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Google (GOOG.O) and Microsoft (MSFT.O) reported record numbers of discovered software vulnerabilities. The U.S. estimates the number of known cyber vulnerabilities is expected to significantly exceed 205.July 28th - According to the Financial Times, Nvidia (NVDA.O) has agreed to invest $5 billion in Safe Superintelligence, an AI startup led by OpenAI co-founder Ilya Sutskower, further strengthening the chipmakers partnership with one of Silicon Valleys most watched AI companies. Nvidia and SSI announced the deal on Monday as part of a "long-term partnership," with the startup utilizing Nvidias latest Vera Rubin hardware. Sources familiar with the matter said Nvidia has agreed to invest approximately $5 billion. Such large commitments typically come with startups reaching certain key milestones. Both companies declined to comment on the financial terms of the deal, only stating that the investment is "substantial." The funding will help SSI build the necessary computing power to leverage a research breakthrough it claims. The company stated that the investment will enable SSI to increase its available computing power tenfold over the next 12 months.U.S. Representative Nancy Mays has again called for a one-year halt to the construction of a new data center in South Carolina.Fitch Ratings: The correction in the artificial intelligence market is becoming a major credit risk.July 28 - According to Reuters, data from the U.S. Department of Energy shows that crude oil inventories in the U.S. Strategic Petroleum Reserve fell by approximately 3.7 million barrels last week, dropping to 307.7 million barrels, the lowest level since March 1983. This inventory reduction is part of an agreement reached by the United States to release 172 million barrels of crude oil from the reserve.

Weekly Market Outlook and Review – Week Ending 20 January

Jimmy Khan

Jan 16, 2023 15:43

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US Federal Reserve Chair Jerome Powell participated in a panel discussion on Tuesday (Central bank independence and the mission - changing viewpoints) in his first public appearance of 2023 and reaffirmed the commitment of the central bank to keep inflation under control. As interest rates are raised to slow the economy, Powell said, "restoring price stability when inflation is strong might involve policies that are not popular in the near term." However, there were few remarks about the new policy.


However, US inflation was the week's primary high point. According to the US Bureau of Labor Statistics, consumer prices decreased for a sixth straight month in the 12 months leading up to December (2022), easing to 6.5%. (BLS). This comes after the June 2022 high of 9.1%. US core annual inflation, which excludes energy and food, decreased by 0.3 percentage points from November's 6.0% figure to 5.7% in the 12 months ending in December.


Risk assets saw a buy as a result of this because market players expect the US Federal Reserve's policy tightening to slow down (Fed). The market has virtually priced in a 25 basis-point rise for the next Fed meeting on February 1 based on the pricing of Fed Fund futures contracts, according to the CME's FedWatch Tool. This move would raise the Federal Funds target range to 4.50%-4.75%.


Major US stock indexes battled their way into another week of gains on the markets (S&P 500 up 2.7%), helped by favorable US inflation data and the start of Q4 results on Friday, which were heavily weighted toward banking companies. While Wells Fargo & Co missed quarterly targets, JPMorgan Chase & Co exceeded them. The closely followed FAANG index in the equities market was noteworthy as well since it had a strong week of gains. Amazon increased by 14.0%, while Netflix was close behind at 5.47%.


The (main) currency market saw notable outperformers including EUR/USD, AUD/USD, and GBP/USD rise by 1.78%, 1.48%, and 1.15%, respectively. The USD/JPY fell by a startling 3.17% for the week, while the USD/CAD lost 0.35%.


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