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On January 13th, the Jiangsu Provincial Government issued a notice regarding the "Artificial Intelligence+" Action Plan for Jiangsu Province, which mentions accelerating the application of autonomous driving in various industries. This includes accelerating the research and deployment of large-scale models in assisted driving and autonomous driving systems, constructing a data-driven algorithm system across the entire process, and promoting the development of intelligent cockpits adapted to high-level autonomous driving. The plan also explores the construction of an innovation platform for autonomous driving spatial intelligence and world models. Furthermore, it promotes pilot applications of "vehicle-road-cloud integration" for intelligent connected vehicles, constructs intelligent roadside infrastructure, and achieves networked recognition of all traffic facilities and autonomous driving mode operation within designated areas.Hong Kong-listed tech stocks weakened in the afternoon, with SenseTime (00020.HK) falling more than 4%, Kuaishou (01024.HK) falling more than 3%, and Xiaomi Group (01810.HK), Baidu (09888.HK) and others following suit.On January 13th, JPMorgan Chase issued a report stating that WuXi AppTec (02359.HK) recently issued a profit warning, expecting sales to increase by 16% year-on-year to RMB 45.5 billion in 2025, exceeding the banks forecast by 2%; adjusted net profit is expected to increase by 41% year-on-year to RMB 15 billion, 4% higher than the banks forecast. The bank believes that the better-than-expected performance is mainly driven by continuous capacity and production capacity improvement, production process optimization, and improved operational efficiency; the market is expected to react positively to the profit warning. In addition, although the profit warning did not provide specific details on gross profit margin or operating expenses, the bank believes that WuXi AppTecs adjusted net profit margin expansion to 33% is another positive surprise; a target price of HKD 142 and an "overweight" rating are now given.January 13th Futures News: 1. WTI crude oil futures trading volume was 1,065,300 lots, a decrease of 158,978 lots from the previous trading day. Open interest was 1,998,254 lots, an increase of 2,157 lots from the previous trading day. 2. Brent crude oil futures trading volume was 204,328 lots, a decrease of 10,772 lots from the previous trading day. Open interest was 230,708 lots, an increase of 2,585 lots from the previous trading day. 3. Natural gas futures trading volume was 876,995 lots, a decrease of 207,686 lots from the previous trading day. Open interest was 1,643,126 lots, a decrease of 36,978 lots from the previous trading day.Kuwait set its official selling price for its extra-light crude oil to Asia in February at a discount of $1.60 per barrel to the average price in Oman/Dubai.

Bitcoin falls below $19,000 as cryptos creak under rate hike risk

Skylar Shaw

Sep 20, 2022 14:27

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On Monday, cryptocurrency prices hit new lows as a result of regulatory worries and a general investor reluctance to engage in risky assets due to impending interest rate increases.


By market value, Bitcoin, the most valuable cryptocurrency, dropped almost 5% to a three-month low of $18,387.


The second-largest cryptocurrency, ethereum, lost 3% to a two-month low of $1,285 and had lost more than 10% in the previous day. The majority of the smaller tokens had larger losses.


Over the weekend, a significant update to the Ethereum blockchain—which supports the ether token—called the Merge changed how transactions are handled and reduced energy consumption.


The value of the token has decreased amid rumors that comments made last week by Gary Gensler, chairman of the U.S. Securities and Exchange Commission, suggested the new structure would draw further regulation. The upgrades' surrounding trades were likewise unwound.


The regulatory outlook is guesswork, according to Matthew Dibb, COO of Singapore's Stack Funds cryptocurrency platform.


Since the Merge, the markets have shed a lot of their excitement, he said. Given the uneasy global background, he said, "It's truly been a sell-the-news sort of event," and predicted that ether will test $950 in the near future.


"From a basic and technological standpoint, the current situation does not appear promising. There isn't a clear quick positive trigger that will support these markets and inject a ton of fresh cash and liquidity, in our opinion.

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