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On September 2nd, at a technology event in North Carolina, Nvidia CEO Jensen Huang called on G20 members to accelerate the application of artificial intelligence to drive economic growth and urged major world economies to expand data centers and other infrastructure to support this emerging technology. Huang stated, "Every country needs to build infrastructure to support its economy." He likened the technology to water, electricity, and other utilities. He said, "Its a great equalizer." Huang added that for a country, the "worst outcome" is falling behind. He warned that this could happen if the public and policymakers allow concerns about AI to dominate discussions about the technology.The Dow Jones Industrial Average opened 230.07 points higher, or 0.44%, at 52,996.95 on Wednesday, September 2; the S&P 500 opened 3.42 points higher, or 0.04%, at 7,634.96; and the Nasdaq Composite opened 26.34 points lower, or 0.10%, at 26,073.44.September 2nd - US stocks opened with the Dow Jones Industrial Average up 0.37%, the S&P 500 up 0.09%, and the Nasdaq Composite down 0.02%. Most popular Chinese concept stocks fell, with NIO (NIO.N) down nearly 4%, Bilibili (BILI.O) down over 1%, and JD.com (JD.O), NetEase (09999.HK), and Baidu (BIDU.O) all down over 0.5%.Ford Motor Company (FN) sold 170,681 vehicles in August, up 10.3% year-over-year.On September 2, Mohsen Rezaei, Secretary of Irans Supreme National Security Council, stated that Iran has formulated new strategies in military, diplomatic, and counter-economic blockade areas, aiming to "destroy the enemys foundations." Rezaei posted on social media that no matter how much the enemy "struggles to the death," they cannot escape their current predicament. He said the enemy will soon see Irans new strategies in the military, diplomatic, and counter-economic blockade areas.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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