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On July 17th, SpaceX (SPCX.O) shares plunged on Friday, falling as much as 4.6% to $125.13 per share, reducing the companys total market capitalization to $1.65 trillion, a drop of over $1 trillion from its all-time high. SpaceXs market capitalization reached $2.64 trillion at the close of trading on June 16th (its third day of trading). After completing the largest initial public offering (IPO) in history, SpaceXs shares initially surged but have since steadily declined, currently falling below the offering price of $135. This comes after the cancellation of its Starship rockets 13th test flight due to engine ignition problems; Musk stated that the next launch attempt is expected in a few days.SK Hynix ADR (SKHY.O) fell below its IPO price of $149 for the first time.The Philadelphia Semiconductor Index fell more than 5%, AMD (AMD.O) fell more than 7%, Intel (INTC.O) fell more than 6%, and TSMC (TSM.N) fell more than 5%.On July 17th, Apple (AAPL.O) surpassed Nvidia (NVDA.O) to become the worlds most valuable company, as the rankings of tech giants shifted as investors reassessed the prospects of artificial intelligence. Apples stock price remained stable during the session, with a market capitalization of $4.88 trillion; Nvidias stock price fell 3.5%, with a market capitalization of approximately $4.86 trillion. This ranking shift indicates that investors are turning their attention to areas beyond the most obvious beneficiaries of the AI boom, such as Nvidia, which led for nearly a year. This is the first time Apple has regained the top spot since April of last year. Tony Meadows, investment director at BRI Wealth Management, stated, "Apple was once considered a laggard in the AI race due to its lack of investment in developing models, but market sentiment has now shifted. Apple is less reliant on capital expenditures and is better positioned to commercialize AI through services, ecosystem lock-in, and hardware upgrades. This valuation reshuffling reflects market confidence in its earnings sustainability, rather than expectations of a speculative surge in AI."July 17th – The National Blue Carbon Trading Alliance was established and its first conference was held in Shenzhen. Adhering to the principles of openness, equality, co-construction, sharing, and win-win cooperation, the alliance aims to standardize the blue carbon trading market, increase the scale of blue carbon trading, promote blue carbon information sharing, and expand international exchange and cooperation. The conference was hosted by the Shenzhen Municipal Bureau of Planning and Natural Resources and the Shenzhen Municipal Bureau of Ocean Development, under the guidance of the Ministry of Natural Resources and the Guangdong Provincial Department of Natural Resources. The National Blue Carbon Trading Alliance brings together diverse stakeholders, including blue carbon resource suppliers, market demanders, technical service institutions, trading platforms, and financial institutions, and is a cross-sectoral non-profit cooperative organization.

As the US labor market strengthens and China CPI is anticipated, AUD / USD Appears Vulnerable Near 0.6600

Alina Haynes

Mar 09, 2023 13:59

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The AUD / USD pair is displaying a back-and-forth pattern during the Asian session below the round-level resistance of 0.6600. The Australian asset appears vulnerable at the same time that the risk-aversion theme has been strengthened by intensifying fears of a U.S. recession and expectations of higher rates from the Federal Reserve (Fed).

 

S&P500 futures are displaying nominal losses following a fragile recovery move. It seems that the dead cat recovery move by the 500-US stocks basket is tapering away. The US Dollar Index (DXY) has turned sideways above 105.20 after a modest correction; however, the upside appears favored amid positive U.S. Employment data.

 

The robust addition of new jobs to the US labor market in February as a result of rising demand has validated Fed policymakers' concerns about persistent inflation. The United States Automatic Data Processing (ADP) reported an increase of 242K positions in February, exceeding both the expected increase of 200K and the previous release of 119K. As a result, Fed Chair Jerome Powell stated, "The Fed is prepared to announce more rates to reduce inflation."

 

The US Nonfarm Payrolls (NFP) data, which will be released on Friday, will provide investors with greater insight into the state of the US labor market. In addition, the dissemination of the Unemployment Rate and Average Hourly Wages will be crucial.

 

The Australian Dollar has been under intensified pressure following the Reserve Bank of Australia's (RBA) fifth consecutive 25 basis point (bps) rate hike and RBA Governor Philip Lowe's consideration of a policy-tightening suspension in response to a one-time blip in the monthly Consumer Price Index (CPI).

 

Investors are currently focused on China's Consumer Price Index (CPI) (February) data. It is anticipated that China's annual CPI will decrease to 1.9% from the previous release of 2.1%. The monthly CPI in China has been reduced to 0.2% from 0.8% previously. If inflation declines, the Chinese government and the People's Bank of China (PBOC) may be forced to infuse more liquidity into the economy.


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