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The senior Democrat on a US congressional committee focused on China is urging Secretary of State Marco Rubio to fill the State Department’s vacant post for Arctic affairs, citing intensifying competition with Beijing and adding to growing pressure to address the vacancy.The Ambassador-at-Large for Arctic Affairs leads US engagement with the eight-country Arctic Council and coordinates American interests related to safety and security, economic development and intergovernmental cooperation. The position has been vacant since January, when its inaugural holder, Mike Sfraga, stepped down.“At a time when the People’s Republic of China is dramatically expanding its military, economic and scientific presence…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market update : The S & P 500 recovered from its early dip and is hovering around unchanged. Still, looking only at the index masks what’s really happening beneath the surface. There is strength in economically sensitive and cyclical stocks—think sectors such as materials, financials, and industrials. These sectors are outperforming on the theory that the Federal Reserve’s 25-basis-point interest rate cut on Wednesday will provide an incremental boost to the…
Gold prices rose in the European market on Thursday, extending gains for a third consecutive session, supported by a weaker US dollar after the latest Federal Reserve meeting delivered a less-hawkish tone than markets had anticipated. As expected, the Federal Reserve cut its benchmark rate by 25 basis points to a range of 3.75 percent — the lowest since September 2022 — marking a third consecutive rate cut. Price Overview • Gold prices today: Spot gold rose 0.45 percent to $4,247.81, from an opening level of $4,228.27, after touching an intraday low of $4,210.44. • At…
The broader AI trade is back in the hot seat because of Oracle. It shouldn’t be. Oracle shares were getting crushed on Thursday following a quarterly sales miss, a disappointing guide, and a spending outlook increase. The magnitude of the stock decline was compounded by what management did not address on Wednesday evening’s conference call, concerning OpenAI’s ability to make good on its massive commitments to buy AI computing power from Oracle. The combination of that omission, as well as the reported results and forecasts, has put pressure back on AI-related stocks. While the Investing Club does not own Oracle,…
Copper prices hit fresh record highs this week, driven by two dominant forces: China’s shift toward stronger economic support and rising expectations that the US Federal Reserve will begin cutting interest rates soon. Together, these factors have pushed investors toward the metal, while simultaneously amplifying concerns about a potential supply deficit by 2026. On the London Metal Exchange, the benchmark three-month copper contract touched $11,771 per ton, while Shanghai contracts climbed toward 93,300 yuan per ton. Futures in New York and Mumbai moved in the same direction, underscoring the global breadth of the rally. China’s push for growth…
With the end of the year approaching, the European Commission is rapidly ramping up its de-risking efforts through a flurry of broadsides against Chinese firms – even as the bloc’s most powerful member states appear to be moving in different directions on China.Foreign subsidy regulation probes were launched against online retailer Temu and Nuctech, a maker of airport scanning equipment, on Wednesday and Thursday respectively.E-commerce giant Temu saw its Dublin headquarters raided by investigators looking for evidence of subsidies that distort the EU’s single market. This mirrored the commission’s dramatic raid of Nuctech’s EU offices last year. On Thursday, the…
US stock indices fell on Thursday as markets digested the Federal Reserve’s statement, alongside pressure on the technology sector following disappointing earnings from Oracle. In a move widely anticipated as a “hawkish cut,” the Federal Reserve on Wednesday lowered the federal funds rate by a quarter percentage point, bringing it into a range between 3.5% and 3.75%. However, the move was accompanied by cautionary signals regarding the future path of monetary policy, with three dissenting votes within the Federal Open Market Committee — something not seen since September 2019. The committee also raised its projection for economic…
Every weekday, the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Thursday ‘s key moments. 1. The Dow Jones Industrial Average touched a fresh record high this morning, while the S & P 500 tumbled following Oracle’s disappointing earnings report on Wednesday, which revived fears of an AI bubble. Jim Cramer is focused on the stocks that are positively impacted by the Federal Reserve’s decision yesterday to cut its benchmark interest rate by a quarter percentage point. “You just got a very good chance to buy,” Jim said. “It…
NICOSIA, Cyprus (AP) — The rival leaders of divided Cyprus on Thursday agreed on multiple projects to boost mutual trust in hopes of getting back on track long-stalled formal talks to resolve the island’s 51-year-old ethnic cleave.Nikos Christodoulides, the island’s Greek Cypriot president, and Tufan Erhurman, the leader of the breakaway Turkish Cypriots, agreed to work out a deal that would allow Turkish Cypriot manufacturers of Halloumi cheese, or Hellim in Turkish — a rubbery, squeaky cheese that’s the island’s top export — to access European markets.They also agreed to help expedite traffic at the busiest of some nine crossing…
Pak-Qatar Family Takaful Limited (PQFTL) share price remained stick at the minimum offered price at Rs14 per share on the first day, Thursday, of the two-day Dutch bidding process at the Pakistan Stock Exchange (PSX), as it put 50 million share on sale to attract investment for business expansion. The share price can increase by a maximum 50% to Rs21 per share from the minimum (floor) price of Rs14 per share in the two-day book building process ending on Friday. The PSX book building screen shows the institutional and high-net worth individual investors placing bids in the range of Rs14…