Tax rises, spending boost: What economists expect Prime Minister Sir Keir Starmer during an ‘In Conversation’ event with Debbie Weinstein, managing Director Goole UK&I during the Labour Party Conference at the ACC Liverpool. Stefan Rousseau – Pa Images | Pa Images | Getty ImagesAfter months of commentary from Labour officials, economists are eyeing billions of new public spending and tax rises ahead.The party has already announced some of the areas it will gain extra tax revenue from, including changes to the rules on so-called “non-doms” whose permanent residence is outside of the U.K. for tax purposes; a higher energy profit levy;…
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In a Tuesday interview with CNBC’s Jim Cramer, Pfizer CEO Albert Bourla struck a positive tone about activist investor Starboard Value, saying he agreed with some of its criticisms, but maintained that the company is headed in a good direction.”I agree that the total shareholder return right now is very poor. Why is that? Because we had a significant drop last year,” he said. “I think we are doing a lot of changes. But if Starboard, and anybody else for that matter, have good ideas, I will certainly discuss them and entertain.”Pfizer reported an earnings beat Tuesday morning and raised…
Standard Chartered Plc bank branch in Hong KongBloomberg | Bloomberg | Getty ImagesStandard Chartered on Wednesday upgraded its 2024 income guidance as it posted profits in the third quarter that beat expectations, driven by record performance in its wealth management division.Here are Standard Chartered’s results compared with LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate:Pre-tax profit: $1.81 vs. $1.59 billionThe lender, which derives most of its revenue from Asia, saw pre-tax profit jump of 37% from the $1.32 billion posted a year ago.Net interest income for the three months to September rose 9% year-on-year…
Chinese smartphone company Xiaomi on Tuesday announced a sports car version of its SU7 electric sedan would begin preorders for the equivalent of more than $110,000.Luna Lin | Afp | Getty ImagesBEIJING — China’s Xiaomi said Tuesday that it had delivered more than 20,000 SU7 EVs in October as it ramps up production for its electric car venture in a fiercely competitive market.The Chinese company, which is largely known for its smartphones and home appliances, reiterated plans to deliver 100,000 SU7 vehicles by the end of November. Xiaomi first revealed plans to make cars in 2021 and began building a…
There could be trouble ahead for consumers and the economy if interest rates don’t come down, the latest financial results from D.R. Horton suggest. The Arlington, Texas-based homebuilder reported quarterly earnings that missed Wall Street analysts’ estimates, and gave disappointing guidance about future results before the market opened Tuesday, sending shares tumbling 11%. CEO David Auld said interest rate volatility is keeping some homebuyers on the sidelines. “While mortgage rates have decreased from their highs earlier this year, many potential homebuyers expect rates to be lower in 2025,” he said in a statement . DHI YTD mountain D.R. Horton year…
CNBC’s Jim Cramer on Tuesday lamented rising bond yields’ effect on the market, saying this action could narrow the rally to tech and diminish broader sector gains.”If the bond market doesn’t start behaving, or at least calming down, if longer-term interest rates don’t stop going up, we’re going to start losing the groups that have led us higher for months now,” he said.Some on Wall Street were expecting bond yields to decline after the Federal Reserve issued a hefty 50-basis-point cut and indicated there would be more to come over the next several months. The bond market and the stock…
Aerial photograph shows electric cars for export stacked at the international container terminal of Taicang Port in Suzhou, in China’s eastern Jiangsu Province. The EU and China have reportedly agreed to start talks on the planned imposition of tariffs on Chinese-made EVs.Str | Afp | Getty ImagesChina’s commerce ministry said it “does not accept” tariffs imposed by the European Union on Chinese electric vehicles, after the bloc increased tariffs on Chinese EVs to as high as 45.3% on Wednesday.The extra tariffs will range from 7.8% for Tesla to 35.3% for SAIC Motor, and stack on top of the 10% standard import duty for…
The U.K.’s Labour Party is set to unveil its national budget for the first time in 14 years later on Wednesday. U.K. Finance Minister Rachel Reeves is expected to end months of speculation about the government’s intentions to raise taxes, change rules and borrow to support long-term investment. Investment bank analysts have highlighted several stocks that could win or lose ground if the rumored measures are unveiled or curtailed. Individual stocks are listed further below . Bonds Yields on U.K. government bonds, or gilts, have risen by around 50 basis points since the middle of September, as rumors regarding the…
The head of Snapchat operator Snap, Evan Spiegel, presents the new generation of Spectacles in Los Angeles on Sept. 17, 2024.Andrej Sokolow | Picture Alliance | Getty ImagesSnap reported better-than-expected third-quarter results on Tuesday but issued light fourth-quarter guidance. The stock jumped more than 10% in extended trading.Here is how the company did:Earnings per share: 8 cents adjusted vs. 5 cents expected, according to LSEGRevenue: $1.37 billion vs. $1.36 billion expected, according to LSEG Global daily active users: 443 million vs. 441 million expected, according to StreetAccountGlobal average revenue per user: $3.10 vs. $3.09 expected, according to StreetAccountSales jumped 15% from a year…
Reddit logo on website. Jakub Porzycki | Nurphoto | Getty ImagesThis report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.What you need to know todayRising cloud revenue for AlphabetGoogle-parent Alphabet’s third-quarter earnings beat expectations. The company’s quarterly revenue was $88.27 billion, up 15% year on year, boosted by its cloud division’s 35% jump in revenue from a year ago. Google’s search and advertising revenue also grew. Net income was $26.3 billion, 33.5%…
