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September 6th - To further enhance the informatization and intelligentization of efforts to prevent telecommunications and online fraud and help the public effectively identify and prevent fraud, the "National Anti-Fraud AI" APP, independently developed by the Shanghai Municipal Public Security Bureau under the guidance of the Criminal Investigation Bureau of the Ministry of Public Security, was officially launched recently. The "National Anti-Fraud AI" APP integrates big data, multimodal models, and intelligent agent technology. Users can input suspicious scenarios through their mobile phones, and the APP can complete risk assessment, identify fraudulent tactics, and push typical cases. It dissects fraud methods from multiple dimensions, including text, voice, and video, and provides identification and prevention strategies.On September 6, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that its navy struck a U.S. unmanned surface vessel attempting to enter Irans "protected zone" in the Strait of Hormuz. This came hours after the U.S. and Iran exchanged military strikes. The IRGC had previously warned all vessels in the Persian Gulf and the Strait of Hormuz not to be deceived by the U.S. military and to avoid conducting any "suspicious activities" in unauthorized routes, or they would become targets. The IRGC has repeatedly emphasized that control and management of the Strait of Hormuz is "solely the responsibility of the IRGC Navy," and any disruption to order in the strait will be met with a firm response.September 6th - This year, AI short dramas have experienced explosive growth: lower technical barriers have led to a surge of practitioners, rapid capacity expansion, and a corresponding drop in production prices. The price per minute for producing AI short dramas has plummeted from 5,000 yuan to a few hundred yuan, nearing cost; however, customized short drama services can still fetch 10,000-20,000 yuan per minute. As production skills are no longer scarce, competition in the AI short drama industry is shifting from quantity and price to content and market share. Data shows that the domestic AI drama and animation market is expected to exceed 40 billion yuan by 2026, a year-on-year growth rate of 138%. The overseas market is also performing exceptionally well, with its size projected to surpass 4 billion US dollars, accounting for nearly 70% of the overall overseas micro-drama market.On September 6th, local time, the European Commission held a press conference on September 4th. A reporter asked how the EU would evaluate Israeli National Security Minister Ben-Gevills plan to expel 1.86 million Palestinians from the Gaza Strip. European Commission spokesperson Christian Wigand stated that the EU opposes any attempt to change the demographic structure or territorial status of the Gaza Strip, and that Gaza residents should not be forcibly displaced. Wigand also stated that the Gaza Strip is an integral part of the future Palestinian state.September 6th - According to reports from the scene of the mudslide disaster in Gaoping Town, Suichuan County, Jian City, Jiangxi Province, as of now, the mudslide and landslide disaster in Mingkeng Village, Gaoping Town has resulted in 3 deaths and 9 people missing.

The 1.1250 level provides resistance for the GBP/USD as hawkish Fed bets rise

Daniel Rogers

Oct 17, 2022 14:49

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The risk-on attitude has started to wane in the Tokyo session, which has reinforced the GBP/USD pair's bids. The start of the US quarterly results season sparked a rise in the S&P500 on Monday after a down Friday, but it has since faded.

 

The US dollar index (DXY) has attempted a recovery after dropping below the critical support level of 113.00. While US 10-year Treasury yields have been doing poorly. Strong bets on the Federal Reserve (Fed) raising interest rates by 75 basis points (bps) have helped to maintain the current downward tendency in rates. The likelihood of a 75 bps rate hike has increased to 99.4%, according to CME FedWatch.

 

Political unrest in the UK, where Prime Minister Liz Truss last week ousted Chancellor Kwasi Kwarteng, has also contributed to volatility in the sterling area. UK Finance Minister Kwarteng's resignation from his position appears to be the result of preparations for the reversal of the anticipated hike in corporate taxes to 25% starting in 2023.

 

Earlier, a sell-off on the UK bond market was sparked by the decision to freeze corporate tax rates at 19%. Significant bids were made on the UK stock exchanges, and the yields on government bonds shot through the roof. This forced the Bank of England (BOE) to step in and announce a plan to buy bonds in order to shield pension funds that were exposed to gilts.

 

Goldman Sachs predicts a dismal economic outlook for the UK, thus the pound bulls may experience volatility. The bank stated, "We have reduced our UK growth projection and now predict a more severe recession, taking into consideration weaker growth momentum, significantly tighter financial conditions, and the hike in corporate tax beginning in April of next year." Additionally, the bank downgrades its earlier forecast of a 0.4% fall in the UK's Gross Domestic Product (GDP) for 2023 to one of 1%.