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On September 7th, Huawei officially launched its new Extraordinary Exploration Watch. This watch debuts a professional skiing and mountaineering mode, adds measurement indicators for coronary heart disease risk and high blood sugar risk, and supports AI assistant Xiaoyi.On September 7th, the State Council Information Office held a press conference to introduce the 5th Global Digital Trade Expo. Wang Pengfei, head of the Department of E-commerce and Information Technology of the Ministry of Commerce, introduced the achievements of the "Guiding Opinions on Vigorously Developing Digital Consumption and Creating a Better Life in the Digital Age" one year after its issuance. According to the Ministry of Commerces estimates, in the first half of 2026, the scale of digital consumption by Chinese residents reached 13.3 trillion yuan, a year-on-year increase of 4.1%. Many new-generation digital products, such as intelligent mobility exoskeletons and consumer-grade 3D printers, have been favored by consumers. Digital services such as online short dramas and virtual reality parks grew by 7.0%, and personal payments for large-scale models saw significant growth. The driving effect of digital consumption on my countrys consumption of goods and services continued to be evident in the first half of the year.According to Huawei Terminal, the number of terminal devices running HarmonyOS 6 and HarmonyOS 7 has exceeded 85 million.September 7th - According to sources, Baidus intelligent code assistant, Baidu Comate, has been officially integrated into the general-purpose intelligent agent platform, Baidu DuMate, becoming part of the unified product matrix of the Intelligent Agent Business Unit. Sources revealed that by the end of 2025, the proportion of AI-generated code within Baidu will exceed that of manually written code, and AI programming capabilities will support the daily R&D work of over 99% of its engineers.On September 7th, the United States is increasing diplomatic pressure on Iran, proposing to refer the issue of Irans obstruction of nuclear inspectors to the UN Security Council, where inspectors have been unable to verify the location of the countrys near-weapons-grade uranium stockpile. This move is expected to proceed at the International Atomic Energy Agency (IAEA) Board of Governors meeting in Vienna this week. Iran has blocked UN nuclear inspectors from examining its uranium stockpile for 15 months since the Israeli airstrikes began in June 2025. Based on a two-page copy of a document, the US resolution demands that Iran "urgently rectify its non-compliance" and allow inspections to ensure that "nuclear material is not diverted." The last time Washington submitted Irans nuclear documents to the UN, Israel launched an attack on the countrys nuclear facilities within 24 hours, triggering a 12-day war. The current conflict began on February 28th, a day after the IAEA reported observing new activity near the bombed facilities.

After A Fed Rise, The U.S. Banks Stress Index Might Deteriorate

Aria Thomas

Jun 17, 2022 11:09

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An indicator of credit risk in the U.S. banking sector may be exhibiting symptoms of strain as the Federal Reserve's aggressive rate rise path heightens economic pain forecasts.


According to Refinitiv data, the so-called FRA-OIS spread, which measures the difference between the U.S. three-month forward rate agreement and the overnight index swap rate, jumped to 29.50 basis points on Thursday, its widest level since May 23. The value was -11.66 basis points earlier in the week.


Widely regarded as a barometer for banking sector risk, a wider spread indicates that interbank lending risk has increased.


The recent increase in the margin between forward rate agreements and overnight index swap rates is worrisome, according to J.P. Morgan Asset Management global market analyst Jordan Jackson. "As the Fed becomes more hawkish, recession fears increase, hence boosting the underlying credit risk."


The Federal Reserve hiked interest rates by 75 basis points on Wednesday, its largest rise since 1994. Markets have been rocked by the prospect of more dramatic tightening, and fears of a future recession have intensified.


This month, the central bank also started letting bonds to expire off its more than $8 trillion balance sheet without replacing them, a procedure known as quantitative tightening that Jackson warned may possibly deplete the financial system's liquidity.


As the world's biggest holder of U.S. government debt lowers its market presence, this sentiment is shared by other investors who are concerned that market conditions may deteriorate.


"Now that quantitative tightening has formally begun, reserve draining has been rather steady over the last several months," Jackson said, adding that he expects the FRA-OIS disparity to become much wider.


Wall Street also perceives an increase in the likelihood of default by large banks.


On Thursday, credit default swap (CDS) spreads for JP Morgan, Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC), and Bank of America (NYSE:BAC) were nearing two-year highs.


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