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U.S.-China conflict is a global concern and impacts markets: UAE minister
Business & Finance

U.S.-China conflict is a global concern and impacts markets: UAE minister

The UAE is not alone in its concerns about the "hostile confrontation" between the U.S. and China, the Gulf country's minister of state for foreign affairs told CNBC Wednesday."Every time we see confrontation between Washington and Beijing, the markets actually tremble," Anwar Gargash told CNBC's Hadley Gamble in Abu Dhabi. "And clearly I would say that competition between these two giants will continue, and to a certain extent, it will be natural. But I think we have an interest that this competition is more nuanced, and that it, at the same time, does not shake what is already a very weak international system."The conversation, spanning geopolitics, the global economy and the fight against the coronavirus, took place against the backdrop of ongoing tensions between the world's two larg...
U.S. hits highest single day of coronavirus cases at 36,358, breaking April record
Business & Finance

U.S. hits highest single day of coronavirus cases at 36,358, breaking April record

A Sun Tran employee offers free masks to passengers to prevent the spread of the coronavirus disease (COVID-19), at the downtown bus station in Tucson, Arizona, U.S., June 20, 2020.Cheney Orr | ReutersThe U.S. broke its record for the highest coronavirus cases recorded in a single day, with 36,358 new positives reported on Wednesday, according to a tally by NBC News.Wednesday's cases top the previous highest day count from April 26 — the first peak of the pandemic in the U.S. — by 73 cases, according to NBC News tracking data. The World Health Organization saw its single-day record on Sunday with more 183,000 cases worldwide.Health experts told NBC News on Monday that the resurgence in cases in Southern and Western states can be traced back to Memorial Day, when many officials began loos...
Stock market comeback may hit a wall as coronavirus cases spike again
Business & Finance

Stock market comeback may hit a wall as coronavirus cases spike again

A view of people passing by New York Stock Exchange in Wall Street amid Coronavirus Pandemic on April 5, 2020.John Nacion | NurPhoto | Getty ImagesStocks could face turbulence and limited gains in the second half of the year, as the Covid-19 pandemic continues to set the course for markets and the economy.The S&P 500 had been up more than 20% for the second quarter before Wednesday's 2.6% decline, as a surge in virus cases in Florida, Texas and other sunbelt states raised fears that the economic rebound could be slowed.The first half of the year saw stocks rise to new highs amid optimism after the phase one China trade deal, but then plummet in March, as the virus shut down the economy. But a heavy and rapid dose of fiscal and Fed stimulus pulled markets out of a downward spiral, and...
Here are the top stay-at-home trades if there is a coronavirus resurgence
Business & Finance

Here are the top stay-at-home trades if there is a coronavirus resurgence

(This story is for CNBC Pro subscribers only.)Investors who thought the worst from the coronavirus pandemic was over might need to rethink their optimism — and their portfolios. A resurgence in Covid-19 cases across the U.S. and abroad is pressuring equities on Wednesday, leaving investors wondering if they should rush back into their trusty stay-at-home stocks. Major U.S. equity averages hit their lows of the day after Florida said its confirmed cases jumped by a record 5,508 on Tuesday. The state also said its positivity rate rose to 15.91% from 10.82%.New York, New Jersey and Connecticut ordered visitors of their states to quarantine. A CNBC analysis of Johns Hopkins University data found the U.S. 7-day average of coronavirus cases surged more than 30% from a week ago.States that star...
Senate Democrats block Republican police reform bill
Business & Finance

Senate Democrats block Republican police reform bill

U.S. Sen. Cory Booker (D-NJ) and Senate Minority Leader Chuck Schumer (D-NY) talk at a news conference following the Democrats weekly policy luncheon at the U.S. Capitol June 23, 2020 in Washington, DC.Alex Wong | Getty ImagesSenate Democrats blocked a Republican police reform bill from advancing Wednesday as they call for bipartisan talks on a plan to overhaul law enforcement during a national outcry against brutality and racism.  The legislation, led by GOP Sen. Tim Scott of South Carolina, did not garner the 60 votes needed to move forward to debate as voting continued. As Democrats argued the measure did not go far enough to root out failings in policing, Republicans contended they should vote to move ahead with it so they could formally propose amendments. "If you don't think we're ...
Eliot Engel, Carolyn Maloney in danger
Business & Finance

Eliot Engel, Carolyn Maloney in danger

U.S. Rep. Eliot Engel (D-NY) votes at a school near his home on June 23, 2020 in the Riverdale neighborhood of the Bronx, New York.Spencer Platt | Getty ImagesOn a strong night for New York City area progressives in Tuesday's primary election, two powerful House Democrats, Reps. Eliot Engel and Carolyn Maloney, looked in danger of losing their seats. As mail-in ballot results trickled in, middle school principal Jamaal Bowman led Engel by a staggering margin of more than 25 percentage points Wednesday morning. Bowman, a Black man, leveraged discontent about the House Foreign Affairs Committee chair's absence from the district during the coronavirus pandemic, as well as backlash to the congressman saying he "wouldn't care" about speaking at an event about police brutality if he did not fa...
Ex-Roger Stone prosecutor says DOJ pressured to give Trump ally ‘a break’
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Ex-Roger Stone prosecutor says DOJ pressured to give Trump ally ‘a break’

Roger Stone, departs following a status hearing in the criminal case against him brought by Special Counsel Robert Mueller at U.S. District Court in Washington, U.S., March 14, 2019.Joshua Roberts | ReutersA prosecutor who quit the criminal case of President Donald Trump's ally Roger Stone in protest is set to tell Congress on Wednesday that the "highest levels" of the Department of Justice had pressured officials "to cut Stone a break."Aaron Zelinsky, one of four prosecutors who withdrew from the case after the department stepped in to lower Stone's recommended prison sentence, will testify before the Democrat-led House Judiciary Committee in a hearing on politicization of the DOJ under Attorney General William Barr.The panel's 12 p.m. ET hearing comes as Barr has faced heavy criticism ...
Tencent and Alibaba in a battle for title of Asia’s biggest company
Business & Finance

Tencent and Alibaba in a battle for title of Asia’s biggest company

People visit the Tencent stand during the 1st Digital China Summit at Strait International Conference and Exhibition Center on Apr. 22, 2018 in Fuzhou, China.VCG | Getty ImagesChinese internet behemoth Tencent's stock briefly hit new records on Wednesday, bringing it into a tight race with rival Alibaba for the title of Asia's biggest company by market cap.In early trade Wednesday morning, shares of Tencent soared past 500 Hong Kong dollars per share, eclipsing its previous record high of 498.60 Hong Kong dollars set on Tuesday. It has since lost those gains, however, and was trading 0.76% lower as of Wednesday afternoon. Meanwhile, Hong Kong-listed shares of Alibaba saw gains of around 1.3%. At the intraday highs of their respective Hong Kong-listed shares, both Tencent and Alibaba's ma...
Russia Victory Day Parade 2020: Why it matters
Business & Finance

Russia Victory Day Parade 2020: Why it matters

Military vehicles move along street before a rehearsal of a military parade in Red Square marking the 75th anniversary of the Victory in WWII on June 17, 2020 in Moscow, Russia.EpsilonRussia will hold its annual Victory Day parade in Moscow on Wednesday, commemorating the 75th anniversary of Nazi Germany's capitulation in World War II.As well as a day of national celebration, the parade allows Russia to show off the range of its military personnel and equipment to the world.  More than that, however, the event is seen as a way for President Vladimir Putin to cement Russian patriotism and his power base.This year's parade comes during an unprecedented global health crisis, and the event had to be rescheduled from its original date, on May 9, to June 24.Nonetheless, preparations for the pa...
Ben & Jerry’s joins boycott of Facebook and Instagram ads in the U.S.
Business & Finance

Ben & Jerry’s joins boycott of Facebook and Instagram ads in the U.S.

Ben & Jerry's co-founders Ben Cohen (L) and Jerry Greenfield (R) serve ice cream following a press conference announcing a new flavor, Justice Remix'd, September 03, 2019 in Washington, DC.Win McNamee | Getty ImagesBen & Jerry's said on Tuesday that it will pause all paid advertising on Facebook and Instagram in the U.S. beginning on July 1, joining the "#StopHateForProfit" campaign.Last week, a group of six organizations, including the Anti-Defamation League, the National Association for the Advancement of Colored People, Sleeping Giants and Color of Change, called on Facebook advertisers to halt their spending on the social media platform during the month of July. They're asking large brands "to show they will not support a company that puts profit over safety." Patagonia, The ...