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HONG KONG — Businesses and consumers in China found the annual Singles’ Day shopping festival less attractive this year due to a sluggish economy, forcing e-commerce firms to look abroad for growth. While Singles’ Day was previously a one-day event, shopping platforms in China now kickstart the festival weeks ahead to drum up sales volume. But amid China’s lagging domestic economy, dragged down by a real estate crisis and deflationary pressures, consumers no longer go all out during the shopping extravaganza. Wang said that the prices offered on e-commerce platforms during Singles’ Day are not necessarily cheaper than usual. “I used to buy a lot two or three years ago and I even purchased a mobile phone (during Singles’ Day),” he said.
Persons: Alibaba, , , , Wang Haihua, Wang, we’ve, Zhang Jiewei, ” Zhang, Shaun Rein, ” Rein, Gucci, Jacob Cooke, ” Cooke Organizations: HONG KONG —, China Market Research Group Locations: HONG KONG, China, Singapore, Hong Kong, Beijing, Xi’an, Shanghai,
The annual U.N. climate summit began on Monday in Baku, Azerbaijan, with many country delegations concerned that Trump’s victory in the U.S. presidential election on Nov. 5 will hinder progress to limit planetary warming. Trump has promised to again remove the United States, the world’s most significant historic greenhouse gas emitter, from international climate cooperation and maximize the country’s already record-high fossil fuel production. “For those of us dedicated to climate action, last week’s outcome in the United States is obviously bitterly disappointing,” Podesta said at the summit. “Let’s dispense with the idea that climate finance is charity,” he said at the Baku stadium. “An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest.”This year is on track to be the hottest on record.
Persons: John Podesta, Donald Trump, Trump, ” Podesta, , Joe Biden’s, Simon Stiell, Rich, , Marc Vanheukelen, Ilham Aliyev Organizations: Azerbaijan —, U.S, United, Trade, Reuters, Finance, Fund Locations: BAKU, Azerbaijan, Azerbaijan — U.S, Baku, United States, Ukraine, Gaza, , Africa, Spain, U.S ., North Carolina, America, Mexico, China, U.S
669 of the 1,089 approved US H-1B hires for TikTok and ByteDance in that fiscal year were from China. The hiring occurred as US officials raised concerns about TikTok's ties to China. Only 12% of all approved fiscal year 2023 H-1B applications were for Chinese nationals, compared to 61% of TikTok and ByteDance's approved applications. AdvertisementEven as TikTok has taken steps to downplay its association with China, its owner, ByteDance, continues to operate in the US. The company has also used TikTok's Chinese sister app, Douyin, as a testing ground for features that ultimately end up on TikTok.
Persons: , ByteDance, US Sen, Tom Cotton, Cotton, Alejandro Mayorkas, ByteDance's, China TikTok, TikTok, Trump Organizations: TikTok, Service, Companies, Citizenship, Immigration Services, Business, US Data Security, Chinese Communist Party, US, Homeland, India, National Intelligence Locations: China, Beijing, ByteDance, California, Taiwan, Canada, Vietnam
Jane Lu with her parents. Courtesy of Jane Lu. Quitting her corporate job in secretAs Lu realized that she loved running a business, she also began feeling very unhappy in her corporate role. Revealing the secretOver the span of the first two years building Showpo, Lu kept it a secret that she had quit her corporate finance job. "I remember us having half a million dollars sitting in stock, and I was like: 'Okay, worst case scenario, I can sell all of this and start another business,'" Lu said.
Persons: Jane Lu, Lu, Lu didn't, couldn't, Young —, Fat, Jane, I've, I'm, Showpo's, Boye, Showpo, they've Organizations: Showpo, CNBC, KPMG, Ernst Locations: Australia, China, Sydney
Live Nation Entertainment — Shares jumped 5% after the live music and entertainment company posted an earnings beat for the third quarter. Twilio — Shares moved 1.7% higher following an upgrade at Wells Fargo to overweight from equal weight. IAC — Shares rose 3% on news that IAC its weighing a spinoff of home improvement marketplace Angi. Shares rose more than 4% last week on the heels of the president-elect's victory. SentinelOne — Shares rose 1.6% after Deutsche Bank upgraded shares to buy from hold, saying the July outage related to CrowdStrike can help add to SentinelOne's momentum.
Persons: Elliott, Twilio, bitcoin, Robinhood, Microstrategy, Okta, — CNBC's Hakyung Kim, Michelle Fox, Lisa Han, Sarah Min, Jesse Pound Organizations: Honeywell —, Elliott Management, Honeywell, Aerospace, Automation, IAC, Trump Media & Technology, Deutsche Bank Locations: Wells
The broader Vision Fund segment as a whole, which also factors in non-investment performance such as administrative expenses and gains and losses attributable to third-party investors, reported a gain of 373.1 billion yen. It had declared a loss of 204.3 billion yen in the company's first fiscal quarter. The Vision Fund has been cashing in on the success of the September 2023 listing of smartphone chip designer Arm Holdings , in which it owns a sweeping majority stake of around 90%. The group's print benefitted from investment gains of 1.28 trillion yen on shares of Chinese retail giant Alibaba and of 566.2 billion yen on stock of T-Mobile. On Tuesday, it said it had repurchased a cumulative 153.8 billion yen in shares by the end of the second quarter.
Persons: Toru Hanai, Didi, Son, Elliott Organizations: SoftBank Corp, SoftBank Group Corp, Bloomberg, Getty, Vision Fund, Arm Holdings, Nvidia, Yahoo, SoftBank, Mobile, Elliott Management, CNBC, Barclays Locations: Tokyo, Japan, Norwegian, Mobile . Tokyo, SoftBank
BEIJING — China's Singles' Day shopping festival saw consumers spend more than expected in what has otherwise been a tepid retail environment, consulting executives told CNBC. "I do think for many brands it probably will have turned out a bit better than they thought, but on a low level. Probably nobody would say we hit it out of the ballpark," said Chris Reitermann, CEO of Ogilvy APAC and Greater China. Many multinational corporations that sell consumer products in China are more cautious on the market, if not struggling, Reitermann said. But he pointed out many of the companies are still "very profitable" in the country, even if their growth has slowed to the low single digits, instead of high double digits.
Persons: Major, Chris Reitermann, Ogilvy APAC, Reitermann, Alibaba, JD.com Organizations: BEIJING, CNBC, WPP China Locations: Greater China, China, GMV
NXP Semiconductors has a strong growth runway ahead, according to Loop Capital. Analyst Gary Mobley initiated coverage of the Netherlands-based semiconductor manufacturing and design company with a buy rating and $300 price target. That forecast suggests more than 32% upside for the stock, which is down more than 1% year to date. Now, with the stock at current levels, it may be an attractive entry point for investors, Mobley said. "NXPI checks many of these boxes in automotive secular growth drivers," he said.
Persons: Gary Mobley, Mobley Organizations: Semiconductors, Capital Locations: Netherlands
It previously expected total sales to rise by between 2.5% and 3.5% for the year. Home Depot customers have continued to put off projects, even though they're in good financial shape, he said. It marked the eighth consecutive quarter of negative comparable sales at Home Depot, though the smallest drop since the string of declines began. Sales related to Hurricanes Helene and Milton contributed about one half a percentage point of sales growth to the quarter. Even as Home Depot reports modest growth, some investors have bet the company will see stronger sales in the near future.
Persons: Richard McPhail, They're, McPhail, Hurricanes Helene, Milton, Donald Trump, We've, Steve Madden, Skelly Organizations: CNBC, LSEG, Revenue, Home, Shoppers, Weather, Home Depot, Hurricanes, Federal Reserve, Depot Locations: Mexico City, Mexico, U.S, Texas, China, North America, Santa Claus
Alibaba International promotes its e-commerce platform for small businesses at the Canton Fair in Guangdong, China, on Oct. 16, 2024. BEIJING — Chinese e-commerce giant Alibaba on Tuesday unveiled an artificial intelligence-powered search engine for small businesses in Europe and the Americas to source supplies. Initial tests showed businesses' purchase intent using the new tool increased by 40% versus traditional search engines, according to Kuo Zhang, president of Alibaba.com and vice president of Alibaba International. The initial version is web-based and supports English, German, French, Portuguese and Spanish, according to the company. At the end of the search, the tool lists a number of procurement options for the business to discuss directly with each supplier.
Persons: Kuo Zhang, Alibaba.com, Harry Potter Organizations: Alibaba, Fair, Alibaba International, CNBC Locations: Guangdong, China, BEIJING, Europe, Americas
Deutsche Bank anticipates more tailwinds ahead for Tesla under the incoming Trump administration. TSLA YTD mountain Shares this year Musk is already making strides in his alliance with Trump. ), we see potential large terminal value benefits to Tesla's efforts in auto, robotaxi, and even humanoid robotics," wrote Yu. Yu views China as the biggest potential uncertainty for Tesla as the Trump administration touts tariffs on goods from the world's second-largest economy. A repeal of the Biden administration's Inflation Reduction Act could also benefit shares of Tesla and give it an edge over legacy automakers General Motors and Ford.
Persons: Trump, Elon's Musk, Donald Trump, bode, Edison Yu, JD Vance, Yu, Tesla Organizations: Deutsche Bank, Tesla, Trump . Deutsche Bank, Trump, White House, Biden, General Motors, Ford Locations: China
Olivia Nuzzi has withdrawn her protective order request against her ex-fiancé Ryan Lizza. AdvertisementOlivia Nuzzi, the former New York magazine political correspondent who made headlines earlier this year for having a personal relationship with Robert F. Kennedy Jr., has withdrawn her request for a protective order against her ex-fiancé, fellow journalist Ryan Lizza. In an October petition for a civil protection order, Nuzzi accused Lizza, a Politico reporter, of hacking her devices and stealing information to blackmail her. Related Video Jury finds Trump sexually abused and defamed E. Jean CarrollAn attorney for Nuzzi confirmed to Business Insider that she withdrew the protective order request. Following a third-party investigation into Nuzzi's work, New York magazine said the probe found no inaccuracies or evidence of bias in her reporting.
Persons: Olivia Nuzzi, fiancé Ryan Lizza, Nuzzi, Lizza, , Robert F, Kennedy Jr, Ryan Lizza, Trump, Jean Carroll, Ari Wilkenfeld, Olivia, I'm, Oliver Darcy, Kennedy Organizations: RFK, Service, New, Politico, Business, BI, New York Magazine Locations: New York
Source: NYSEThis 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. What you need to know todayThe bottom lineThe stock market is riding high on Trump's election victory. The postelection stock rally, however, is likely to stay strong for now. It's hard to go wrong following the age-old rules for investing in the stock market: Be in it for the long term, diversify and look at fundamentals like earnings and valuation.
Persons: HSI, it's, Morgan Stanley, Lisa Shalett, John Stoltzfus, Shalett, CNBC's Brian Evans, Alex Harring Organizations: New York Stock Exchange, CNBC, Dow Jones, Apple, Microsoft, Nasdaq, Dow, Republicans, Morgan, Morgan Stanley Wealth Management's, Oppenheimer Asset Management
We've put together everything you need to know about where to watch St. Denis Medical, including live streaming and on-demand details. St. Denis Medical follows the administrative and medical employees at an underfunded hospital in Oregon. At the helm is sitcom mainstay Wendi McLendon-Covey, of Reno 9-1-1, and The Goldbergs fame, who plays the executive director of St. Denis Medical. At $8/month, the plan will let you watch episodes of St. Denis Medical with ads the day after they air. Check price at ExpressVPNSt. Denis Medical trailerNBC dropped an official trailer for St. Denis Medical in mid-August.
Persons: We've, Denis Medical, Wendi McLendon, Covey, Allison Tolman, Kaliko Kauahi, Josh Lawson, David Alan Grier, Mekki Leeper, Kahyun Kim, Justin Spitzer, Eric Ledgin, Spitzer, Ledgin, you've, we'll, Peacock, Fubo, ExpressVPN, Denis Organizations: Business, NBC, American Auto, Parks, Recreation, St, Peacock, DirecTV, MSNBC, Warner Bros, DirecTV Stream, ExpressVPN St, Denis Medical Locations: Oregon, Reno, America, Peacock's, USA, ExpressVPN
Shopify shares popped more than 25% in Tuesday morning trading after the Canadian e-commerce company posted better-than-expected revenue for the third quarter and gave an optimistic forecast for the holiday shopping season. Revenue: $2.16 billion vs. $2.12 billion expected by LSEGShopify said it expects revenue in the current quarter to grow at at a percentage in the mid- to high-twenties. That surpassed Wall Street's expectations of 22.8% for revenue growth, according to FactSet. Shopify sells software for merchants who run online businesses as well as services such as advertising and payment processing tools. Shopify shares are up about 45% year to date.
Persons: LSEG Shopify, FactSet, Gross, Harley Finkelstein, Vera Bradley, Hanes, Finkelstein, Jeff Hoffmeister Organizations: Walmart, Lionsgate Entertainment, Reebok, Nasdaq
While keeping buy ratings on both stocks, Nathanson raised his firm's price targets on Alphabet and Meta. In support of giving Alphabet the edge, he sees faster revenue growth from Meta but at a higher cost. For one, Meta has consistently delivered revenue and earnings ahead of consensus, rooted in stron advertising revenue from AI advancements. Bottom line Jim Cramer sees merit in MoffettNathanson's buy calls on Alphabet and Meta and believes it is just about "time to buy both" of these AI and advertising leaders. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: It's, Michael Nathanson —, Craig Moffett, , underperformance, Nathanson, Jim Cramer, Trump Donald Trump's, Jim Cramer's, Jim, Mark Zuckerberg, Sundar Pichai Organizations: MoffettNathanson Research, Facebook, Meta, Reality Labs, Labs, Google, Tech, Trump, CNBC, REUTERS Locations: Meta
Shopify's $2.16 billion revenue beat a FactSet estimate of $2.12 billion. Live Nation Entertainment — The live music and entertainment company gained 4% after posting a third-quarter earnings beat. On the other hand, revenue of $7.65 billion missed the $7.75 billion analysts had forecasted. Sea — Shares surged 1.7% after the tech company reported a third-quarter revenue beat. Mosaic — Shares slid 9% after the chemicals company reported disappointing quarterly results.
Persons: Twilio, Wells, Wells Fargo, Donald Trump's, SentinelOne, Tyson, StreetAccount, On's, FactSet, Mosaic, Clint Freeland, Luciano Siani Pires, Scott Strazik, Strazik, Donald Trump, — CNBC's Michelle Fox, Alex Harring, Hakyung Kim, Jesse Pound, Pia Singh Organizations: Entertainment, Honeywell, Elliott Management, Aerospace, Automation, IAC, Trump Media & Technology, Deutsche Bank, Tencent, Shift4 Payments, GE, Financial Locations: , Swiss
CNN —Although sales of tobacco products have been restricted in hundreds of municipalities across the US, a new study is highlighting some loopholes that allow children to bypass online regulations to buy e-cigarettes. Though the sales of flavored tobacco products have been restricted in eight states and in nearly 400 cities or counties, these regulations don’t completely cover e-commerce or online shopping. “People will not tell the truth when they enter their age, and it’s remarkably easy for kids to get tobacco products mailed to them. More than 1 in 4 underage people report using e-cigarettes daily, and most youth who use e-cigarettes favor flavored products. “Prohibiting tobacco sales completely, or states putting some more restrictions on how the products are delivered to people, can help make e-cigarettes harder to purchase,” he said.
Persons: , Thomas Carr, Carr, Dr, Sanjay Gupta, ” Carr Organizations: CNN, Tobacco Survey, Children, United States Postal Service, JAMA, USPS, American Lung Association, ” Tobacco, Food and Drug Administration, Tobacco Control, CNN Health, American Academy of Pediatrics, FDA
"This can be a great way for people to boost their retirement savings," certified financial planner Jamie Bosse, senior advisor at CGN Advisors in Manhattan, Kansas, previously told CNBC. This can be a great way for people to boost their retirement savings. How much older workers save for retirementThe 401(k) catch-up contribution change is "very good" for older workers who want to save more for retirement, said Dave Stinnett, Vanguard's head of strategic retirement consulting. Some 35% of baby boomers feel "significantly behind" in retirement savings, according to a Bankrate survey that polled roughly 2,450 U.S. adults in August. "But not everyone age 50 or older is maxing out [401(k) plans] already," Stinnett said.
Persons: Jamie Bosse, deferrals, Dave Stinnett, Stinnett Organizations: CGN Advisors, CNBC, America Locations: Manhattan , Kansas
Analysts said tariffs on cars imported from Mexico would have dire consequences for US automakers. Tesla announced in March 2023 that it was planning to build its seventh gigafactory near the industrial hub of Monterrey, Mexico. Trump vowed to clamp down on automakers building cars in Mexico on the campaign trail, and the prospect of new tariffs could force US automakers such as Tesla to make some hard choices about operational or planned factories in Mexico. Analysts told BI that the tariffs floated by Trump would deter automakers such as Tesla from investing in Mexico. Other automakers have expanded their presence in Mexico, despite the uncertainty of the election and the prospect of tariffs under a second Trump term.
Persons: Donald Trump, Elon Musk, , Tesla, Trump, It's, Donald Trump's, Alex Brandon, Musk, Sam Fiorani, Fiorani, Ford, David Whiston, Scott Olson, BYD, Stephanie Brinley, Alanis King, Brinley, Stellantis Organizations: Service, Mexico —, AP, UBS, Trump, AutoForecast Solutions, General Motors, Ford, Getty, Toyota, Tacoma, Nissan, Volkswagen, BYD, Chrysler, Street Journal, BMW, P Global, Toyota Tacoma, GM Locations: Mexico, Monterrey, Detroit, United States, Cuautitlan, Toluca, San Luis Potosí
Weaker Chinese consumer sentiment weighs on 11.11 sales festival
  + stars: | 2024-11-11 | 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 EmailWeaker Chinese consumer sentiment weighs on 11.11 sales festivalMore companies in China are opting out of discounts during major shopping festivals in favor of steadier year-round sales. However, Chinese consumer confidence has not fully recovered, with consumers trading down and waiting for shopping events to spend. This pushes e-commerce platforms to partner up to boost sales.
Locations: China
Retirees' debt was rising before the pandemicRising debt levels were a problem for older Americans even before pandemic-era inflation. The typical family with heads age 75 and older had $1,700 of credit card debt in 2022, EBRI said in the August report. Those with heads age 65 to 74 had $3,500 of credit card debt, it said. Meanwhile, any spending cuts should be applied to reduce credit card debt, McClanahan explains. Boost income Retirees can also consider going back to work at least part time to earn more income, McClanahan said.
Persons: Bridget Bearden, Bearden, it's, EBRI, Louis, Carolyn McClanahan, She's, McClanahan, Cardholders, Cook, Ted Jenkin, Winnie Sun Organizations: Research Institute, Social Security, Senior Citizens League, Reserve Bank of St, Federal Reserve, U.S . Federal Reserve, Federal Reserve Bank of St, Planning Partners, CNBC's, CNBC, Facebook, Craigslist, Sun Group Wealth Partners Locations: Louis, Jacksonville , Florida, Irvine , California
CNN —President-elect Donald Trump announced Sunday night that Tom Homan, who served as the acting director of Immigration and Customs Enforcement in his last administration, will be in charge of the nation’s borders. CNN reported earlier Sunday that Trump was expected to tap Homan to serve in a czar-like role. Immigration was a cornerstone of Trump’s 2024 campaign, and he repeatedly vowed to deport millions of undocumented immigrants. In a sign of his influence in Trump’s orbit, Homan spoke at the Republican National Convention in July. “You’re damn right.”A career law enforcement officer, Homan served as the public face of the first Trump administration’s aggressive efforts to step up immigration enforcement before retiring in 2018.
Persons: Donald Trump, Tom Homan, , ” Trump, Homan, Trump, ” Homan, “ It’s, , Joe Biden, , “ We’re, Tal Kopan, Eli Watkins, Catherine E, Shoichet, Jack Forrest Organizations: CNN, Customs, Former ICE, Border Control, Trump Administration, Aviation Security, Truth, Borders, Republican, CBS, Republican National Convention, Trump, Senate, White Locations: , It’s, Milwaukee, Washington
How Pilates can help with knee pain
  + stars: | 2024-11-10 | by ( Melanie Radzicki Mcmanus | ) edition.cnn.com   time to read: +7 min
About 25% of adults experience knee pain, according to a 2018 study published in the journal American Family Physician. The report also found the prevalence of knee pain has increased 65% over the past 20 years. Osteoarthritis is often the cause of knee pain, especially for women and older adults, according to the Arthritis Foundation. Experts agree these five exercises should help alleviate knee pain, although they are not cure-alls. “While it’s impossible to say how much they’ll help any given person, incorporating these exercises could help relieve about 20% to 30% of your knee pain,” Kreitenberg said.
Persons: , Adam Kreitenberg, , Shari Berkowitz, ” Berkowitz, it’s, Kreitenberg, It’s, Berkowitz, Ziga, ” Kreitenberg, “ They’re, Melanie Radzicki McManus Organizations: CNN, Arthritis Foundation, Rheumatology Therapeutics Medical, , CNN’s Locations: Tarzana , California, New York’s Westchester County
Mass deportation would exacerbate this economic issue, say employers and economists. Leverant says it is still being determined how jobs lost from a mass deportation would be filled. "Looking at specific occupations, about one-quarter of farm workers, agricultural graders, and sorters are undocumented workers. "One of the natural problems with undocumented workers, we don't know how many are here because they are undocumented. A mass deportation is not possible without crippling economic impact," he said.
Persons: Donald Trump, Donald J, Trump, Jason Leverant, Leverant, Chad Prinkey, AtWork, Janeesa Hollingshead, Hollingshead, Uber, Trump's, David Leopold, Leopold, Kristen Welker, isn't, they're, Nan Wu, Wu, Prinkey Organizations: U.S, White, TPS, AtWork, American Progress, American Immigration Council, American Community Survey, Pew Research Center, Consulting, Uber Works, American Immigration, Citizenship, Immigration Services, Trump, NBC News, AIC, USDA, Conservative, CNBC Workforce, cnbccouncils.com, wec Locations: Mexico, Eagle, , Texas, Piedras Negras, U.S, United States, Madison, New York, Greensfelder, California, Prinkey, Boston, Austin
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