On February 1, 2023, a man bought fruit at a grocery store in New York City.
Leonardo Muñoz | Corbis News | Getty Images
This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see?You can subscribe here.
What you need to know today
FTX to sell stake in artificial intelligence startup
Bankrupt cryptocurrency exchange FTX will sell its majority stake in artificial intelligence startup Anthropic for $884 million, according to a court filing. The majority of the shares will be owned by ATIC Third International Investment, a group allied with UAE sovereign wealth fund Mubadala. Other investors include Jane Street, venture capital fund HOF Capital, the Ford Foundation and funds managed by Fidelity.
Trump media starts trading
The company behind former President Trump’s social media platform Truth Social will begin trading on Tuesday.is called Trump Media Technology Group Inc., which will trade on Nasdaq under the ticker symbol DJT. Republican presidential candidate Trump owns at least 58% of the company – worth at least $3 billion based on Monday’s stock price.
US, UK accuse China-linked hackers
The United States and Britain accused China-linked hackers of “malicious” cyber activity and imposed sanctions. This could further exacerbate tensions with Beijing. A spokesman for the Chinese Embassy in the UK denied the accusations. One person said: “We strongly reject such accusations” reply This information has been posted on the website.
(Pro) Forgot Nvidia?
Investors should look beyond Nvidia because the chipmaker’s stock looks too expensive. said David Dietze, managing principal and senior portfolio strategist at Peapack Private Wealth Management. Instead, the veteran wealth manager is betting on four growth sector stocks that look “reasonably valued.”
bottom line
Inflation in the United States is not falling fast enough as price pressures persist.
That has even confused Federal Reserve officials, who are closely watching signs of progress.
Fed Governor Cook said the central bank should adopt a prudent approach to interest rate cuts to allow more time for inflation to slow. say monday.
“As expected, the path to deflation is bumpy, but further adjustments to policy cautiously can ensure a sustainable return to 2% while working to maintain a strong labor market,” she said.
Torsten Slok, chief economist at Apollo Global Management, highlighted wage inflation as a problem, citing an indicator developed by the New York Federal Reserve Bank.
“The New York Fed has developed a new measure of wage inflation trends, which currently stands at 5%,” he said in a note.
“A 5% wage inflation rate is inconsistent with the Fed’s 2% inflation target,” he added. “The Fed will keep interest rates higher for longer.”
Some Fed officials don’t even expect three interest rate cuts this year, as the central bank predicted at its last meeting.
Atlanta Fed President Raphael Bostic last week scaled back his expectations for a rate cut, saying continued inflation was a concern.
exist Posts on XDiane Swonk, chief economist at KPMG, said Bostic “has made clear that he does not believe inflation will fall quickly enough to lead to a sharp cut in 2024.”
“He has been opposed to first-half cuts and has called for second-half cuts, and has made more progress, saying he is now in favor of one cut in 2024” instead of two previously.
It remains to be seen whether the Fed will stick to its plan to cut interest rates or be forced to change course.
About The Author
