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On August 20th, Walmart CEO John Furner stated that he believes artificial intelligence will improve almost all of the companys businesses, making the customer shopping experience better and employees jobs easier. In a conference call with analysts, Furner cited the AI shopping assistant Sparky as a prime example. "The number of customers using Sparky has increased by 70% compared to last year, and customers and members who shop using Sparky spend 40% more per order than non-users," he said. "Recently, someone told me they asked Sparky for a weekly meal plan with high-protein, healthy foods. Within seconds, Sparky shared the recipe and meal set, and could add all the necessary ingredients to the cart with a single click."On August 20th, Morgan Stanley economists stated in a report that while the proportion of jobs lost due to AI in the United States remains small, this trend is becoming increasingly apparent. By June 2026, AI replacement will have an impact of up to 15 basis points on the US unemployment rate, up from 10 basis points in December 2025. The signs of replacement remain most pronounced among younger workers.According to The Information: Anthropics joint venture ODE has acquired artificial intelligence consulting firm Casper Studios.Chai Discovery and Bristol-Myers Squibb have entered into an antibody research and development collaboration agreement, under which Bristol-Myers Squibb will use Chais AI model to support antibody discovery.The SC crude oil futures contract rose by 2.00% intraday, currently trading at 596.60 yuan per barrel.

After positive Japan Retail Trade statistics, the USD/JPY currency pair declines toward 138.50

Daniel Rogers

Aug 31, 2022 11:37

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The US dollar fell against the Japanese yen by less than 0.1 percent to 138.50 after upbeat economic data was released. Retail sales in Japan rose by 2.4% last year, beating both analysts' estimates of 1.9% growth and the prior report of 1.5% growth. Furthermore, retail sales have climbed to 0.8% on a monthly basis. Meanwhile, the report on Industrial Production is 1.8% higher than expected and 2.6% higher than the previous release.

 

Because the US dollar index (DXY) has done so well, bulls have been able to keep a firm grip on the asset. The DXY is aiming for a return to its two-decade high of 109.29 after encouraging data on consumer confidence and hawkish remarks from Fed governors.

 

When compared to July's 95.3 score, August's 103.2 reading on the Conference Board's (CB) Consumer Confidence survey is a significant gain. Improved faith in the economy boosts retail spending, which in turn supports the domestic currency. The DXY was also helped along by John Williams, president of the New York Fed Bank.

 

Fed Williams believes that interest rates will need to increase by more than 3.5 percent by the end of the year in order to slow the rate of inflation. He predicted that by the next year, inflation might drop to between 2.5% and 3%.

 

The release of US Nonfarm Payrolls (NFP) data on Friday remains the focal point of investors' attention this week. It is expected that employment growth numbers would remain satisfactory notwithstanding a halt in recruiting by a number of tech companies and the effects of dwindling liquidity. Reduced from 528k in the prior publication, the anticipated economic data is 300k.


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