Finance

Jain, who most recently served as president of Cantor Fitzgerald, earned an MBA at the University of Massachusetts-Amherst and worked at several financial firms, including Merrill Lynch, before moving to Deutsche Bank.
He served as co-CEO at Deutsche from 2012 to 2015.
“We are grateful to the many people who cared for Anshu throughout his life. For us, his legacy is tenacity, honour, and love,” his family said in a statement.

Jain Anshu, President of Cantor Fitzgerald appears on CNBC’s Squawk on the Street at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd. 2020.
Gerry Miller | CNBC

Anshu Jain, an Indian-born investment banker who rose to the role of co-CEO at Deutsche Bank, died last night after a long battle with cancer, his family announced in a statement Saturday. He was 59 years old.
Jain, who most recently served as the president of Cantor Fitzgerald, earned an MBA at the University of Massachusetts-Amherst and worked at several financial firms, including Merrill Lynch, before moving to Deutsche Bank. He served as co-CEO from 2012 to 2015.

Jain stepped down from his role at Deutsche before his contract ended after the bank was beset by a string of regulatory issues.
His other positions included a role as an advisor at fintech company SoFi from 2016 to 2017 and as a trustee of British charity Chance to Shine.
“He believed in hard work, meritocracy, operating outside of expectations or conventional boundaries, placing family first, standing by one’s roots (having turned away many attempts to Westernize him in an industry that was often homogenous), in speaking ‘at the margin’ rather than delivering plain facts, in wit and wordplay, in being nonmaterialistic, and in the importance of having broad-bandwidth and being a ‘scholar-athlete,'” his family said in a statement.
“We are grateful to the many people who cared for Anshu throughout his life. For us, his legacy is tenacity, honour, and love,” the statement said.
Howard Lutnick, the CEO of Cantor Fitzgerald, also released a statement about Jain’s passing.

“Anshu was the consummate professional who brought a wealth of experience and wisdom to his role as President. He will be remembered as an extraordinary leader, partner, and dear friend who will be greatly missed by all of us and by all who knew him,” Lutnick said. “On behalf of all our partners and employees, we extend our deepest sympathies to Anshu’s family and wish them peace and healing during this difficult time.”
Correction: This article has been updated to delete a reference to Ajit Jain, who is not related to Anshu Jain.

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Exercise equipment and apparel for sale at the Peloton showroom in Dedham, Massachusetts, U.S., on Wednesday, Feb. 3, 2021.
Adam Glanzman | Bloomberg | Getty Images

Check out the companies making the biggest moves midday:
Peloton — Shares of Peloton jumped 6% after the company told employees it was cutting about 780 jobs, raising prices on some equipment and closing a number of retail stores.

Illumina — The gene-sequencing technology company dropped more than 9% after reporting lower-than-expected second-quarter profit and revenue. Illumina also issued an outlook that fell short of analyst estimates.
New York Times — Shares of the newspaper fell 3%, retreating from a near 11% rally in the previous session. Thursday’s rally came after activist investor ValueAct Capital took a 6.7% stake, pushing the publisher to charge more for subscriber-only content.
Toast — Shares of the payment tech company jumped more than 12% after it raised its earnings outlook for the year. The company also reported a loss for the latest quarter, but it was narrower than what analysts had anticipated.
Rivian — Shares of the electric vehicle maker added nearly 1% after beating revenue expectations in the most recent quarter and posting a smaller-than-expected loss per share. Rivian reiterated its delivery guidance for the year said it expects a bigger-than-anticipated loss.
Poshmark — The online fashion retailer saw its shares tumble almost 10% after issuing weaker-than-expected revenue guidance for the current quarter. While it reported a loss in the second quarter, sales beat analyst expectations.

Teladoc — Shares of Teladoc gained more than 5% after DA Davidson initiated coverage of the telehealth company with a buy rating.
Olo — The restaurant software maker plummeted 33% following a weaker-than-expected current quarter and full-year revenue outlook. Additionally, Olo second-quarter revenue missed expectations.
Alliant Energy — The Wisconsin utility moved almost 2% higher after being upgraded by Bank of America to buy from neutral. The firm increased its price target to $70 from $62, noting that Alliant Energy is poised to be one of the winners from the Inflation Reduction Act.
LegalZoom – Shares rose nearly 22% after the online legal platform reported quarterly results after the bell on Thursday that beat analyst expectations. While second-quarter revenue climbed 9% year-over-year, the company reported a net loss of $13.2 million for the quarter.
Six Flags – Shares of the theme park company started to recover an 18.7% loss on Thursday, up almost 8% on Friday. Six Flags posted second-quarter earnings that sharply missed expectations Thursday and was downgraded by Keybanc on Friday to sector weight from overweight.
China ADRs — Five China ADRs saw their shares fall after applying to delist their ADRs in the U.S. China Life Insurance dropped 3%, and oil giant China Petroleum & Chemical, known as Sinopec, fell 2.79%. Aluminum Corporation of China dropped 2.6%, PetroChina fell 3.2% and a separate Sinopec entity, Sinopec Shanghai Petrochemical Co, shed 2.8%.
— CNBC’s Carmen Reinicke, Samantha Subin, Sarah Min, Yun Li and Tanaya Macheel contributed reporting.

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A signing bonus is a financial sweetener businesses offer prospective hires.
In July, 5.2% of all job postings advertised a bonus, triple the level in July 2019 though down slightly from a December 2021 peak, according to an Indeed analysis.
There are strategies workers can use to get or boost a signing bonus.

Luis Alvarez | Digitalvision | Getty Images

Employers are using signing bonuses at an elevated rate to attract talent — and there are ways workers can capitalize on the trend.
A signing bonus is a financial sweetener — often a lump sum of cash — that businesses offer prospective hires.

Offers vary widely by company and position, and they can be quite generous. For example, Walgreens is offering a $75,000 signing bonus to pharmacists in some areas to reduce staffing shortages, according to a recent report in The Wall Street Journal. 
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In July, 5.2% of all job postings advertised a signing bonus, a slightly lesser share than the 5.5% peak in December but still about triple the level in July 2019, according to an analysis of internal data by career site Indeed.
That suggests employers are competing to fill open jobs at a time when workers are still “in the driver’s seat,” according to AnnElizabeth Konkel, an economist at Indeed.
“If employers could find workers a dime a dozen, I don’t think they’d be using signing bonuses in this way,” Konkel said.

8 job sectors advertising the most signing bonuses

The trend is more prevalent among in-person health-care jobs, like nursing, dental, medical technicians, physicians and surgeons, and home health care, according to Indeed data. More than 10% of jobs ads in these respective categories offered a signing-bonus benefit in July.  
For example, the share of job listings advertising these bonuses jumped from 6% to 18% in the three years from July 2019 to July 2021, according to Indeed.
Here are the top eight occupational sectors that advertised a signing bonus in July 2022, according to Indeed.

Nursing: 18.1% of all job listings
Driving: 15.1%
Dental: 14.7%
Veterinary: 13.5%
Medical technician: 12.6%
Physicians and surgeons: 11.4%
Childcare: 11.3%
Personal care and home health: 11.3%

‘Demand for workers is still going strong’

Workers have enjoyed the benefits of strong labor market since early 2021, when businesses were ramping up hiring as they re-opened more broadly after a pandemic-era lull.
Job openings soared to record highs and wages grew at the fastest pace in decades, incentivizing employees to quit in record numbers and find better-quality or higher-paying work elsewhere.

Workers have the ability to negotiate whatever they choose to negotiate.

AnnElizabeth Konkel
economist at Indeed

Despite cooling in recent months, the trend known as the Great Resignation or the Great Reshuffle remains in full swing, according to labor economists. Though surveys suggest some workers later regretted their decision if their new gig didn’t live up to expectations, for example.
The July jobs report issued last week beat expectations and the U.S. unemployment rate has fallen back to its pre-pandemic level, which had been the lowest since 1969.
“Demand for workers is still going strong, so workers have the ability to negotiate whatever they choose to negotiate,” Konkel said. “Maybe that’s a signing bonus, maybe that’s asking for a higher hourly wage, maybe that’s flexibility, maybe that’s a particular benefit.”

Negotiating a signing bonus: ‘Make them love you’

Ljubaphoto | E+ | Getty Images

There are a few ways workers can think about negotiating a signing bonus — or a better offer if one is already on the table.
First, think about the money you may be leaving on the table at your current employer, according to Mandi Woodruff-Santos, a career and money coach. She has estimated that negotiating signing bonuses added $160,000 to her income over a 10-year period.
That category might include unvested 401(k) match funds or stock options — money that isn’t yet yours but would be if you stayed at your current job. It may also include tuition reimbursement or a signing bonus your current employer paid, but which you’d have to pay back if you don’t meet certain contractual obligations such as employment duration.
Add this all up, and you can use this sum to negotiate for a signing bonus of that amount with a prospective employer, said Woodruff-Santos, who founded MandiMoney Makers, a group coaching community for women of color.

Workers can also do some research about average signing bonuses for people at their experience level in their industry — and use that as leverage in the interview process, she added.
For positions that explicitly offer a bonus, workers can also consider being upfront by saying they’re not excited by the advertised bonus amount and asking if there’s a way to increase it, Woodruff-Santos said.
Those with multiple interviews going at the same time can also use a signing-bonus offer with one prospective employer to see if another prospective employer will at least match it.
“I’m always a fan of just asking,” said Woodruff-Santos. “That said, the rationale behind it has to be there: You have to tell the story of why you’re asking.”
She recommends waiting until about two-thirds of the way through the interview process to negotiate the amount, though, when all signs point to a forthcoming job offer.
“Suck them in [first] and make them love you,” she said.

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Richmond Fed President Thomas Barkin said Friday that more interest rate increases will be needed to tamp down inflation.
Barkin said he wants to see inflation running around 2% “for a period of time.” The current level is far from that goal.

Despite positive inflation data this week, Richmond Federal Reserve President Thomas Barkin said Friday that more interest rate increases will be needed to tamp down price pressures.
Releases this week showing that consumer and wholesale price increases softened in July were “very welcome,” Barkin told CNBC’s “Squawk on the Street” in a live interview.

“So we’re happy to see inflation start to move down,” he added. But he noted that, “I’d like to see a period of sustained inflation under control, and until we do that I think we’re just going to have to continue to move rates into restrictive territory.”
Headline consumer prices were flat in July while producer prices declined 0.5%, according to the Bureau of Labor Statistics.
However, that was just one-month’s data: CPI still was up 8.5% on a year-over-year basis, and the producer price index climbed 9.8%. Both numbers are still far above the Fed’s 2% long-run inflation objective, so Barkin said the central bank needs to keep pushing forward until it achieves its goal.
“You’d like to see inflation running at our target, which is 2% at the PCE, and I’d like to see it running at our target for a period of time,” he said. The Fed uses as its preferred gauge the personal consumption expenditures price index; June headline PCE ran at a 6.8% annual rate while core excluding food and energy was at 4.8%.
Barkin’s comments reflect those of most Fed officials who have spoken recently about rates.

The central bank has hiked its benchmark borrowing rate 0.75 percentage point at each of its last two meetings. Markets are divided over whether the Fed will increase by three-quarters of a point in September or scale down to half a point, with traders tilting slightly toward the latter, according to CME Group data Friday morning.
Whichever is the case, Barkin said acting aggressively now is important. He said his constituents are deeply concerned about inflation and want action from the Fed.
“Consumers really dislike inflation, and one message that I get loud and clear as I wander around my district is, ‘we don’t like inflation,'” he said.

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Check out the companies making headlines before the bell:
Honest Company (HNST) – Honest Company’s stock rose 1.6% in the premarket in spite of a wider-than-expected quarterly loss. The natural consumer products maker now sees a wider full-year loss than previously thought, due to cost pressures, but expects improvement as the year goes on, including positive adjusted earnings for the fourth quarter.

Rivian Automotive (RIVN) – Rivian shares fell 1% in premarket trading after the electric vehicle maker widened its loss estimate for 2022. It also affirmed prior production guidance.
Illumina (ILMN) – Illumina tumbled 14.7% in the premarket after the gene-sequencing technology company reported quarterly profit and revenue that was lower than expected, and issued an outlook that was well short of analyst estimates. Illumina said a challenging economic environment is offsetting growth in the use of its gene-sequencing platform.
Toast (TOST) – Toast surged 12.9% in premarket action after the restaurant payment technology company raised its full-year earnings outlook. Toast reported a quarterly loss, but it was narrower than analysts had predicted, with Toast noting a record number of new locations using its technology.
Poshmark (POSH) – Poshmark fell 1.4% in the premarket after the online fashion retailer issued weaker revenue guidance than expected for the current quarter. Poshmark reported a loss for its latest quarter on increased marketing and research and development expenses, but sales were better than analysts had anticipated.
Wheels Up (UP) – The private jet company’s stock added 2% in premarket action after it reported better-than-expected quarterly revenue, although its loss was slightly wider than anticipated. Wheels Up also saw a 16% jump in active users.

Olo (OLO) – Olo plunged 33% in premarket trading after the restaurant software maker issued a weaker-than-expected current quarter and full-year revenue outlook.
LegalZoom (LZ) – LegalZoom added 2.1% in the premarket after the purveyor of online legal forms reported better than expected quarterly earnings.

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Huawei released business figures Friday that showed second-quarter revenue rose by 1.4% from a year ago, according to CNBC’s calculations.
The company has come under pressure in the last few years from U.S. sanctions. Revenue plunged for the first time on record last year.
Huawei said it plans to increase investment into its autos-related business this year, with 2,000 more engineers than last year and $500 million more in investment.

Chinese telecommunications giant Huawei released figures Friday that showed its first quarterly increase in revenue since 2020. Pictured here on July 8, 2022, is a Huawei flagship store in Shenzhen, Guangdong province of China.
Jade Gao | Afp | Getty Images

BEIJING — Chinese telecommunications giant Huawei released figures Friday that showed its first quarterly increase in revenue since 2020.
Huawei has come under pressure in the last few years from U.S. sanctions. Last year, Huawei reported its first annual revenue decline on record.

However, the company’s latest figures showed second-quarter revenue of 170.6 billion yuan ($25.5 billion), up by 1.4% from a year ago, according to CNBC’s calculations.
That’s after a nearly 14% plunge in year-on-year revenue in the first quarter, and double-digit declines for every quarter going back to the third quarter of 2020. Revenue rose by 3.7% from the same period in 2019 to 217.3 billion yuan, the results showed.
However, for the first six months of 2022, revenue still declined — albeit by a narrower 5.9% pace.
Of its three main business segments, Huawei’s enterprise unit — which includes cloud and business services — posted the most revenue growth, up by about 28% to 54.7 billion yuan in the first half of the year.

Huawei did not release a quarterly breakdown of revenue by business segment.

The company’s carrier business remained by far the largest, with year-on-year growth of 4% to 142.7 billion yuan in the first six months of 2022.
The device business continued to suffer from falling smartphone sales. Segment revenue plunged by 25% in the first half of the year to 101.3 billion yuan.
Huawei’s venture into electric cars falls mostly under the device business unit, according to the company.

More investment into car tech

Notably, Huawei has partnered with automaker Seres — a Silicon Valley-based subsidiary of Chongqing-based automobile manufacturer Sokon — to provide the operating system for a new car brand called Aito.
The brand’s first car, the M5, launched late last year. The vehicle runs on both electricity and gas fuel. As of the end of July, more than 26,000 M5 cars had been delivered, Huawei said.
The company announced that another vehicle, the M7, is set to begin deliveries this month.

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Huawei said it plans to increase investment into its autos-related business this year, with 2,000 more engineers than last year and $500 million more in investment.
That brings this year’s expected total to $1.5 billion in research and development investment in autos-related business and a staff of 7,000 engineers.

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The Federal Reserve is unlikely to pivot from its hawkish interest rate hikes despite positive signs this week that inflation in the U.S. could be easing, according to market strategists.
As both CPI and PPI soften, markets have started to moderate their expectations for Fed rate hikes.
But that doesn’t mean it is “mission complete” for the Fed, said Ben Emons, managing director of global macro strategy at Medley Global Advisors.
Victoria Fernandez, chief market strategist at Crossmark Global Investments, said the Fed is nowhere near putting the brakes and turning dovish on rate hikes, given the current data.

The Federal Reserve is unlikely to pivot from its hawkish interest rate hikes despite positive signs this week that inflation in the U.S. could be easing, according to market strategists.
On Thursday, the producer price index surprisingly fell 0.5% in July from the prior month, compared with an estimate of a 0.2% gain, according to a Dow Jones survey. On an annual basis, the index rose 9.8%, the lowest rate since October 2021.

That followed encouraging data that showed consumer prices rose 8.5% in July. The rate was slightly cooler than the 8.7% expected by analysts surveyed by Dow Jones and a slowing pace from the prior month.
As both CPI and PPI soften, markets have started to moderate their expectations for Fed rate hikes. Still, the positive data doesn’t mean it is “mission complete” for the Fed, said Ben Emons, managing director of global macro strategy at Medley Global Advisors.
“If you strip off any of the headline noise, some of the… CPI, even PPI [numbers] show still upward pressures,” he told CNBC’s “Squawk Box Asia” on Friday. “The Fed cannot be done here. It probably means that the 75-basis-point rate hike remains on the table.” 
“The pricing on the Fed fund futures and euro-dollar futures shows that we’re still more towards the 75-basis-point rate hike. And I think it is because of the guidance that all these Fed speakers keep giving us — ‘just don’t be complacent here, we’re going to continue,'” Emons added. 

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Last week, St. Louis Federal Reserve President James Bullard said the central bank will continue raising rates until it sees compelling evidence that inflation is falling. 

That message is consistent with other Fed speakers, including regional presidents Loretta Mester of Cleveland, Charles Evans of Chicago and Mary Daly of San Francisco. All of them have indicated recently  that the inflation fight is far from over and more monetary policy tightening will be needed. 

‘Not enough evidence’

The Fed raised its benchmark rate by 0.75 percentage point in both June and July — the largest back-to-back increases since the central bank started using the funds rate as its chief monetary policy tool in the early 1990s.
Victoria Fernandez, chief market strategist at Crossmark Global Investments, said the Fed is nowhere near putting the brakes and turning dovish on rate hikes, given the current data.
“For me, there’s not enough evidence for the Fed to make a huge pivot from where they are. I still think they’re considering 50, 75 basis points at the September meeting,” she told CNBC’s “Street Signs Asia” on Friday.
“Not anything coming out of the economic reports from CPI or the PPI in today’s session is going to change that at this point in time. I think we still have a considerable ways to go,” she added.
Investors will be looking for guidance from Fed Chair Jerome Powell on what the Fed could do at its next meeting in September. 

Inflation still sticky

Fernandez underlined the stickier parts of inflation, such as wage and rent pressures, are still high. Those are not coming down at the same rate as energy, oil and gasoline components, she said.

The inflation data in the next CPI report in September will be key for markets, she added. 
“If those show us that we actually have a plateau or starting a downward trend, then I think the Fed maybe comes back a little bit to 50 basis points,” she said. “If it doesn’t show that, or if it even goes a little bit higher based on some stickier components, then I think you’re right back at 75 for the meeting,” said Fernandez.
The Federal Open Market Committee does not meet in August, when it will hold its annual symposium in Jackson Hole, Wyoming.
Powell could use that opportunity to update markets on the path ahead for monetary tightening, noted Medley Global Advisors’ Emons, adding the Fed understands price pressures are so “tenacious and sticky that it can’t really back away.”
“You shouldn’t underestimate Jackson Hole. Some people dismiss it —  that it isn’t the platform. But he could well take the stage and should at least re-emphasize that the Fed’s really on this mission to bring inflation really down. That’s the key objective.”
— With reporting from CNBC’s Jeff Cox.

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China’s island province of Hainan announced a 9% GDP growth target for this year back in January.
The tourist-heavy island’s economy underperformed the national growth level in the first half of the year as Covid controls and travel restrictions discouraged visitors.
This month, a surge in Covid infections this month forced Hainan’s oceanside resort city of Sanya to order tens of thousands of tourists to stay put at their hotels, and local residents to stay at home.
Hainan’s economy underperformed the national GDP of 2.5% in the first half of 2022, growing only by 1.6% in the same period.

Sanya, on the southern coast of Hainan, was the top destination for couples flying from three of China’s largest cities last week for China’s version of Valentine’s Day, according to booking site Trip.com.
Lucas Schifres | Getty Images News | Getty Images

BEIJING — China’s tourist-heavy province of Hainan is falling further behind lofty growth goals it set in January.
Back then, the island said it aimed for 9% GDP growth this year. But like China’s economy overall, growth is running far below initial targets — due in a large part to outbreaks of a far more transmissible Covid variant.

A surge in Covid infections this month forced Hainan’s oceanside resort city of Sanya to order tens of thousands of tourists to stay put at their hotels, and local residents to stay at home. Haikou, the province’s capital, also issued stay-home orders.
Airlines cancelled flights, leaving tourists stranded on Hainan island since Saturday. In the last few days, some people have been able to return to the mainland on government-organized charter flights.
But questions remain — about uniform implementation of hotel stay subsidies, the cost of food and how soon most tourists can return to their homes.

“The public image and reputation of Hainan is damaged for the short term,” said Jacques Penhirin, a partner in the Greater China office of Oliver Wyman. “When I talk to the client they’re all looking at the bookings for [the upcoming fall holiday] which are still quite resilient. People have not cancelled yet, but it’s not looking good. Probably down on last year.”
It’s “going to be bad for luxury brands and hospitality at least until Chinese New Year next year,” he said, referring to the Lunar New Year holiday in late January 2023.

Hainan’s economy

In late July, China’s top leaders indicated the country might miss the GDP target of around 5.5% set in March. Beijing did not signal any large-scale stimulus, or any change to its “dynamic zero-Covid” policy.
The national economy grew by just 2.5% in the first half of the year, according to official figures. Hainan’s economy underperformed even that sluggish pace, only growing by 1.6% in the first half of 2022.
That’s a sharp slowdown from the island’s 11.2% GDP growth for all of 2021.
In fact, Hainan’s growth last year was second only to that of Hubei province, pointed out Ying Zhang, research analyst at the Economist Intelligence Unit.

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“Because of the international travel restriction, Hainan has benefited from the tourism revenue, up by nearly 60% last year,” she said. Zhang estimates tourism accounts for more than 80% of Hainan’s economy.
Sanya, on the southern coast of Hainan, was the top destination for couples flying from three of China’s largest cities last week for China’s version of Valentine’s Day, according to booking site Trip.com.
The island boasts one of the few beachfront locations for international luxury hotels like Mandarin Oriental and Hyatt in mainland China.
Hainan is also building out duty-free shopping malls as part of central government’s push to turn the island into a free trade hub and international shopping area.
Sales at duty-free stores on the island surged by 84% last year to 60.17 billion yuan ($8.93 billion), according to official figures.
During a consumer goods expo in Hainan in late July, sales at four duty-free stores rose by 27% year-on-year to 330 million yuan, the customs agency said.

Another hit to confidence

So far, cosmetics brands rely far more on Hainan for sales than affordable luxury brands — potentially up to a third of their China business, said Oliver Wyman’s Penhirin. He said Hainan generally accounts for less than 5% of China sales for affordable luxury brands, while high-end luxury has yet to enter that market.
An Oliver Wyman survey in May found that after roughly two months of lockdown in the metropolis of Shanghai, respondents from luxury and premium consumer brands cut their China growth expectations for the year by 15 percentage points.

Tens of thousands of tourists were stranded in the resort city of Sanya, Hainan, this week as local Covid outbreaks prompted airlines to cancel flights.
Str | Afp | Getty Images

“The question is definitely when will consumer regain confidence and peace of mind of travel and shopping which is further delayed by this Hainan incident,” Penhirin said, noting he expects this month’s lockdowns will be forgotten in one or two years.
“It’s more about the confidence than the income itself, especially for the luxury goods,” he said.
In the meantime, he said brands should put more effort to track their inventory in China, to make sure products aren’t being sold at levels that might induce a price war.

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