Anti-Clickbait News Summaries for October 25, 2024
Max Keiser reports 6,800,000% profit from Bitcoin investments since 2011. Nvidia acknowledges chip design flaw as OpenAI disbands AI safety team.
Hi, it’s Jack again with your daily news summaries 😇
The Markets:
Futures Market Overview
Crude Oil: $71.08 (▲ +0.89, +1.27%)
Natural Gas: $2.9970 (▼ -0.0210, -0.70%)
Gold: $2741.60 (▼ -7.30, -0.27%)
Dow: 42,715.00 (▲ +110.00, +0.26%)
S&P 500: 5,870.25 (▲ +21.25, +0.36%)
Nasdaq 100: 20,493.00 (▲ +112.75, +0.55%)
Russell 2000: 2,242.00 (▲ +11.00, +0.49%)
Summary: The futures market showed overall positive momentum, with major indices like the Dow, S&P 500, and Nasdaq 100 posting gains. Crude oil prices rose, while natural gas and gold experienced slight declines.
Forex & Bonds Overview
EUR/USD: 1.0831 (▲ +0.0003, +0.03%)
USD/JPY: 152.06 (▲ +0.24, +0.16%)
GBP/USD: 1.2989 (▲ +0.0014, +0.10%)
BTC/USD: $68,104.00 (▲ +148.00, +0.22%)
5-Year Treasury Yield: 4.002% (▼ -0.017, -0.42%)
10-Year Treasury Yield: 4.186% (▼ -0.014, -0.33%)
30-Year Treasury Yield: 4.455% (▼ -0.010, -0.22%)
Summary: In forex markets, major currencies modestly strengthened against the dollar. Bond yields fell across the board, suggesting increased demand for treasuries, while Bitcoin continued its upward trend.
Major Stock Changes
AAPL: (▼ -0.08%)
TSLA: (▲ +21.92%) !!!
MSFT: (▲ +0.03%)
BA: (▼ -1.18%)
AMZN: (▲ +0.90%)
NVDA: (▲ +0.61%)
SNY: (▼ -1.59%)
CPRI: (▼ -0.50%)
GOOGL: (▼ -0.04%)
TPR: (▲ +2.14%)
CL: (▲ +0.77%)
GOOG: (▲ +0.03%)
PLTR: (▲ +2.28%)
DECK: (▲ +0.72%)
CNC: (▲ +3.01%)
COF: (▼ -0.64%)
Summary: The stock market saw significant activity with Tesla soaring over 21%, while companies like Centene and Palantir also posted strong gains. However, some stocks like Boeing and Sanofi faced declines.
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NatWest Group reports strong Q3 2024 results with increased customer lending and upgraded income guidance
NatWest Group reported strong financial results for Q3 2024, with an increase in customer lending by GBP 8.1 billion, reaching GBP 367 billion. The growth was seen across various sectors, including large corporate and social housing lending.
The bank upgraded its full-year income and returns guidance, reflecting progress in its strategic priorities of disciplined growth and risk management. NatWest has also provided GBP 23.5 billion in climate and sustainable funding, totaling GBP 85.4 billion since July 2021.
The earnings call featured CEO Paul Thwaite and CFO Katie Murray, who highlighted the bank's ongoing support for customers and positive performance trends. The presentation concluded with a Q&A session for analysts.
Refrigerants market projected to grow to $9 billion by 2028 driven by air conditioning demand
The global Refrigerants Market is expected to grow from $6.3 billion in 2022 to $9.0 billion by 2028, with a compound annual growth rate of 6.4%. This growth is driven by demand in air conditioning and refrigeration systems.
HFCs and blends were the largest segment in 2022, while refrigeration systems accounted for the highest application value. Asia Pacific held the largest market share, supported by rising population and economic growth.
The market faces challenges such as flammability and illegal trade of refrigerants. However, there is increasing interest in natural refrigerants as alternatives to HCFCs, which are being phased out due to environmental concerns.
Max Keiser reports 6,800,000% profit from Bitcoin investments since 2011
Max Keiser, a prominent Bitcoin advocate, reported a staggering 6,800,000% profit from his Bitcoin investments since 2011. He began buying Bitcoin when it was priced at $1, highlighting his long-term commitment to the cryptocurrency.
Keiser, who advises El Salvador's president on Bitcoin, has not disclosed his total holdings. However, if he invested $1,000 in 2011, he could potentially own 1,000 BTC, worth over $67 million today.
Bitcoin has significantly outperformed traditional investments, gaining nearly 100% in the past year, compared to 37% for gold and 40% for the S&P 500. Over the last decade, Bitcoin's rise of 19,500% contrasts sharply with gold's 122% and the S&P 500's 193% increases.
Kamala Harris and Barack Obama campaign together for first time in Atlanta
Kamala Harris and Barack Obama campaigned together for the first time in Atlanta, addressing a rally focused on Black voters. Harris emphasized her support for abortion rights and healthcare access, contrasting her views with those of Donald Trump.
Obama warned that Trump's behavior, while often seen as silly, poses real dangers. The rally featured celebrities like Spike Lee and Tyler Perry, who criticized Trump’s political ambitions.
In other news, an Ohio judge ruled the state's abortion ban unconstitutional, while Israel plans to restrict the UN's aid operations in Gaza, raising concerns about humanitarian impacts.
Stock market update: S&P 500 ends losing streak while Tapestry faces merger setback
The S&P 500 gained 0.21% on Thursday, ending a three-day losing streak, while the Nasdaq rose 0.76%. The Dow fell 0.33%, marking its first four-day decline since June. Treasury yields decreased after reaching three-month highs.
A federal judge blocked Tapestry's $8.5 billion merger with Capri, citing competition concerns. Tapestry plans to appeal the decision. Following the ruling, Capri's shares dropped about 50%, while Tapestry's stock rose 10%.
Tesla's stock surged 22% after better-than-expected earnings, marking its best day since 2013. Microsoft CEO Satya Nadella's compensation increased by 63% to $79.1 million, despite his request for a pay cut due to security issues.
MTU Aero Engines reports strong Q3 2024 results amid rising air travel demand
MTU Aero Engines AG reported its Q3 2024 results on October 24, highlighting a strong market for air travel. Worldwide passenger traffic grew 8.6% year-on-year in August, with international travel up 10% and domestic travel increasing by 5.6%.
The Asia Pacific and Latin America regions saw double-digit growth, while other areas experienced increases between 4% and 10%. Cargo flights also remained high, driven by rising e-commerce demand and limited maritime transport capacity.
The company will provide further details on financial performance and guidance for 2024 in the upcoming segments of the call.
U.S. store closures hit record high as competition and rising prices take toll
Store closures in the U.S. have reached a record high this year, with major retailers like Family Dollar, Walgreens, and Big Lots announcing significant shutdowns. A total of 6,189 stores have closed so far, surpassing last year's total.
The increase in closures is attributed to rising prices and competition from larger retailers like Amazon and Walmart. Many consumers are cutting back on spending, particularly on non-essential items, as inflation and high interest rates impact their budgets.
Despite the closures, over 5,300 new stores are set to open this year, with companies like TJX and Aldi targeting budget-conscious shoppers. This shift reflects changing consumer preferences and a correction in the retail landscape.
Source: https://www.cnn.com/2024/10/25/business/the-retail-apocalypse-is-back/index.html
China promotes foreign investment at Financial Street Forum as companies eye growth opportunities
Chinese officials are actively promoting foreign investment at the Annual Conference of Financial Street Forum 2024 in Beijing. They emphasize a commitment to opening up the market, aiming to attract global companies across various sectors, including finance and logistics.
Foreign enterprises express optimism about China's economic growth, with many looking to expand their operations. Recent data shows China's GDP grew by 4.8% in the first three quarters of 2024, indicating resilience amid challenges.
China is implementing reforms to enhance its business environment, including removing restrictions in the manufacturing sector. New approvals for foreign financial firms signal ongoing efforts to integrate with global markets and encourage foreign direct investment.
Trump merchandise outsells Harris items on Amazon by wide margin
Donald Trump’s merchandise has significantly outsold Kamala Harris's on Amazon, with sales reaching $140 million compared to Harris's $26 million from April to September. Trump merchandise sales surged after the Trump-Biden debate in June.
While many might expect MAGA hats to be the top sellers, Trump flags led the sales with nearly $41 million, followed by hats at $22.67 million. Harris merchandise peaked at $11.52 million in August.
Approximately 11,000 sellers offer election-themed items on Amazon, with 9,000 focused on Trump. The sales figures do not include direct campaign sales, which are separate and help fund their respective campaigns.
Candidates face scrutiny over national debt and rising federal spending
The national debt has reached $35 trillion, with interest payments now exceeding both defense and Medicare spending. This shift occurred much earlier than projected by the Congressional Budget Office, raising concerns about federal spending priorities.
In fiscal 2024, federal spending rose to $6.8 trillion, with mandatory entitlement spending and interest payments on the debt significantly increasing. The deficit has remained high, with recent annual deficits nearing $2 trillion.
Both former President Donald Trump and Vice President Kamala Harris have faced criticism for their spending records. However, data shows that the Biden administration's spending has outpaced Trump's, despite inheriting a recovering economy.
Portland General Electric reports strong third quarter earnings and narrows 2024 guidance
Portland General Electric (PGE) reported a net income of $94 million, or $0.90 per share, for the third quarter of 2024, up from $47 million, or $0.46 per share, in the same period last year. This increase is attributed to improved power costs and strong demand from high-tech sectors.
The company has narrowed its 2024 adjusted earnings guidance to a range of $3.08 to $3.18 per diluted share, reflecting better year-to-date performance. PGE's total revenues rose due to increased demand from semiconductor and technology customers, despite lower residential and commercial usage due to weather conditions.
PGE is also advancing its 2023 All-source Request for Proposal process, seeking new renewable and non-emitting energy projects. The company plans to finalize its 2025 General Rate Case by December 2024, with new customer prices effective January 1, 2025.
Nvidia acknowledges chip design flaw as OpenAI disbands AI safety team
Nvidia's CEO acknowledged a design flaw in its new AI chip, stating it was "100% Nvidia's fault." The company has since resolved the issue, which caused production and shipping delays.
OpenAI has disbanded its team that assessed global readiness for advanced artificial intelligence. This marks another shift in the company's approach to AI safety.
ASML's head anticipates increased U.S. pressure on allies to limit chip sales to China. This follows reports of advanced chips from Taiwan Semiconductor found in Huawei's latest AI products.
Source: https://qz.com/nvidia-blackwell-openai-disband-safety-ai-huawei-chips-1851680787
China's National People's Congress to meet as investors seek fiscal stimulus details
China's National People's Congress will meet from November 4 to 8, with investors looking for details on potential fiscal stimulus. This follows last year's increase in the fiscal deficit to 3.8%.
Finance Minister Lan Fo'an indicated there is room to raise the deficit and issue more bonds. Recent meetings among top leaders emphasized the need for stronger fiscal and monetary policies.
Chinese stocks have risen since late September, but analysts expect any fiscal support to primarily aid struggling local governments rather than directly boost consumer spending. China's economy grew by 4.8% in the first three quarters of 2024.
Apple re-enters top five smartphone vendors in China as Huawei outpaces growth
Apple has re-entered the top five smartphone vendors in China, ranking second with a 15.6% market share, following the launch of the iPhone 16. However, its growth has stagnated compared to Huawei, which saw a 42% increase in shipments.
Huawei, now in third place with a 15.3% market share, has experienced a revival due to its new Mate 60 smartphone and other recent launches. The company has achieved four consecutive quarters of double-digit growth, intensifying competition with Apple.
Vivo leads the market with 18.6% share, while Xiaomi and Honor follow in fourth and fifth places. Apple’s shipments in China fell by 6% year-on-year, according to Canalys, which ranked Apple fifth in market share.
WeRide Inc. prices initial public offering at $15.50 per share on Nasdaq
WeRide Inc. has priced its initial public offering at $15.50 per American depositary share, totaling 7,742,400 shares. The shares will begin trading on Nasdaq under the ticker "WRD" on October 25, 2024, with the offering expected to close on October 28.
The company may raise about $458.5 million, including a concurrent private placement of $320.5 million in Class A shares. Underwriters have the option to purchase an additional 1,161,360 shares within 30 days.
Morgan Stanley and J.P. Morgan are among the underwriters for the offering. WeRide is recognized as a leader in the autonomous driving sector, providing a range of products and services.
Volkswagen plans robotaxi launch of ID.Buzz by 2026
Volkswagen plans to launch a fully autonomous version of its ID.Buzz electric van as a robotaxi by 2026. Unlike Tesla, which created a new vehicle, Volkswagen is adapting the existing ID.Buzz for driverless service.
The company is currently testing 15 self-driving ID.Buzz vehicles in Austin, Texas, and in Munich and Hamburg, Germany. The tests include simulations to ensure safety and compliance with regulations in both Europe and the U.S.
Volkswagen aims to sell the ID.Buzz to ride-hailing companies like Uber rather than operate its own fleet. The vehicle will feature advanced sensors and a new Lidar system from Innoviz, along with data management technology from Mobileye.
Source: https://uk.motor1.com/news/738687/volkswagen-robotaxi-autonomous-id-buzz/
Donald Trump reenters billionaire ranks with $6.1 billion net worth ahead of election
Donald Trump's net worth has increased significantly, now estimated at $6.1 billion, up from $3.9 billion just weeks ago. This change has moved him into the top 500 billionaires on the Bloomberg Billionaire Index, where he ranks 473rd.
The rise in Trump's wealth is largely attributed to the increased value of his media startup, Trump Media and Technology Group. His fortune also stems from real estate and past earnings from his television show, "The Apprentice."
As Trump campaigns for the presidency again, he continues to receive financial support from wealthy allies, including Elon Musk, who has contributed over $132 million to support Trump and other Republican candidates.
Oil prices rise this week as traders focus on geopolitical tensions
Crude oil prices are set to rise this week due to geopolitical tensions, overshadowing concerns about Chinese demand. Israel's military actions in Lebanon and discussions about Gaza hostilities have heightened uncertainty among traders.
Israel's response to an Iranian missile attack is still pending, contributing to market speculation. Analysts note that traders are cautious, balancing geopolitical risks with a bearish outlook for 2025.
In a positive development for demand, China has increased crude oil import quotas for private refiners by 6%, marking the first change in four years.
Pennsylvania House passes Bitcoin Rights bill to protect self-custody of cryptocurrencies
The Pennsylvania House of Representatives has passed the "Bitcoin Rights" bill, officially known as House Bill-2481, with bipartisan support. This legislation protects the self-custody of cryptocurrencies like Bitcoin and stablecoins, allows their use for payments, and exempts them from extra taxes.
The bill passed with a vote of 176 to 26 and was introduced by state Rep. Mike Cabell. It now requires approval from the Pennsylvania Senate and the governor's signature to become law.
This development follows similar legislation in Oklahoma, which recognized self-custody of cryptocurrencies as a fundamental right. Other states, like Louisiana, have also enacted laws to protect digital asset owners.
China offers tariff-free trade to Taliban to boost economic ties
China will provide the Taliban with tariff-free access to its construction, energy, and consumer sectors, according to Beijing's envoy. This move aims to help the Taliban build its markets amid ongoing international isolation since their takeover in 2021.
The Taliban has struggled economically, with the United Nations reporting a near collapse. The agreement could allow Afghanistan to export valuable minerals like lithium and copper to China, potentially boosting its economy.
China's ambassador announced the zero-tariff treatment for all goods, which aligns with President Xi Jinping's recent pledge to reduce import duties for least developed countries. The Taliban seeks foreign investment to diversify its economy and has expressed interest in joining China's Belt and Road initiative.
Source: https://ca.news.yahoo.com/china-offer-taliban-tariff-free-054824603.html