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On July 13, Bernd Lange, chairman of the European Parliaments Trade Committee, said that the EU should formulate countermeasures as soon as possible on Monday. He said: "Trumps tariffs on the EU are a slap in the face of negotiations. This is not the way to deal with an important trading partner."On July 13, Aravind Srinivas, CEO of US AI search startup Perplexity, said on social media that based on the good performance of the Kimi K2 model, the company may use K2 for post-training in the future. DeepSeek R1 was also used by Perplexity for model training. K2 is a trillion-parameter open source model recently released by Kimi, which emphasizes code capabilities and general agent task capabilities.July 13, analysts said that financial markets, which have become increasingly insensitive to U.S. tariff threats, will face a test when they open on Monday after Trump announced over the weekend that he would impose 30% tariffs on the European Union and Mexico from August 1. Trump has recently stepped up trade measures, promising to impose more tariffs on everything from Canada to Brazil to Algeria and inviting trading partners to further negotiations. Despite warnings from JPMorgan Chase CEO Jamie Dimon and others not to take it lightly, investors have so far reacted as if they were counting on the U.S. president to back down again because they have seen the previous 180-degree turn. Brian Jacobsen, chief economist at Annex Wealth Management, said: "Investors should not just treat Trumps threat of a 30% tariff on EU goods as a bluff. This tariff level is punitive, but it may hurt the EU more than the United States, so the clock is counting down."On July 13, French President Emmanuel Macron posted on social media on the 12th that France and the European Commission strongly opposed the US announcement that day to impose a 30% tariff on EU exports from August 1. Macron wrote that in the context of EU unity, the European Commission should demonstrate the EUs determination to defend its own interests. If Europe and the United States cannot reach an agreement before August 1, the EU should mobilize all tools, including anti-coercion mechanisms, to speed up the preparation of "credible countermeasures." France supports the European Commission and the United States to step up negotiations in order to reach an agreement acceptable to both sides before August 1.European Council President: The EU remains fully supportive of efforts to reach a fair agreement with the United States.

Fears of Stagflation Caused by Tightening Policies Increase As Asian Stocks Fluctuate

Haiden Holmes

Jun 15, 2022 11:11

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Asia-Pacific stocks were mixed this morning, Wednesday. Ahead of a U.S. Federal Reserve meeting that is likely to provide strong tightening decisions, U.S. share markets continued to decline.


Nikkei 225 dropped 0.67 percent at 10:49 PM ET (2:49 AM GMT).


The KOSPI decreased by 1.21 percent.


Australia's ASX 200 index declined 0.38 percent.


Hong Kong's Hang Seng gained 1.14 percent .


Shenzhen Component rose 0.49 percent and Shanghai Composite rose 0.90 percent.


China's industrial output climbed by 0.7% year-over-year in May, according to statistics released on Wednesday, which was marginally higher than market estimates. In April, a decrease of 2.9% was seen, whereas Investing.com had expected a decrease of 0.7%.


Nonetheless, as Beijing saw clusters of COVID-19 breakouts, the city's officials warned on Tuesday that the city was in a "race against time," heightening concerns that the reinstatement of harsh restrictions might harm the city's economy and global supply chain.


The S&P 500 finished down for the fifth consecutive day due to concerns that Fed measures to tighten monetary policy to calm raging inflation might lead to stagflation.


Investors are now betting on aggressive interest rate rises, such as 75 basis points from the Fed, which would be the largest increase since 1004


Steve Englander, director of global G10 FX research at Standard Chartered Bank, wrote in a note, "Inflation is front and center in the headlines and asset markets, and few are voicing worry about over tightening the monetary policy."

After their greatest decline in decades, Treasuries stabilized. Two-year rates recovered after reaching a level not seen since 2007, while 10-year yields retreated from around 3.5 percent.


Barbara Ann Bernard, chief investment officer of Wincrest Capital Ltd., told Bloomberg, "The sooner they are explicit about how rapidly they would increase interest rates and what amount of inflation they consider acceptable, the sooner the markets will settle down."


The Bank of England will announce its policy decision on Thursday, while the Bank of Japan will announce its decision on Friday.


Bitcoin's value on the cryptocurrency market steadied at $22,000.


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