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On July 13, Aravind Srinivas, CEO of US AI search startup Perplexity, said on social media that based on the good performance of the Kimi K2 model, the company may use K2 for post-training in the future. DeepSeek R1 was also used by Perplexity for model training. K2 is a trillion-parameter open source model recently released by Kimi, which emphasizes code capabilities and general agent task capabilities.July 13, analysts said that financial markets, which have become increasingly insensitive to U.S. tariff threats, will face a test when they open on Monday after Trump announced over the weekend that he would impose 30% tariffs on the European Union and Mexico from August 1. Trump has recently stepped up trade measures, promising to impose more tariffs on everything from Canada to Brazil to Algeria and inviting trading partners to further negotiations. Despite warnings from JPMorgan Chase CEO Jamie Dimon and others not to take it lightly, investors have so far reacted as if they were counting on the U.S. president to back down again because they have seen the previous 180-degree turn. Brian Jacobsen, chief economist at Annex Wealth Management, said: "Investors should not just treat Trumps threat of a 30% tariff on EU goods as a bluff. This tariff level is punitive, but it may hurt the EU more than the United States, so the clock is counting down."On July 13, French President Emmanuel Macron posted on social media on the 12th that France and the European Commission strongly opposed the US announcement that day to impose a 30% tariff on EU exports from August 1. Macron wrote that in the context of EU unity, the European Commission should demonstrate the EUs determination to defend its own interests. If Europe and the United States cannot reach an agreement before August 1, the EU should mobilize all tools, including anti-coercion mechanisms, to speed up the preparation of "credible countermeasures." France supports the European Commission and the United States to step up negotiations in order to reach an agreement acceptable to both sides before August 1.European Council President: The EU remains fully supportive of efforts to reach a fair agreement with the United States.July 12, Mathieu Savary, chief European strategist at BCA RESEARCH: Trumps strategy is to make outrageous demands, then let them fall through, and then once again try to win some last-minute concessions and then reach a trade deal. We remember a framework during Trumps first presidency, and thats whats happening now. It doesnt matter what is said now; what matters is where we will land. It is expected that the EU will eventually "have to accept a 10% tariff, but this is something the EU can actually deal with.

Gold Remains Below $1,650, and Copper Awaits Important Production Reports

Skylar Williams

Oct 17, 2022 14:34

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On Monday, gold prices inched up, but stayed below important support levels as markets anticipated future Federal Reserve rate hikes. In the meantime, copper markets awaited quarterly output figures from several of the world's largest miners, scheduled for release later this week.


The price of gold saw its worst week in two months with the release of statistics indicating that it will likely take considerably longer than anticipated for U.S. inflation to decrease. The reading heightened anticipation for additional anti-inflationary rate hikes at the Federal Reserve's November meeting.


The market has priced in a nearly 100 percent chance that the Federal Reserve will raise interest rates by 75 basis points for the third consecutive month in November. The increase will place U.S. interest rates at almost 4 percent, their highest level since late 2007.


Spot gold rose 0.1% to $1,646.02 per ounce at 19:25 E.T., while gold futures rose 0.2% to $1,651.35 per ounce (23:25 GMT). In the preceding week, both assets declined by more than 3 percent.


The yellow metal remained under pressure from the dollar's strength, which last month approached a 20-year high. Additionally, Treasury yields reached their highest levels since the 2008 financial crisis.


Rising interest rates have depressed gold prices and boosted the dollar this year, as the prospective cost of holding gold has climbed in step with lending rates. The trend has also significantly weakened gold's attraction as a safe haven, notwithstanding the deteriorating global economic situation.


Copper prices rose among industrial metals on Monday, but remained near two-year lows as the global economy stalled.


Copper futures per pound gained by 0.5% to $3.4220. The price of the red metal jumped by 1% last week, supported by a falling dollar and signs of a tightening supply due to Russia-related sanctions.


In the next months, however, the metal and the majority of its industrial counterparts may encounter formidable obstacles. During Sunday's 20th National Congress of the Chinese Communist Party, President Xi Jinping signaled that China, the world's top importer of metals, had no plans to pull back its economically damaging zero-COVID policy.


This year, the policy stalled economic activity in the world's second-largest economy, significantly reducing its appetite for imports of commodities.


This week, BHP Group (NYSE:BHP) and Rio Tinto (NYSE:RIO) will announce production figures for the third quarter, which will shed light on the copper supply side. In light of the fact that U.S. sanctions have blocked the exports of a number of Russian producers, a potential supply constraint could result in a price increase.


Rio Tinto's production figures will be released on Tuesday, while BHP's are expected on Wednesday.

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