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Gas prices are seen at a Chevron gas station in Los Angeles on September 28, 2023. 

Robyn Beck | AFP | Getty Images

This report is from today’s CNBC Daily Open, our new, 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 here.

What you need to know today

Prices mostly in line
The
U.S. consumer price index climbed 0.1% in November and rose by 3.1% from a year earlier. The monthly increase is higher than expected, as economists had predicted prices to remain unchanged. The yearly rate, however, is still lower than the 3.2% in October, signaling a steady downward trajectory. A 2.3% drop in energy prices helped keep inflation in check.

Holding pattern
U.S. stocks closed higher Tuesday as investors digested CPI data and awaited results of the Federal Reserve meeting ending Wednesday. Europe’s Stoxx 600 lost 0.21%, dragged down by the oil and gas sector, which fell 1.28%. Separately, U.K. regular wage growth slowed from an annual 7.8% in October to 7.3% in November.

First cut in June?
The economic outlook for next year’s looking rosier, according to respondents to the CNBC Fed Survey. They think the Federal Reserve’s going to slash rates by around 85 basis points — with most expecting the first cut in June — as inflation declines to an average of 2.7% by the end of next year. Furthermore, respondents lowered the probability of a recession to 41%, the lowest since spring of 2022.

OpenAI’s revenue: $44,486
OpenAI may be valued by private investors at $86 billion, but its revenue from its nonprofit operation in 2022 was just $44,485, according to a filing with the U.S. Internal Revenue Service. OpenAI is a nonprofit — but the company launched a “capped-profit” firm, OpenAI Global, which is responsible for ChatGPT and drew billions in investment from Microsoft.

[PRO] S&P to pull back?
The S&P 500 has been rallying for the past month — and even hit its yearly high — but that upward trend isn’t going to last, according to Evercore ISI. The firm thinks the broad-based index will experience a big pullback in the first half of 2024 as a recession “materializes and politics [amplify] volatility.”

The bottom line

The U.S. consumer price index report for November came in a smidge higher than expected, compared with the previous month. However, the annual increase, as well as the monthly and yearly core inflation rates came in exactly as expected. That’s both good and bad.

The positives: Investors don’t like surprises. They could swallow the 0.1 percentage point rise in the monthly inflation rate because the CPI, overall, “was very consistent with expectations,” as Adam Crisafulli, founder and president of Vital Knowledge, put it. And November’s annual rate is slightly lower than the previous month’s, showing that disinflation is, indeed, in progress.

On to the negatives. Although the CPI was “somewhat in line,” said Liz Ann Sonders, chief investment strategist at Charles Schwab, the month-over-month figure was “not as good as some might have hoped.” Indeed, that the number was so “consistent with expectations” means it “changes little,” added Crisafulli.

But investors seemed to take the good where they could, pushing stocks higher. The S&P 500 rose 0.46%, the Dow Jones Industrial Average climbed 0.48% and the Nasdaq Composite gained 0.7% Tuesday. All three indexes touched new intraday 52-week highs.

The rally could be spurred by falling oil prices, which means upcoming CPI reports are likely to show faster disinflation. U.S. crude oil dropped more than 3% yesterday, and gasoline prices in the U.S. are experiencing their first year-over-year decline since 2020, according to Citi.

That’s good news for consumers and central bankers worried about inflation, but a blow to oil companies — Exxon Mobil dropped to a 52-week low on flagging oil prices.

Attention now turns to the Federal Reserve’s last rate-setting meeting for the year. While market consensus is for the central bank to leave interest rates untouched, investors will comb through Fed Chair Jerome Powell’s press conference and a new dot plot — a chart that shows each Fed member’s rate expectations — for hints on when the first cut might come.

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Hackers turn Nissan LEAF into full-scale RC car, record drivers’ conversations [video]

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Hackers turn Nissan LEAF into full-scale RC car, record drivers' conversations [video]

A team of white hat European hackers using their brains, keyboards, and a couple of bits and baubles from eBay managed to take control of a 2020 Nissan LEAF and violate just about every privacy and safety regulation in the process.

The best part: they recorded the whole thing.

Budapest-based cybersecurity experts PCAutomotive were able to exploit a number of vulnerabilities in a 2020 Nissan LEAF that enabled the white hat team to geolocate and track the car, record the texts and conversations happening inside the car, playing media back through the car’s speakers, and even (this is the genuinely terrifying dangerous part) turning the steering wheel while the car was moving. (!?)

Maybe the scariest part of this hack, however, is how seemingly easy it was to pull off by starting with a “test bench simulator” built using parts from eBay and exploiting a vulnerability in the LEAF’s DNS C2 channel and Bluetooth protocol.

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The PCAutomotive team gave a hugely detailed 118-page presentation of their exploit at black hat Asia 2025, which we’ve included at the bottom of this post, in case the original link goes dead. If you’re into that sort of thing, the fun stuff starts around page 27. And, if you’re not, just know that all the vulnerabilities were disclosed to Nissan and its suppliers between 02AUG2023 and 12SEP2024 (p. 116/118), and the “attack” itself can be seen in the video below that. Enjoy!

Summary of vulnerabilities

  • CVE-2025-32056 – Anti-Theft bypass
  • CVE-2025-32057 – app_redbend: MiTM attack
  • CVE-2025-32058 – v850: Stack Overflow in CBR processing
  • CVE-2025-32059 – Stack buffer overflow leading to RCE [0]
  • CVE-2025-32060 – Absence of a kernel module signature verification
  • CVE-2025-32061 – Stack buffer overflow leading to RCE [1]
  • CVE-2025-32062 – Stack buffer overflow leading to RCE [2]
  • PCA_NISSAN_009 – Improper traffic filtration between CAN buses
  • CVE-2025-32063 – Persistence for Wi-Fi network
  • PCA_NISSAN_012 – Persistence through CVE-2017-7932 in HAB of i.MX 6

Remote exploitation of Nissan LEAF



Electrek’s Take


Nissan-Bolt-EV-LEAF
2024 Nissan LEAF; via Nissan.

This is one of those posts that, on the bright side, does a great job explaining how a remote operator can “log in” to a vehicle and steer it out of trouble when a weird or edge-case-type situation pops up.

Unfortunately, this is also one of those posts that some of the more clueless anti-EV hysterics will point to and say, “See!? EVs can get hacked!” But the reality is that virtually any car with electric power steering (EPS), electronic throttle controls, brake-by-wire, etc. can be hacked in a similar way. But, while steering a target’s car into an oncoming semi might be a great way to pull off a covert CIA assassination, the more worrying issue here is the breach of privacy and recording – unless you want to spend some time in El Salvadoran prison, I guess.

Remember, kids: Big Brother is watching you.

SOURCE | IMAGES: black hat.


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A vast new UK battery plant just secured £1B to power 100k EVs

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A vast new UK battery plant just secured £1B to power 100k EVs

A major new EV battery factory is being built in Sunderland, bringing 1,000 new jobs with it. AESC, Nissan’s battery partner, is behind the £1 billion ($1.33 billion) plant, which will boost the UK’s EV battery production by six times, enough to power 100,000 electric cars annually.

The 12 GWh capacity plant, AESC’s second battery plant in Sunderland, will be powered by 100% net-zero carbon energy. That big jump in capacity helps position Britain as a global player in EV manufacturing while pushing forward the country’s net-zero goals.

The investment is getting a serious financial lift from the British government. Through a combination of support from the National Wealth Fund and UK Export Finance, the project is unlocking £680 million in financing from major banks, including HSBC, Standard Chartered, SMBC Group, Societe Generale, and BBVA, that covers the construction and operation of the battery factory. Another £320 million is coming from private investment and fresh equity from AESC. On top of all that, the government’s Automotive Transformation Fund is pitching in with £150 million in grant funding.

This deal follows closely on the heels of the new UK-US trade agreement announced a day earlier, which cuts car export tariffs from 27.5% down to 10% for up to 100,000 UK-made vehicles – nearly the total number exported last year. That move could save car companies hundreds of millions of pounds and help protect good-paying jobs in manufacturing hubs like Sunderland.

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Chancellor of the Exchequer Rachel Reeves visited AESC in Sunderland, where she met with staff and local leaders to discuss what this means for the Northeast and the British car industry.

“This investment follows hot on the heels of yesterday’s landmark economic deal with the US, which will save thousands of jobs in the industry,” Reeves said.

Read more: UK unveils largest curbside EV charger installation of 6,000 ports


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Ford is facing a worker strike at its EV plant in Germany: Here’s why

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Ford is facing a worker strike at its EV plant in Germany: Here's why

It’s about the future of their jobs. Ford workers at two plants in western Germany are set to go on strike on Wednesday, their works council chief said on Monday.

Ford is facing a worker strike in Germany

In November, Ford announced it would cut around 4,000 jobs in Europe by 2027 as part of a restructuring, primarily in Germany and the UK. That’s still about 14% of its European workforce.

The American automaker said the move comes after it has incurred “significant losses” in recent years and a “highly disruptive market” with new EVs quickly gaining market share.

Ford blamed slower-than-expected demand for electric vehicles and a weak economic situation. It also plans to slow production at its Cologne EV plant, where the electric Explorer and Capri are built.

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Last week, IG Metall members voted in favor of “industrial action” with 93.5% of votes in favor of a strike. “Ford must act now—otherwise, we will go through with it,” said Kerstin D. Klein, Chief Representative of IG Metall Cologne-Leverkusen.

Ford-worker-strike
Ford Explorer EV production in Cologne (Source: Ford)

Ford is facing an influx of new competition, including Chinese EV makers like BYD. BYD’s overseas sales are surging with a fifth straight month of growth in April.

BYD even outsold Tesla in Germany last month, with 1,566 vehicles registered. In comparison, Tesla had just 855, and Ford saw 9,534 registrations.

Ford-worker-strike
Ford’s electric vehicles in Europe from left to right: Puma Gen-E, Explorer, Capri, and Mustang Mach-E (Source: Ford)

On top of this, Ford, like most of the industry, is preparing for more disruption with Trump’s auto tariffs. After releasing Q1 earnings last week, Ford warned that the tariffs could cost up to $2.5 billion this year.

During Ford’s earnings call, CFO Sherry House said that recent EV launches in Europe, including the Explorer, Capri, and Puma Gen-E, helped more than double Model e’s wholesale volume in Q1.

After early success in the US, Ford also launched its “Power Promise” promotion in Europe, offering EV buyers a free home charger and several other perks.

Source: Reuters

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