business news

35% of millionaires say they won’t have enough to withdraw, report finds

A cool $1 million is not what it used to be. There are more millionaires in the US and globally than ever before, with nearly 24.5 million millionaires nationwide as of 2022, according to the latest Global Wealth Report from the Credit Suisse Research Institute. Even so, having seven figures in the bank offers less …

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Payrolls and wages blow past expectations and flying in the face of Fed rate hikes

Job growth was much better than expected in November despite the Federal Reserve’s aggressive efforts to slow the labor market and tackle inflation. Nonfarm payrolls increased 263,000 for the month while the unemployment rate was 3.7%, the Labor Department reported Friday. Economists surveyed by Dow Jones had been looking for an increase of 200,000 on …

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Powell’s inflation remarks a ‘green light’ to stay in stocks

CNBC’s Jim Cramer on Thursday said Federal Reserve Chair Jerome Powell’s inflation remarks the day before confirmed that inventors shouldn’t exit the market over recession fears. “Unless the super hawkish Fed heads who want to raise short rates to 5% to 7% are silenced, we must be ready with a quarter of one foot out …

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Key inflation measures that the Fed follows rose 0.2% in October, less than expected

Inflation rose in October about in line with estimates, sending a sign that price increases at least might be stabilizing, the Commerce Department reported Thursday. The core personal consumption expenditures price index, a gauge that excludes food and energy and is favored by the Federal Reserve, rose 0.2% for the month and was up 5% …

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China internet firms have seen ‘peak regulation’: KraneShares

The Chinese government is unlikely to introduce new regulations for the internet tech sector and there could be more support going forward, according to Jonathan Krane of KraneShares. “I think we’ve seen peak regulation,” he told CNBC’s “Squawk Box Asia” on Wednesday. He said the rules introduced in recent years were meant to create long-term …

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South Korea GDP, Caixin Manufacturing PMI, Japan Consumer Confidence

CNBC Pro: Forget Amazon. Here’s what top tech investor Paul Meeks is buying Investor confidence in the tech sector has been shaken this year amid a flight to safety, but top tech investor Paul Meeks said he is now “more bullish” on the sector than in recent months, though he remains selective within the sector. …

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Fed Chair Jerome Powell says smaller rate hikes could come in December

WASHINGTON – Federal Reserve Chairman Jerome Powell confirmed Wednesday that smaller interest rate increases are likely ahead even as he sees progress in the fight against inflation as largely inadequate. Echoing recent statements from other central bank officials and comments at the November Fed meeting, Powell said he sees the central bank in position to …

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S&P 500 gains for the first day in four after Powell signals smaller rate hikes ahead

The S&P 500 gained as Federal Reserve Chair Jerome Powell confirmed that the central bank will slow the pace of its aggressive rate-hiking campaign that has weighed on markets. The S&P 500 added 0.2% after Powell’s remarks were released. The Nasdaq Composite gained 0.7%. The Dow Jones Industrial Average was slightly lower. “It makes sense …

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Dow sheds more than 100 points as investors digest mixed economic signals, await Powell speech

The Dow Jones Industrial Average fell Wednesday as Wall Street waded through new economic data and awaited an afternoon speech on the economy from Federal Reserve Chair Jerome Powell. The 30-stock index lost 186 points, or 0.6%. The S&P 500 shed 0.2%, while the Nasdaq Composite added 0.2%. Investors were hit with conflicting economic reports …

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