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On September 17th, according to the Financial Times, Emulate, a UK-based AI startup founded just one month ago by former DeepMind researchers, is launching a new funding round worth hundreds of millions of dollars at a post-money valuation of nearly $4 billion. Sources familiar with the matter revealed that the company is in advanced talks with potential investors, planning to raise up to $700 million, which would bring its valuation to $3.7 billion upon completion. The sources also stated that this massive funding round will be jointly led by prominent UK venture capital firm Index Ventures and Silicon Valley-based Lightspeed Venture Partners.According to the Financial Times, Emulate, a British startup founded by former DeepMind researchers, is raising hundreds of millions of dollars in a new funding round just one month after its founding, with a valuation of nearly $4 billion.On September 17th, Robert Sorkin, chief U.S. economist at PGIM, stated that the latest Federal Reserve meeting signaled that the Fed could implement three rate hikes, or even more if necessary, with just a slight push. This rate hike was hawkish, signaling another rate hike this year. Of the 18 Fed officials who submitted forecasts, eight expect three rate hikes in this cycle by the end of 2027. In a report, Sorkin noted that Fed Chairman Warshs mention of the Fed "withdrawing some easing measures" suggested that he and other participants viewed Wednesdays action as merely a small step towards tightening financial conditions, implying further action is possible. Sorkin added that the risk of further Fed rate hikes remains high if inflation continues to be high.On September 17th, Futures News reported that Zhang Guoqing, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, stated in his concluding remarks that it is essential to thoroughly study and implement the spirit of General Secretary Xi Jinpings important instructions and the requirements of Premier Li Qiangs speech, and to earnestly enhance the sense of urgency, responsibility, and mission in developing advanced manufacturing. He emphasized the need to focus on key areas and crucial aspects, deeply implement the high-quality development action plan for key industrial chains, vigorously develop next-generation intelligent manufacturing, accelerate the upgrading and integrated development of the industrial system, and solidly promote the implementation of various tasks. He also stressed the importance of better leveraging the role of market mechanisms, accelerating the construction of a high-quality standard system, continuously rectifying disorderly and irrational competition, actively helping enterprises solve practical difficulties, and striving to create a favorable ecosystem for the development of advanced manufacturing.On September 17, the Pakistani Foreign Ministry issued a statement on the evening of the 16th, saying that Pakistan summoned the Chargé dAffaires ad interim of the Indian High Commission in Pakistan that day to lodge a strong protest against the "highly provocative and unacceptable behavior" taken by an Indian Navy vessel in Pakistans Exclusive Economic Zone on the 15th. The statement said that during the Pakistani Navys biennial routine exercises, the Indian warship took provocative actions at extremely close range towards a Pakistani warship, resulting in a contact between the two vessels. This action seriously violated the relevant agreements signed by both sides and could escalate regional tensions. The statement urged India to strictly abide by international law and bilateral agreements, especially those aimed at preventing maritime conflicts. The Chargé dAffaires ad interim of the Pakistani High Commission in India will lodge the same protest with the Indian Ministry of External Affairs.

As nervous inflation counters good demand data, oil prices tumble

Skylar Williams

Sep 14, 2022 10:44

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On Wednesday, oil prices dipped somewhat due to concerns regarding faster-than-expected U.S. economic expansion. The CPI inflation data undermined OPEC's estimate of solid demand and evidence that U.S. gasoline demand remained robust.


London Brent oil futures fell 0.3% to $93.23 a barrel, while U.S. West Texas Intermediate futures climbed 0.1% to $87.39 per barrel at 20:59 EDT (00:59 GMT). On Tuesday, both contracts decreased as stronger-than-expected U.S. inflation data strengthened the dollar and spurred a sell-off across key asset classes.


Nonetheless, encouraging signals from the Organization of Petroleum Exporting Countries (OPEC) aided in preventing further oil price drops.


Despite inflationary challenges, the cartel noted in a monthly report on Tuesday that it expects oil consumption to climb gradually in 2022 and 2023 due to the resilience of major economies.


OPEC anticipates an increase in oil consumption of 3,1 million barrels per day (bpd) in 2022 and 2,7 million barrels per day (bpd) in 2023.


The American Petroleum Institute said that gasoline inventories in the United States continued to fall for the week ending September 9, indicating that consumers were encouraged by the recent reduction in fuel prices.


While overall U.S. oil inventories grew unexpectedly, a sizable chunk of this increase is likely related to a drawdown from the Strategic Petroleum Reserve.


It is anticipated that official data from the Energy Information Administration will reflect a weekly increase in oil inventories later today. Nonetheless, gasoline inventories are expected to decline.


As investors expected that rising inflation and interest rates would have a negative effect on crude consumption, oil prices have fallen from their early-year peaks. China, the world's largest oil importer, has had a rash of COVID-related lockdowns, casting questions on the sustainability of crude demand this year.


Rising interest rates may also induce a U.S. recession, which is projected to weaken demand. In response to Tuesday's CPI news, the markets are already pricing in a series of significant interest rate hikes this year as the Fed strives to rein in inflation.


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