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On September 19th, the 2026 New Cornerstone 50² Forum, hosted by Tencents Sustainable Social Value (SSV) Business Unit, the New Cornerstone Science Foundation, and Southern University of Science and Technology, was held in Shenzhen. Xi Dan, Senior Vice President and Chief Talent Officer of Tencent, stated at the forum that Tencents commitment to supporting basic scientific research remains unchanged, a long-term commitment that transcends commercial boundaries. Xi Dan believes that todays scientific research is exploring the boundaries of human cognition, far exceeding single disciplines. The interdisciplinary integration and the impact of artificial intelligence on scientific research are becoming sources of technological innovation.The Polish military stated that ground-based air defense systems and radar reconnaissance have resumed normal operational activities. No violations of Polish airspace have been recorded.On September 19, the European Union issued a statement expressing regret over the United States decision to deny visas to members of the Palestinian delegation for the second consecutive year, preventing them from attending the 81st session of the United Nations General Assembly in New York. The EU urged the US to reconsider its decision, given the existing headquarters agreement between the US and the UN and the obligations the US has as the host country.Polish military: Military air operations conducted in Polish airspace in response to Russian attacks on Ukraine have ended.On September 19th, European technology companies and government officials have recently expressed their concerns, questioning whether the proposals by some US artificial intelligence (AI) companies to slow down AI development under the guise of security are "self-serving," arguing that their true aim is to consolidate their own advantages and suppress competitors. European AI companies, including Frances Mistral AI, have expressed their opposition to the proposals from US companies. Mistral stated in a statement: "Some leading companies in the industry are using the current situation to consolidate their market position and push for regulations that favor themselves and suppress competitors." Raphael Aufon, COO of a Swiss company, commented on the US proposals at a technology event in Paris, saying, "This is entirely self-serving; they just want to maintain the markets dependence on their own services." Ben Brooks, head of public policy at the German AI startup Black Forest Labs, stated that artificially created barriers to entry that widen the gap between large AI companies and new entrants will stifle innovation in cutting-edge fields.

GBP/USD seeks to regain 1.2300 as higher UK CPI strengthens the case for a rate hike by the Bank of England and the USD retreats

Alina Haynes

Mar 23, 2023 15:00

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During the Asian session, the GBP/USD pair attempts to reclaim the resistance level at 1.2300. Following a vertical correction, the Cable has recovered to near 1.2260 as the market anticipates that the absence of hawkish interest rate guidance from Federal Reserve (Fed) chair Jerome Powell while addressing the economy at the monetary policy meeting indicates that the Fed is close to ending its policy-tightening spell.

 

S&P500 futures have generated some gains in the Asian session following a decline on Wednesday as a result of Fed Powell's confirmation that the fight against intractable U.S. inflation will continue. Chairman of the Federal Reserve Jerome Powell has ruled out rate cuts in 2023, citing the difficulty of controlling inflation. In addition, US Treasury Secretary Janet Yellen's statement that the government "does not plan to insure all uninsured bank deposits" heightened fears of a banking sector collapse.

 

Following a recovery move, the US Dollar Index (DXY) has retreated on expectations that additional credit tightening to protect banking institutions will reduce overall demand, economic activity, and inflation. In the interim, the demand for US government bonds has increased as a result of expectations that US Janet Yellen will end further policy restrictions and reduce support for all bank deposits.

 

On the front of the United Kingdom, the Pound Sterling is likely to maintain its strength as the Bank of England (BoE) is scheduled to raise rates for the eleventh consecutive time. Governor Andrew Bailey of the Bank of England is expected to raise interest rates by 25 basis points (bp) in response to rising food and non-alcoholic beverage prices, as well as rising energy costs, which have contributed to inflation in the United Kingdom.

 

In the midst of global banking turmoil, the Bank of England's (BoE) interest rate decision will be difficult, as policymakers were divided over whether to raise rates further or maintain them at their present level.


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