Folgen
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Asian equities hit a two-and-a-half-year high following stimulus measures from Beijing. The PBOC cuts the seven-day reverse repo and the RRR in a bid to shore of up the country’s floundering property sector. Our CNBC TV 18 colleagues sit down with JP Morgan Chase CEO Jamie Dimon who says markets should remain cautious despite last week’s historical rate cut by the Fed. On Wall Street, the Dow and the S&P 500 notch new records as the Fed cut relief rally continues this week. German Chancellor Olaf Scholz slams Unicredit after the Italian lender increases its stake in Commerzbank to a potential 21 per cent. And we are live at the Labour Party conference in Liverpool where chancellor of the exchequer Rachel Reeves defends the government’s public finance decisions and says her budget next month will provide ambition rather than austerity.
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China surprises by slashing its key short-term repo rate and announcing a rare economic press conference which triggers speculation of further stimulus measures from Beijing. In France a new government drawn together by Prime Minister Michel Barnier is under threat from a vote of no confidence over his ministerial choices. Apollo Global Management is reportedly eyeing a $5bn investment in Intel while Qualcomm reaches out with a friendly take-over bid. And Rupert Murdoch’s REA Group ups its takeover offer for UK property firm Rightmove following last week’s initial rejection.
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Fehlende Folgen?
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Wall Street notches its best day in six weeks with tech stocks leading the way as the markets celebrate this week’s 50bps Fed rate cut. In China the PBOC bucks expectations of a further rate cut and the BoJ stays put as well while hiking its forecast on domestic consumption. Mercedes slashes its profit outlook once again as Chinese sales fall. And in France, new prime minister Michel Barnier puts the finishing touches on his cabinet in a bid to end months of political deadlock following inconclusive elections in July.
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The Federal Reserve announces its eagerly awaited first rate cut of 50 basis points since the outset of the Covid pandemic with policy makers predicting one further cut this year. The market reaction was mixed with Wall Street closing lower, despite the Dow and S&P 500 initially scaling fresh all-time highs. Equities in Asia saw strong gains following the news from the Fed. Our colleagues in Asia speak to Bridgewater Capital’s Ray Dalio who warns that soaring debt levels Stateside will still prove challenging for the central bank. We are live in Brittany, north-west France, where Spanish green energy giant Iberdrola opens a €2.4bn offshore wind farm. Chairman Ignacio Galan tells CNBC grid expansion is crucial. Investors await today’s Bank of England rate decision with a potential expansion of quantitative tightening expected.
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In anticipation of the Fed’s milestone meeting, the S&P 500 hits a new record with retail data indicating the U.S. consumer and economy are more resilient than expected. DoubleLine Capital chief Jeffrey Gundlach tells CNBC’s Scott Wapner at the Future Proof wealth management festival he is calling for a 50bps cut. Hezbollah points the finger at Israel after thousands of its pagers explode across Lebanon simultaneously, killing at least 9 and maiming more than 2,700. In pharma news, U.S. authorities expand approval of a Novartis breast cancer drug which would open access to patients at the earlier stages of the disease. Commerzbank is reportedly considering replacing CEO Manfred Knof with a new chief with a mandate to rebuff a Unicredit takeover. And in the UK, investors are increasing bets the Bank of England will cut rates this week, strengthening sterling.
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The greenback falls and the Dow hits a record high with investors increasingly betting on a 50bps interest rate cut from the Fed later this week. In Japan, the Nikkei is in the red as the yen strengthens past ¥140 /USD, while a CNBC survey shows a split over the timing of the BoJ’s next rate hike. Struggling chip maker Intel sees shares soar in after-hours trading following its announcement about cutting costs and reining in spending. Meanwhile, Microsoft props up its shares by boosting its dividend and launching a $60bn buyback scheme as it reaps the benefits of its early push into AI.
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Chinese data indicates a slowdown in industrial activity and property prices with pressure now increasing on Beijing authorities to increase spending and stimulate demand. The S&P 500 and Nasdaq notch their best week so far this year with bets rising that the Federal Reserve could slash rates by 50bps later this week. We speak to RBI governor Shaktikanta Das who says India can maintain its economic growth of 8 per cent but inflation and rates concern still linger. GOP presidential candidate Donald Trump is safe after what the FBI has described as an attempt on his life at his Mar-A-Lago golf course.
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The S&P 500 sees a 4-day win streak after wholesale prices come out in line with expectations, shaking off a tough start to September. No surprise as the ECB delivers its second rate reduction this year, but flags slowing growth as trades pare back bets on an October cut. Donald Trump rules out the possibility of another presidential debate, as the Harris campaign says it has raised almost $50 million in the 24 hours since Tuesday night’s face-off. Boeing workers decide to go on strike for the first time since 2008, as 96% of employees vote to walk out. A state-backed UAE firm reportedly enters talks to invest in OpenAI, as the ChatGPT maker unveils new models it says are capable for more human-like reasoning.
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Asian chipmakers climb higher following a tech-led rebound on Wall Street, as Nvidia CEO Jensen Huang attempts to reassure investors over its delayed Blackwell chip production. U.S. inflation falls in August while core CPI surprises to the upside, with Goldman Sachs CEO David Solomon telling CNBC exclusively that he still believes in a soft-landing. OpenAi is reportedly in talks over a fresh fundraising round, which would see the Chat GPT maker valued at $150 billion. Over in Europe, the ECB lines up its second rate cut of the cycle as markets bet on another 25 basis point move lower, with UBS CEO Sergio Ermotti reinforcing that view in an exclusive interview with CNBC.
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Kamala Harris and Donald Trump face off in the first and possibly last presidential debate, clashing over immigration, abortion, and the economy. Big bank shares take a bruising after JP Morgan claims its earnings expectations are too optimistic, with CEO Jamie Dimon warning of stagflation risks. Today’s U.S. inflation print has investors searching for clues on the Fed’s next move, with Bank of America CEO Brian Moynihan telling CNBC that the rate environment will remain restrictive. Auto shares slump as BMW and Continental stocks hit 2-year lows, while Volkswagen prepares for possible job cuts next year. Amazon Web Services announces an £8 billion investment in the UK, the latest in a string of recent expansion moves to Europe.
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Apple’s new iPhone 16 launch fails to send stocks higher, as investors and customers must wait for full AI features. Meanwhile, rival Huawei secures more than 3 million pre-orders for its new tri-fold phone. U.S. equities rebound from its worst week of the year, as soft-landing hopes boosts the S&P 500 to its biggest daily jump in three weeks. Also in China, export data exceeds forecasts, while imports declined near the flatline amid low domestic demand. In the U.S., Kamala Harris and Donald Trump get ready to face off in their first presidential debate, as polls show a neck-to-neck Presidential race. Global dividends hit a fresh record in the second quarter, as more firms are either raising payouts or maintaining them, according to Janus Henderson.
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The S&P 500 posts its worst week since 2023, as traders reprice their Fed cut predictions following a mixed jobs report. Dutch far-right politician Geert Wilders tells CNBC that “Europe is a monster”, as his party tries to navigate its future relationship with the EU. Asian equities reel from soft landing jitters as Chinese consumer inflation numbers come weaker than expected. In France, more than a hundred thousand people take to the street to protest the appointment of Prime Minister Michel Barnier, while Paris asks the EU for more time to confirm its debt plans. And in tech, Apple is set to unveil its newest iPhone, betting on Ai to drive demand and fight off competition from China, as Huawei plans its own launch later today.
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U.S. employment data sends mixed signals as global equities tread water ahead of a crucial nonfarm jobs report. Markets are split between a 25 and 50 basis point cut at the Fed’s next meeting - Nobel Laureate Joseph Stiglitz tells CNBC that he is voting bigger. OPEC-plus producers delay plans to ramp up oil production by at least two months, as crude prices slump to their lowest level this year. Elsewhere, President Macron appoints veteran conservative Michel Barnier as France’s new Prime Minister after a nearly 60-day stalemate. Volvo CEO Jim Rowan tells CNBC that the EV transition is taking longer than expected, as the carmaker scraps plans to go fully electric by 2030.
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The S&P 500 notches back-to-back sessions in the red while mega-cap tech stocks claw back recent losses in what has been a volatile start to September on Wall Street. Qualcomm launches a new AI PC processor, challenging Intel and AMD. CEO Cristiano Amon tells CNBC the X Elite series is a threat to incumbents in the sector. Iconic UK fashion house Burberry is relegated out of the FTSE 100 after 15 years on the exchange. Daimler Truck promotes Karin Rådström to CEO, replacing Martin Daum at the helm from October.
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Chip giant Nvidia sees shares tumble by almost 10 per cent, wiping out close to $300bn of its market cap – the largest single-day fall in value of any American company on record. As a result, Wall Street notches its worst day since the tech rout seen in early August. The sell-off spreads across to Asia where Japan’s Nikkei leads losses. Semi-conductor firms TSMC, SoftBank, Samsung and SK Hynix are all in the red. In the U.S. factory activity contracts as the ISM comes in at 47.2. We hear from former Cleveland Federal Reserve President Loretta Mester who says the markets need to examine the rate projections beyond the September Fed meeting. BofA joins an ever-expanding list of American banks which doubt China’s 5 per cent GDP growth target. The private Caixin survey shows a slowdown in services growth. And in oil news, crude prices extend losses after falling more than 4 per cent yesterday with investors banking on greater supplies coming out of Libya.
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Volkswagen is considering factory closures and job cuts throughout Germany for the first time ever in the face of fierce competition from Asian rivals. Brazil’s supreme court backs a ban on social media platform X and the country’s telecoms regulator considers sanctions against Elon Musk’s satellite internet provider Starlink as a row over free speech deepens. President Joe Biden has accused Israeli Prime Minister Benjamin Netanyahu of inadequate efforts to secure a ceasefire with Hamas while the UK suspends certain arms exports to the country. And in France, the political crisis nears its second month after President Macron fails to pick a new prime minister ahead of a key budget deadline.
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We are live in Dresden, Germany where the AfD has claimed victory in the state of Thuringia and placed a close second behind the CDU in Saxony. Chinese manufacturing data shows the steepest decline in factory growth in six months, pushing Chinese equities into the red. In Israel, tens of thousands take to the streets to protest the lack of a ceasefire deal in Gaza, following the murder of six Israeli hostages in the territory. Brazil’s supreme court orders social media platform X to be shut down as CEO Elon Musk refuses to comply with the country’s censorship regulation.
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Disappointment over Nvidia’s profits slashes the chip titan’s market cap by more than $200bn but the Dow continues in the green to post its 25th record session of the year. U.S. GDP and jobless numbers come in better than expected to ease market jitters and help reinforce hopes of a rate cut next month. U.S. Vice President Kamala Harris gives her first interview since securing the Democratic Party nomination to CNN. And in tech news, Apple and Nvidia are reportedly ready to fund OpenAI which would value the ChatGPT maker at more than $100bn.
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Nvidia shares fall in extended trade despite the A.I. chip giant posting a quarterly beat. Other Wall Street and Asian chip makers have been affected after hours but Nvidia CEO Jensen Huang remains bullish. CNBC learns that artificial intelligence start-up in talks for a new round of funding that could see it valued at more than $100bn. And Warren Buffet’s Berkshire Hathaway becomes the first company outside the tech sector to be valued at $1tn.
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The Dow notches its 24th record high so far this year with Wall Street in the green ahead of highly anticipated earnings from chip titan Nvidia later today. Bio-solutions company Novonesis hikes its FY guidance following a 10 per cent sales increase in the second quarter. GOP presidential candidate Donald Trump faces a fresh indictment from the Special Counsel over attempts to overturn the 2020 election result. And in tech news, Super Micro Computer sees its shares plunge following allegations by Hindenburg Research the server maker had manipulated its accounts.
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