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Members of the European Parliament agreed to push the draft through to the next stage, the trilogue, during which EU lawmakers and member states will thrash out the final details of the bill. Under the proposals, AI tools will be classified according to their perceived risk level: from minimal through to limited, high, and unacceptable. Companies deploying generative AI tools, such as ChatGPT or image generator Midjourney, will also have to disclose any copyrighted material used to develop their systems. Some committee members initially proposed banning copyrighted material being used to train generative AI models altogether, the source said, but this was abandoned in favour of a transparency requirement. The ensuing race among tech companies to bring generative AI products to market concerned some onlookers, with Twitter-owner Elon Musk backing a proposal to halt development of such systems for six months.

☆ Lumber prices fall toward multi-year lows as pending home sales slump and industry searches for supply balance
▼ + stars: | 2023-04-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Lumber prices continued their downward trend on Thursday, falling 4% toward multi-year lows. The decline in lumber came amid an unexpected decline in March pending home sales, and as the industry seeks a balance in supply and demand. "The broad industry is still challenged with getting supply in check to meet the new demand curve," Sherwood Lumber told Insider. But according to Sherwood Lumber president Andy Goodman, the lumber industry is still searching for a balance in supply and demand. Since then, lumber prices have cratered 78%, in part driven by a surge in mortgage rates to above 6%.

☆ EU antitrust ruling on UBS' Credit Suisse takeover due by June 7
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: 1 min

PARIS, April 27 (Reuters) - European Union antitrust authorities will decide on UBS' planned takeover of fellow Swiss bank Credit Suisse by June 7, the European Commission said in a statement. The Commission's competition policy website showed that UBS filed for approval on April 26, with a provisional deadline for a decision set for June 7. On March 19, UBS agreed to buy rival Credit Suisse for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. read moreReporting by Foo Yun Chee Writing by GV De Clercq Editing by Marine StraussOur Standards: The Thomson Reuters Trust Principles.

☆ EU lawmakers committee reaches deal on artificial intelligence act
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, April 27 (Reuters) - A committee of European Union lawmakers on Thursday reached a preliminary agreement on a European Artificial Intelligence Act, which would pave the way to the first ever regulation of AI. "Against conservative wishes for more surveillance and leftist fantasies of over-regulation, parliament found a solid compromise that would regulate AI proportionately, protect citizens’ rights, as well as foster innovation and boost the economy," said Svenja Hahn, a European Parliament deputy. She said there would be a vote at committee level on May 11 followed by a plenary vote in parliament, probably in June. Reporting by Supantha Mukherjee in Stockholm and Foo Yun Chee in BrusselsOur Standards: The Thomson Reuters Trust Principles.

☆ With Zelensky call, Xi Jinping steps up bid to broker peace – but does he have a plan?
▼ + stars: | 2023-04-27 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +7 min

Chinese leader Xi Jinping and Russian President Vladimir Putin shake hands after signing a joint statement in Moscow on March 21, 2023. But another set of optics, Beijing’s close rapport with Moscow, has already embedded a deep skepticism in the West over China’s potential role as mediator. Since Russia’s invasion of Ukraine, Xi has claimed China’s neutrality, but has spoken with Putin five times – including twice in person – without picking up the phone to call Zelensky, despite a years-long strategic-level partnership between their countries. It calls for a ceasefire but includes no provision that Moscow first withdraw its troops from Ukrainian land. But this rapport has also been the reason that some leaders, including Zelensky and Macron, have expressed hope that Xi could leverage his clout to influence Russia to respect international law.

☆ US pending home sales slump unexpectedly in March
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

The National Association of Realtors (NAR) said on Thursday its Pending Home Sales Index, based on signed contracts, fell 5.2% last month to 78.9, the lowest since December. Economists polled by Reuters had forecast pending sales to have increased 0.5% in March, but the reported decline was larger than even the most pessimistic estimate in the survey. "The lack of housing inventory is a major constraint to rising sales," said NAR Chief Economist Lawrence Yun. That optimism was dented earlier this month when NAR reported that existing home sales slid 2.4% last month. While some firming has continued in the much-smaller market for new homes, the pending homes data suggests the market's overall recovery is likely to be choppy.

☆ Pending home sales fell last month for the first time since November
▼ + stars: | 2023-04-27 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

The pending sales index, a forward-looking indicator based on signed contracts to buy a home rather than the final sales that are accounted for in existing home sales, dropped by 5.2% from February to March. Month over month, contract signings fell in three US regions, but increased slightly in the South. Pending home sales retreated in all four regions compared to one year ago. “The lack of housing inventory is a major constraint to rising sales,” said Lawrence Yun, NAR’s chief economist. With mortgage rates projected to fall even more the next year, NAR forecast that sales will then jump by 15.4% in 2024, to 5.26 million.

☆ Stocks making the biggest moves premarket: Meta, Teladoc, Harley-Davidson, Southwest Airlines and more
▼ + stars: | 2023-04-27 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Teladoc Health – The telemedicine company saw its stock soar more than 7% after revenue topped analyst estimates in the latest quarter. The company also raised the low end of its revenue and adjusted EBITDA guidance, although it posted a wider-than-anticipated loss in the latest quarter. Harley-Davidson – Harley-Davidson jumped 4.4% after the motorcycle maker topped earnings and revenue expectations, according to consensus estimates from Refinitiv. Honeywell International – Honeywell advanced 1.8% after surpassing earnings and revenue expectations in its latest quarter. ServiceNow – Shares declined 1.1% premarket after a 17% runup year-to-date entering its latest earnings.

☆ ChatGPT meets Robinhood? New investing app features AI-powered portfolio mentor
▼ + stars: | 2023-04-27 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Applying artificial intelligence to the world of finance is all the rage, and a new investing platform just took it to another level. Magnifi is one of the first investing platforms that uses ChatGPT and computer programs to provide personalized, data-driven investment advice. "Today brokerages have democratized access to trading, to markets, but they lack intelligence and they lack personalization for the user. A recent preliminary study showed that ChatGPT, the hottest AI tool in the world, could have the potential to improve investment decision making. To see how Magnifi performs and how it competes with professional advisers, I asked it a few different questions.

The conglomerate reported adjusted first-quarter earnings of $2.07 per share on revenues of $8.86 billion. Southwest Airlines — The airline company's shares slipped 3.4% following a wider-than-expected loss for the first quarter. The pharmaceutical company posted adjusted earnings per share of $2.46, while analysts had estimated $2.51, according to StreetAccount. United Rentals — Shares fell 5.7% after the company's first-quarter earnings came in below expectations. CBRE — Shares of the real estate group soared 8.8% after CBRE's first-quarter earnings announcement buoyed investor sentiment.

CNBC's annual Stock Draft kicked off Thursday on "Power Lunch," with candidates opting for a wide range of stocks from AI to consumer plays. Nvidia WWE wrestler Charlotte Flair bet on artificial intelligence with her first pick: Nvidia. Amazon Olympic swimmer Erica Sullivan picked Amazon, saying she likes the e-commerce giant's service and uses it regularly. General Electric Sullivan chose General Electric for her second pick. General Electric shares are higher by more than 49% in 2023.

☆ Stocks making the biggest moves midday: Microsoft, Chipotle, Boeing, First Republic Bank and more
▼ + stars: | 2023-04-26 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday:Microsoft — Shares of tech giant Microsoft gained more than 8% Wednesday after a better-than-expected earnings report a day earlier. The company earned $1.17 per share on $69.79 billion in revenue, while analysts polled by Refinitiv expected it to earn $1.07 per share on revenue of $68.9 billion. The company also announced a $70 billion share buyback. 107230585First Republic — Shares of the regional bank fell more than 20% on Wednesday, extending their steep losses for the week. However, deposits for the first quarter totaled about $28.2 billion, down from $33.9 billion from the fourth quarter of 2022.

☆ Stocks making the biggest moves premarket: Activision Blizzard, Chipotle, First Republic Bank & more
▼ + stars: | 2023-04-26 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

The company said Tuesday its upcoming quarterly revenue will range from $700 million to $750 million, compared to the expected $765.2 million from analysts surveyed by StreetAccount. The company reported an adjusted loss of $1.27 per share and $17.92 billion in revenue. Activision Blizzard — Activision Blizzard shares dropped about 10.4% in the premarket after a UK regulator blocked Microsoft's purchase of the video game publisher. ServiceNow will be announcing its quarterly earnings Wednesday after the bell. The gain came after fellow tech-related giant Microsoft reported quarterly earnings that exceeded expectations, boosting sentiment for Amazon.

☆ Bank of America makes big bull call on gold, says this is the perfect time to own bullion ETFs
▼ + stars: | 2023-04-26 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

The stage is set for gold to shine as the bullion makes an ideal hedge for stubborn inflation, according to Bank of America. "That rare thing, an uncorrelated anti-stagflation hedge," Jared Woodard, the firm's investment and exchange-traded funds strategist, said of gold. Bank of America said the precious metal has become particularly appealing as the opportunity cost of financial assets dips. Here are the five bullion ETFs that Bank of America is highlighting: iShares Gold Trust Micro (IAUM) SPDR Gold MiniShares Trust (GLDM) abrdn Gold Shares ETF (SGOL) iShares Gold Trust (IAU) SPDR Gold Shares (GLD) Out of these funds, Bank of America's top-rated ones are GLDM and IAUM. The strategist said these newer "mini" funds have lower expenses than their peers, but they have the same fundamentals backed by physically held gold bullion.

☆ Nokia says draft EU patent rules one-sided, will undermine Europe
▼ + stars: | 2023-04-25 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, April 25 (Reuters) - EU draft rules aimed at staving off spats over patents essential to key technologies for telecoms equipment and connected cars appear to put the onus and cost on patent owners, which could undermine Europe's leadership in such areas, Nokia said. Under the proposal seen by Reuters, patent holders are required to register their patents with the EU Intellectual Property Office (EUIPO) if they want to charge patent fees or take legal action. The proposal is unbalanced and ignores a key problem for patent owners, said Nokia's (NOKIA.HE) head of IP policy Collette Rawnsley. "The leaked draft regulation appears one-sided with additional obligations, burdens and costs falling on SEP owners rather than implementers," she told Reuters in an interview. She said Europe, currently home to leaders in cellular standards, could even lose its lead under the draft rules.

☆ EU singles out 19 tech giants for online content rules
▼ + stars: | 2023-04-25 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

The 19 companies include Alphabet's Google Maps, Google Play, Google Search, Google Shopping and YouTube, Meta's Facebook and Instagram, Amazon's (AMZN.O) Marketplace and Apple's App Store. The others are Microsoft's two units Linkedin and Bing, booking.com (BKNG.O), Pinterest (PINS.N), Snap Inc's (SNAP.N) Snapchat, TikTok, Twitter, Wikipedia, Zalando (ZALG.DE) and Alibaba's (9988.HK) AliExpress. "We consider these 19 online platforms and search engines have become systematically relevant and have special responsibilities to make the internet safer," Breton told reporters. Breton singled out Facebook's content moderation system for criticism because of its role in building opinions on key issues. So I look forward to an invitation to Bytedance's headquarters to understand better the origin of Tiktok," Breton said.

The insurance company posted 84 cents in adjusted earnings per share and $1.11 billion in revenue. However, the company's $592.2 million quarterly revenue fell below the $593.9 million anticipated by Wall Street. Although the company's quarterly adjusted earnings and revenue topped analysts' expectations, investors may have been disappointed in its muted full-year outlook. Danaher's GAAP operating profit of $1.79 billion fell below analysts' estimates of $2.12 billion, according to FactSet. General Motors — Shares fell 3.3% after the automaker lowered its guidance for net income attributable to stockholders in 2023.

☆ Investing legend Peter Lynch on the investments he regrets not making in recent years
▼ + stars: | 2023-04-25 | by ( Yun Li | ) www.cnbc.com time to read: 1 min

Legendary investor Peter Lynch has one of the best investing records under his belt, but he still has regrets for not buying into some of the biggest tech companies in recent years. The former Fidelity Magellan fund manager revealed Tuesday that he wished he hadn't missed out on the explosive growth in Apple . Lynch, vice chairman of Fidelity Management & Research, said on CNBC's "Squawk Box." I should have done some work on Apple ... it's not a complicated company." Lynch recounted how his daughter had bought an iPod for $250 at the time and how he recalled thinking Apple was making a high margin on it.

☆ Chinese ambassador sparks European blowback over post-Soviet states comment
▼ + stars: | 2023-04-24 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +6 min

Several leaders in former Soviet states, including Ukraine, were quick to hit back following the interview, which aired Friday on French station LCI. Beijing has formal diplomatic relations with post-Soviet states, which include Russia. Ties have soured as Europe has uneasily watched China’s tightening relationship with Russia and its refusal to condemn Putin’s invasion. Voices in former Soviet states, where many remember being under Communist authoritarian rule, have been among those in Europe critical of such an approach. For Russia, giving up control of Crimea is widely seen as a non-starter in any potential peace settlement on Ukraine.

☆ Stocks making the biggest moves midday: Fox, Albemarle, First Republic and more
▼ + stars: | 2023-04-24 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

People walk by the News Corporation headquarters, home to Fox News, on April 18, 2023 in New York City. First Solar – Shares of the solar company lost 3.2% after a Citi downgrade to sell cited margin risks and concerns that Inflation Reduction Act benefits are already reflected in the share price. Medtronic — Shares added 4% during midday trading after being upgraded to overweight from equal weight by Wells Fargo on Sunday. Sunrun , Enphase Energy — Shares of Sunrun and Enphase Energy were higher Monday after Citi added positive catalyst watches on the solar companies, saying it sees further share gains. The Wall Street bank opened a 90-day positive catalyst watch on Enphase Energy, citing a strong backlog and expectations for record-high margins.

☆ Consumer protection bodies urged to investigate ChatGPT, others
▼ + stars: | 2023-04-24 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, April 24 (Reuters) - The European Consumer Organisation (BEUC) has joined the chorus of concern about ChatGPT and other artificial intelligence chatbots, calling on EU consumer protection agencies to investigate the technology and the potential harm to individuals. BEUC, the umbrella group for 46 consumer organisations from 32 countries, set out its worries in separate letters earlier this month to the network of consumer safety authorities (CSN network) and to the network of consumer protection authorities (CPC network). It said younger consumers and children are more vulnerable to such risks. The group also called on the Consumer Safety Network to start an exchange of information and an investigation into the safety risks of these products. Reporting by Foo Yun Chee; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman thinks the trade right now is on China's economy and gives 2 U.S. stocks to play it
▼ + stars: | 2023-04-24 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

The rebound in China's economy creates an opportunity for U.S. equity investors who can capture that strength by picking mining stocks, according to Goldman Sachs. "We recommend investors own mining stocks, which are levered to China growth through rising metals prices." Metals and mining stocks typically mirror the performance of the index, Goldman said. The firm said mining stocks in general are relatively cheap right now, trading at a 20% discount to the S & P 500. The SPDR S & P Metals & Mining ETF tracks the S & P Metals and Mining Select Industry Index, while the iShares MSCI Global Metals & Mining Producers ETF follows select global metals and mining producers, excluding gold and silver.

☆ The housing market’s still in limbo - but homebuyers could pile back into the market if mortgage rates hit this key level
▼ + stars: | 2023-04-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," NAR economist Lawrence Yun said. He added that home prices are still climbing in regions where jobs are being added and housing is relatively affordable. cutting rates) in the next 12 months, which will again sway the housing sector. With that outlook in mind, the economist said "home sales will steadily rebound despite several months of fluctuations." Even in a tight market, this home expert still sees potential to save money on interest rates.

CSX reported earnings of 48 cents per share for the latest quarter, compared to a Refinitiv estimate of 43 cents per share. Pool - Shares of the pool company popped more than 3% after Stephens upgraded the stock to overweight from equal weight. Procter & Gamble – The stock rallied nearly 4% after Procter & Gamble posted earnings and revenue for its fiscal third quarter that beat analysts' expectations. The healthcare services company posted earnings per share of $4.85 and $15.59 billion in revenue. The company reported that its quarter-end deposits fell 2.5% but remained stable in March.

☆ Piggyback Icahn? These are the best-performing activists you should follow into stocks
▼ + stars: | 2023-04-21 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Goldman Sachs said only a handful of activist investors have the power to move stocks the way he does. The Wall Street firm analyzed 2,142 shareholder activism campaigns since 2006 and identified the investors with the most number of campaigns. "A wide performance distribution exists for both successful and unsuccessful activist campaigns and varies by type of activist demand," Goldman's head of U.S. equity strategy David Kostin said in a note. The stocks Carl Icahn invests in tend to enjoy a double-digit boost in the 12 months after he starts an attack, according to Goldman. Other activists that have a similar impact on stocks during the time frame are Ancora Advisors and Clinton Group, Goldman said.

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