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Wall Street hits another record high ahead of crucial inflation data. But Federal Reserve Governor Christopher Waller says he still requires several more months of data to gather the confidence to move to cut interest rates. UBS takes a hit of more than $1bn to its 2023 net profit after cutting the negative goodwill from its rescue of Credit Suisse. The lender now admits it may not be able to realise all its expected gains. Outgoing Dutch Prime Minister Mark Rutte has sought to calm tensions following an important trade bilateral meeting in Beijing. Rutte told President Xi Jinping that chip restrictions with companies such as ASML, are not country-specific. In currency news, the yen is at nearly its lowest level against the dollar since 1990. Markets are carefully watching for any BoJ intervention following an emergency meeting in Tokyo. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Chinese President Xi Jinping meets with Western executives in Beijing as his country increases efforts to attract FDI at the Bo’ao Forum on Hainan island. However, China also takes up a dispute with the U.S. at the WTO, claiming its EV sector is discriminated against, despite BYD having overtaken Tesla in sales. The yen falls to a 34-year low against the greenback, prompting Japan’s finance minister to warn the government could take ‘decisive steps’ once more to stem the currency’s slide. In Baltimore, MD, the search and rescue efforts to find further victims of yesterday’s catastrophic collapse of the city’s Francis Ford Key bridge now go into recovery mode. President Biden has promised “to move heaven and Earth” to rebuild and reopen the bridge and Baltimore’s port. Shares of Trump Media surge up to 50 per cent after going public in New York which could provide the embattled former President with a vast war chest as election season heats up. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Boeing CEO Dave Calhoun is to step down at the end of the year as the plane maker scrambles to repair its safety reputation. This week’s upcoming U.S. inflation print pushes Wall Street lower after Fed officials unite to dampen expectations of an early rate cut. The UNSC passes a vote calling for an immediate ceasefire in Gaza and the release of all Israeli hostages with the U.S. notably abstaining. In tech news, Brussels begins its first investigation under the Digital Markets Act, with Meta, Apple and Alphabet targeted over potential anti-competitive market behaviour. And Adam Neumann has reportedly raised $500m to launch a WeWork comeback, attempting to buy the co-office space provider out of bankruptcy. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The Dow and the S&P 500 record their best week of the year so far as investors applaud signs that major central banks are on track to begin slashing interest rates. Russia observes a day of mourning and four suspects are charged following Friday’s Moscow concert hall massacre and fire. At least 137 are now known to have been killed. IMF Managing Director Kristalina Georgieva says the Chinese economy is facing ‘a fork in the road’ as policy makers and CEOs attend Beijing’s premiere business conference. German business morale ticks up slightly. We hear from the boss of KFW, Stefan Wintels, who says the German economy is once again regaining its confidence. And in autos news, Nissan is to launch its new business plan amid growing competition in the EV sector. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Wall Street hits record highs thanks to strong tech stocks but the rally fails to materialise elsewhere with the Hang Seng leading declines in Asia. Shares in social media company Reddit rise almost 50 per cent following its NYSE listing, giving it a market cap of almost $10bn. Airbus snags orders for 65 planes from two of Boeing’s key Asian clients but the plane maker’s CFO Thomas Toepfer tells CNBC he hopes the rival’s safety issues are resolved soon. Apple shares are down 4 per cent after the DoJ hits the company with a landmark anti-trust lawsuit, claiming it monopolises the smart phone market. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The U.S. Federal Reserve holds interest rates steady, as expected, and signals plans for multiple cuts before the end of the year. Wall Street rallies to new records, while the positive sentiment extends into Asia and the Nikkei notches its own high. Meanwhile the U.S. Department of Justice reportedly plans to sue Apple as soon as today, accusing it of blocking rivals from accessing iPhone hardware and software - just days after the EU issues its own antitrust fine. And, Reddit prices are at the top of the range as the social media platform prepares to IPO in New York. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
There's a fresh record for the S&P 500, while the Dow sees its best day in almost a month, as Wall Street counts down to the all-important Fed decision and an updated dot plot. U.S. Defense Secretary Lloyd Austin warns Ukraine's survival is in danger amid a funding impasse in Congress, as Poland's foreign minister calls on America to act. Elsewhere, Kering issues a profit warning, with the luxury giant saying an almost 20 percent plunge in Gucci sales will drag on group revenues. And Nvidia CEO Jensen Huang tells CNBC the company is just at the beginning of an 'AI computing ramp' that he expects to last years. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
An historic shift from the Bank of Japan - ending the world's last negative rates regime with its first hike in 17 years, while also abolishing its yield curve control policy. The Yen extends declines, hitting 150 against the dollar, while the Nikkei edges higher as investors embrace a new era for Japanese central bank policy. Polish President Andrzej Duda calls on NATO allies to ramp up defence spending, telling CNBC exclusively there is limited time to prepare for another potential Russian attack. And Nvidia turns up the AI heat, unveiling its highly anticipated "Blackwell" chip as it looks to extend its lead in artificial intelligence computing. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
U.S. producer prices have come in higher than predicted causing minor declines on Wall Street with Treasury yields pushing up too. The ECB chief economist Philip Lane tells CNBC that the central bank should take its time in deciding on rate cuts and earmarks June as a potential live meeting. Germany’s largest real estate company Vonovia posts a record full-year loss of €7bn with the CEO describing the fall in valuations as “the worst we have ever seen”. Former U.S. Treasury Secretary Steven Mnuchin tells our colleagues Stateside that he is creating an investor group to purchase the Chinese social media giant TikTok as legislation threatening the app’s American presence winds its way through Congress. We also hear from the CEO of Qatar Airways who says he is open to expanding his fleet through either Airbus or Boeing, stressing he has no safety concerns about the U.S. plane maker. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The S&P 500 record run in the green stalls after Apple and Nvidia post 1 per cent declines. Tesla faces numerous valuation cuts with Wells Fargo calling the EV maker “a growth company with no growth”. Share have tumbled more than 4 per cent. We hear from HSBC Group CFO, Georges Elhedery, who predicts a U.S. soft-landing in H2 and says a lower rate environment will not have an impact on his company’s revenue guidance. The ECB outlines plans to incentivise inter-bank lending and to reduce its presence in financial markets. And in Washington, the U.S. House of Representatives votes overwhelmingly in favour of banning the Chinese social media app Tik Tok. The bill will now pass through the Senate. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Inflation in the U.S. unexpectedly ticks higher in February, potentially lengthening the Fed’s path back to lower rates. However, U.S. and European equities hit new highs as investors stick with their June Fed rate cut predictions. In politics, President Joe Biden and former President Donald Trump have both won enough primary delegates to become their parties’ presumptive nominees in November’s presidential election, according to NBC News. In Japan, major companies commit to fully meet union demands for pay hikes, strengthening speculation the Bank of Japan could exit negative rates next week. Boeing suffers a plethora of quality control problems with its top clients complaining of delivery delays, cancelled flights as well as hiring freezes at the U.S. plane maker. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Former U.S. President slams both China and the EU, telling our colleagues Stateside that America is being taken advantage of economically. JPMorgan boss Jamie Dimon urges the Federal Reserve to act cautiously on rate cuts, arguing that a U.S. recession is still a possibility as President Biden unveils his budget for 2025, which proposes higher taxes, spending and debt. BoJ governor Kazuo Ueda has dampened optimism about the state of the Japanese economy ahead of a key meeting which could see the central bank raise rates out of negative territory for the first time since 2016 as the 10-year JGB reaches a three-month high. Chinese smartphone maker Xiaomi is to launch its first ever EV, helping to push shares up on the Hang Seng. GOP House leaders move against social media giant TikTok with a bill that could require its parent company ByteDance to either sell the platform or be liable to a fine in the U.S. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The Nikkei tumbles, posting its worst day in the more than a year on speculation the BoJ will finally raise rates, helping the yen while hurting exports. In China, sticker prices rise for the first time since lates summer but manufacturing price deflation continues to drag. New Delhi agrees to signs a $100bn free trade deal with the European EFTA bloc, ahead of a spring general election. And in energy news, Saudi Aramco sees FY profit fall by up to 25 per cent but its still manages to posts its second-highest net income ever while increasing its dividend. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
There’s a new record high for the S&P 500 index – its 16th this year. In a testimony to the Senate, U.S. Federal Reserve Chairman Jerome Powell said the central bank was gaining the confidence it needs to cut rates. In Frankfurt, the ECB keeps rates on hold but signals a mid-year cut with President Christine Lagarde calling for more data by June. President Biden lashes out at former President Donald Trump during his third State of the Union address. Biden called on Congress to stand up to Russia’s Vladimir Putin. Humanitarian assistance to Gaza and the southern border crisis were also featured high on the agenda. Danish drug maker Novo Nordisk overtakes Tesla in market cap valuation, unveiling new trial data as well as plans to sell WeGovy in China. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
U.S. Federal Reserve Chairman Jerome Powell reiterates to the House Financial Services Committee that the central bank is not yet ready to begin slashing interest rates. Powell said he required more data to be confident inflation would continue falling before dialling back on restrictive policy. Chinese trade numbers beat expectations for the first two months of 2024. Foreign Minster Wang Yi has hit out at ‘lengthening’ U.S. economic restrictions on his country. In Frankfurt, the ECB is expected to keep rates on hold for a fourth consecutive month while in the UK, Chancellor of the Exchequer Jeremy Hunt cuts National Insurance contributions by a further 2 per cent. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Former U.S. President Donald Trump dominates the GOP Super Tuesday races. NBC News projects he has won almost all of the 15 states voting in the primary contest. Wall Street stumbles for a second straight day with tech stocks weighing. The Dow is down ahead of Federal reserve Chairman Jerome Powell’s testimony on Capitol Hill. We are live in Westminster ahead of Chancellor Jeremy Hunt’s UK budget later today. Personal tax cuts set to top the agenda. And in IPO news, Swiss-American dermatology company Galderma plans to list in Zurich, aiming to raise $2.3bn. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We are live in Beijing at China’s annual parliamentary session where the country has set a growth target of ‘around 5 per cent’ for 2024. Premier Li Qiang has sought to diffuse economic tensions but warned of a tricky path ahead. Tesla sees Chinese sales fall to the their lowest level since December 2022, with increased domestic competition as well as a slowdown in demand weighing on the EV maker. Brussels has slapped Apple with a €1.8bn fine for alleged abuse of its market position within the music-streaming space. And in the U.S., the Supreme Court has ruled that individual states cannot remove former President Donald Trump from the ballot for his alleged involvement in the January 6th 2021 storming of the U.S. Capitol. Delegates in 15 states are due to vote for presidential nominees this Super Tuesday. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
China hosts its annual legislative sessions with an aim to deepening economic reform. Beijing is grappling with the four issues of deflation, demographics, debt and de-risking. In Japan, the Nikkei 225 hits the 40,000-point level for the first time on the back of strong tech stock performance. Stateside, the Nasdaq, Dow and S&P 500 also hit fresh highs. Hamas delegates are in Egypt hoping to negotiate a Ramadan truce in Gaza. U.S. Vice-President Kamala Harris calls out Israel over the humanitarian situation in the territory. Saudi Arabia has decided to extend its voluntary oil supply cut until the end of Q2. Russia performs its own cuts as Opec+ nations attempt to steady the market. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The recent optimism around A.I. helps push the Nasdaq to its first record high in more than 2 years. The Dow and S&P 500 also mark their best start to the year since 2019. Consumer prices Stateside are their slowest rate of increase in six years, raising hopes of a June rate cut. In banking news, shares of NY Community Bancorp plunge by 20 per cent in extended trade on the news that the lender has removed its CEO due to internal control matters. Chinese manufacturing activity is down for a fifth-straight month ahead of next week’s annual legislative meetings where broader policy moves may be on the agenda. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
U.S. markets are set to notch their fourth monthly gain but investors turn wary on tech stocks ahead of today’s inflation data. There is a tentative deal on Capitol Hill as lawmakers scramble to avert a government shutdown. Long-serving Senate Republican leader Mitch McConnell has announced he will be stepping down from his position after the U.S. election this November. Chinese equities rebound sharply despite recent volatility with the Shanghai Composite is now on track for its best month since November 2022. In tech news, Apple has teased it will be making a major A.I.-related funding announcement later this year. And luxury Italian fashion house Moncler posts a 17 per cent revenue spike due to a strong performance in China. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Global markets toe the line ahead of key inflation data coming out of the U.S. The recent troubles experienced by Boeing have sent U.S. durable goods orders to their steepest monthly fall since April 2020. In U.S. politics, President Biden wins the Democratic primary in Michigan while former President Donald Trump easily notches his fifth state victory ahead of Super Tuesday. Following President Macron’s comments about potential NATO boots on the ground in Ukraine, Western leaders push back but speaking to CNBC, former Ukrainian president Petro Poroshenko urges unity and strength in the face of Putin’s aggression in his country. In tech news, Apple reportedly ditches plans for its EV to instead focus on its generative A.I. unit. We have continuing coverage from the Mobile World Congress in Barcelona where Honor enters the high-end smart phone space with its first foldable flip phone. Cisco CEO Chuck Robbins tells CNBC that A.I.’s impact will soon become very visible and transformative. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
JPMorgan Chase CEO Jamie Dimon has played down suggestions that the U.S. economy may still enjoy a soft landing, saying investor optimism is mis-placed. With A.I. dominating the agenda at the Mobile World Congress in Barcelona, we hear from Microsoft President Brad Smith who says the new technology is transformative and here to stay. In Japan, January inflation slowed which affected the BoJ’s 2 per cent target and supported the case for the central bank to end negative interest rates in the coming months. Chinese fast fashion company Shein has signalled it may list in London rather than on Wall Street following increased SEC concerns about the firm in the U.S. In Paris, French President Emmanuel Macron hosts Western leaders, pledging to support Ukraine and also not ruling out the possibility of European boots on the ground. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
We are live at the Mobile World Congress in Barcelona where A.I. is dominating the agenda. Deutsche Telekom CEO Tim Höttges tells CNBC that Europe is lagging in the digital world. Berkshire Hathaway posts a record 28 per cent jump in Q4 earnings bringing the company’s cash pile to $167bn but CEO Warren Buffett warns that a repeat performance in coming years is not guaranteed. Donald Trump comfortably defeats Nikki Haley in the GOP primary in her home state of South Carolina to cement his lead as the Republican presidential nominee frontrunner. Haley, however, has vowed to fight on. Russia’s invasion of Ukraine drags into a third year as a U.S. Congressional impasse continues to hold up military aid for the country. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Chip maker Nvidia adds $277bn to its market cap in one session, smashing the previous added value record high and prompting stock market highs across three continents. Asia-focused bank Standard Chartered posts an 18 per cent surge in FY pre-tax profit. It is due to offer a $1bn share buy-back and a large increase to its dividend. Reddit may list in New York in the next few weeks, becoming Wall Street’s first social media IPO since Pinterest in 2019. And the U.S. government is preparing 500 new sanctions against Moscow following the death of opposition activist Alexei Navalny in prison last week. President Joe Biden has met with his family on the eve of the second anniversary of Russia’s invasion of Ukraine. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Nvidia shares pop in after-hours trade after the chip giant posted a 265 per cent surge in Q4 revenue. CEO Jensen Huang tells CNBC that conditions are ideal to grow the company. As a result the chip sector rallies, pushing Japan’s Nikkei to levels not seen since 1989. The Fed urges caution in cutting rates too early. BofA CEO Brian Moynihan says the central bank should not repeat mistakes of the past. And in autos news, Mercedes-Benz is to launch a share buy-back worth $3bn ahead of results later this morning. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
HSBC shares dip in Hong Kong despite the lender posting a record FY profit. The result was marred by a write-down on its share of Chinese bank BOCOM. HSBC CEO Noel Quinn tells CNBC he is still upbeat on the country’s economy. Chinese indices claw back earlier losses after the market regulator said it would increase supervision while the Shanghai and Shenzhen bourses crack down on a key quant fund. Wall Street suffers a second day of losses after chip giant Nvidia records its worst session since October. The company’s earnings are due later today. And in retail news, French supermarket giant Carrefour announces a 55% dividend hike after seeing record cash flow of €1.6 bn. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
