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☆ Chinese stocks are having their worst start to a year since 2016
▼ + stars: | 2024-01-22 | by ( Anna Cooban | Laura He | ) edition.cnn.com time to read: +5 min

The Shenzhen Component Index, a tech-heavy benchmark, had its worst day in nearly two years, plunging 3.5%. It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015. The country’s economy grew by 5.2% last year. That beat government projections but is still one of China’s worst economic performances in over three decades. The International Monetary Fund forecasts the country’s economic growth to slow to 4.2% this year.

Persons: Ken Cheung, ”, Europe’s, Premier Li Qiang, Brian Martin, Daniel Hynes, Li, “, ” Stephen Innes, managing Organizations: Hong Kong CNN, Shenzhen Component, Mizuho Bank, CSI, Nikkei, Premier, Economic, ANZ Research, Monetary Fund, China’s Commerce Ministry, Investors Locations: Hong Kong, Beijing, Shanghai, Shenzhen, China, United States

☆ Wall Street opposition to Trump collapses, as 'pipe dream' of primary defeat ends
▼ + stars: | 2024-01-22 | by ( Brian Schwartz | ) www.cnbc.com time to read: +8 min

"A lot of people on Wall Street have been living in this pipe dream of Trump not getting the nomination. "It's painful for me to admit this, but Wall Street is basically nonchalant to this election," longtime Wall Street executive and former Trump communications director Anthony Scaramucci said in a recent interview with The Hill. An outside effort "will not work against Trump," one of DeSantis' Wall Street fundraisers said. "The next question is, 'will Wall Street work to stop him in the general by supporting Biden?'" In 2020, Wall Street executives combined to donate over $74 million to helping Biden defeat Trump.

Persons: Donald Trump, Jamie Dimon, Andrew Harrer, Joe Biden, Trump, Biden, Anthony Scaramucci, Jeffrey Sonnenfeld, Sonnenfeld, Wall, Ron DeSantis, Nikki Haley, DeSantis, Donald Trump , Jr, Woody Johnson, Haley, Trump's, Ken Langone, Langone, Marco Bello, Jeffrey Yass, Charles Myers, Dimon Organizations: JPMorgan Chase &, White, Bloomberg, Getty, Republican, Wall Street, Democratic, Trump, Yale School of Management, Florida Gov, U.N, Street, Jets, Biden, New, Granite State, Big Apple, CNBC, Financial Times, U.S, United, Reuters, Republicans, Susquehanna International Group, JPMorgan, NATO, Economic Locations: Washington, Wall, New Hampshire, South Carolina, Iowa, New York, Granite, West Des Moines , Iowa, U.S, Yass, China

☆ CNBC Daily Open: Making way for the bull market?
▼ + stars: | 2024-01-22 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The S&P 500 closed at an all-time high on Friday, rising 1.2% to close at 4,839.8, setting fresh record intraday and closing highs from January 2022. [PRO] Earnings seasonTesla, Netflix, Intel and Alaska Air are among nearly 70 S&P 500 companies that are scheduled to report earnings this week. Just 69% of the roughly 52 S&P 500 companies that have reported, according to FactSet, have surpassed expectations.

Persons: Hong, Ron DeSantis, Donald Trump, Nikki Haley, Crypto Organizations: CNBC, Nikkei, CSI, Federal Reserve, Commerce Department, Trump, Haley Florida Gov, Republican New, Former United Nations, Republican, Economic, Netflix, Intel, Alaska Air Locations: Japan, China, Republican New Hampshire, Davos

☆ Blockchain, the tech behind bitcoin, may have found its 'killer use case' by keeping AI in check
▼ + stars: | 2024-01-22 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Businesses have been looking to put these principles to use in other applications for blockchain, which is sometimes referred to as distributed ledger technology. That means the answers an AI system may give would contain those biases and false information. In the case of AI, training data can be put on the blockchain. Hallucinations broadly refer to when an AI system gives out false information. Sheila Warren, the CEO of the Crypto Council for Innovation, said, however, that a blockchain-based AI training data ledger could be the "killer use case" for the technology.

Persons: Blockchain, Parlika, Sheila Warren, Warren Organizations: CNBC, Casper Labs, IBM, Economic, Crypto, Innovation Locations: DAVOS, Switzerland, Davos

☆ Here's what happened at the 2024 World Economic Forum in Davos
▼ + stars: | 2024-01-22 | 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 EmailHere's what happened at the 2024 World Economic Forum in DavosCNBC's Dan Murphy reports on what happened at the event against the backdrop of the Russia-Ukraine war, soaring tensions in the Middle East and the United States' election year.

Persons: Davos CNBC's Dan Murphy Organizations: Davos CNBC's Locations: Davos, Russia, Ukraine, United States

☆ The hottest hotel for elites at the World Economic Forum costs around $120 a night in the states
▼ + stars: | 2024-01-21 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview751 locations at an average of roughly $120 a night isn't exactly exclusive among hotel chains, but in Davos over the last week, elite executives visiting the World Economic Forum clamored for a room at the Hilton Garden Inn. But while the World Economic Forum is in town — this year featuring extensive discussion about the future of AI — the budget chain is a hot spot for some of the ultrawealthy who'd usually be more likely spotted at a Ritz-Carlton or Four Seasons. More luxurious accommodations for the World Economic Forum, such as the Grandhotel Belvédère are limited, and due to the popularity of the conference, rooms there run at least 50% more than the typical non-WEF price tag of $325 to $670 a night. AdvertisementDavos, Switzerland, has a population of just over 11,000, meaning the 3,000 attendees to the World Economic Forum easily overrun the hotels in town.

Persons: —, Ray Dalio, Trump's, Jared Kushner, Eugenie, Beatrice —, Hilton, Stanley Bergman, Henry Schein, Berman, isn't Organizations: Service, World, Business, Street, Waldorf, Resorts, Conrad Hotels, Hilton, Inns, Ritz, Carlton, World Economic, Economic, Guardian Locations: Davos, Switzerland, Bridgewater, —

☆ Markets tried to fight the Fed on rate cuts. It didn’t work
▼ + stars: | 2024-01-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Now there’s roughly a 50/50 chance that the Fed could either cut rates or hold them steady in March, according to futures. A few developments this past week tempered investors’ optimism, and now the possibility of a rate cut in March could be completely thrown out the window, according to economists. He echoed other Fed officials who’ve recently said that beginning to cut rates in March is just not realistic. In addition to officials’ comments, recent economic data also doesn’t bode well for a March rate cut. Markets are expecting twice as many rate cuts this year than what Fed officials themselves estimated in their latest economic projections released in December.

Persons: ’, Christopher Waller, ”, who’ve, Loretta Mester, “, Mary Daly, it’s, Daly, bode, Waller, ” Bill Adams, ” Daniel Altman, Jerome Powell’s, Donald Trump, Christine Lagarde, couldn’t, Jamie Dimon, Trump, Joe Biden, Bank of America’s Brian Moynihan, OpenAI’s Sam Altman, Johnson, Lockheed Martin, Levi Strauss, Booz Allen Hamilton, CNN’s Elisabeth Buchwald Organizations: CNN Business, Bell, DC CNN — Federal Reserve, Fed, Brookings Institution, ” Cleveland Fed, Bloomberg, ” San Francisco Fed, Fox Business, Commerce Department, Labor Department, Employers, Comerica Bank, CNN, Biden, Trump, Economic, European Central Bank, ”, JPMorgan, Bank of America’s, United Airlines, The Bank of Japan, Netflix, General Electric, Procter, Gamble, Johnson, Verizon, Lockheed, Haliburton, Tesla, IBM, Bank of Canada, Global, American Airlines, Southwest Airlines, Alaska Airlines, Co, Visa, Intel, Mobile, Comcast, Capital, US Commerce Department, Chicago Fed, US Labor Department, American Express, Colgate, Palmolive, Booz, National Association of Realtors Locations: Washington, ” San, East, Iran, Davos, Switzerland, Iowa, Swiss, United States

☆ Surging U.S. oil production may set a record in 2024, shielding consumers from Mideast war and pressuring OPEC
▼ + stars: | 2024-01-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.

Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, — Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz

☆ People are using cash transfers like basic income to pay rent, and it shows just how badly a housing-crisis solution is needed
▼ + stars: | 2024-01-21 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

And a growing number of people who are eligible for government housing assistance aren't getting it. But unlike other government benefits like Medicaid and food stamps, housing aid doesn't automatically go to those who need it. And across 31 pilot basic income programs , recipients spent an average of about 9.2% of their payments on housing and utilities. AdvertisementThe amount that the federal government spends on its housing assistance programs, mainly Housing Choice Vouchers and public housing, is determined by Congress each year. "Housing support across America is very fractured and variable," said Sean Kline, director of Stanford's Basic Income Lab.

Persons: —, doesn't, Matt Desmond, Chris Herbert, Ulbrich, Matt Turner, hasn't, Sean Kline, Matthew Fowle, Fowle, Kline, Herbert Organizations: Service, Homelessness, Business, Urban Institute, Assistance, Columbia University's, Poverty, Princeton, Harvard Joint Center for Housing Studies, Economic, Congress, Harvard, The New York Times, Department of Housing, Urban Development, Philadelphia Housing Development Corporation, University of Pennsylvania, UPenn's Housing Locations: Washington ,, San Francisco, Davos, America, Philadelphia

☆ Even the ultrawealthy had to wait in long lines at Davos — and they were reportedly annoyed about it
▼ + stars: | 2024-01-20 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Davos attendees complained about the long lines they had to wait in, NYT reported. Business Insider was in attendance at Davos, and can confirm there were long lines to enter both the conference's go-to hotel, the Grandhotel Belvédère, and some of the hottest parties. Related storiesAt the Grandhotel Belvédère, the wait times just to enter the building were up to an hour, Dealbook reported. Other guests get orange badges, green badges, purple badges, and so on. But even the most-coveted white badges don't guarantee you can dodge the long lines.

Persons: —, They're, Salesforce, Sting —, Barry Colson, Colson Organizations: NYT, Tech, Service, Economic, The New York Times, Business, Times, Apple Watch, Davos Locations: Davos, The

☆ Zelenskyy calls Trump's rhetoric about Ukraine's war with Russia 'very dangerous'
▼ + stars: | 2024-01-20 | by ( ) www.cnbc.com time to read: +3 min

Ukrainian President Volodymyr Zelenskyy speaks with CNBC's Andrew Ross Sorkin at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 16th, 2024. Ukrainian President Volodymyr Zelenskyy said he was worried by the prospect of Donald Trump returning to the White House, branding Trump's claim that he could stop Ukraine's war with Russia in 24 hours as "very dangerous." If you can stop the war during 24 hours, I think it will be enough to come," Zelenskyy said. Zelenskyy described the former president's rhetoric as "very dangerous" and appeared to be apprehensive that Trump's idea of a negotiated solution might involve Ukraine making major concessions to Russia. Throughout his political career, he has frequently lavished praise on Russian President Vladimir Putin, including after Moscow's February 2022 invasion of Ukraine.

Persons: Volodymyr Zelenskyy, CNBC's Andrew Ross Sorkin, Donald Trump, Zelenskyy, Trump, … I'm, that's, Vladimir Putin, Putin, Joe Biden's Organizations: White House, Republican, U.S . House Locations: Davos, Switzerland, Russia, Kyiv, Ukraine, Georgia, Russian

The alleged strike targeted the Mazzeh neighborhood in Syria’s capital, home to several diplomatic missions including the Iranian embassy, according to Syrian authorities. The Islamic Revolutionary Guard Corps (IRGC) identified the four others killed as military advisors Ali Aghazadeh, Hossein Mohammadi, Saeed Karimi and Mohammad Amin Samadi. Their presence in Syria had been “at the official invitation of the Syrian government,” Iranian foreign ministry spokesperson, Nasser Kanaani, noted in a statement on social media. Louai Beshara/AFP/Getty ImagesRegional spillover fearsThe attack in Damascus comes amid concerns that Israel’s war with Hamas in Gaza is spiraling into a regional war. Iranian president Ebrahim Raisi on Saturday vowed to “punish” Israel for the Damascus missile strike.

Persons: Israel “, “, Hojjatollah Omidvar, Iran’s, Ali Aghazadeh, Hossein Mohammadi, Saeed Karimi, Mohammad Amin Samadi, Nasser Kanaani, Louai Beshara, Tehran’s, Hossein Amir, Abdollahian, CNN’s Fareed Zakaria, Matt Miller, ” Miller, Ebrahim Raisi, ” Israel, ”, CNN’s Kareem Khadder Organizations: CNN, Hamas, Syrian Ministry of Defense, Israel Defense Forces, Network, Quds Force, Revolutionary Guards, Islamic Revolutionary Guard Corps, Security, Getty, Economic, Israel, Palestinian Ministry of Health, State Locations: Damascus, Syria’s, Iranian, Mazzeh, Syria, AFP, Gaza, Iraq, Tehran, Lebanon, Yemen, Red, Davos, Palestinian, Ramallah, The, Israel

☆ Why 2023 Was a Perfect Storm for EVs That Gave China an Edge
▼ + stars: | 2024-01-20 | by ( Graham Rapier | Cadie Thompson | ) www.businessinsider.com time to read: +3 min

"You cannot have EVs that cost $70,000, $80,000, you need to get EVs down to $30,000 or less. But EV prices are still about 28% more expensive than average gas-vehicle prices, an analysis by CarGurus found. AdvertisementLang laid out three reasons China is finding success where competitors are struggling:Scale"The Chinese OEMs are already profiting off a large domestic market," he said. "The Chinese EV players are here to stay," he continued. They may eventually try entering the US market, Lang said, but it might not be easy given all the local competition and incentives to buy domestically.

Persons: —, That's, Nikolaus Lang, Kelley, CarGurus, Lang Organizations: Service, Business, Boston Consulting Group, Economic, American, EV Locations: Davos, Switzerland, China, Europe, America

It was the first Davos gathering since 2020 without any Covid-related restrictions, as fears about the pandemic almost completely receded. Here are some of the big takeaways from the five-day conference, which ended Friday. Many of the meeting spaces on the main street of Davos billed themselves as places to learn about A.I. Attendees also discussed potential risks of A.I., including job losses, widening social inequality and the rapid spread of misinformation. One industrial executive mused in a private discussion about whether the cost of retraining workers whose jobs were altered by A.I.

Persons: Sam Altman, OpenAI, Mustafa Suleyman, Aidan Gomez Organizations: Economic Locations: Davos, Switzerland, Cohere

☆ Bill Gates thinks the super-wealthy should pay more tax – and plenty of rich people agree
▼ + stars: | 2024-01-20 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Bill Gates wants ultra-wealthy individuals to pay more tax — and now a growing chorus of billionaires agree. Gates doubled down on his calls to tax the rich in a panel at the World Economic Forum in Davos this week. It seems others agree, as more than 250 ultra-wealthy people signed an open letter calling for global leaders to impose a wealth tax. "Our request is simple: we ask you to tax us, the very richest in society," the letter says. The open letter's signatories includes Abigail Disney , whose grandfather Roy O. Disney cofounded The Walt Disney Company.

Persons: Bill Gates, Gates, Abigail Disney, Roy O, Disney, Brian Cox, Valerie Rockefeller, Rockefeller Organizations: Service, Business, Microsoft, Economic, Walt Disney Company, Patriotic Millionaires, Patriotic Millionaires UK, TaxMeNow, Humanity, Oxfam, Boeing, Disney Locations: Davos, California, New York

☆ Don't worry — the machines won't be as smart as humans for a long time, because they've still got a lot to learn
▼ + stars: | 2024-01-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

Much of today's most popular AI models, such as OpenAI's GPT-4, are trained on what's publicly available on the internet. It's worth noting that AI models exist today that are pretty effective at generating images, but these are text-to-image models, like Midjourney and Stable Diffusion. Koller also sees issues with today's LLMs. This isn't the first time doubts have been raised about the capacity of today's AI models. Steve Jennings/Getty Images for TechCrunchThis is not to say today's LLMs are useless.

Persons: —, OpenAI's ChatGPT, Bill Gates, Daphne Koller, MacArthur, Koller, Neilson Barnard, chatbots, Yann LeCun, –, today's LLMs, LLMs, that's, Kai, Fu Lee, Steve Jennings Organizations: Economic, Service, Big Tech titans, Google, Microsoft, Getty, Meta Locations: Davos, Switzerland, today's, silico

☆ Mexico's one big advantage over the US right now could stall the 'Made in America' push
▼ + stars: | 2024-01-20 | by ( Jacob Zinkula | Matt Turner | ) www.businessinsider.com time to read: +7 min

Read previewThe push by US businesses to make more stuff in America has an ongoing challenge: It's hard to find workers. Ulbrich says this stands in sharp contrast to Mexico, whose growing manufacturing base could entice companies to make supply chain investments there, rather than in the US. Even as the pandemic-era labor shortage has eased, the demand for construction and factory workers has continued to exceed supply. Mexico's median age is roughly 30, he added — compared to nearly 40 in China — which has contributed to a strong labor supply. Compared to Mexico, manufacturing in the US would likely offer businesses reduced supply chain disruptions and lower transportation costs.

Persons: —, Christian Ulbrich, Ulbrich, Matt Turner, Biden, Houthi, Tesla, Susan Golicic, Andres Abadia, Abadia, Luis Torres, Colorado State's Golicic, Golicic Organizations: Service, Business, Economic, General Motors, Intel, Companies, Ford, Reuters, Colorado State University, US, Pantheon Macroeconomics, Federal Reserve Bank of Dallas Locations: America, Mexico, Ukraine, Taiwan, Canada, China, Asia, shoring, San Antonio, Tennessee, Alabama, Colorado

He cited relatively affordable homes and a free, clean, high-quality life as two of Texas' draws. Dallas Mayor Eric Johnson told Business Insider at the World Economic Forum in Davos, Switzerland, that two things consistently attract Americans to move to the state. "The housing market in Dallas is very affordable to Californians and New Yorkers," Johnson said. Johnson reminded BI that all housing costs are relative: "When you're talking about 'it's expensive to live in Dallas,' you're comparing Dallas to the Dallas of yesteryear." AdvertisementHe said Dallas residents have benefited from investments in the police department as well as infrastructure including new sidewalks and smooth streets.

Persons: Dallas Mayor Eric Johnson crowed, —, Dallas Mayor Eric Johnson, Johnson, They're, Gen Zers, Pengyu Cheng, Cheng, Dallas, Dallas —, it's Organizations: Dallas Mayor, Service, Economic, Democratic, Republican, Community Survey, University of Minnesota's, Dallas Locations: Texas, Davos, Florida, Switzerland, California, New York . Texas, Dallas, San Francisco, Austin, yesteryear

☆ Number of foreign visitors to China in 2023 down more than 60% from pre-pandemic levels
▼ + stars: | 2024-01-19 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

CNN —It has been a year since China reopened its borders, but despite loosening its stringent Covid-19 restrictions, foreign travelers have been slow to return to the country with numbers down more than 60% from pre-pandemic levels. China’s border authorities recorded 35.5 million entries and exits by foreign nationals in 2023, according to the National Immigration Administration. That’s nearly seven times more than the number from 2022, when the country was deep in its three-year self-imposed Covid isolation. More than half of the border crossings made by foreign travelers in 2023 were recorded in the last three months of the year, according to data from the National Immigration Administration. Chinese authorities issued a total of 711,000 residency permits of various types to foreign nationals living in the country in 2023, Zhang added.

Persons: That’s, Zhang Ning, Zhang, Premier Li Qiang Organizations: CNN, National Immigration Administration, Premier, Economic, Embassy Locations: China, Beijing, Switzerland, Ireland, Davos, France, Germany, Italy, Netherlands, Spain, Malaysia, Thailand, United States

☆ Trump is building his power at home while global leaders dread his return
▼ + stars: | 2024-01-19 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

Trump has invigorated an initially lackluster White House bid by leveraging his multiple criminal indictments to create a narrative of political persecution. On Thursday, CNN’s congressional team reported that senators trying to cut an immigration deal with the White House are running into a problem: Trump. The aid measure is being held up by the immigration showdown to which it was linked — perhaps unwisely many Democrats now think — by the White House. It has caused particular consternation in Europe after the transatlantic alliance was constantly rattled by Trump during his White House term. That’s likely to be a pale imitation of what awaits if he gets back to the White House.

Persons: Donald Trump, Trump, Ron DeSantis, Nikki Haley, Haley, Kevin Roberts –, “, can’t, Kamala Harris, Joe Biden’s, Biden, he’s, ”, Sen, Kevin Cramer, Trump’s, Vladimir Putin, Mike Quigley of, Jim Sciutto, CNN Max, Putin, Michael McFaul, Obama, ” McFaul, ” Trump, Ted Cruz, Marco Rubio, Alejandro Mayorkas, Mike Johnson, Mitch McConnell, reverberations, America’s, Christine Lagarde, Heritage’s Roberts, Roberts, that’s, ” Roberts, Jamie Dimon, ” Dimon, Philipp Hildebrand, Emmanuel Macron, ” Macron Organizations: CNN, Florida Gov, South Carolina Gov, New Hampshire, Trump, Economic, Business titans, Heritage Foundation, Republicans, Capitol, GOP, Representatives, Republican, North Dakota Republican, Ukraine, Democratic, Congressional Ukraine Caucus, White, Spirit of, Homeland, US, Colorado Supreme, America, tony, European Central Bank, NATO, CNBC, ” BlackRock, Swiss National Bank Locations: Iowa, Washington, Ukraine, New, Davos, Swiss, Mike Quigley of Illinois, Moscow, Russian, Spirit of America, Ted Cruz of Texas, Marco Rubio of Florida, Europe, Iran, Paris, Switzerland, it’s, China, United States, France

☆ We should embrace rather than fear AI: Cohere CEO
▼ + stars: | 2024-01-19 | 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 EmailWe should embrace rather than fear AI: Cohere CEOAI should be regulated by the existing regulators of each sector, Aidan Gomez, the co-founder and CEO of Cohere, told CNBC's Arjun Kharpal at the World Economic Forum in Davos, Switzerland.

Persons: Aidan Gomez, CNBC's Arjun Kharpal Organizations: Economic Locations: Davos, Switzerland

☆ The Fed has to start cutting rates to avoid tipping the economy over, and 8 cuts are coming in the next 2 years, Bank of America chief Brian Moynihan says
▼ + stars: | 2024-01-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The Fed will slash interest rates eight times over the next two years, Bank of America predicted. Officials will want to avoid "tipping the economy over" with its policy, BofA CEO Brian Moynihan said. AdvertisementThe Federal Reserve could end up slashing interest rates eight times over the next two years to prop up the US economy, according to Bank of America CEO Brian Moynihan. That implies 200 basis-points of rate cuts to come over the next few years, taking the Fed's benchmark rate down to the 3.25%-3.5% range. The Fed has hit pause at its recent meetings following an aggressive year-and-a-half of interest rate hikes.

Persons: Brian Moynihan, —, Moynihan Organizations: Bank of America, The New, Fed, Service, Bloomberg, Economic, New York Fed

☆ Opinion | In Davos, Israel’s Hostages Get a Hearing
▼ + stars: | 2024-01-19 | by ( Bret Stephens | ) www.nytimes.com time to read: +1 min

The annual meeting of the World Economic Forum in Davos, Switzerland, is largely an opportunity for the powerful to mingle with the even more powerful. But the most moving stories I heard this week came from some of the least powerful people here. “I open my eyes and feel my throat close,” Rachel Goldberg told me, describing her mornings over the previous 100-plus days. Hersh and nearly 30 others tried to hide at a small roadside bomb shelter. Terrorists attacked it with hand grenades, then an R.P.G., killing nearly everyone inside.

Persons: I’ve, —, ” Rachel Goldberg, “, Hersh Goldberg, Hersh Organizations: Economic, Nova Locations: Davos, Switzerland, paragliders

☆ Ukraine piling pressure on China but Beijing’s peace plans are focused on Gaza
▼ + stars: | 2024-01-19 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —As Ukraine scrambles to keep international support with Russia’s invasion grinding into a third year, its leader has made clear one country he would like to see join his push for peace: China. There, Zelensky told reporters he would “very much like China to be involved” in Ukraine’s peace plan. “China thinks it is already playing an important role in moving toward peace. There is even less reason for China to ‘advance a fair peace as advocated by the West and Ukraine,’” she said. But when it comes to how Beijing may maneuver toward brokering peace in Gaza, China likely doesn’t see itself as yet having captured the opportunity “to present itself as a conflict mediator,” according to Sun.

Persons: Ukraine scrambles, –, Volodymyr Zelensky, Zelensky, Li Qiang, Zelensky –, It’s, ”, Yun Sun, Xi Jinping, ’ ”, Li, Wang Yi, Wang, Xi, Alex Gabeuv, Israel, “, Svitlana Organizations: Hong Kong CNN —, Economic, Stimson, Kyiv, Sun, West, CNN, Arab League, Palestine, Global, Carnegie Russia Eurasia Center, China’s, Ministry Locations: Hong Kong, Ukraine, China, Beijing, Switzerland’s Davos, Interfax, Russia, Washington, Moscow, Davos, Gaza, Russia’s, CNN China, Cairo, Africa, Israel, Palestine, United States, that’s, Berlin, Global, Switzerland, Saudi Arabia, counterbalancing, Kyiv, London

☆ European stocks head for higher open as Davos draws to close; UK retail sales drop
▼ + stars: | 2024-01-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The World Economic Forum in Davos, Switzerland, comes to a close after drawing a raft of business leaders, politicians, central bankers and campaigners. U.K. retail sales disappointed Friday, coming down by 3.2% in December, significantly more than expected. It was the largest monthly fall since January 2021, when pandemic measures restricted sales, the Office for National Statistics said. The technology sector drove a solid rally Thursday, after Bank of America analysts upgraded their Apple rating to "buy." Asia-Pacific stocks were also higher, with TSMC surging and Japanese inflation cooling to its lowest level since June 2022.

Persons: Read Organizations: Economic, European Central Bank, National Statistics, U.S, Congress, Bank of America Locations: Davos, Switzerland, Asia, Pacific

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