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U.S. Geological Survey: A 5.5-magnitude earthquake struck Jourm, Afghanistan.On July 2nd, SpaceX (SPCX.O) showcased a prototype handheld device, still in its early stages, to investors. This device is believed to potentially redefine how humans interact with artificial intelligence. According to sources, the prototype is thinner and more streamlined than the iPhone and was recently presented in communications with investors and stakeholders, ahead of the companys planned major IPO. The device is designed to run a proprietary operating system and integrates AI technology from xAI. It is also reportedly powered by a Qualcomm (QCOM.O) Snapdragon chip. However, SpaceX emphasized to investors that the project is still in its very early stages, the design is subject to significant changes, and it is currently impossible to confirm whether it will ultimately be mass-produced or launched to the market. SpaceX and its partners have not yet commented.Qualcomm (QCOM.O) shares rose briefly, currently up 1.6%.According to the Wall Street Journal, sources revealed that the prototype will run on a proprietary operating system integrating SpaceXs (SPCX.O) xAI artificial intelligence technology. The prototype boasts a sleek design and is thinner than the iPhone. The device will utilize a Qualcomm (QCOM.O) Snapdragon chipset.On July 2nd, European Central Bank (ECB) Governing Council member Stournaras stated that with the unexpected drop in energy prices and slowing inflation in the Eurozone, the central bank may not need to further tighten policy after its June rate hike. Latest data showed that Eurozone consumer price inflation fell to 2.8%, lower than expected, which he called a "clear downside surprise." He pointed out that the focus should now be on how businesses pass on changes in energy costs and the impact of the AI investment boom on the overall price system. Stournaras stated, "I dont think anything will change in July unless things deteriorate significantly." He tends to believe that policy should remain unchanged for some time. The ECB had previously raised interest rates to 2.25%. Regarding energy, he mentioned that Gulf central bank officials believe the recent shocks have had limited damage to energy infrastructure, and that Iran may release more crude oil supplies in the future, contrary to previous market assessments of energy shortages. He also warned that energy price increases tend to be quickly transmitted to end users, but price decreases are transmitted more slowly, reflecting insufficient competition in some European markets. Furthermore, the AI investment boom may also affect the prices of electronic products, especially imports from South Korea and Taiwan.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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