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On September 10th, JPMorgan upgraded Meta to "Overweight" on Thursday, the latest example of improving market sentiment towards Facebooks parent companys AI strategy. This upgrade from "Neutral" comes shortly after Meta launched Muse, an AI agent designed to perform tasks on behalf of users. Analyst Doug Anmuth wrote: "Metas Muse AI agent has shown strong initial momentum, rising to third place in the US app store on its second day of launch, with early usage 10 times that of the training queue." He believes this demonstrates Metas ability to deliver consumer-driven AI products to a user base of approximately 4 billion, and this scale of distribution is a significant competitive advantage.Nestlé CEO: The company is reducing some costs and cutting some product lines.September 10th - According to Reuters, sources familiar with the matter revealed that several European governments plan to push the EU to activate a rare trade defense tool to protect the chemical and plastics industries. The EU is reportedly tightening its trade stance as its industrial base, including the crisis-stricken chemical sector, is increasingly threatened by imports, while also facing partial closures of many US markets due to tariffs imposed by the Trump administration. Three sources said that France, Italy, and possibly Germany—the EUs three largest economies—plan to submit broad import quota requests, known as "safeguards," within weeks. The requests will focus on the polymer resin PET (widely used in packaging) and the chemicals epoxy resin and fiberglass. The EU currently has more than 150 trade measures in place, most of which impose tariffs on narrowly defined products to combat dumping or unfair subsidies, but only one set of safeguards targets ferroalloys, with a separate system of import restrictions on steel.September 10th - Polymarket has hired its first Chief Financial Officer. The prediction market firm is seeking new investment and attempting to regain momentum after falling behind its main rival, Kalshi. A company statement said that Warren Jenson joined Polymarket this week, having previously held senior finance positions at media research firm Nielsen and marketing company LiveRamp. The 69-year-old has decades more experience than the companys 28-year-old founder and CEO, Shayne Coplan. Coplan said, "Warren has led the finances of some of the worlds most important companies, and his experience is crucial to everything weve built since then."On September 10th, it was reported that the 2026 Moutai Liquor Production Technology Analysis Conference was held at the Moutai Conference Center on September 9th. The conference comprehensively analyzed and summarized the production technology work in 2026, utilizing scientific methods and experiential achievements to continuously optimize and improve process standards, and guide the smooth progress of subsequent production technology work. Chen Hua, Secretary of the Party Committee and Chairman of Moutai Group, stated that it is necessary to strengthen the support system and accumulate solid momentum for the inheritance and development of brewing techniques. Exploring production processes is a long-term project, and the inheritance and development of Moutai liquor brewing techniques requires sustained effort and comprehensive support. This includes systematically and precisely cultivating talent to build a deep reserve of technical personnel; strengthening assessment and incentives to activate the intrinsic motivation of the technical team; and establishing a data system to solidify a strong foundation for long-term scientific research.

WTI rebounded from $73.00, but a decline appears probable as negative US PMI spark recession fears

Daniel Rogers

Jan 05, 2023 14:41

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have regained some ground in the Asian session after falling to near $73.00. Oil prices experienced a slaughter on Wednesday, which was precipitated by a consecutive dip in United States Manufacturing PMI data provided by the Institute of Supply Management (ISM) department.

 

The U.S. Manufacturing PMI dipped to 48.4 vs estimates of 48.5 and the previous publication of 49.0, marking the lowest figure since May 2000. The Federal Reserve's (Fed) aggressive policy tightening actions to combat persistent inflation have reduced the volume of manufacturing operations. To avoid increasing interest costs, companies are avoiding debt-raising negotiations, which has resulted in unaltered production capacities and diminished investment options.

 

In the meantime, the robust U.S. job market gives the Federal Reserve (Fed) a compelling justification to maintain higher interest rates for an extended period. The Unemployment Rate is extremely steady at lower levels, and pay growth is robust, which continues to keep inflationary pressures in check.

 

The American Petroleum Institute (API) stated that oil inventories grew by 3,298 million barrels for the week ending December 30. As people were preoccupied with New Year's celebrations, the majority of operational activity ceased. The official US oil inventory figures will provide fresh impetus moving forward.

 

In the Asian region, increased Covid infections in China are indicative of a delayed economic recovery. Analysts at Rabobank believe that China is still attempting to deal with the increase in Covid infections following the easing of restrictions. "The current increase of Covid infections is stressing the Chinese health care system in more ways than one. Bloomberg adds that this may also impede Beijing's aspirations to launch a homegrown semiconductor industry to compete with US-controlled supply chains.

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