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On November 21, Intel CEO Chen Liwu denied rumors that newly hired executive Luo Weiren had stolen confidential information from TSMC. Luo, 75, retired from TSMC in July after leading the companys research and development. "This is pure rumor and speculation, completely unfounded. We respect intellectual property rights," Chen told Bloomberg in an interview on Thursday during a semiconductor industry association event in San Jose. The event presented TSMC Chairman and President Wei Zhejia and former Chairman Liu Deyin with the industrys highest honor, the Robert Noyce Award. TSMC has not commented on the matter, and Luo has not responded.Foxconn Chairman Liu Yangwei: The Model A electric vehicle was designed by Japanese engineers and will eventually be produced in Japan.According to the French newspaper Les Echos, Renault will lower its target for electric vehicle charging stations.Hong Kong-listed Shanghai Auntie (02589.HK) surged in the afternoon, currently up over 13.5%.On November 21st, Vanguard, a leading global asset management firm, stated that the Federal Reserves interest rate cuts are expected to be far less significant than currently anticipated on Wall Street, driven by a massive capital expenditure boom in the artificial intelligence sector. Sara Devereux, head of fixed income managing $2.8 trillion in assets, said that following two consecutive 25-basis-point rate cuts this fall, the Fed may cut rates one or two more times next year. This prediction contrasts sharply with the markets widespread bets on three to four rate cuts by the end of 2026. "The market is currently overpriced; we may only see one or two more rate cuts," she said, believing the Fed may reach its so-called "neutral interest rate" level by the middle of next year.

Copper Prices Rise on China Stimulus Hopes, While Gold Prices Remain Stable

Skylar Williams

Aug 17, 2022 11:40

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As the stock market recovered on Wednesday, demand for safe-haven assets declined, while copper prices rose on the possibility of fresh stimulus measures in China, the largest importer in the world.


Spot gold prices were relatively stable at $1,775.35 per ounce at 20:18 ET (00:18 GMT), while gold futures prices remained unchanged at $1,787.70 per ounce.


The yellow metal was pushed down by Wall Street's gain as a run of positive earnings announcements from Walmart (NYSE:WMT) Inc and Home Depot (NYSE:HD) boosted market sentiment.


Despite recent inflationary pressures, the steady performance of retailers indicates that consumer spending, a vital engine of the U.S. economy, has remained resilient.


This increased risk-taking and decreased demand for safe assets such as gold. Expectations of an ongoing increase in U.S. interest rates, which have attracted speculators to the dollar, have also weighed on gold.


The price of gold is anticipated to decline for a third consecutive session and is down more than 2% year-to-date. Other precious metals also traded sideways on Wednesday. Platinum and silver futures fell 0.1% each.


Copper prices sustained Tuesday's solid rise as traders awaited fresh economic development-promoting stimulus measures from China.


Copper futures rose 0.2% to $3.6315 per pound, extending Tuesday's 0.7% increase, following China's announcement of plans to increase infrastructure spending and release additional cash.


Tuesday, Chinese officials declared that the government will accelerate infrastructure construction through the use of special bonds and increased credit guarantees. In addition, the government intends to aid its suffering real estate market by issuing additional loans.


In an effort to boost economic growth in the face of COVID-19 lockdowns, the People's Bank of China surprisingly reduced interest rates this week.


The United States is the world's largest importer of copper, and the possibility of rising economic activity signals a growth in copper demand.


This approach supported the prices of other industrial metals as well. Zinc grew by 2.1%, while nickel rose by 2.5%.

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