican, Republicans ’, don’t, Nevada Republican Party, Nevada, NBC News, Nevada Independent Locations: RENO, Nev, Nevada, Reno, redder, Afghanistan, Las Vegas, Spanish, Mexican, Texas, “ Nevada

Trump’s re-election campaign has excoriated the project, calling it “pure malicious defamation” and “garbage,” and sent the producers a cease-and-desist letter. Vanity Fair journalist Gabriel Sherman, who wrote the screenplay, draws a direct line between Cohn’s bare-knuckle tactics and Trump’s modern-day political persona. In one graphic scene, the dramatized Trump character sexually assaults his first wife, Ivana Trump (played by Maria Bakalova), after a bitter argument. In another notable sequence, Trump’s character goes under the knife for scalp reduction surgery and a liposuction procedure. “You might find some of these character questions you have about Trump answered,” Abbasi said.

Persons: Donald Trump, Trump’s, Ali Abbasi, Abbasi, “, ”, McCarthy, Roy Cohn, Trump, Gabriel Sherman, Cohn, Jeremy Strong, Sebastian Stan, ” Abbasi, Sherman, Fred, Ivana Trump, Maria Bakalova, ” Pief, Steven Cheung, doesn’t, ” Cheung, Tom Ortenberg, ’, ” Ortenberg, Kevin Smith’s, Bill Maher’s “, Oliver Stone’s “, George W, Bush, Briarcliff, Jamal Khashoggi, Ortenberg, It’s Organizations: Cannes Film, Republican, New York, Manhattan, Vanity, NBC, Trump, Hollywood, Briarcliff Entertainment, Catholic League, Washington Post, Saudi, Variety Locations: Hollywood, American, Tehran, Copenhagen, “, New York City, Saudi Arabian, Istanbul

Why Nevada Latinos Are Losing Faith in GovernmentLas Vegas is best known for its glittering casinos along the Strip, but it is also a perennial political battleground. Much of that growth comes from Hispanic voters, who make up more than 20 percent of the Nevada electorate. Scroll to play video Muted Jonathan Ocampos Jonathan Ocampos Etelvina Zamora-Esquivel Etelvina Zamora-Esquivel Vanessa Martinez Vanessa Martinez Alfonso N. Lopez Alfonso N. Lopez Vanessa Martinez Vanessa Martinez Alfonso N. Lopez Alfonso N. Lopez Jonathan Ocampos Jonathan Ocampos “Buying a house. Livier Maxwell “Things were better for me when he was in office, I had more money in the bank,” she said. Scroll to play video Muted Vanessa Martinez Vanessa Martinez Jonathan Ocampos Jonathan Ocampos Alfonso N. Lopez Alfonso N. Lopez Livier Maxwell Livier Maxwell Marco Hernandez Marco Hernandez Livier Maxwell Livier Maxwell Jonathan Ocampos Jonathan Ocampos Rafael Cerros Jr. Rafael Cerros Jr. Marco Hernandez Marco Hernandez Jonathan Ocampos Jonathan Ocampos Alfonso N. Lopez Alfonso N. Lopez “As a Latina, “As a Latina, I feel like I should be more offended by the way, I feel like I should be more offended by the way, Trump speaks about immigrants coming over.

☆ Ron Insana: September consumer inflation report was a mere blip in a wider cooling trend
▼ + stars: | 2024-10-11 | by ( Ron Insana | ) www.cnbc.com time to read: +3 min

After the latest blast of consumer inflation data, traders are facing a conundrum around how they should interpret the monthly numbers. September's consumer price index report topped the Street's expectations, rising 0.1% from the month prior and increasing at a pace of 2.4% over the past 12 months. Still, the annual inflation rate was the lowest since February 2021. Relative to expectations, September's CPI number does not imply a reacceleration of inflation. Rather, the rate of consumer inflation continues to slow, albeit at a more modest pace than some had hoped for.

Persons: Dow Jones, Nonfarm payrolls, Austan Goolsbee, Ron Insana Organizations: of Labor Statistics, Bureau of Labor Statistics, BLS, Social Security, Dow Jones, Federal Reserve Bank of Chicago, CNBC Locations: U.S

☆ Stock market next week: Earnings season ramps up with more big bank results
▼ + stars: | 2024-10-11 | by ( Sarah Min | Nicole Teo | ) www.cnbc.com time to read: +6 min

And, with earnings season set to ramp up, that could mean further gains. Already, on Friday, JPMorgan Chase and Wells Fargo were rallying in midday trading after reporting their latest results this week, an auspicious start to the earnings season. A strong earnings season Earnings results next week will be dominated by reports from the banking sector, giving investors further insight into the health of the capital markets as well as the consumer. Several regional banks are also set to announce how they did in the most recent quarter as well, such as PNC Financial Services Group and Citizens Financial Group. Even so, investors are optimistic about the outlook for corporate profits this earnings season, especially with expectations having come down.

Persons: what's, Oppenheimer, Wells Fargo, Charlie Ashley, Ashley, Goldman Sachs, Morgan Stanley, Ross Mayfield, Catalyst's Ashley, Baird's Mayfield, Mayfield, Charles Schwab, Huntington Bancshares Organizations: Dow Jones, Tech, Nvidia, JPMorgan Chase, Traders, Federal Reserve, Catalyst Funds, Nasdaq, Ashley . Bank of America, PNC Financial Services Group, Citizens Financial Group, Private Wealth Management, Treasury, Columbus, Columbus Day, Index, United Airlines, Hunt Transport Services, Citigroup, State, Goldman Sachs Group, Walgreens Boots Alliance, Johnson, Bank of America, PNC Financial Services, UnitedHealth, Price, PPG Industries, Steel Dynamics, Discover Financial Services, CSX, Abbott Laboratories, U.S . Bancorp, Financial Group, Philadelphia Fed, Retail, Manufacturing, Netflix, T Bank Corp, Elevance, Truist, Blackstone, Housing, Schlumberger, Procter, Gamble, Fifth Third Bancorp, Regions Financial, American Express Locations: Ashley, bullish, Prologis, NAHB

☆ How a homeowners insurance provision can help with living expenses after a natural disaster
▼ + stars: | 2024-10-11 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

If your home is temporarily uninhabitable after a natural disaster, a provision in your homeowners or renters insurance policy may help you with new lodging and other living expenses. Insured losses from Hurricane Milton could range from $30 billion to $60 billion, per Morningstar DBRS. Homeowners and renters affected by a natural disaster can ask about so-called "loss of use" or "additional living expenses" coverage from their insurance providers, experts say. The provision is meant to help cover reasonable living expenses if your home is not suitable to live in as a result of a covered peril such as a hurricane, fire or burst pipe. "I don't know of any homeowners policy that doesn't have it already there," said Karl Susman, president and principal insurance agent of Susman Insurance Services, Inc. in Los Angeles.

Persons: Morningstar, Karl Susman, Shannon Martin Organizations: Susman Insurance, Inc, Finance Locations: Hurricane, Hurricane Milton, Los Angeles

☆ I visited The Container Store to see why sales are down. The selection was incredible, but the prices were higher than I expected.
▼ + stars: | 2024-10-11 | by ( Mykenna Maniece | ) www.businessinsider.com time to read: +3 min

I visited The Container Store, a home storage and organization chain, in New York City. The company's sales were down 12.2% in the first quarter of 2024 compared to the same period in 2023. Enter The Container Store, a home storage and organization retailer founded in 1978 in Texas. In June, the company reported that first fiscal quarter sales were down 12.2% compared to the first fiscal quarter of 2023, at $181.9 million in consolidated net sales. The Container Store did not reply to a request for comment from Business Insider.

Persons: I'm, —, I've, hasn't, Satish Malhotra Organizations: Service, Target, Ikea, Walmart, Retail, Business Locations: New York City, Texas, Manhattan

Sean Rayford/Getty Images Cars move slowly through Matlacha, Florida, on Thursday after Hurricane Milton damaged power lines. Chris Urso/Tampa Bay Times/AP A satellite image captures Hurricane Milton reaching the coast of Florida on Wednesday, October 9. Chris O'Meara/AP David Jalving throws outdoor furniture into his father's pool in Fort Myers to prepare for Hurricane Milton. Marta Lavandier/AP A man in Progreso boards up an apartment building to protect it from Hurricane Milton on Monday. “Many areas in the county have incurred severe property damage because of back-to-back impacts from Hurricane Helene and Hurricane Milton,” Pinellas County Consumer Protection said in a public advisory Thursday.

Persons: Milton, Floridians, ”, Ron DeSantis, Walt, Aquatica, Connie Gore, Cecelia Smith, Hurricane Milton, Crystal Vander, Miguel J, Rodriguez Carrillo, Robert Turick, Turick, Helene, Rebecca Blackwell, Cristobal Herrera, Julio Cortez, Giorgio Viera, Ricardo Arduengo, Liz Kelly, Matt, Andrew West, Chandan Khanna, Nadia Zomorodian, Austin, Joe Raedle, Sean Rayford, Marta Lavandier, Jefferee Woo, Bryan R, Smith, Chris Urso, Marco Bello, Brandon Marlow, Marie Cook, Bill Ingram, Reuters Stephen Lundgren, Doug Engle, Ron Rook, Paul Hennessy, Saul Martinez, Payton Wyse, Andrew Goncharsky, Christian Burke, Lee, Connor Ferran, Fort Myers, Nicolette Mariano, Kaila Jones, Damon Higgins, Ted Carlson, McKenzie, Evan Purcell, Purcell's, Anna Maria Island, Carlson, Hurricane Helene, Yamil Lage, Matthew Dominick, NASA Aurelio Ortiz, Lorenzo Hernandez, Mike Carlson, Jose Luis Gonzalez, Reuters John Fedor, Chris O'Meara, David Jalving, Pete, Octavio Jones, Tristan Wheelock, Gerald, Martin Zetina, Gregg Newton, ” DeSantis, “, ” Crews, Melissa Seixas, CNN’s Kate Bolduan, Joe Biden, Deanne Criswell, ” Criswell, Hurricane, it’s, CNN’s Andy Rose Organizations: CNN, St, Daytona, Tampa International, Sarasota Bradenton International, Coast Guard, Walt Disney, SeaWorld, USA, AFP, Getty, AP, Hurricane, Network, Reuters, Bradenton, Tropicana, Major League, Tampa Bay Rays, Celtic Ray Public, Tampa Bay Times, NOAA, Vanguard, School, Ocala, Orlando International Airport, Anadolu, Disney, Fort, Palm Beach Daily, Florida Army National Guard, Tampa General Hospital, NASA, International, Milton, Tampa International Airport, Bloomberg, AP Contractors, New Port Richey, AP Tropicana, Duke Energy, Pinellas County Consumer Protection, “, Government, FEMA, Cross Locations: Florida, Tampa, Hillsborough, Lithia, Clearwater, Johns, Orlando, Sanibel , Florida, St, Petersburg, Georgia, South Carolina, Aquatica Orlando, Discovery Cove, SeaWorld Orlando, Martin County , Florida, Port St Lucie , Florida, Hurricane, Englewood , Florida, Manasota Key, Hurricane Milton, Venice , Florida, Riverview , Florida, Lakewood Park , Florida, Siesta Key, Punta Gorda , Florida, North Fort Myers , Florida, Siesta, Volusia, South Daytona , Florida, Bradenton Beach, Milton, St . Petersburg, Punta Gorda, Odessa , Florida, Venice, Matlacha , Florida, Palmetto Beach, Bradenton , Florida, St . Petersburg , Florida, AFP, Sarasota , Florida, Segundo, Davis, Fort Myers , Florida, Wellington , Florida, Palm, Ocala , Florida, County, Wellington, Gulfport , Florida, Lee County, Fort Myers, Sebastian , Florida, Palm Beach , Florida, Palm Beach, Havana, Cuba, Celestún, Mexico, Port Richey , Florida, Tampa Bay, Treasure Island , Florida, Pete Beach , Florida, Treasure, Fort Myers Beach, Progreso, New Port, Kissimmee , Florida, Melissa Seixas , Florida, Pinellas County, Georgia , Tennessee, Carolinas

“We’re going to be going to the Congress. Going to need a lot more money as we identify specifically how much is needed. But discussions surrounding FEMA and disaster-relief funding have taken a sharply political bent in recent weeks, a development that may complicate discussions in Congress. “Conservative, hardcore” Republicans, Biden said “are standing up and saying, ‘It’s got to stop.’” He later called Florida Gov. In more productive conversations, Biden spoke by phone with Scott, who told CNN they discussed ways Congress could re-up funding for FEMA and SBA when the time is right.

Persons: Joe Biden, Helene, Biden, hasn’t, Mike Johnson, “ We’re, We’re, I’m, ” Biden, Isabel Casillas Guzman, ”, Johnson, Chuck Schumer, Deanne Criswell, Milton, ” Criswell, Criswell, Donald Trump, “, ‘ It’s, Ron DeSantis, Florida Sen, Rick Scott, ” Scott, Harris, Alejandro Mayorkas, –, ” Mayorkas, Trump, DeSantis, Hurricane Helene, ” DeSantis, I’ve, ” Harris, Scott, CNN’s Isabel Rosales, Brian Kemp, Kemp, …, CNN’s Ella Nilsen Organizations: Washington CNN, Milton, Federal Emergency Management, Republican, Small Business Administration, SBA, CNN, FEMA, Disaster Relief, Congress, Trump, Conservative, Republicans, Florida Gov, Homeland, Pentagon, DC, of Housing, Urban, Department of Agriculture, Lawmakers, Democrats –, CNBC, Democrat, Republican Gov Locations: Florida, Milton, Hurricane Milton, Punta Gorda, North Carolina, Washington, Hurricane, DeSantis, In Georgia

☆ How a nonprofit is using mentoring to mitigate college enrollment gaps for first-generation students
▼ + stars: | 2024-10-11 | by ( Sponsor Post | ) www.businessinsider.com time to read: +8 min

Take the case of high school students without post-secondary role models to inspire them. For first-generation students and students of color in underserved communities, the hurdles have mounted as schools and students navigate complications with financial aid forms and the removal of race-conscious admissions. Since then, the organization has helped 42,000 underserved high school students achieve their goals through mentorship. Starting in students' junior year of high school, mentor pairs participate in weekly online sessions and monthly in-person meetings. Up to 40% of low-income students don't enroll in college the fall after high school graduation despite being accepted.

Persons: Heather D, Wathington, iMentor, aren't, Heather McKenzie, mentees, it's Organizations: Technology, Insider Studios Locations: New York City, iMentor

South Korea's central bank has cut its benchmark interest rate by 25 basis points to 3.25%, the first rate cut from the BOK since the Federal Reserve started tightening its monetary policy in March 2022. This was in line with a poll of economists from Reuters, who forecasted a rate cut. At that time, South Korea's inflation stood at 2.6%, but climbed sharply to hit 6.3% in July 2022, its highest in over 20 years. Oh noted that macro conditions are supportive of a rate cut, with a "favourable" inflationary backdrop. Oh predicts that after the October cut of 25 basis points, three more consecutive cuts will follow on a quarterly basis, eventually bringing the BOK's benchmark interest rate to 2.5%.

Persons: BOK, Morgan Stanley's, Kathleen Oh, We've, Morgan Stanley Organizations: Bank of, Federal Reserve, Reuters Locations: Bank of Korea, Seoul, Korea's, Korea

JPMorgan Chase CEO and Chairman Jamie Dimon speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023. JPMorgan Chase CEO Jamie Dimon sees risks climbing around the world amid widening conflicts in the Middle East and with Russia's invasion of Ukraine showing no signs of abating. "We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse," Dimon said Friday in the bank's third-quarter earnings release. "It's ratcheting up, folks, and it takes really strong American leadership and western world leaders to do something about that," Dimon said. "While inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world," Dimon said.

Persons: Jamie Dimon, JPMorgan Chase, Dimon, I've Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, JPMorgan, Georgetown University, Federal Reserve Locations: Washington , U.S, Ukraine, East, China, Iran, North Korea, Russia, Israel, Beirut, Lebanon, U.S

☆ Donald Trump is betting that voters care more about immigration than the economy
▼ + stars: | 2024-10-11 | by ( Steve Contorno | ) edition.cnn.com time to read: +9 min

In August, the Trump campaign spent about $15.5 million on television ads centered on immigration. In the face of this polling, though, Trump is betting on his gut, telling a Wisconsin crowd on Sunday, “I really don’t agree” that the economy will decide the election. And it’s the hardest problem to solve too.”On comfortable groundIllegal immigration is certainly comfortable terrain for Trump. We’re all intellectuals today,” Trump said in a mocking tone in August in Asheville, North Carolina, where he was supposed to speak about the economy. The images rapidly spread around social media, with Trump supporters claiming they depicted Venezuelan gangs taking over an apartment complex.

Persons: Donald Trump, Kamala Harris, Trump, SSRS, Trump’s, “, ” Trump, ”, Still, – “, ‘ Sir, outpacing, Harris, ” “ Donald Trump, ” Harris, Aurora, Mike Coffman, Coffman, ” CNN’s David Wright, Caitlin Stephen Hu, Rafael Romo, Belisa Morillo Organizations: CNN, Trump, House, Office, ”, Gallup, Univision, tanking, Republican Locations: Aurora , Colorado, Aurora, West, Springfield , Ohio, Wisconsin, Mexico, Savannah , Georgia, Tucson , Arizona, Asheville , North Carolina, Prairie du Chien , Wisconsin, Venezuelan, Colorado, ”

☆ China is trying to give investors the one major thing missing from its economic stimulus blitz
▼ + stars: | 2024-10-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

China is expected to announce extra fiscal policy support on Saturday. The lack of consumer support in China's last stimulus package disappointed investors. According to a Bloomberg survey, most analysts expect authorities to pledge $283 billion of fiscal stimulus at Saturday's highly anticipated press conference. Chinese authorities followed up by announcing Saturday's press conference, which promised to introduce new measures centered on fiscal policy. Some analysts remain less sure about what fiscal stimulus will actually achieve on its own, pointing out that Beijing needs to pursue structural reforms to revive consumer confidence.

Persons: —, Lan Fo'an, China's, Mark Williams, Stephen Roach, Arthur Kroeber, Gavekal Organizations: Bloomberg, Service, Finance, Analysts, CSI, Reform Commission, Capital Economics, Asia, Financial Times Locations: China, Beijing, Yale

☆ How Russia's war economy and defense spending could actually make it weaker
▼ + stars: | 2024-10-11 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +5 min

Russia's President Vladimir Putin visits Uralvagonzavod, the country's main tank factory in the Urals, in Nizhny Tagil on February 15, 2024. Ramil Sitdikov | Afp | Getty ImagesRussia's war-orientated economy and plans for unprecedented military spending risk deepening major imbalances within the government's finances, analysts say. Russia's military-industrial complex, feeding an insatiable war machine, has expanded significantly since the war began, as a result. Signalling its commitment to prosecuting the war in Ukraine, combined spending on both national defense and security will account for around 40% of Russia's total government spending in 2025, the draft budget suggested. Notably, defense spending will exceed twice the amount allocated for social needs such as pensions, Reuters noted.

Persons: Vladimir Putin, Uralvagonzavod, Ramil Sitdikov, Mikhail Mishustin, Tursa, Liam Peach, Peach, Alexander NEMENOV, ALEXANDER NEMENOV, Alexander Nemenov Organizations: Afp, Getty, Reuters, Sputnik, Capital Economics, Russian Statistics Agency Locations: Urals, Nizhny Tagil, Ukraine, Russia, Russian, Western, Central, Eastern Europe, Moscow, AFP

Social Security recipients can expect a 2.5% cost-of-living adjustment (COLA) increase in their payments starting in 2025 amid cooling inflation. On Thursday, the Bureau of Labor Statistics reported the 12-month consumer price index inflation rate hit 2.4% in September. The Social Security Administration calculates the annual COLA based on consumer price growth in the months of July, August and September. That, advocates say, is proof that seniors and other Social Security recipients are facing a declining standard of living. “Congress knows this problem is going on, but the gridlock can’t seem to solve anything, much less the third rail of politics that is Social Security,” said Shannon G. Benton, executive director of the Senior Citizens League, an advocacy group.

Persons: ”, Mary Johnson, Shannon G, Benton Organizations: of Labor Statistics, Social Security Administration, for Social Security, Data, Bureau of Labor Statistics, Social, Social Security, CPI, “, Senior Citizens League Locations: Washington

Just over a month after the space opened to the public, it was decimated by Hurricane Helene. They developed the idea of DayTrip as a space for the queer community, featuring a bar and a coffee shop. The DayTrip before Hurricane Helene. “It looked like the building got picked up, spun around, shaken and then dropped back down.”The DayTrip after Hurricane Helene. Besides setting aside money to rebuild DayTrip, Davis said they have used funds to compensate employees, as well as donate to local volunteering efforts.

Persons: Brandon Davis, Davie, Davis, Hurricane Helene, Brandon Davis Hurricane Helene, Brandon, “, we’ve, ”, David, Meredith Sims, We're Organizations: Brandon Davis Hurricane, NBC, Asheville, NBC News, Federal Emergency Management Agency, FEMA Locations: Asheville , North Carolina, Hurricane, Florida, Appalachia, DayTrip, Buncombe County, Asheville, County

☆ Mortgage rates surged for the second-straight week after hitting two-year lows
▼ + stars: | 2024-10-10 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —Prospective homebuyers waiting on the sidelines for a further drop in mortgage rates received unwelcome news on Thursday. The average rate on a standard, 30-year fixed mortgage was 6.32% in the week ending October 10, mortgage financing provider Freddie Mac said Thursday. It was the largest one-week increase in mortgage rates since April and the second straight week rates jumped higher after falling to a two-year low last month. Soon after, the average rate on a 30-year fixed mortgage fell to its lowest since September 2022 at 6.08%. The recent bounce in mortgage rates underscores the uneven path toward greater home affordability.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s Organizations: CNN, Fed

☆ Here's the inflation breakdown for September 2024 — in one chart
▼ + stars: | 2024-10-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Prices fall at the gas pumpAnnual food inflation is 'fairly tame'Frederic J. "What happens there can really move the dial when it comes to overall inflation and core inflation." CPI shelter inflation — which includes rental prices and an equivalent measure for homeowners — has gradually declined but remained stubbornly high. In September, shelter inflation throttled back on a monthly basis, to 0.2% from 0.5% in August. "Shelter inflation is now definitively moderating," Zandi said.

Persons: David Paul Morris, It's, Mark Zandi, Zandi, Sarah House, Frederic J, Brown, —, That's, that's Organizations: Bloomberg, Getty, U.S . Bureau of Labor Statistics, Wells, Wells Fargo Economics, U.S . Federal Reserve, AFP, CPI Locations: Wells Fargo

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