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September 2nd - According to foreign media citing sources familiar with the matter, Nvidia (NVDA.O) is in advanced talks to acquire artificial intelligence startup Hugging Face in a deal worth approximately $14 billion. One source indicated that Nvidia could reach an agreement as early as this week to acquire Hugging Face for $12.9 billion. The source stated that the deal may include a $1 billion employee retention program. The sources also indicated that no final agreement has been reached, and the timing and specific terms of the deal are still subject to change. Acquiring Hugging Face would be Nvidias largest move since Jensen Huang expanded the application of artificial intelligence and broadened its customer base. This transaction would give Nvidia control of a key platform where global developers can showcase and share AI models.On September 2nd, Bank of Japan Governor Kazuo Ueda stated that he would consider the risks of rising prices when deciding on monetary policy, a statement that could further fuel market speculation about a rate hike at the BOJs policy meeting later this month. Speaking after the G20 finance ministers and central bank governors meeting, Ueda said the BOJ would, as always, have a thorough discussion on monetary policy at its next meeting. Ueda declined to comment on the markets strong expectations for a September rate hike. However, he stated that recent economic data was consistent with the BOJs previous outlook. This key statement suggests that the BOJ is proceeding with its planned further rate hike. The BOJ has previously indicated that future policy discussions will focus on the risks of rising prices. Uedas remarks come as US Treasury Secretary Scott Bessant further called for appropriate policy action from the BOJ this week, further reinforcing market expectations of an imminent rate hike. Overnight index swaps indicate that the market believes there is approximately a 99% probability of a BOJ rate hike in September.U.S. Energy Secretary Wright: 17 million barrels of oil passed through the Strait of Hormuz on Monday.Bank of Japan Governor Kazuo Ueda: We are closely monitoring foreign exchange fluctuations, which are one of the risk factors for price prospects.Bank of Japan Governor Kazuo Ueda: From a risk management perspective, we are paying more attention than ever to upside and downside risks, especially upside price risks.

Asian Stocks Rise; China Plans to Relax COVID Measures; However, Concerns Remain

Aria Thomas

May 30, 2022 11:21

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China's relaxing of several COVID-19 restrictive measures and U.S. markets' greatest week since November 2020 before Monday's Memorial Day weekend sent Asia Pacific stocks higher on Monday morning.


The Nikkei 225 gained 2% by 10:24 p.m. ET (2:24 a.m. GMT), while the KOSPI gained 1.27 percent.


The S&P/ASX 200 increased 0.91 percent in Australia.


Hong Kong's Hang Seng Index rose 2.19 percent .


The Shanghai Composite rose 0.55 percent, while the Shenzhen Component rose 0.04 percent.


Both the S&P 500 and Nasdaq 100 contracts were higher, a possible indication that the rebound could continue. As institutional investors rebalance their portfolios in anticipation for the end of the month, the S&P 500 erased its May losses and ended a streak of seven straight weekly losses.


As the European Union (EU) failed to agree on a revised package of Russian sanctions in response to Russia's invasion of Ukraine on February 24, the dollar remained stable while the euro fluctuate. The U.S. holiday prevents the trading of cash Treasuries in Asia.


China recorded fewer cases of COVID-19 in both Beijing and Shanghai, encouraging the government to relax some restrictions in an effort to stimulate the economy.


After one of the worst starts to the year for global markets, the key question for investors is whether the bottom of the recent selloff is near. Investors have been buying the dip. Concerns continue, however, regarding stricter monetary policies from central banks, growing food inflation resulting from the conflict in Ukraine, and China's COVID-19 measures.


Bloomberg quoted Citigroup (NYSE:C) Australia head of investment experts Maheebeen Zaman as saying, "We are in the midst of a bear market rally."


Treasury yields are expected to peak in 2022, according to Zaman. "I believe the market will trade in a narrow range as investors try to determine how soon the next recession will arrive and how rapidly inflation will decline," he added.


As of Wednesday, the Fed will also begin reducing its $8.9 trillion balance sheet and will also print its Beige Book assessment on regional economic conditions. Presidents John Williams of the New York Fed and James Bullard of the St. Louis Fed will both speak at separate events on Wednesday, with President Loretta Mester of the Cleveland Fed discussing the economic outlook the next day.


Friday, the United States will release its May employment report, including non-farm payrolls. Tuesday will see the release of the Eurozone consumer price index, as well as China's manufacturing and non-manufacturing purchasing managers indexes.


Later in the day, EU leaders will convene in Brussels for a two-day extraordinary conference to discuss the war in Ukraine, defense, inflation, energy, and food security. The Food and Agriculture Organization of the United Nations will also release its monthly food price index on Friday, just as global supply concerns reach their peak.

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