U.S. reportedly could act against Chinese companies and banks over Russian war support
The U.S. along with other nations could take steps against Chinese companies and banks over Beijing’s support for Russia’s war against Ukraine, a top U.S. official said, according to Reuters.
“I think where we are primarily focused are on Chinese companies that have been involved in a systematic way in supporting Russia,” U.S. Deputy Secretary of State Kurt Campbell said, according to the report.
“We’ve also looked closely at financial institutions,” Campbell said.
Separately, Campbell met with Vice Minister of Foreign Affairs of China, Ma Zhaoxu, in Washington on May 30.
— Shreyashi Sanyal, Reuters
CNBC Pro: Goldman Sachs recommends a specific trading strategy, naming 2 global ‘conviction list’ stocks
Goldman Sachs has recommended that investors consider a specific trading strategy when trading European markets right now given the “scope for near-term volatility in equities.”
This follows the recent market rally and is expected to prove effective “until inflation momentum turns more negative,” the investment bank’s analysts wrote.
Going forward, those searching for pockets of opportunities in the region and “looking to position somewhat defensively” can look to Goldman’s list of buy-rated stocks “offering higher relative risk-adjusted upside.”
CNBC Pro subscribers can read more here.
— Amala Balakrishner
CNBC Pro: Profits of these 5 global banks will stay high despite an ECB rate cut, says Berenberg
Despite an interest rate cut expected this week, profits at a handful of major European banks will remain robust, according to Berenberg.
One of the lender’s stocks could rise by more than 40% over the next 12 months, according to the investment bank.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Nvidia announces latest AI chip model
Nvidia announced new AI chips on Sunday before its latest model has even shipped to customers.
The new chip model is called “Rubin.” Nvidia had announced its “Blackwell” chips in March. Huang said Sunday that Nvidia plans to release new AI chip models on a “one-year rhythm.”
Shares of Nvidia are up more than 120 year-to-date even as other deep-pocketed tech companies try to compete with the AI leader.
— Jesse Pound, Rebecca Picciotto
Key economic reports this week
Here are some of the notable economic and corporate updates this week. All times ET:
Monday, June 3
10 a.m. Construction spending (April)
10 a.m. ISM manufacturing (May)
Tuesday, June 4
10 a.m. JOLTS job openings (April)
Earnings: Hewlett Packard Enterprise, Bath & Body Works
Wednesday, June 5
10 a.m. ISM services PMI (May)
Earnings: Campbell Soup, Dollar Tree
Thursday, June 6
8:30 a.m. Initial jobless claims
Earnings: J.M. Smucker Co.
Friday, June 7
8:30 a.m. May jobs report
— Jesse Pound, Sarah Min