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On September 13, the Islamic Republic News Agency (IRNA) reported, citing local Iranian officials, that an Iranian container ship was attacked by an unidentified projectile in the waters near the Strait of Hormuz, resulting in one death and four injuries.On September 13th, market observers stated that Anthropic executives call to slow down technological development could drag down chipmaker and supply chain stocks in the short term, but the long-term impact is likely to be limited as spending on computing infrastructure remains strong. Semiconductor manufacturers and other AI-related stocks are likely to be hit hardest in Mondays initial sell-off as investors assess whether a more cautious approach to developing advanced models will dampen earnings. However, given that demand for chips, energy, and computing power continues to outpace supply, any weakness is likely to be temporary. Investors, including Gary Tan, portfolio manager at Singapore-based Allspring Global Investments, are skeptical about a lasting impact on the industry. "This could create some short-term pressure, but its unlikely to derail the long-term AI deal. AI development is still in its relatively early stages, and Im not sure if the rest of the ecosystem is willing to accept the current hierarchy and slow down while the technology is still evolving so rapidly," he said.On September 13th, Ukrainian President Volodymyr Zelenskyy posted on social media that Russia had launched approximately 2,100 drones (many of which were Shahed drones) at Ukraine this week alone. In addition, Russia used nearly 1,700 glide bombs and 78 rockets of various types in an attempt to paralyze the Ukrainian economy and disrupt peoples lives. This night and this morning, energy, Ukrainian railways, businesses, and ordinary residences were attacked. The Russian military attacked Odessa with rockets and drones. Recovery work is still underway in many western regions following the nights attacks.On September 13, Russian State Atomic Energy Corporation (Rosatoburo) CEO Likhachev stated that Ukrainian forces deliberately attacked a convoy of oil tankers carrying diesel fuel for the Zaporizhia nuclear power plant at 2:28 PM on September 11. The attack resulted in the deaths of two Russian soldiers and injuries to several others. Likhachev said that Ukraines deliberate provocation regarding the nuclear power plant has unpredictable consequences. Ukraine has not yet responded.The U.S. National Hurricane Center reports that Norbert has strengthened slightly and is expected to dissipate east of Hawaii by mid-next week.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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