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On May 19th, at the Wuhan Optical Expo held from May 18th to 20th, Jin Zhiguo, Vice President of Huaweis Optical Product Line, stated that the rapid development of AI applications in various industries has placed higher demands on networks. All-optical networks based on F5G-A technology have become the best network solution to support the widespread adoption of AI applications. The combination of F5G-A and AI technologies will build a digital and intelligent foundation integrating communication, sensing, computing, and control for the industry, representing a key direction for the development of the optical industry.Market news: Acting U.S. Attorney General Todd Branch will testify before a Senate subcommittee on the Justice Department’s 2027 budget proposal.European Commission: Today, the European Commission adopted the Fertilizer Action Plan, which aims to support farmers facing rising fertilizer costs and shortages, strengthen domestic production, and reduce Europes dependence on imports.Micron Technology (MU.O) shares turned positive in early trading and are currently up more than 2%.On May 19th, Xin Changxing, Secretary of the Jiangsu Provincial Party Committee, met with Lisa Su, Chairwoman and CEO of Advanced Micro Devices (AMD). Xin stated that Jiangsu is currently implementing the spirit of President Xi Jinpings important instructions, comprehensively carrying out the "Artificial Intelligence+" action, promoting the deep integration of technological and industrial innovation, and striving to build an important base for developing new-quality productive forces. He expressed hope that AMD would strengthen its confidence in developing in China and Jiangsu, deepen industrial cooperation, increase investment, and work together to achieve a higher level of mutual benefit and win-win results. He added that Jiangsu will continue to create a first-class business environment that is market-oriented, rule-of-law based, and internationalized, providing better services and guarantees for enterprise development. Su stated that Jiangsu has significant advantages in industrial foundation, talent resources, and application scenarios, and that AMDs cooperation with Jiangsu has yielded positive results. She expressed great optimism about Chinas development prospects and pledged to further expand mutually beneficial cooperation with Jiangsu to achieve win-win development.

NASDAQ Composite Treading Water Ahead of US Congressional Elections, CPI Data

Steven Zhao

Nov 08, 2022 17:10

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With many of the major players staying away ahead of Tuesday's U.S. congressional elections and Thursday's significant consumer inflation report, the major U.S. stock indices are trading mixed near the midpoint of the session on Monday.


The blue-chip Dow Jones Industrial Average is currently trading at 3262.61, up 159.39 or +0.49%, at 17:00 GMT. The tech-heavy NASDAQ Composite is trading at 10441.84, down 33.41 or -0.32%, while the benchmark S&P 500 Index is at 3771.75, up 1.20 or +0.03%.


If the GOP wins, a split government will result.


Republican presidential candidate Joe Biden's strategy, which may include potential broad tax increases and a windfall tax on energy companies, may be hampered by a split government, analysts say, with the GOP capturing the House of Representatives and possibly the Senate.


According to Wells Fargo economists, "in this election outcome scenario, we doubt we would make any significant revisions to our projections for GDP growth, inflation, or the federal funds rate as a result of the election."


Instead, investors see a status quo and political deadlock that prevent significant policy changes as a positive outcome for stocks.

CPI Data Available

Traders are preparing for a potential surprise in Thursday's consumer price index (CPI) report following Friday's unexpected increase in the jobless rate in the United States.


On a historical basis, economists anticipate that inflation will once more register at extraordinarily high levels.


According to FactSet, the consensus CPI report projection predicts an increase in inflation of 0.7% for October. It is anticipated that the so-called core rate of inflation, which doesn't include volatile food and energy prices, will increase by 0.5%. That would come after a reading of 0.4% for the CPI as a whole and 0.6% for the core CPI in September.


According to Factset, the consensus CPI projection calls for an annualized increase in the CPI of 8.0% and an increase in core inflation of 6.5%. From the September data, when the annual inflation rate was 8.2% overall and 6.6% for core, that would only indicate a small set of gains.

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