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CNBC
2 hours ago
- CNBC
Trump-Putin talks are already a 'triumph' for Moscow, its economy and markets
Talks between Russian President Vladimir Putin and U.S. counterpart Donald Trump are still days away, but the two leaders' upcoming meeting to negotiate an end to the war in Ukraine is already seen as a victory for the Kremlin, the Russian economy and global financial markets. The discussions are set to take place on Friday in Alaska. "This is already a big win for Putin to be invited for the first time since 2007 to meet with the U.S. president on American soil. Is a wonderful achievement, from his point of view, no conditions and the absence of Ukraine, the absence of any European representation. This is already a triumph," Richard Portes, head of the Economics faculty at the London Business School, told CNBC Monday. There are concerns that Ukraine could be forced to cede Russian-occupied territory to Moscow, and the mood is dour in Kyiv, whose officials, including President Volodymyr Zelenskyy, have so far not been invited to attend the talks. Kyiv has said no deal about its future would be struck in its absence, and European leaders are pushing strongly for Ukraine's involvement. The U.S., for its part, has said its considering inviting Zelenskyy, NBC News reported. In the meantime, economists say the talks — which take place as Russia makes gains on the battlefield in southern and eastern Ukraine, with no ceasefire deal in sight — are already a win for Putin and his war-centered economy that is laboring under international sanctions and stubbornly high inflation of 9.4% in June. "[Putin] starts from a relatively strong position on the battlefield. They're advancing ...On the other hand, from the economic point of view, he starts from a weak position. The Russian economy is not in very good shape. They're running a significant fiscal deficit, partly because oil revenues are down very substantially, oil and gas [are down] because of the oil price. And ... this is a weak economy," Portes told CNBC's "Europe Early Edition." Coming into talks with a strong position in the battlefield, Russia is likely to want immediate sanctions relief as part of any ceasefire deal, as well as Ukrainian territorial concessions. The Kremlin has spied a rapprochement with Washington as an opportunity not only for an economic recovery, but investment. Russian Presidential Aide Yuri Ushakov on Saturday stated that "the economic interests of our countries intersect in Alaska and the Arctic, and there are prospects for implementing large-scale and mutually beneficial projects," the Kremlin stated. Portes said that if Trump "had the patience and the willingness to apply sanctions properly, then waiting [to hold talks] would result in a very significant change in the balance of forces." As things stand, however, Trump has mulled but so far held off on increasing sanctions on Russia. Washington has instead threatened the Kremlin's remaining trading partners, such as India, with "secondary sanctions" and additional trade tariffs for continuing with purchases of Russian oil, which have funded Moscow's war machine. Asked whether Trump could press ahead with more punitive sanctions to push Putin toward a peace deal, Portes asked: "Can anyone predict what the President of the United States will do from one day to the next? It's very difficult." "The likelihood of an increase in sanctions pressure is significant, but ... given Trump's desire for a Nobel Prize, the the likelihood that Trump will increase sanctions at this stage. Does not look very high, but he could change his mind tomorrow," he said. Global financial markets reacted positively to the announcement on Friday that talks to end the war would take place imminently, with bourses in Europe and U.S. rising. Defense stocks in Europe fell on the news, however, as traders appeared to bet that peace could deter further investment pledged by NATO allies. The spot price of gold, seen as a safe haven in times of geopolitical and financial market stress, was down around 1% at $3,364 per ounce, as of 8a.m. London time on Monday. Shares of Germany's Rheinmetall were trading lower by almost 4% while Hensoldt declined by 1.5% and Renk fell 3.3% in early trades. Italy's Leonardo and France's Thales were also down by 1.9% and 1.7% respectively. Meanwhile, London-listed BAE Systems and Babcock also gave up gains from earlier in the day, down 1.1% and 1.3%, respectively around 9 a.m. London time. But Christopher Granville, managing director at TS Lombard, said that the talks could ultimately prove to be a "win-win for European defense stocks" and advised investors to "buy on that weakness." Granville said if the peace process fails, there would still be a need to replenish depleted arms inventories of U.S. and Europe, which "would be very good for orders and procurement for Rheinmetall and all the other European defense stocks." "Or if there is a peace agreement, what do we see? We see a very powerful Russian military which — although the words 'victory' and 'defeat' will be banded around and should probably not be used — has to an extent prevailed. That reality will force continued increase defense procurement by European governments, and it's also good for European defense stocks. Either way, it's a winner," Granville told CNBC's "Squawk Box Europe." "The market, of course, has been discounting this some from time to time and as those [defense stock] names pull back a bit, you should buy on that weakness, in my opinion."
CNBC
5 hours ago
- CNBC
CCTV Script 11/08/2025
This year, driven by the wave of artificial intelligence, a new generation of billionaires is rapidly emerging worldwide, particularly in Silicon Valley, USA. Experts interviewed by CNBC pointed out that the current AI boom is swiftly becoming one of the largest wealth-creation waves in modern history. Several massive funding rounds this year have skyrocketed the valuations of startups like OpenAI and Anthropic. According to data from the global market research platform CB Insights, there are 498 AI "unicorn" companies globally—referring to unlisted AI companies valued at $1 billion or more. Their total valuation? It has reached a staggering $2.7 trillion, with a full 100 of these companies founded after 2023, indicating that many of them are still quite young. Notable examples include: Mira Murati, the former Chief Technology Officer of OpenAI, left her position in September last year and founded a new company, , in February this year. In less than half a year since its inception, the company secured $2 billion in seed funding in July, reaching a valuation of approximately $12 billion. Meanwhile, another AI startup, Anthropic AI, is reportedly in talks for a new funding round of $50 billion, which could push its valuation to $170 billion. According to sources familiar with the matter cited by CNBC, the company's CEO, along with its six co-founders, are now likely among the ranks of billionaires. Beyond the funding frenzy in AI startups, the stock prices of AI-related tech giants like NVIDIA, Meta, and Microsoft have also soared in the secondary market. Additionally, companies involved in building data centers and computing infrastructure have seen significant profit growth, while the salaries of AI engineers have surged in tandem. Among the rising stars in this wave of tech innovation, OpenAI's CEO, Sam Altman, has undoubtedly captured the most attention. Recently, OpenAI unveiled its latest model, ChatGPT-5, marking another significant leap in AI development. It's been just a weekend since the model's release, and it has already sparked polarized reactions across the industry and the general public. On one hand, industry insiders remain optimistic. "GPT five is a breakthrough in being able to work through that information, not only quickly, but now with a way greater degree of accuracy." On the other hand, American netizens have expressed significant dissatisfaction with the new model. On the popular U.S. forum Reddit, a post titled has garnered nearly 6,000 upvotes, with many users complaining that GPT-5's performance is inferior to older models. It's worth noting that OpenAI has yet to turn a profit. Regarding this, Sam Altman has stated that he remains focused on growth and is unbothered by losses. "I think we should be willing to keep growing, to keep investing in training compute for a long time...I think the rational thing to do is to just be willing to run at a loss for quite a while and continue to do that..." Finally, from the broader AI industry perspective, CNBC's latest All America Economic Survey reveals a complex public sentiment. While the capital markets are optimistic, the American public harbors mixed feelings about AI. On one hand, over half of respondents reported using AI tools, but they also expressed wariness. The survey shows that 53% of American respondents have used AI software in the past 2–3 months. However, when it comes to their attitude toward AI, 68% admitted feeling uneasy, primarily due to concerns about AI's impact on jobs.
CNBC
6 hours ago
- CNBC
European markets set to start the week positively as trade landscape remains in focus
Waterloo Bridge, in front of St. Paul's Cathedral, on March 24, 2025, in London, United Kingdom. John Keeble | Getty Images News | Getty Images Good morning from London, and welcome to CNBC's live blog covering all the action and business news in European financial markets at the start of the new trading week. Futures data from IG suggests a generally positive open for European indexes, with London's FTSE 100 seen opening slightly higher, France's CAC 40 up 0.2% and Germany's DAX up 0.3%, and Italy's FTSE MIB 0.5% higher. Global investors will continue to keep an eye on the tariff landscape this week with a focus on whether the Aug. 12 deadline for the U.S.-China tariff truce will be extended. Asia-Pacific markets were subdued overnight as a result. Meanwhile, U.S. stock futures inched higher Sunday night, with the market once again on the cusp of all-time highs ahead of a week of key inflation reports. The consumer price index, which is set to be released Tuesday, and the producer price index, due out Thursday, will be critical in shaping the outlook for the direction of interest rates, especially in the Federal Reserve's September meeting. Hotter inflation prints could hinder the market's advance, however. — Holly Ellyatt, Sarah Min
