It’s the breakout no one is talking about: China! But is there more room up?
NEW YORK-- The price of oil is falling on expectations that China is less likely to roll out a stimulus program for its improving economy. U.S. benchmark oil fell 94 cents, or 1 percent, to $91.18 a barrel in morning trading. Brent crude, which many U.S. refiners use to make gasoline, fell $1.42, or 1.3 percent, to $111.80 in London.
HONG KONG-- The Chinese arm of U.S. casino company MGM Resorts International signed a land deal Thursday for a new $2.5 billion casino resort in Macau, the world's biggest gambling market, hoping to catch up with the rapid expansion of rival casino operators.
"I think China has lots of room to maintain its growth, stabilize it, but it has to shift the emphasis" to focus on its domestic market, says Barry Bosworth, senior fellow at Brookings Institution.
In the past few months, China skeptics have predicted the economic and political collapse of the Middle Kingdom. The simple reality is that, after a soft landing, China is transitioning toward recovery.
Though expectations have diminished in recent days that the 27- nation EU will agree on the terms of a banking union, investors are keen to hear updates on the economic fate of Spain, as well as Greece, which appears to be near to securing its next batch of bailout cash.
A look at China's slowing economy, with Adrian Mowat, JP Morgan Securities, and its impact on stocks overseas.
SAN JOSE, Calif.-- Microchip maker Cypress Semiconductor Corp.' s third-quarter net income fell 64 percent as revenue dropped, but called the results a "good quarter in tough times." The company said Thursday that it earned $14.3 million, or 9 cents per share, in the July-September period.
NEW YORK-- Stock futures slipped Thursday as companies including Verizon, Morgan Stanley and Southwest Airlines posted mixed quarterly earnings, and the Labor Department posted the latest numbers on unemployment benefits. Also Thursday, China reported that growth fell to 7.4 percent from 7.6 percent a year ago, the weakest showing since early 2009..
The "Squawk on the Street" news crew, reports on today's market-moving stories, including a look at Verizon's Q3 numbers; Morgan Stanley's earnings beat; facing the looming fiscal cliff; and more.
NEW YORK-- Stock futures are falling on mixed quarterly earnings from companies like Verizon, Morgan Stanley and Southwest Airlines.
Chinese data gives a lift and Germany's Merkel dampens hopes — it's time for your FX Fix.
China's GDP number hit its lowest level since 2009, and the country's growth is slowing to 7.4 percent. CNBC's Michelle Caruso-Cabrera, takes a look at the numbers to find the 'truth' behind the data.
By early afternoon in Europe, benchmark oil for November delivery was down 21 cents at $91.91 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of oil, was down 47 cents to $112.86 per barrel on the ICE Futures exchange in London.
MGM China Holdings Ltd. said it formally accepted a land concession contract from the Macau government for a 7.2 hectare plot in the Cotai district, an area of reclaimed land that's earmarked for all new casinos in the Asian gambling haven. MGM China said it is paying $161.4 million for the land, including a $56.2 million down payment.
LONDON-- Markets were largely steady Thursday, after solid gains this week, on signs that China's economy is not slowing as quickly as feared, the U.S. is recovering and Spain will soon request a bailout.
Richard Li has won the race to buy the Hong Kong and Thailand operations of ING’s insurance business for more than $2 billion, according to people close to the process, leaving the Dutch group with just its Korean and Japanese operations to sell in Asia. The FT reports.
BANGKOK-- Stock markets rose Thursday after an unexpectedly strong U.S. housing report renewed confidence in the world's biggest economy and the latest data from China suggested the worst of its slump is over.
James Gruber, author of Asia Confidential, tells CNBC to expect continued market intervention and a larger stimulus package from the Chinese government after the November leadership handover.
KASHAGAN OILFIELD, Kazakhstan-- The manmade islands that are home to Kazakhstan's mammoth Kashagan oilfield project rise like a mirage to the boats churning through the shallow waters of the Caspian Sea. When surveyors confirmed in 2000 that Kazakhstan had a new supergiant oil reserve, the world's energy companies reacted with glee.