The rollout will be a real-world test for the vaunted productivity gains of generative AI, which took the world by storm in late 2022.
Archiv für den Monat: Juni 2024
China’s EV architect says investing in Europe is a way forward
Wan Gang became China’s minister of Science and Technology around 2010 and is known for spearheading the country’s early push into electric cars.
Your 401(k) is up, and a new report shows increased savings. But Americans need to do more
Returns are up and people are saving more. But account balances for the median 401(k) are too low and Americans are still very reliant on Social Security.
Europe is at risk of over-restricting AI and falling behind U.S. and China, Dutch prince says
Prince Constantijn of the Netherlands told CNBC Europe risks limiting its role in artificial intelligence to being a regulator, rather than an innovator.
The yuan’s status as a global currency might be gaining ground. But top CEOs see more hurdles to clear
For China’s yuan to be used more globally, the currency needs more „applications“ such as stocks and bonds, said Bonnie Chan, CEO of the Hong Kong exchange.
Southwest Airlines cuts revenue forecast, blaming changing booking patterns
The company said it still expects record quarterly operating revenue in the second quarter.
FedEx shares jump after hours as massive cost-cutting measures kick in
FedEx shares jumped 15% after hours as the company begins to bear the fruits of its $4 billion cost-cutting plan.
ForexLive European FX news wrap: USD/JPY trades up to highest since 1990
Headlines:
- USD/JPY slowly testing the waters above the 160.00 mark
- USDJPY Technical Analysis – The market is testing the intervention level again
- Is a rate hike back on the menu for the RBA?
- Equities see early gains fade as the push and pull continues
- ECB’s Panetta says should avoid even „casual forward guidance“ on timing of rate moves
- ECB’s Rehn: I always knew inflation path would be a bumpy road
- Germany July GfK consumer sentiment -21.8 vs -18.9 expected
- France June consumer confidence 89 vs 89 expected
- UK June CBI retailing reported sales -24 vs 8 prior
- Switzerland June UBS investor sentiment 17.5 vs 18.2 prior
- US MBA mortgage applications w.e. 21 June +0.8% vs +0.9% prior
Markets:
- AUD leads, NZD lags on the day
- European equities lower; S&P 500 futures down 0.1%
- US 10-year yields up 4.9 bps to 4.286%
- Gold down 0.3% to $2,310.84
- WTI crude up 0.7% to $81.38
- Bitcoin down 0.9% to $61,329
There were some decent moves in European morning trade today, with the dollar holding firmer across the board helped out by higher bond yields. That saw USD/JPY move up to clip the 160.00 mark once again and is now testing waters above that on the day. The high for the day is at 160.40, matching up to the 1990 high.
I wouldn’t underestimate the upside potential of the pair considering that it is clear skies in terms of the technicals. But it’s all a psychological game now and if buyers push it too far, too fast, Tokyo will be ready to step in again.
With equities also surrendering early gains and yields nudging higher, that is keeping the dollar underpinned on the day.
EUR/USD is down 0.3% from 1.0710 to 1.0680 while GBP/USD eased from 0.3% from 1.2680 to 1.2645 on the session. Meanwhile, USD/CAD is up 0.2% to 1.3690 and NZD/USD down 0.4% to 0.6095 on the day.
The aussie is the one leading gains though after hotter inflation numbers earlier. But AUD/USD has eased from 0.6680 to 0.6650 levels now, though still up 0.2% on the day.
As a reminder, month-end and quarter-end is approaching so that will be a factor for consideration in the sessions ahead as well.
This article was written by Justin Low at www.forexlive.com.
Equities see early gains fade as the push and pull continues
Easy come, easy go. European indices opened higher but have pared gains on the day with the CAC 40 index in particular now marked down by 0.6%. The nerves are still flowing in the equities space and more so for Europe with the French elections coming up. As for US futures, we are also seeing S&P 500 futures erase early gains to be flat now:
It’s tough to get a grip on the risk mood this week. On Monday, European stocks nudged higher while tech shares dragged the S&P 500 lower. Yesterday, it was more of the opposite instead. And so far today, we’re rocking back and forth and reversing the mood from yesterday again.
This article was written by Justin Low at www.forexlive.com.
US MBA mortgage applications w.e. 21 June +0.8% vs +0.9% prior
- Prior +0.9%
- Market index 212.0 vs 210.4 prior
- Purchase index 147.8 v 146.0 prior
- Refinance index 552.4 vs 552.7 prior
- 30-year mortgage rate 6.93% vs 6.94% prior
Mortgage applications were a touch higher in the past week, with a rise in purchase activity helping to offset a marginal decline in refinancing activity. Overall, housing activity remains rather tepid at best – even if there was a significant bump in mortgage applications in the weeks before.
This article was written by Justin Low at www.forexlive.com.