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U.S. Geological Survey: A 5.5-magnitude earthquake struck Jourm, Afghanistan.On July 2nd, SpaceX (SPCX.O) showcased a prototype handheld device, still in its early stages, to investors. This device is believed to potentially redefine how humans interact with artificial intelligence. According to sources, the prototype is thinner and more streamlined than the iPhone and was recently presented in communications with investors and stakeholders, ahead of the companys planned major IPO. The device is designed to run a proprietary operating system and integrates AI technology from xAI. It is also reportedly powered by a Qualcomm (QCOM.O) Snapdragon chip. However, SpaceX emphasized to investors that the project is still in its very early stages, the design is subject to significant changes, and it is currently impossible to confirm whether it will ultimately be mass-produced or launched to the market. SpaceX and its partners have not yet commented.Qualcomm (QCOM.O) shares rose briefly, currently up 1.6%.According to the Wall Street Journal, sources revealed that the prototype will run on a proprietary operating system integrating SpaceXs (SPCX.O) xAI artificial intelligence technology. The prototype boasts a sleek design and is thinner than the iPhone. The device will utilize a Qualcomm (QCOM.O) Snapdragon chipset.On July 2nd, European Central Bank (ECB) Governing Council member Stournaras stated that with the unexpected drop in energy prices and slowing inflation in the Eurozone, the central bank may not need to further tighten policy after its June rate hike. Latest data showed that Eurozone consumer price inflation fell to 2.8%, lower than expected, which he called a "clear downside surprise." He pointed out that the focus should now be on how businesses pass on changes in energy costs and the impact of the AI investment boom on the overall price system. Stournaras stated, "I dont think anything will change in July unless things deteriorate significantly." He tends to believe that policy should remain unchanged for some time. The ECB had previously raised interest rates to 2.25%. Regarding energy, he mentioned that Gulf central bank officials believe the recent shocks have had limited damage to energy infrastructure, and that Iran may release more crude oil supplies in the future, contrary to previous market assessments of energy shortages. He also warned that energy price increases tend to be quickly transmitted to end users, but price decreases are transmitted more slowly, reflecting insufficient competition in some European markets. Furthermore, the AI investment boom may also affect the prices of electronic products, especially imports from South Korea and Taiwan.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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