BlackLine co-CEO Therese Tucker to transition out of role
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CNBC
3 minutes ago
- CNBC
European stocks set for broadly higher open amid more tariff news; BOE and earnings ahead
Shomos Uddin | Moment | Getty Images Good morning from London, and welcome to CNBC's live blog covering all the action and business news in European financial markets on Thursday. Futures data from IG suggests a broadly positive open for European indexes, with London's FTSE 100 seen opening flat, France's CAC 40 up 0.13% and Germany's DAX up 0.3%, and Italy's FTSE MIB 0.33% higher. Global markets continue to keep an eye on the tariff landscape this week after U.S. President Donald Trump on Wednesday implemented an additional 25% tariff on India, days after he already imposed a 25% levy on the country. "I find that the Government of India is currently directly or indirectly importing Russian Federation oil," Trump said in an executive order. India said it is "extremely unfortunate that the U.S. should choose to impose additional tariffs ... for actions that several other countries are also taking in their own national interest," according to a statement, adding that its imports are based on "market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India." The president also signaled on Tuesday that he will announce new tariffs on semiconductors and chips as soon as next week. The Bank of England on May 9, 2024, in London. Carl Court | Getty Images News | Getty Images It's another busy day of earnings Thursday, with Siemens , Deutsche Telekom , Allianz , Zurich Insurance , Merck , Moeller Maersk , Swisscom , Henkel, Rheinmetall and Uniper all due to report. Data releases include French and German trade balances. The Bank of England will be publishing its latest monetary policy decision, with the central bank expected to cut interest rates from 4.25% to 4%. — Holly Ellyatt
Business Insider
9 minutes ago
- Business Insider
‘Hurdle Cleared for Now,' Says Analyst After AMD's Mixed Q2 Earnings
TD Cowen analyst Joshua Buchalter reiterated his 'Buy' rating on Advanced Micro Devices (AMD) stock and raised the price target to $195 (from $165), implying 11.9% upside potential from current levels. AMD stock is trending down 6.2% in pre-market trading at the time of writing, as the chipmaker reported mixed second-quarter results yesterday. Buchalter is encouraged by AMD's beat-and-raise results and believes the hurdle is cleared for now, with attention turning to continued execution going forward. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. AMD's revenue rose 32% year-over-year to $7.69 billion, beating consensus estimates, while adjusted earnings of $0.48 per share were in line with expectations. Importantly, AMD raised its Q3 revenue guidance to roughly $8.7 billion (+/-$300 million), well above the consensus expectation of about $8.3 billion. Also, the adjusted gross margin is expected to be approximately 54%, assuming no contribution from MI308 shipments to China. Why Is TD Cowen Bullish About AMD? Buchalter highlighted the strength in AMD's CPU (central processing unit) and Gaming segments, despite zero contribution from MI308. He noted that the largest contributor to AMD's Q3 growth is the Instinct franchise, as the company seeks to ramp up production of the MI355 chips in the second half of 2025. AMD's Q3 performance will also prove its competitiveness ahead of the MI400/Helios launch in 2026. Regarding the resumption of MI308 sales to China, AMD mentioned that the U.S. government is reviewing its export applications and, therefore, has not included any China sales in its Q3 guidance. Buchalter believes AMD's management will prioritize MI355 chips over MI308 in the near term. The analyst expects AMD to maintain growth in server CPUs driven by solid demand for artificial intelligence (AI) applications. Moreover, the cloud and enterprise segments are projected to show consistent growth, while the Client segment is expected to experience modest growth. Meanwhile, Buchalter expects higher operating expenses due to research and development and AI initiatives, which may weigh on AMD's near-term earnings potential. Is AMD a Good Stock to Buy Now? Analysts remain divided on AMD's long-term outlook. On TipRanks, AMD stock has a Moderate Buy consensus rating based on 24 Buys, 10 Holds, and one Sell rating. The average AMD price target of $158.57 implies 9% downside potential from current levels. Year-to-date, AMD stock has gained 44.3%. Please note that most of these ratings were given before AMD's Q2 earnings report and may change once analysts review their recommendations.
Yahoo
18 minutes ago
- Yahoo
Trump declares Russia ‘extraordinary threat to US'
Donald Trump declared Russia an 'extraordinary threat' to the United States on Wednesday as he rolled out his first sanctions over Vladimir Putin's refusal to stop the war in Ukraine. The US president said that he would hit India with an additional 25 per cent trade tariff over its purchase of Russian oil, an important source of income for the Kremlin. Later reports also claimed Mr Trump could meet Putin as soon as next week. The so-called secondary tariff, which brings the total levy against India to 50 per cent, was announced in an executive order signed hours after envoy Steve Witkoff, Mr Trump's top envoy, met Putin in the Kremlin for showdown talks. Mr Trump gave Putin until Friday to agree to a ceasefire or face tariffs on Russia's main trading partners. 'I have received additional information from various senior officials on, among other things, the actions of the government of the Russian Federation with respect to the situation in Ukraine,' Mr Trump said after Mr Witkoff's meeting. It is not clear what the 'additional information' is but a top Russian presidential aide said after the talks in Moscow that 'Russia had conveyed signals to the American side on the Ukrainian issue and received corresponding signals from Trump'. The US president said this information meant that Moscow posed 'an unusual and extraordinary threat to the national security and foreign policy of the United States'. Volodymyr Zelensky, the Ukrainian president, who spoke to Mr Trump and European leaders including Sir Keir Starmer on a joint call after the Moscow talks, said that Russia now appeared 'more inclined' to agreeing a ceasefire. But in a significant sign of progress, The New York Times reported on Wednesday night that Mr Trump could meet Putin as soon as next week. A one-on-one meeting between the two leaders would then be followed by three-way talks involving Mr Zelensky, the newspaper reported, citing two sources familiar with the plan. Ukraine has long pushed for a direct meeting between Mr Zelensky and Putin, though the Kremlin has resisted, insisting progress must first be made during ceasefire talks. Meanwhile, a senior Trump administration official said after Mr Witkoff's meeting in Moscow that 'secondary sanctions are still expected to be implemented on Friday'. The official said: 'The meeting with Russia and special envoy Witkoff went well. The Russians are eager to continue engaging with the United States. The secondary sanctions are still expected to be implemented on Friday.' Mr Trump said on social media that the meeting in Moscow was 'highly productive', however, a sign that a deal is still possible. The language is a significant shift in tone from earlier this year, when Mr Trump went out of his way to placate Putin in order to coax him to the negotiating table. 'I determine that it is necessary and appropriate to impose an additional ad valorem duty on imports of articles of India, which is directly or indirectly importing Russian Federation oil,' Mr Trump added. Mr Trump had suggested that Mr Witkoff's meeting with Putin would determine any decision for the US president to follow through on threats to impose tariffs on countries buying Russian energy. India and China are among the countries buying the most Russian crude oil, which analysts say provides key revenues for Putin to fuel his war machine in Ukraine. Reducing these revenue streams would make it harder for the Russian president to deliver his maximalist war aims in Ukraine. The US could also move to ramp up sanctions against Russia's so-called 'shadow fleet', which it uses to deliver oil to New Delhi and Beijing. Mr Witkoff met with Putin in Moscow on Wednesday for the fifth time, in what were considered crunch talks ahead of potential tariffs and sanctions. Russian officials had hoped to head off the economically crippling measures by offering a partial 'air truce' by halting missile and drone attacks on Ukrainian cities. But this fell short of Mr Trump's demand for an unconditional, 30-day ceasefire, which would be used to pave the way for talks over a permanent peace. A top Russian presidential aide had described the talks as 'useful and constructive'. 'Russia had conveyed signals to the American side on the Ukrainian issue and received corresponding signals from Trump,' Yuri Ushakov told reporters after talks wrapped up. He claimed that Mr Trump had yet to be 'briefed' on the talks, which he claimed focused on the 'crisis in Ukraine' and 'strategic US-Russia cooperation'. But the US president announced his executive order with the first economic measures in an attempt to end the war. It comes after four European countries promised to buy $1bn in US weapons for Ukraine as part of a scheme set up by Mr Trump and Mark Rutte, Nato's secretary-general. Mr Trump appears to be rowing in behind Kyiv's cause after growing frustrated with Putin's refusal to come to the negotiating table in a serious manner. Ushakov described the discussion between Putin and Mr Witkoff as an exchange of 'signals' between Moscow and Washington, without elaborating on the content. Putin has previously tabled unrealistic demands, such as an end to Western military aid to Kyiv or Ukraine's withdrawal from regions partially occupied by Russian forces, as the price for any ceasefire. Mr Trump's use of the term 'extraordinary threat' is notable. At the start of his second term, the president was known to have blocked a series of international statements due to be signed by the US if they blamed Russia for the war in Ukraine. It was thought by his team that this would prevent a deal being brokered with Putin to stop the fighting. But in recent weeks, Mr Trump has given his blessing to a number of statements attributing the war to Russia, as well as criticising Putin's 'war machine' in his first warning that India would be targeted with tariffs. India said the tariffs were 'extremely unfortunate'. The foreign affairs ministry said: 'We reiterate that these actions are unfair, unjustified and unreasonable. India will take all actions necessary to protect its national interests.' Solve the daily Crossword
