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German Defense Minister Pistorius: Considering establishing a space launch site for the Federal Armed Forces.July 23 – Sources familiar with the matter say European Central Bank (ECB) officials are prepared to raise interest rates in September unless the eurozones inflation outlook improves significantly. According to sources, based on current information and data, particularly the Middle East conflict and its economic impact, a further one percentage point increase may be needed to curb inflationary pressures. The sources emphasized that no decision has been made yet, and the situation could change rapidly, especially if a peace agreement progresses or a more severe recession occurs. This stance is consistent with the ECBs decision-making process, which involves making decisions "on a meeting-by-meeting" basis. On Thursday, ECB President Christine Lagarde laid the groundwork for a possible September rate hike, stating that some members had asked themselves whether a rate increase was warranted. "Some members have asked themselves whether we should consider raising interest rates," she said. "We are fully prepared to closely monitor developments and the data we will receive in the coming weeks."On July 23, Google (GOOG.O) shares fell more than 7% on Thursday after the company revised its capital expenditure forecast for this year upward to $195 billion to $205 billion from $190 billion previously. This serves as a reminder that the full cost of Silicon Valleys AI competition is still largely untapped. Google is the first major tech company to report quarterly earnings. Meta, Microsoft, and Amazon will report next week. These four companies previously revealed in April that they would collectively invest up to $725 billion in AI development this year. This figure will increase further by the end of next week, based on Googles example. Nevertheless, the returns on these investments remain unclear. Thomas Montero, a senior analyst at an investment firm, stated, "Googles larger spending plans are not satisfactory. Coupled with rising interest rates and continued supply and demand tensions in AI infrastructure, the idea that companies will always rely on cash flow for financing may be losing its appeal."The U.S. Department of Justice will reopen a "second request" investigation into the merger and acquisition transaction.UBS Group: Lowered its price target for Tesla (TSLA.O) from $442 to $385.

Crypto Assets Shed $800 Billion in Market Value in A Month

Skylar Shaw

May 11, 2022 10:34

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According to statistics site CoinMarketCap, crypto assets have lost about $800 billion in market value in the last month, reaching a low of $1.4 trillion on Tuesday, as the end of free monetary policy dampens desire for risk assets.


Bitcoin, which accounts for roughly 40% of the cryptocurrency market, fell to a 10-month low on Tuesday before rebounding to $31,450, only six days after hitting $40,000. It was down more than 54% from its all-time high of $69,000 on November 10th.


Prices of digital assets have fallen, reflecting a drop in stocks on worries of aggressive interest rate rises throughout the world to combat decades-high inflation. The Nasdaq, which is heavily weighted in technology, was down 28% from its all-time high in November 2021.


According to CoinMarketCap, the total crypto market worth was $2.2 trillion on April 2, down from an all-time high of $2.9 trillion in early November.


"Bitcoin remains closely tied to larger economic circumstances, implying that the road ahead may regrettably be bumpy, at least for the time being," stated blockchain data firm Glassnode in a note.


Investors were also alarmed by signs of weakness in stablecoins, which are normally a safer crypto currency. TerraUSD, the fourth-largest stablecoin in the world, lost a third of its value on Tuesday after losing its dollar peg.


According to a study issued on Monday by digital asset management Coinshares, despite bitcoin's price drop, funds and products related to it saw inflows of $45 million last week as investors took advantage of market weakness.


"An enormous amount of liquidity has inflated some of these cryptocurrencies," said Nordea Asset Management's senior macro analyst, Sebastien Galy. As various central banks tighten their monetary policies, he expects crypto, which is also tied to high-growth equities, will face pressure.

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