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June 9th - According to the Financial Times, Apollo Global Management and Blackstone Group have finalized a $35 billion private credit deal to fund Anthropics growth plans. This deal, spearheaded by these two private equity giants, is one of the largest private credit financings to date, as Wall Street banks and investment firms continue to pour money into the artificial intelligence boom. The funds will help Anthropic purchase chips developed by Alphabet. This deal highlights investors enormous enthusiasm for AI and their willingness to invest heavily in supporting the data center infrastructure and computing power needed by companies like Anthropic, OpenAI, and Meta. Neither Apollo nor Blackstone has commented on the matter.On Tuesday, June 9, the Hang Seng Index opened down 105.13 points, or 0.43%, at 24,551.93; the Hang Seng Tech Index opened down 12.39 points, or 0.26%, at 4,743.52; the H-share Index opened down 27.8 points, or 0.33%, at 8,313.56; and the Red Chip Index opened down 21.48 points, or 0.5%, at 4,313.91.Hong Kong stocks opened lower, with the Hang Seng Index down 0.43% and the Hang Seng Tech Index down 0.26%. AI applications, innovative drugs, chips, leading tech companies, and new energy vehicle companies were among the top gainers. Contron (01912.HK) resumed trading with a surge of over 110%, after receiving a mandatory cash offer from Zhuangyan-Investment-International.Hang Seng Index futures opened down 0.23% at 24,507 points, a discount of 150 points.On June 9th, the General Office of the Ministry of Industry and Information Technology and the General Office of the State-owned Assets Supervision and Administration Commission of the State Council issued a notice on jointly launching the 2026 Special Action for Real-Scene Training of Humanoid Robots and Embossed Intelligence. Adhering to application-driven development, and focusing on key scenarios in industry, special applications, and services, the action will comprehensively advance key tasks such as the construction of real-scene training spaces, the cultivation of innovative application consortia, the improvement of operational skills, and the verification of application deployment. Through real-scenario training, the action will continuously optimize the algorithms of embodied intelligence models, accumulate high-quality real-machine data, improve the performance of key components, and explore the construction of a full life-cycle management and support mechanism for humanoid robots and embodied intelligence products. By the end of 2026, key products such as humanoid robots will have completed application verification and routine deployment in a number of representative scenarios, initiating "operational mode"; more than 100 high-value application scenarios will be identified, further enriching the embodied intelligence application spectrum and driving the formation of a deployment capacity of tens of thousands of units.

USD/TRY reestablishes its annual high on route to 17.00, notwithstanding Erdogan's expectation of future inflation moderation

Alina Haynes

Jun 06, 2022 15:25

 截屏2022-06-06 下午3.23.52.png

 

In spite of Turkish currency (TRY) traders' inflation worries and President Erdogan's efforts to appease TRY purchasers, the USD/TRY continues to trade near $16.36, the highest level since 2022. The pair's upward momentum is influenced by Friday's high Turkish inflation data for May, as well as the US dollar's comeback over the last week, not to mention expectations of the Fed's faster/more aggressive rate rises.

 

According to Reuters, "Turkish President Tayyip Erdogan stated on Sunday that inflation numbers from the month of May, when annual consumer prices soared to a 24-year high, indicate that inflation is now on the down." It is noteworthy that the May inflation rate for Turkey increased to 73.5 percent in the most recent report.

 

Reuters also reported that the lira fell by 44 percent last year and has been the poorest performer in emerging markets for several consecutive years, mostly owing to economic and monetary policy worries under the administration of President Tayyip Erdogan.

 

In contrast, the odds supporting a 0.50 percent rate hike by the Federal Reserve in September have lately increased to 75 percent from 35 percent a week earlier, which emphasizes this week's US Consumer Price Index (CPI) data and favors US dollar purchasers. In spite of this, the US Dollar Index (DXY) reversed a two-week downward trend at Friday's close, trading down 0.14 percent intraday near 102.000 as of press time.

 

US Nonfarm Payrolls (NFP) for May came in at 390K, above expectations of 325K but falling short of the upwardly revised prior readings of 428K. In addition, the unemployment rate stayed constant at 3.6% against predictions of a minor reduction to 3.5%. In addition, the US ISM Services PMI dropped to 55.9 in May, compared to the market estimate of 56.4 and the flash reading of 57.1 in April. Following the release of the statistics, Loretta Mester, president of the Federal Reserve Bank of Cleveland, stated that the Fed's only worry is inflation. The officials underlined that the likelihood of a recession has increased.

 

Wall Street benchmarks finished in the negative and US 10-year Treasury rates saw their first weekly increase in three weeks to reflect the risk-averse sentiment of the previous day. However, S&P 500 Futures increased by 0.5 percent to 4,126 and US 10-year Treasury rates fell by 1.3 basis points (bps) to 2.942 percent as per the most recent data available.

 

Amid a pre-Fed blackout for Fed officials and in anticipation of Friday's US CPI, USD/TRY traders should pay attention to risk drivers moving forward.

Technical Evaluation

A successful breach of the prior resistance line from early January, about 16.45 at the time of publication, would lead USD/TRY values toward the $17.00 mark before testing the late 2021 top at $18.36.


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