{"id":76250,"date":"2024-09-12T09:00:09","date_gmt":"2024-09-12T09:00:09","guid":{"rendered":"http:\/\/guid_108033018"},"modified":"2024-09-12T09:00:09","modified_gmt":"2024-09-12T09:00:09","slug":"cnbc-daily-open-moving-past-sticky-core-inflation","status":"publish","type":"post","link":"https:\/\/wp.timesamerica.net\/cnbc-daily-open-moving-past-sticky-core-inflation\/","title":{"rendered":"CNBC Daily Open: Moving past sticky core inflation"},"content":{"rendered":"<p> <span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"RelatedQuotes-relatedQuotes\" id=\"SpecialReportArticle-RelatedQuotes\">\n<div class=\"RelatedQuotes-quotesContainer\">\n<div class=\"RelatedQuotes-titleAndTime undefined\">\n<p class=\"RelatedQuotes-text\">In this article<\/p>\n<\/div>\n<ul class=\"RelatedQuotes-list\">\n<li class=\"QuoteItem-item\" aria-label=\"Quote for null\"><span class=\"waslinkname\"><span class=\"QuoteItem-symbol\">2330-TW<\/span><\/span><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"SpecialReportArticle-WatchlistDropdown\" data-analytics-id=\"SpecialReportArticle-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/li>\n<li class=\"QuoteItem-item\" aria-label=\"Quote for null\"><span class=\"waslinkname\"><span class=\"QuoteItem-symbol\">6857.T-JP<\/span><\/span><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"SpecialReportArticle-WatchlistDropdown\" data-analytics-id=\"SpecialReportArticle-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/li>\n<li class=\"QuoteItem-item\" aria-label=\"Quote for null\"><span class=\"waslinkname\"><span class=\"QuoteItem-symbol\">2760.T-JP<\/span><\/span><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"SpecialReportArticle-WatchlistDropdown\" data-analytics-id=\"SpecialReportArticle-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/li>\n<li class=\"QuoteItem-item\" aria-label=\"Quote for null\"><span class=\"waslinkname\"><span class=\"QuoteItem-symbol\">.TWII<\/span><\/span><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"SpecialReportArticle-WatchlistDropdown\" data-analytics-id=\"SpecialReportArticle-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/li>\n<li class=\"QuoteItem-item\" aria-label=\"Quote for null\"><span class=\"waslinkname\"><span class=\"QuoteItem-symbol\">.N225<\/span><\/span><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"SpecialReportArticle-WatchlistDropdown\" data-analytics-id=\"SpecialReportArticle-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/li>\n<li class=\"QuoteItem-item\" aria-label=\"Quote for null\"><span class=\"waslinkname\"><span class=\"QuoteItem-symbol\">.SPX<\/span><\/span><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"SpecialReportArticle-WatchlistDropdown\" data-analytics-id=\"SpecialReportArticle-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/li>\n<li class=\"QuoteItem-item\" aria-label=\"Quote for null\"><span class=\"waslinkname\"><span class=\"QuoteItem-symbol\">.DJI<\/span><\/span><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"SpecialReportArticle-WatchlistDropdown\" data-analytics-id=\"SpecialReportArticle-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/li>\n<li class=\"QuoteItem-item\" aria-label=\"Quote for null\"><span class=\"waslinkname\"><span class=\"QuoteItem-symbol\">.IXIC<\/span><\/span><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"SpecialReportArticle-WatchlistDropdown\" data-analytics-id=\"SpecialReportArticle-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/li>\n<li class=\"QuoteItem-item\" aria-label=\"Quote for null\"><span class=\"waslinkname\"><span class=\"QuoteItem-symbol\">NVDA<\/span><\/span><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"SpecialReportArticle-WatchlistDropdown\" data-analytics-id=\"SpecialReportArticle-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/li>\n<\/ul>\n<\/div>\n<div class=\"RelatedQuotes-cfaButtonContainer\"><button id=\"ArticlePageTickerCreateAccountButton\" class=\"CreateFreeAccountButton-buttonContainer\"><span class=\"CreateFreeAccountButton-buttonText\"><span>Follow your favorite stocks<\/span><span class=\"CreateFreeAccountButton-buttonTextBold\">CREATE FREE ACCOUNT<\/span><\/span><\/button><\/div>\n<\/div>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-108033019\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div class=\"InlineImage-imagePlaceholder\" style=\"padding-bottom:55.55555555555556%\">\n<div style=\"height:100%\" class=\"lazyload-placeholder\"><\/div>\n<\/div>\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">Prices are displayed in a store window in Brooklyn on August 14, 2024 in New York City.&nbsp;<\/div>\n<div class=\"InlineImage-imageEmbedCredit\">Spencer Platt | Getty Images News | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><em>This report is from today&#8217;s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe&nbsp;<\/em><span class=\"waslinkname\"><em>here<\/em><\/span><em>.<\/em><\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">What you need to know today<\/h2>\n<div class=\"group\">\n<p><strong>Stubborn core inflation<br \/><\/strong><span class=\"waslinkname\">Prices in the U.S. rose 0.2%<\/span> in August, the Bureau of Labor Statistics reported, in line with the Dow Jones consensus. The 12-month inflation rate was at 2.5%, the lowest since February 2021. However, core CPI, which excludes food and energy prices, ticked up 0.3%, 10 basis points higher than expected.<\/p>\n<div style=\"height:100%\" class=\"lazyload-placeholder\"><\/div>\n<p><strong>Rebound rally<br \/><\/strong>Major <span class=\"waslinkname\">U.S. indexes closed higher<\/span> in a choppy session on Wednesday, lifted by technology stocks. <span class=\"waslinkname\">Asia-Pacific markets were trading higher<\/span> on Thursday. Japan&#8217;s <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-5\"><span class=\"waslinkname\">Nikkei 225<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> jumped 3.43% and the <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-6\"><span class=\"waslinkname\">Taiwan Weighted Index<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> rose 3%. Chip-related Asian stocks including <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-7\"><span class=\"waslinkname\">Tokyo Electron<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>, <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-8\"><span class=\"waslinkname\">Advantest<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-9\"><span class=\"waslinkname\">TSMC<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> rose, tracking the rally in U.S. technology stocks.<\/p>\n<p><strong>UBS CEO sees soft landing<br \/><\/strong>Sergio Ermotti, Group CEO of <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-10\"><span class=\"waslinkname\">UBS Group AG<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>, told CNBC that investors <span class=\"waslinkname\">expecting the Fed to cut rates aggressively<\/span> are getting &#8220;ahead of the curve.&#8221; Sticky inflation remains the &#8220;most important&#8221; issue, he added \u2013 August&#8217;s core CPI surprised to the upside. However, Ermotti still sees &#8220;the outlook [as] pretty consistent with a soft landing.&#8221;<\/p>\n<p><strong>Harris or Trump? Little difference for China<br \/><\/strong>Regardless of who wins the U.S. Presidential elections, the country&#8217;s <span class=\"waslinkname\">trade ties with China will remain tense<\/span>, said Carlos Casanova, senior economist at Swiss private bank UBP. Donald Trump has proposed <span class=\"waslinkname\">tariffs of up to 100%<\/span>, while Kamala Harris is expected to stick with Joe Biden&#8217;s tariff policy that not only retained Trump-era tariffs but also escalated them.<\/p>\n<p><strong>[PRO] Opportunities for semiconductor stocks<br \/><\/strong>Semiconductor stocks have been the market&#8217;s darling this year and are responsible for pushing the S&amp;P 500 to consecutive fresh highs. However, since July, they&#8217;ve had wild swings. Still, with <span class=\"waslinkname\">some chip stocks being undervalued<\/span>, they appear to be good buys amid this volatility, said analysts.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">The bottom line<\/h2>\n<div class=\"group\">\n<p>On the surface, Wednesday looked like a great day for investors.<\/p>\n<div style=\"height:100%\" class=\"lazyload-placeholder\"><\/div>\n<p>The <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-15\"><span class=\"waslinkname\">S&amp;P 500<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> climbed 1.07%, the <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-16\"><span class=\"waslinkname\">Dow Jones Industrial Average<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> added 0.31% and the <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-17\"><span class=\"waslinkname\">Nasdaq Composite<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> shot up 2.17%.<\/p>\n<p>However, those numbers are hiding turmoil under their pretty facades.<\/p>\n<p>The S&amp;P dropped around 1% during trading but eventually managed to claw back losses and close more than 1% higher by the end of the day. It&#8217;s the first time the broad-based index has done so since October 2022.<\/p>\n<p>The consumer price index for August precipitated the initial fall. Core inflation, to which the Fed pays more attention because it more accurately reflects price movements, came in a bit higher than expected for the month.<\/p>\n<p>Core inflation was higher than the headline number because food and energy prices are stripped out from the former. And both were mild for the month: Food prices were only 0.1% higher, suggesting no pets need to be eaten, while energy costs fell 0.8%.<\/p>\n<p>Still, that data means the Fed&#8217;s unlikely to make a jumbo-sized 50-basis-point cut. Disappointment translated into stocks dropping.<\/p>\n<p>Even with inflation remaining difficult to tame, it doesn&#8217;t mean consumers are worse off. Real earnings rose 0.2% for the month, showed a separate Bureau of Labor Statistics report, which means the rise in income outstripped price increases.<\/p>\n<p>That might have helped the intraday rebound in the S&amp;P.<\/p>\n<p>As for the Nasdaq, it was buoyed by technology stocks, which experienced a huge bounce from the previous days&#8217; falls. <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-18\"><span class=\"waslinkname\">Nvidia<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> popped 8%, probably on news the U.S. might let the chipmaker sell advanced chips to Saudi Arabia, according to <span class=\"waslinkname\">Reuters<\/span>.<\/p>\n<p>But there might be more choppiness ahead in markets. The U.S. government is, once again, close to a shutdown because of <span class=\"waslinkname\">politicking over government funding<\/span>. It&#8217;s almost like the U.S. House of Representatives has no concept of a plan. &nbsp;<\/p>\n<p><em>\u2013 CNBC&#8217;s Jeff Cox, Pia Singh and Lisa Kailai Han contributed to this story.<\/em><\/p>\n<\/div>\n<div data-test=\"WildCardEmbed\">\n<div class=\"WildcardEmbed-wrapper\">\n<style> div { box-sizing: border-box; } .noselect { -webkit-touch-callout: none; \/* iOS Safari *\/ -webkit-user-select: none; \/* Safari *\/ -khtml-user-select: none; \/* Konqueror HTML *\/ -moz-user-select: none; \/* Old versions of Firefox *\/ -ms-user-select: none; \/* Internet Explorer\/Edge *\/ user-select: none; \/* Non-prefixed version, currently supported by Chrome, Edge, Opera and Firefox *\/ } .DO-widget-wrapper { width: 100%; max-width: 620px; background-color: #fff; } .DO-logo-row { margin-bottom: 4px; } .DO-body { border-top: 2px #289dcf solid; border-bottom: 2px #289dcf solid; padding: 12px 0 12px 0; margin-bottom: 20px; } .DO-bodycopy .DO-button { font-family: Proxima Nova,Helvetica,Arial,sans-serif; } .DO-bodycopy {color: #424858; font-size: 18px; line-height: 31px; margin-bottom: 12px;} .DO-button { color: #fff; font-size: 16px; font-weight: 600; width: 120px; height: 30px; background-color: #0071bc; border-radius: 6px; text-transform: uppercase; padding: 4px; text-align: center; cursor: pointer; margin-bottom: 4px; text-decoration: none !important; } .DO-button:hover { background-color: #0a94e0; text-decoration: none !important; } @media <\/style>\n<div class=\"DO-widget-wrapper\">\n<div class=\"DO-logo-row\"> <img decoding=\"async\" src=\"https:\/\/fm.cnbc.com\/applications\/cnbc.com\/resources\/styles\/skin\/special-reports\/daily-open\/images\/DO_Logo-01.svg\" width=\"220\" height=\"auto\" alt=\"CNBC Daily Open\"> <\/div>\n<div class=\"DO-body\">\n<div class=\"DO-bodycopy\"> Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. <\/div>\n<p> <span class=\"waslinkname\"><\/p>\n<div class=\"DO-button noselect\">Subscribe<\/div>\n<p><\/span> <\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<div id=\"ArticleBody-MobileAdhesion\" class=\"MobileAdhesion-container\" data-module=\"mps-slot\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In this article 2330-TW 6857.T-JP 2760.T-JP .TWII .N225 .SPX .DJI .IXIC NVDA Follow your favorite stocksCREATE FREE ACCOUNT Prices are displayed in a store window in Brooklyn on August 14, 2024 in New York City.&nbsp; Spencer Platt | Getty Images News | Getty Images This report is from today&#8217;s CNBC Daily Open, our international markets &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-76250","post","type-post","status-publish","format-standard","hentry","category-bussiness","no-thumb","no-post-featured"],"_links":{"self":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts\/76250"}],"collection":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/comments?post=76250"}],"version-history":[{"count":0,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/posts\/76250\/revisions"}],"wp:attachment":[{"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/media?parent=76250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/categories?post=76250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.timesamerica.net\/wp-json\/wp\/v2\/tags?post=76250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}