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  Points China’s Minister of Finance Lan Fo’an told reporters during a briefing that the central government has room for a deficit increase, but noted such policies are still under discussion. Economists have said China needs additional fiscal support, but Beijing has yet to announce any. Analyst projections for how much fiscal stimulus is needed range from around 2 trillion yuan ($283.1 billion) to more than 10 trillion yuan. Lan Fo’an, China’s finance minister, center, speaks as Zheng Shanjie, chairman of the National Development and Reform Commission (NDRC), left, and Pan Gongsheng, governor of the People’s Bank of China (PBOC), listen during a news conference on the sidelines of the National People’s Congress in Beijing, China, on Wednesday, March 6, 2024. Bloomberg | Bloomberg | Getty Images BEIJING — China’s Minister of Finance Lan Fo’an told reporters Saturday during a highly anticipated press briefing that the central government has room to increase debt and the deficit. He emp

  Elon Musk, CEO of Tesla. Antonio Masiello | Getty Images Tesla  shares dropped more than 8% in premarket trading in the U.S. after the electric car maker reported second-quarter earnings that missed expectations amid ongoing pressure in its auto business. Elon Musk’s electric vehicle firm reported that automotive revenue  declined 7% year on year in the June quarter to $19.9 billion  while its  adjusted earnings margin also fell . The company has been forced to slash prices globally and offer discounts and incentives amid slowing sales and rising competition, especially in China — one of its key markets. Tesla’s stock is nearly 1% lower this year to date, while the  S&P 500  has risen more than 16%. Tesla remains the top seller of electric vehicles in the U.S. by far, but is losing market share to a growing number of rivals due in part to its aging lineup of sedans and SUVs and the impact of Musk’s  incendiary  and political commentary. Bulls and bears have been in a grapple over

  watch now VIDEO 09:27 Coming months won’t be easy for euro zone inflation, ECB’s Luis de Guindos says French markets will be “upset” if the country’s new government does not adhere to the European Central Bank’s new fiscal rules, Luis de Guindos, the institution’s vice president, said on Tuesday. De Guindos told CNBC’s Annette Weisbach that last month’s French bond market moves had not been a cause for concern that would require an ECB intervention. “What we have seen so far is that the evolution of [French] markets has been quite orderly,” he said in an interview at the ECB Forum on Central Banking in Sintra, Portugal. “We have seen a little bit of widening of spreads, but the situation has been under control in that respect.” The premium on the country’s borrowing costs compared to Germany’s has recently been trading at its highest level since 2012. France’s benchmark 10- year government bond yield has risen above 3.3%, roughly a 12-month high, since the snap election wa

  Former British finance minister Rishi Sunak won the most votes in the second round of voting. Leon Neal | Getty Images LONDON — After 14 years in power, the U.K.’s ruling Conservative Party looks to be standing on the brink of a momentous electoral defeat in the July 4 vote. In the last few days leading up to the election, Prime Minister Rishi Sunak has tried to put a brave face on his party’s poor showing in the polls — which point to a mammoth win for the rival Labour Party — by saying the result was not a “forgone conclusion.” While there’s bound to be a reckoning after the election, and some serious soul searching as to where things went wrong, political analysts tend to agree there was not much that Sunak could have done to repair serious damage done by previous leaders in recent years. John Curtice, one of the U.K.’s most highly-regarded polling experts, put the party’s demise down to two irreparably damaging events in recent years. “This is not an election about t

  OINTS Day passes at hotels and resorts offer guests access to amenities without the cost of reserving a room. ResortPass holds 95% share of the day-guest market, according to the company, and has partnered with more than 1,300 luxury hotels, including the Waldorf-Astoria, JW Marriott and Fontainebleau. Wellness travel can be enjoyed with a loved one, the entire family, or even solo. Getty Images Avid traveler Lora Bowler is cutting back on vacation spending. That doesn’t mean she’s skipping the resort. The New York resident said she spent more in 2023 than she had expected to, including on travel, and is now reining in her expenses. She uses travel hacks and benefits to cut some of the cost, and she’s part of a growing number of people turning to hotel day passes as a cheaper option for relaxation. “It’s like a neat way to escape and feel like you’re at a five-star hotel,” Bowler said, “but you can’t afford to stay.” Day passes at hotels and resorts offer guests access to amenities w

  WATCH NOW VIDEO 05:13 Warren Buffett cuts Berkshire’s stake in Apple by 13% as iPhone sales slump OMAHA, Nebraska —  Warren Buffett’s Berkshire Hathaway  cut its gigantic  Apple  stake in the first quarter as the “Oracle of Omaha” continued to downsize his one-time favorite bet. In its first-quarter earnings report, Berkshire Hathaway reported that its Apple bet was worth $135.4 billion, implying around 790 million shares. That would mark a decline of around 13% in the stake. Apple was still Berkshire’s biggest holding by far at the end of the quarter. Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024.  David A. Grogen | CNBC This is the second quarter in a row that the Omaha-based conglomerate has trimmed the stake in the iPhone maker. It sold about 10 million Apple shares (just 1% of its massive stake) in the fourth quarter. This filing, when accounting for the change in Apple’s stock price, would imply Berk

Samantha Subin Lisa Kailai Han A trader wears a t-shirt with Reddit’s logo, at the New York Stock Exchange (NYSE) in New York City, U.S., March 21, 2024.  Brendan McDermid | Reuters The  Dow Jones Industrial Average  slipped on Friday, but clinched its best week of the year after back-to-back record-setting sessions. The Dow dipped 305.47 points, or 0.77%, to close at 39,475.90. The  S&P 500  inched lower by 0.14% to end at 5,234.18. The  Nasdaq Composite  added 0.16% and closed at 16,428.82 for another record. All three major averages notched healthy gains this week, with the S&P 500 rising about 2.3%. The Dow was up just shy of 2% for its  best week since December.  The Nasdaq is the outperformer of the three, jumping nearly 2.9%. “It’s a digestion period after a really strong week,” said Truist’s co-chief investment officer Keith Lerner of Friday’s moves. “Our view is that the overall trend is still positive for the market, especially when you see this breakout of new highs,