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August 13th - According to foreign media reports, foreign investment in Japans chip industry has reached 6 trillion yen (approximately US$37 billion), a figure further expanded with recent announcements by Sony and TSMC of plans to build image sensor factories. TSMC has already invested 3 trillion yen in its two wafer fabs in Japan. The first fab is scheduled to begin mass production of logic chips in 2024, while the second is currently under construction. Micron Technology launched an expansion project for its Hiroshima Prefecture plant last month, planning to invest 1.5 trillion yen to produce advanced memory chips, crucial for artificial intelligence data centers. Also in July, Israeli chipmaker Tower Semiconductor announced a 600 billion yen investment to mass-produce chips for optical communication equipment used in data centers.August 13 - According to an assessment by the Netherlands-based Triodos Bank, the extreme heatwave that hit Europe this summer will cost EU countries approximately €180 billion in economic losses, roughly equivalent to 1% of the EUs GDP in 2025. However, the data does not include the associated losses due to human casualties.On August 13th, Alvin Liew, senior economist at United Overseas Bank (UOB) in Singapore, stated in a report that US inflation may have peaked in the second quarter, but uncertainty surrounding energy prices means inflation could still rise again. Liew noted that declining energy prices have helped curb inflation. However, he stated, "Energy prices remain high… If oil prices rise again, geopolitical tensions in the Middle East could quickly reverse the recent cooling of inflation." The bank projects that the average increase in US overall CPI and core CPI in 2026 will be approximately 3.5% and 2.8%, respectively.August 13 - According to Irans Fars News Agency, Hossein Taeb, head of an Iranian militia group, claimed that the Strait of Hormuz is "under Iranian control and management."On August 13th, the Ministry of Industry and Information Technology and the Ministry of Emergency Management jointly issued the "15th Five-Year Plan for the Development of the Safety and Emergency Equipment Industry." The plan proposes that by 2030, the scale, technological level, product quality, application depth, and breadth of the safety and emergency equipment industry will be significantly improved. The industry scale in key areas will reach 1.4 trillion yuan. Breakthroughs will be achieved in a number of key core technologies, forming a number of internationally leading iconic products. A number of key application scenarios for safety and emergency equipment will be built, and a number of safety and emergency equipment with high technological levels and significant application effects will be promoted, further improving the level of safety and emergency product allocation in households and communities. Ten highly competitive safety and emergency equipment industrial clusters and 70 specialized safety and emergency equipment industrial parks will be established. A number of internationally competitive leading enterprises will be formed, and a number of specialized, refined, and innovative "little giant" enterprises and manufacturing single-item champion enterprises will be cultivated. In addition, the plan details 15 specific tasks in four aspects: strengthening industrial innovation, promoting equipment application, cultivating and expanding industrial entities, and optimizing the industrial ecosystem.

S&P 500 Retreats As Traders Reduce Risks Ahead Of U.S. Inflation Reports

Jimmy Khan

Nov 10, 2022 17:43

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Disney Slumps as Quarterly Report Underperforms Expectations


The S&P 500 is facing significant pressure as traders assess the ambiguous midterm election results in the United States and fret over the significant sell-off in cryptocurrency markets.


Energy stocks, which are falling as a result of the sharp decline in oil prices, are driving the sell-off. In today's trading session, shares of Occidental Petroleum, Hess Corporation, and Devon Energy are down 5% to 7%.


Due to its quarterly report falling short of analyst forecasts, Disney is down 13%. The market is also dissatisfied with the company's short-term business outlook.


As a result of traders' reactions to Elon Musk's sales of the stock, Tesla is down 6%. Musk just sold over $4 billion worth of Tesla stock to raise money for his Twitter transaction.


NVIDIA is down 5% as investors fear that the decline in cryptocurrency markets may lower demand for the company's goods.


From a broad perspective, the sell-off is extensive, and all market segments have been under significant pressure.

Traders get ready for reports on US inflation


The United States will announce inflation figures tomorrow, so traders should be aware of this. Analysts anticipate that the inflation rate will have decreased to 8% in October from 8.2% in September. It appears that some market participants have made the decision to lower their risk exposure before this significant report.


The S&P 500 is currently attempting to settle beneath the 3760 support level. If successful, the S&P 500 will move in the direction of the next support level at 3725. A move below this point will allow for a test of the support level at 3690.


The S&P 500's closest upward resistance level is found at 3805. The S&P 500 will move in the direction of the 3835 resistance level if it rises again above this level. If the S&P 500 is able to hold above 3835, it will move toward the 3885 resistance level.

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