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European chip stocks fell, dragged down by the earlier decline in Samsung Electronics share price. ASML, STMicroelectronics, Infineon, ASMI, Best Semiconductor, and SOITEC all fell between 3% and 7%.On July 7th, BrainTiger Technologys "Implantable Brain-Computer Interface Hand Motor Function Compensation System," also known as the "Fully Implantable, Fully Wireless, Fully Functional (Triple-Full) Brain-Computer Interface System," officially launched its GCP registration clinical trial at Huashan Hospital affiliated with Fudan University. This GCP registration clinical trial adopts a multi-center collaborative model, jointly conducted with 15 tertiary hospitals in Shanghai and other regions, to evaluate its safety and effectiveness in compensating for upper limb function in patients with quadriplegia caused by cervical spinal cord injury. It is understood that this is the first subdural cortical implantable brain-computer interface product to enter the clinical stage of national Class III medical device registration, marking a crucial step forward for my countrys brain-computer interface technology from scientific research exploration to large-scale clinical application.According to Futures News on July 7th, as of 15:00 Beijing time, spot platinum fell 0.74%, and spot palladium fell 1.81%.Switzerlands foreign exchange reserves in June were 758.794 billion Swiss francs, revised from 710.8 billion Swiss francs to 710.9 billion Swiss francs in the previous month.On July 7th, global brokerages began initiating coverage research on Elon Musks SpaceX (SPCX.O), with a preliminary consensus emerging on Wall Street: buy the stock. At least six brokerages, including Morgan Stanley, Goldman Sachs, and UBS, have given it a buy rating, expressing optimism about its long-term growth prospects, despite lingering concerns about profitability and valuation. In a report dated July 7th, Morgan Stanley analysts stated, "SpaceX can massively convert energy into intelligence and commercialize it through AI-driven consumer and enterprise solutions." Their target price of $300 is currently the highest among Wall Street investment banks, implying an 87% upside from Mondays closing price of $160.42. The banks analysts believe that SpaceXs stock price could fall as low as $75 and rise as high as $600 in a bear market and bull market respectively, with revenue reaching $319 billion by 2030 and $3.3 trillion by 2040.

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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