CNBC Daily Open: Russia-North Korea Defense Deal | Wilnesh News

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.

Russia-North Korea Partnership
Russia and North Korea signed thecomprehensive strategic partnershipThe agreement, including a mutual defense pact, was reached on Wednesday during President Putin’s first state visit to North Korea in 24 years. Operations in Ukraine The collaboration has raised concerns among Western officials, and CNBC’s Holly Ellyatt has more insight. marriage of convenience.

on hold
Bank of England is Expected to keep interest rates unchanged This is despite inflation falling to the 2% target ahead of the upcoming election. Money markets expect a rate cut at Thursday’s meeting to be less likely, and bets on a rate cut in August have also declined. While an inflation rate of 2% is high, it was expected and was driven primarily by lower energy prices. Further volatility is expected as the impact of energy prices weakens.

Musk clarifies remarks
Elon Musk attempts clarifying his controversial remarks After advertisers threatened to leave X.go to hell yourselfHe explained that this was about free speech, not the advertising industry as a whole. speech. I think it’s important to have a global platform for free speech where people from a wider range of viewpoints can have their say.

mixed european
British FTSE 100 Step by step upward A decision on interest rates is expected on Thursday, with inflation falling to the Bank of England’s 2% target for the first time in three years. French CAC 40 gave up some of the previous session’s gains as investors awaited an economic manifesto from a far-right national rally expected to win the country’s election. upcoming parliamentary elections. The index fell more than 6.2% last week, its worst weekly loss since March 2022. Stoke 600 At the close, the index fell 0.18%. Wall Street was closed for the Juneteenth public holiday.

box office recovery
Recent family-friendly movies such as disney“Brain Teasers 2” helpful Revitalize movie theaters, Boost box office sales After a slow start to the year. The success of these films has theater players optimistic about the remainder of 2024, with upcoming movies such as “Despicable Me 4” expected to contribute to a potential box office rebound. While the domestic box office is still down compared to previous years, the momentum generated by these family movies could be a big factor in closing the gap.

(PRO) Mega fix?
Mega stocks such as Nvidia and Eli Lilly and Company is pushing the S&P 500 and Nasdaq to new heights, but their meteoric rise Wall Street worries about potential pullback. Could these outperforming giants set the stage for a major correction?

The script should read $16 billion exist invest, 10,000 new jobs, investment banker Choose Paris for its European headquarters and a larger stock market than London. This should be a vote of confidence in France under President Macron. Instead, poor performance in European polls, the rise of far-right Eurosceptic national rallies and Macron’s support Shocking sudden election have disrupted the market.

While Marine Le Pen has pushed the far-right party towards the center, her protégé Jordan Bardera could define France’s future. Bardera, whose family has roots in Algeria and Italy, grew up in a much-criticized suburb of Paris that symbolized the inequality in the French capital. According to Joseph Downingvisiting scholar at the London School of Economics and Political Science.

Bardella said Wednesday he would refuse to be prime minister If his party fails to secure an outright majority in the upcoming parliamentary elections. Opinion polls predict that the anti-immigration National Rally (RN) may win the June 30 and July 7 elections, but gaining the outright majority needed to govern independently may be possible.

“While the rise of national rallies partly reflects a successful political strategy, it also reflects mainstream Europe’s failure to address important issues such as the cost of living for decades,” Downing wrote. “The inability to provide basic information is a problem for many The key reason why voters are now moving to the far right.”

During the cost of living crisis, France spends More than the UK and Spain as a share of GDP. According to the OECD, France spent $98.4 billion to protect businesses and households from February 2021 to May 2023, while the United Kingdom allocated $86 billion.

RN has not shown its economic adviceThis is despite Bhadra wanting to cut VAT on essentials such as food and petrol. These proposals will be closely watched by the market. As CNBC’s Jenni Reid writes, Goldman Sachs expects things to get worse The stock market in political risk.

Naeem Aslam, chief information officer at Zaye Capital Markets, said: “Economic manifestos must be communicated in a clear and concise manner, and more importantly, they can promote the country’s growth. Given the popularity of the right-wing, investors are worried that if they are not adopted With the right approach, things can go wrong quickly.

Whatever the outcome of the upcoming election, investors must be hoping that France’s far-right will, like Italy’s Giorgio Meloni, moderate its policies while in power.

— CNBC’s Dylan Butts, Jenni Reid, Ryan Browne, Sarah Whitten, Karen Gilchrist, Holly Ellyatt and Sean Conlon contributed to this report.