economy
CNBC Daily Open: Markets look past soaring U.S. budget deficit
Signs of potential interest rate hikes remain in focus after the U.S. budget deficit surged to its highest monthly level in more than five years.
TL;DR
- U.S. budget deficit hit its highest monthly level in over five years in July, raising fiscal health concerns.
- Traders are not pricing in any interest rate cuts for the next five years.
- Ford will increase Lincoln vehicle production in the U.S. starting in 2030 and phase out imports from China.
- Meta and Nvidia have released open-weight AI models, intensifying the AI race between the U.S. and China.
- Norway's sovereign wealth fund reported a record $184 billion profit, with 40% of its portfolio in U.S. equities.
- Attacks on vessels in the Gulf of Oman and Red Sea have increased worries over supply disruptions.
- Hotel and short-term rental prices in parts of Europe surged to over $1,000 a night due to visibility of a solar eclipse.
- Los Angeles Lakers were reportedly put up for sale at a $12.5 billion valuation.