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Dollar eyes weekly gain on slower Fed easing, inflation outlook
  + stars: | 2024-11-15 | by ( ) www.cnbc.com   time to read: +4 min
The euro was in turn on track for its worst weekly performance in seven months with a fall of 1.75%. Sterling traded 0.02% lower at $1.2666 and was similarly set to lose 2% for the week, its worst weekly fall since January 2023. Higher trade tariffs and tighter immigration under President-elect Trump's incoming administration are projected to fuel inflation, potentially slowing the Fed's easing cycle longer term. The yen was last 0.2% lower at 156.57 per dollar, on track for a weekly decline of 2.5%. Elsewhere, the Australian dollar eased 0.06% to $0.6450 and was set to lose just over 2% for the week, its worst weekly performance in four months.
Persons: Donald Trump's, Sterling, Jerome Powell, Carol Kong, CBA's, bitcoin, Joshua Chu Organizations: Traders, Commonwealth Bank of Australia, U.S ., Treasury, New Zealand, Hong Kong Web3 Association Locations: U.S, CBA's Kong
Why the C-suite is getting so big
  + stars: | 2024-11-15 | by ( Tim Paradis | ) www.businessinsider.com   time to read: +8 min
Beyond the usual top jobs, some organizations now have chief experience officers, chief AI-ethics officers, and chief transformation officers. LinkedIn said in September that those were the fastest-growing C-suite roles on its platform from 2022 to 2023. Janet SherlockBut she said a lineup that includes a chief marketing officer, a chief information officer, and a chief customer-experience officer might indicate insufficient internal coordination. "Do I need a customer-experience officer whenever I have a chief commercial officer, a chief information officer, and a chief marketing officer?" Wiggins said that's why there's more pressure on C-suite leaders to act as a well-informed unit of experts rather than technical specialists.
Persons: Ram Charan, who's, Jason Saltzman, Charan, , they're, Jensen Huang, Janet Sherlock, Ralph Lauren, Sherlock, Christine Porath, Porath, Dorie Clark, Clark, Ty Wiggins, Russell Reynolds, Wiggins, remits Organizations: Bank of America, Verizon, Technologies, Nvidia, Elon, Tesla, University of North, Chapel, Columbia Business School, Workers, Russell Reynolds Associates Locations: Huang's, University of North Carolina
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed in some ways is accepting rather than defining reality, says Harvard's Jason FurmanJason Furman, professor at Harvard’s Kennedy School and former CEA chair, joins CNBC's 'Squawk Box' to discuss central bank independence, expectations for the Trump administration, and more.
Persons: Harvard's Jason Furman Jason Furman, Trump Organizations: Harvard’s Kennedy School, CEA
The global 60/40 strategy has seen a 27% cumulative return since 2022 through Oct. 31, according to Vanguard data. Traditionally, stocks and bonds move in opposite directions, which helps lower the volatility of this traditional portfolio. But that didn't work in 2022, when stocks and bonds both suffered and the 60/40 tanked, which had many declaring the strategy dead. The 60/40 portfolio tends to be shorthand for a balanced, diversified portfolio, with specific allocations based on investors' individual needs. For instance, Morningstar's index that reflects a 60/40 portfolio is up about 15% year to date.
Persons: Todd Schlanger, it's, Dan Lefkovitz, Morningstar, Lefkovitz, doesn't, Amy Arnott, Price, Jared Woodard, Woodard, Morningstar's, Vanguard's Schlanger, Schlanger, Organizations: Vanguard, Morningstar, Commodities, Bank of America, Fund, Bloomberg U.S, U.S .
ET, the 10-year Treasury yield rose by more than two basis points to 4.4453%. The yield on the 2-year Treasury rose by more than three basis points to 4.3307%. U.S. Treasury yields rose on Friday as investors digested Federal Reserve Chair Jerome Powell's latest comments, and awaited further economic data. The remarks come after the Fed cut interest rates by a quarter point last week. Investors will turn their attention to further economic data due to be published on Friday, including retail sales, industrial production, and import prices.
Persons: Jerome Powell's, Powell, Powell's Organizations: Treasury, U.S, Investors, Fed
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsian Development Bank's Kubo discusses the $120 billion cumulative climate finance target for 2030Toru Kubo, senior director for climate at Asian Development Bank, says "we've been doing everything we can" to mitigate and adapt solutions to the most vulnerable countries.
Persons: Bank's Kubo, Toru Kubo, we've Organizations: Asian Development Bank
Goldman Sachs named 95 partners last week, including private wealth exec Brittany Boals Moeller. AdvertisementBrittany Boals Moeller, one of Goldman Sachs' newly minted partners, didn't picture a career in finance when she joined the bank 17 years ago. The 39-year-old is based in Atlanta and runs the Southeast region of Goldman Sach's private wealth division. While wealth management clients skew older, the division has a pipeline of rich millennial founders who work with the investment banking arm. Goldman Sachs' family office offering, Apex, launched a few years later.
Persons: Goldman Sachs, Brittany Boals Moeller, , I've, Goldman, Boals Moeller, John Mallory, Tucker York, Ciara, Marc, Kwesi Farrell, John Paul DeJoria, Michelle Hynik, It's Organizations: Service, New York University, Goldman, Catering, Utah Royals, Advisors Locations: Jonesboro , Arkansas, Atlanta, Apex, Deer Valley, Copenhagen, Deer
Giuliani also told his bank to turn over at least $30,000 in a bank account, according to a Friday court filing. If Giuliani didn’t give up the full list of items ordered by a judge last month, he could be held in contempt of court. Giuliani has indicated in court proceedings one watch is from his grandfather and two others were gifts from European leaders after the September 11, 2001, attacks. The pair are also still fighting in court to try to win his $3.5 million Palm Beach, Florida, condo and four Yankees World Series rings from the 1990s and 2000. Giuliani is still arguing he should be able to keep living in the Palm Beach condo and Manhattan apartment, and that he gave the World Series rings to his son years ago.
Persons: CNN — Rudy Giuliani, Giuliani, Joseph Cammarata, Ruby Freeman, Shaye Moss, Donald Trump, Moss, Ted Goodman, Goodman, he’s, ” Goodman, Freeman, Giuliani’s, , ” Cammarata, Rudolph Giuliani, Lauren Bacall, CNN’s Kara Scannell, Emily Condon Organizations: CNN, Benz, FedEx, Beach, Yankees, Freeman, Mercedes Locations: New York City, Georgia, New York, Florida, Staten Island, Long, York, Beach , Florida, Palm, Manhattan, Palm Beach
Schwarzman has called Blackstone his family office, but he has another family office, BI has learned. Inside Schwarzman's secretive family office with a name that harkens back to his childhood. The concept of the family office can be traced to the 1838 founding of the House of Morgan to handle J.P. Morgan's fortune. Every family office, however, is just as unique as the wealthy family that's spawned it, he said. Advertisement"The term family office," Sharpe said, "is possibly the most misused, overused, and poorly used term in finance today."
Persons: Steve Schwarzman, Schwarzman, Blackstone, , Averell Harriman, Harriman, Brown, Harry Truman, Donald Trump, Christine Hearst Schwarzman, Gwen Stefani, Theo Wargo, Pennypack, Steve Schwarzman's, Blackstone Schwarzman, Pete Peterson, Marc Sharpe, Michael Dell, Sharpe, they're, Stephen A, John Magliano, Magliano, Paul A ., LLCs, tony Easton, Hearst, Alexi Rosenfeld, Trump's, Stephen Schwarzman, Jabin, Tim Sheehy, Montana, Sheehy, Morgan Organizations: Service, Bloomberg, Ford Motor Co, White, New York Public Library, Metropolitan, Bank of America Securities Financial Services, Blackstone, Vanguard, Family Office Association, Dell Computer, BI, Getty, Schwarzman, LinkedIn, Hearst Schwarzman, Art, Federal Communications Commission, MIT, Humanities, Oxford, New York Public, Schwarzman Education Foundation, Tsinghua University, Policy, Washington, Getty Images Locations: New York, Vietnam, Manhattan, Philadelphia, Blackstone, Schwarzman, Pennypack, Delaware, Nantucket , Massachusetts, Nantucket, Schwarzman's, Newport , Rhode Island, Miramar, Wiltshire, England, Newport ., Beijing, China, North America
Warren Buffett's Berkshire Hathaway purchased stakes in Domino's Pizza and Pool Corp. last quarter. AdvertisementWarren Buffett's Berkshire Hathaway took a bite of the pizza business and jumped into the swimming pool industry last quarter. The famed investor's conglomerate bought a slice of Domino's Pizza worth $549 million at the end of September, a portfolio update revealed Thursday. Buffett and his team also purchased just over 1% of Pool Corp. — a wholesale distributor of swimming pool supplies and related products. Buffett owning a piece of Domino's Pizza seems fitting given his insatiable appetite for fast food and the companies that produce it such as Berkshire-owned Dairy Queen.
Persons: Warren, Berkshire Hathaway, , Buffett, Kraft Heinz, Todd Combs, Ted Weschler Organizations: Berkshire, Corp, Apple, Bank of America, Service, Pool Corp, Nu Holdings, Charter Communications, American Express, Kraft Locations: Berkshire
Jamie Dimon says bankers are "dancing in the street" because they expect Donald Trump to cut regulations. President-elect Trump has tasked Elon Musk and Vivek Ramaswamy with eliminating government waste. AdvertisementJamie Dimon says Wall Street is whooping with joy at the prospect of Donald Trump tearing up regulations and revitalizing the banking industry in his second term. AdvertisementExcessive regulation in the US is "a shame, and we're doing this to ourselves, and it's a mistake," Dimon said. The president-elect wrote that DOGE's goal would be to "dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."
Persons: Jamie Dimon, Donald Trump, Trump, Elon Musk, Vivek Ramaswamy, , they've, Dimon Organizations: JPMorgan, Service, APEC, Summit, Bloomberg, of Government Locations: Lima , Peru
BEIJING — China's retail sales rose more than expected in October, while industrial production and investment data missed forecasts as the real estate drag worsened. Industrial production rose by 5.3% in October from a year ago, missing expectations of 5.6% growth. Investment in real estate for the January to October period fell by 10.3% from a year ago, steeper than the 10.1% drop seen in the January to September period. While infrastructure and manufacturing investments picked up slightly in the year-to-date period as of October, versus that of September. The central bank has cut interest rates and extended existing real estate support.
Organizations: Retail, National Bureau of Statistics, Ministry of Finance Locations: Shanghai, BEIJING
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer BOE member on what Trump's reelection could mean for the UKJohn Gieve, former deputy governor at the Bank of England, speaks to CNBC's Silvia Amaro about monetary policy and Trump tariff implications.
Persons: Former BOE, John Gieve, CNBC's Silvia Amaro Organizations: Former, Bank of England
If implemented, Americans could see prices rise across several product categories. AdvertisementBased on analyses from economists and trade experts, here are the goods that could become more expensive for Americans under Trump's tariff proposals. AdvertisementSome retailers have already announced preparations to increase prices should Trump's tariff plans go into effect. AdvertisementGold said it's unlikely Trump's tariffs would go into effect on day one or day two, and "it's tough to say right now at what point consumers would feel the impact." AdvertisementA report from centrist think tank ThirdWay said that Trump's tariff proposals analyzed eight common purchases that the US either heavily imports or is unable to produce domestically.
Persons: Donald Trump, Trump, , Mary Lovely, Lovely, There's, Joe Biden, Jonathan Gold, it's, Karoline Leavitt, Tim Boyle, Gold, Philip Daniele, Daniele, Shinji Aoyama, Henrik Elm, Elm, Taylor Rogers Organizations: Trade, Service, Peterson Institute for International Economics, Trump, Consumers, National Retail Federation, Retailers, Bank of America, Columbia, Washington Post, Electronics, Consumer Technology Association, CTA, Honda, General Motors, Ford, Inter Ikea —, Ikea, Reuters, NPR, International Trade Commission, Republican National Committee Locations: China, Mexico, Europe
Shares of obesity drugmaker Eli Lilly fell more than 4% on Friday, extending a roughly 3% slide in Thursday's session. Ozempic is the posterchild of the fast-growing GLP-1 class, in which Novo Nordisk and Eli Lilly are currently the two dominant players. Bottom line Eli Lilly has been our favorite drug stock for years thanks to its stellar pipeline led by GLP-1s. But, at this point, Kennedy's nomination requires us to be more cautious on Eli Lilly in the near term. Eli Lilly and Company, Pharmaceutical company headquarters in Alcobendas, Madrid, Spain.
Persons: Eli Lilly, Donald Trump, Robert F, Kennedy Jr, Kentucky Sen, Rand Paul, Kennedy, Trump, Eli Lilly's, John F, Kennedy —, LLY, Eli Lilly's GLP, Jim Cramer, David Ricks, Lilly, It's, Jim, it's, Jim Cramer's, Cristina Arias Organizations: Republican, Department of Health, Human Services, HHS, and Drug Administration, Centers for Disease Control, Medicare, Medicaid, Senate, Democratic, GOP, Media, Novo Nordisk, Moderna, Pfizer, Deutsche Bank, GSK, White, CDC, Street Journal, GLP, Big Pharma, FDA, tirzepatide, CNBC, Company, Pharmaceutical Locations: Washington, Kentucky, Danish, U.S, Alcobendas, Madrid, Spain
Markets sink: Stocks are taking it on the chin Friday, capping off a week in which the S & P 500 fell about 2%. Bright spots : The two best-performing S & P 500 sectors this week are financials and energy. Health care was far and away the worst-performing group in the S & P 500. Next week: There's 11 companies in the S & P 500 reporting next week. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .
Persons: Jim Cramer, There's, Donald Trump's, Jerome Powell, Trump, , Morgan Stanley, Wells Fargo, Robert F, Kennedy Jr, Eli Lilly, we'll, Stanley Black, Decker, Jim Cramer's, Jim Organizations: CNBC, Traders, – BlackRock, Energy, Coterra Energy, Disney, Department of Health, Human Services, pharma, Nvidia, Walmart, Viking Holdings, TJX Companies, Palo Alto Networks, Target, Williams, Club, BJ's, Ross Stores, Baidu, PDD Holdings, GE Healthcare, Jim Cramer's Charitable Locations: Wells Fargo, Sonoma, Snowflake, Palo Alto
Trump's plan to transform federal land into housing will be costly, given minimal existing infrastructure, UBS says. Those policies, plus a set of potentially inflationary proposals, could drive up both home prices and mortgage rates, they say. Trump's plan to transform federal land into more housing seems particularly challenged, the analysts say. The higher rates will likely continue the housing lock-in effect, where existing homeowners prefer to remain locked in at their current lower rates. In prepared remarks on Thursday, Fed Chair Jerome Powell said the US is in no hurry to cut rates, signaling that mortgage rates could stay higher for longer.
Persons: , Donald Trump's, homeownership, Trump, JD Vance, Vance, homebuyers, Jerome Powell Organizations: UBS, Service, Builders
That's the view of Caroline Cai, CEO of U.S.-based Pzena Investment Management. "This is really for the first time in the last seven, eight years where we think you're getting paid to expose yourself to China," Cai told "CNBC Squawk Box Asia" this week. The investment firm has ramped up its exposure to Chinese equities in the last two years. "It's not because we have a particularly positive view on longer term Chinese macro, we kind of think things are pretty challenging. "Our view is, if the risk is obvious to everyone, at least you're getting paid to take some exposure," she added.
Persons: Caroline Cai, Cai, we're, Adam Coons, CNBC's Organizations: Pzena Investment Management, CNBC, Winthrop Capital Management, People's Bank of China Locations: China
SKIP AHEAD How we picked the best travel tech essentials | The best travel tech gadgets on Amazon | Why trust NBC Select? As you consider travel gadgets, it’s important to evaluate their size and weight, especially if you have limited space in your carry-on or suitcase. Convenience : Whether you’re taking a car, plane, train or bus, the best travel tech gadgets provide convenience when you’re on the road, ensuring you’re comfortable and prepared for common travel issues. : Whether you’re taking a car, plane, train or bus, the best travel tech gadgets provide convenience when you’re on the road, ensuring you’re comfortable and prepared for common travel issues. The best travel tech gadgets on AmazonUsing the guidance of travel experts, I sorted through hundreds of popular travel tech gadgets on Amazon.
Persons: Tom Marchant, Marchant, , you’re, it’s, You’ll, Anker PowerCore, there’s, trimmer, TikTok Organizations: NBC, Fyy, Tile Network, Apple, AAA, Apple Watch, Bluetooth, AA, Facebook, Twitter
Fed’s Powell: Rate cuts are still underway
  + stars: | 2024-11-14 | by ( Bryan Mena | ) edition.cnn.com   time to read: +4 min
Powell said more rate cuts are likely underway because the economy’s current trends and dynamics are expected to remain in place, at least in the short run. “We are moving policy over time to a more neutral setting,” Powell said in prepared remarks for an event in Dallas. It’s also too soon for Fed officials to conclude that October data is indicative of any new trend. While additional hot inflation reports could be factored in to the Fed’s decisions, officials are also looking at the US labor market closely. There’s also been tension between Trump and Powell, whom the president-elect first nominated in 2017 to steer the central bank.
Persons: Jerome Powell, Powell, ” Powell, Donald Trump, Trump’s, It’s, Price, , , There’s Organizations: Washington CNN — Federal, Republican, Fed Locations: Dallas, stoke, Trump
Amazon on Thursday announced Prime members can access new fixed pricing for treatment of conditions like erectile dysfunction and men's hair loss, its latest effort to compete with other direct-to-consumer marketplaces such as Hims & Hers Health and Ro. Medications filled through Amazon Pharmacy are eligible for discounted pricing and will be delivered to patients' doors in standard Amazon packaging. Analysts at Bank of America downgraded shares of Hims & Hers from buy to underperform on Thursday, citing Amazon's push into hair loss and erectile dysfunction markets. The analysts said Hims & Hers generates more than 80% gross margins from its core erectile dysfunction and hair loss offerings, and estimate that Amazon's medications for those conditions are about 42% and 29% cheaper respectively. Amazon introduced, and later shuttered, a telehealth service called Amazon Care, as well as a line of health and wellness devices.
Persons: , Annie Palmer Organizations: Amazon, Amazon Pharmacy, Bank of America, CNBC Locations: PillPack
Here are Thursday's biggest calls on Wall Street: Citi initiates Gilead Sciences as buy The firm said it is bullish on the biotech company's HIV franchise. Piper Sandler upgrades Campbell Soup to overweight from neutral Piper Sandler said it sees an attractive entry point for the stock. UBS initiates Cogent as buy The firm said it sees meaningful revenue acceleration for the internet services company. Jefferies reiterates Tesla as hold The firm raised its price target on the stock to $300 per share from $195. Morgan Stanley reiterates Meta as overweight The firm said Meta is a major artificial intelligence beneficiary. "
Persons: Piper Sandler, Campbell, Oppenheimer, Jefferies, Tesla, Morgan Stanley, Papa, KeyBanc, Papa John's, BXP, Wells, Wells Fargo, BURL, Meta, Needham, Eli Lilly's Organizations: Citi, Gilead Sciences, HIV, SOVO, UBS, Nvidia, Bank of America, Neutral Bank of America, ISI, Papa Johns International, Company, JPMorgan, Medicines, 3Q, Netflix, Barclays, Airlines, FDA, Novo Nordisk, Microsoft Locations: Europe, Asia, Africa, America, Manhattan, Burlington
Mike Kemp | In Pictures | Getty ImagesBritain's motor finance industry is in disarray, with analysts warning of worst-case scenarios similar in magnitude to the country's costliest consumer banking scandal. The decision caught many in the motor finance industry off guard and appears to have paved the way for a multi-billion-pound redress scheme to compensate consumers. It urged motor finance groups to consider setting aside financial provisions to resolve the high volume of complaints. According to the banks, they followed the rules and guidelines set by the FCA, which are not aligned with the new Court of Appeal ruling," Kammer told CNBC via email. The FCA has said that it will await the outcome of a potential Supreme Court ruling before taking a decision on the matter," Kammer said.
Persons: Mike Kemp, Banks, Niklas Kammer, Kammer, Benjamin Toms, Toms, John Keeble Organizations: Royal Exchange, City of, Appeal, Authority, FCA, Morningstar, Lloyds, Horse, Barclays, Lloyds Banking, Bloomberg, Getty, of, CNBC, PPI, RBC Capital Markets, Taxis, Fenchurch, Station Locations: City, City of London, London, United Kingdom, U.K
LISBON, Portugal — British online lender Zopa is on track to double profits and increase annual revenue by more than a third this year amid bumper demand for its banking services, the company's CEO told CNBC. Zopa posted revenues of £222 million ($281.7 million) in 2023 and is expecting to cross the £300 million revenue milestone this year — that would mark a 35% annual jump. The firm also says it is on track to increase pre-tax profits twofold in 2024, after hitting £15.8 million last year. In 2024, we've hit or exceeded the plans across all metrics," CEO Jaidev Janardana told CNBC in an interview Wednesday. He said the strong performance is coming off the back of gradually improving sentiment in the U.K. economy, where Zopa operates exclusively.
Persons: Zopa, we've, Jaidev Janardana Organizations: CNBC, Zopa Locations: LISBON, Portugal, British, U.K
"We are seeing [deflation] to some extent," said Stephen Brown, deputy chief North America economist at Capital Economics. Energy prices and electronicsGasoline prices are also "way down," Zandi said. Consumers "could get more relief there because global oil prices are soft," Zandi said. Food prices are also generally underpinned by their own unique supply-and-demand dynamics, economists said. Lower energy prices can also take pressure off food prices, as it costs less to transport and distribute food to grocery store shelves.
Persons: Stephen Brown, Mark Zandi, women's outerwear, they've, Zandi, They've, Donald Trump's, they'd, Bacon Organizations: North, Capital Economics, U.S, Moody's, Finance, CPI, Bank of America, U.S . Energy Information Administration, Consumers Locations: U.S, North America, China
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