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The 20th Asian Games opened in Nagoya, Japan on the evening of the 19th.September 19 - According to Al Jazeera, citing Tasnim News Agency, Iranian Foreign Minister Araghchi and Pakistani Foreign Minister Muhammad Ishaq Dar held a telephone conversation to discuss issues of common concern and the latest developments in the region.According to a recent presentation seen by the Financial Times on September 19th, OpenAI expects to have burned through nearly $280 billion by the end of 2030. The presentation also indicates that OpenAI anticipates generating a negative free cash flow of up to $278 billion over the five years from 2026 to 2030, as the company invests heavily to expand its access to computing power. Revenue is projected to grow tenfold during this period, from $36 billion this year to $350 billion in 2030. The company expects to generate a cumulative revenue of $840 billion from now until the end of 2030. OpenAI anticipates investing approximately $856 billion in computing power and infrastructure by the end of 2030, which will be its largest single expenditure.On September 19th, Hong Kongs Secretary for Housing, Ho Wing-yin, introduced housing-related measures in the first Five-Year Plan and the Chief Executives 2026 Policy Address. Ho stated that the first and clear objective is to eliminate substandard subdivided flats, aiming to fundamentally resolve the issue by 2030. He explained that a clear long-term housing strategy outlines a "4-3-3" ratio: 40% public rental housing, 30% subsidized housing, and 30% private housing. This "3+3," or 60%, represents owner-occupied housing, a very clear direction. We will continue to prioritize supply, make good use of public housing resources, encourage upward mobility, safeguard the housing ladder, and promote youth homeownership—a multi-tiered housing supply strategy.September 19 - Explosions were heard again in Riyadh, the capital of Saudi Arabia, on the 19th. Thick smoke rose near King Khalid International Airport, located northeast of Riyadh.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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