Commuters cycles past the Bank of England (BOE), left, in the City of London, UK, on Monday, Sept. 16, 2024. The central bank’s Monetary Policy Committee’s interest rate decision is scheduled for release on Sept. 19. Bloomberg | Bloomberg | Getty ImagesLONDON — The Bank of England on Thursday said it would hold interest rates steady following its initial cut in August, even after the U.S. Federal Reserve opted for a jumbo rate cut the day before.The Monetary Policy Committee voted by 8 to 1 to hold, with the dissenting member voting for a 0.25 percentage point cut.A “gradual approach” to…
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(This is CNBC Pro’s live coverage of Thursday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A medical device maker and a discount retailer were among the stocks being talked about by analysts. Piper Sandler initiated Abbott Laboratories with an overweight rating. Meanwhile, JPMorgan downgraded Five Below to sell from neutral. Check out the latest calls and chatter below. All times ET. 5:46 a.m.: JPMorgan says to sell Five Below JPMorgan turned bearish on Five Below , citing challenges that are hard to surmount for the value-focused retailer during a tough year.…
The exterior of the Hayward Gallery, part of the Southbank Centre. The brutalist-style building was designed by a team led by Norman Engleback in the late 1960s.Universal Images Group | Getty ImagesLONDON — From Michelle Obama to Anish Kapoor and Tracey Emin to Nina Simone, London’s Southbank Centre has featured them all, and it is one of the U.K.’s most popular attractions.But to secure its future, the arts complex needs £165 million ($217 million) to repair ageing buildings — which include performance venues, a gallery and public spaces across 11 acres on the south side of the River Thames —…
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The Alibaba office building is seen in Nanjing, Jiangsu province, China, Aug 28, 2024. CFOTO | Future Publishing | Getty ImagesAlibaba on Thursday released more than 100 open-source artificial intelligence models and boosted the capabilities of its proprietary technology as it looks to ramp up competition with rivals.The newly-released models, known as Qwen 2.5, are designed for use in applications and sectors ranging from automobiles to gaming and science research, Alibaba said. They have more advanced capabilities in math and coding, it added.The Hangzhou-headquartered firm is looking to increase competition with domestic rivals such as Baidu and Huawei, as well as…
Big Wall Street banks and interest rates have a complicated relationship. As the Federal Reserve on Wednesday afternoon embarks on easing monetary policy, banks are hoping for a more normalized bond market yield curve, with a wider spread between the short end and the long end. Banks make interest income by paying for deposits at a lower rate and lending at a higher rate. They also make money on fee-based services in businesses that pick up when rates are lower. “These banks are pretty sophisticated,” Erica Groshen, former New York Fed vice president, told CNBC in an interview. “They have…
Federal Reserve Chairman Jerome Powell speaks during a news conference following the September meeting of the Federal Open Market Committee at the William McChesney Martin Jr. Federal Reserve Board Building on September 18, 2024 in Washington, DC. Anna Moneymaker | 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 todayA jumbo-sized 50-point cut The U.S. Federal Reserve slashed rates by half a percentage point, bringing the federal funds…
People shop at a grocery store on August 14, 2024 in New York City. Spencer Platt | Getty ImagesThe Federal Reserve announced Wednesday it will lower its benchmark rate by a half percentage point, or 50 basis points, paving the way for relief from the high borrowing costs that have hit consumers particularly hard. The federal funds rate, which is set by the U.S. central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate consumers pay, the Fed’s moves still affect the borrowing and savings rates they see every day.Wednesday’s cut…
Demaerre | Istock | Getty ImagesCorporate leaders can’t “bulls—” their employees about the impact of artificial intelligence on the workforce and the ways in which the technology will affect jobs more broadly, according to one tech billionaire.Jim Kavanaugh, the CEO of World Wide Technology (WWT), told CNBC that people are “too smart” to accept that AI won’t change the way that they manage their work and that no jobs will be eliminated due to the transformative nature of the technology.WWT is an enterprise technology solutions provider that focuses on services such as cloud computing, IT security, data analytics, artificial intelligence,…
People wearing face masks walk by the Hong Kong Monetary Authority on March 4, 2020 in Hong Kong. The Hong Kong Monetary Authority bought HK$1.586 billion ($202 million) from the market on Thursday to stop the local currency weakening and breaking its peg to the U.S. dollar, the de-facto central bank’s first intervention in 18 months.Zhang Wei | China News Service | Getty ImagesThe Hong Kong Monetary Authority on Thursday cut its base rate charged via the overnight discount window by 50 basis points to 5.25%, tracking a move by the U.S. Federal Reserve.Hong Kong’s monetary policy moves in lock-step with the United States as the city’s currency is pegged to…
