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On July 17th, SpaceX (SPCX.O) shares plunged on Friday, falling as much as 4.6% to $125.13 per share, reducing the companys total market capitalization to $1.65 trillion, a drop of over $1 trillion from its all-time high. SpaceXs market capitalization reached $2.64 trillion at the close of trading on June 16th (its third day of trading). After completing the largest initial public offering (IPO) in history, SpaceXs shares initially surged but have since steadily declined, currently falling below the offering price of $135. This comes after the cancellation of its Starship rockets 13th test flight due to engine ignition problems; Musk stated that the next launch attempt is expected in a few days.SK Hynix ADR (SKHY.O) fell below its IPO price of $149 for the first time.The Philadelphia Semiconductor Index fell more than 5%, AMD (AMD.O) fell more than 7%, Intel (INTC.O) fell more than 6%, and TSMC (TSM.N) fell more than 5%.On July 17th, Apple (AAPL.O) surpassed Nvidia (NVDA.O) to become the worlds most valuable company, as the rankings of tech giants shifted as investors reassessed the prospects of artificial intelligence. Apples stock price remained stable during the session, with a market capitalization of $4.88 trillion; Nvidias stock price fell 3.5%, with a market capitalization of approximately $4.86 trillion. This ranking shift indicates that investors are turning their attention to areas beyond the most obvious beneficiaries of the AI boom, such as Nvidia, which led for nearly a year. This is the first time Apple has regained the top spot since April of last year. Tony Meadows, investment director at BRI Wealth Management, stated, "Apple was once considered a laggard in the AI race due to its lack of investment in developing models, but market sentiment has now shifted. Apple is less reliant on capital expenditures and is better positioned to commercialize AI through services, ecosystem lock-in, and hardware upgrades. This valuation reshuffling reflects market confidence in its earnings sustainability, rather than expectations of a speculative surge in AI."July 17th – The National Blue Carbon Trading Alliance was established and its first conference was held in Shenzhen. Adhering to the principles of openness, equality, co-construction, sharing, and win-win cooperation, the alliance aims to standardize the blue carbon trading market, increase the scale of blue carbon trading, promote blue carbon information sharing, and expand international exchange and cooperation. The conference was hosted by the Shenzhen Municipal Bureau of Planning and Natural Resources and the Shenzhen Municipal Bureau of Ocean Development, under the guidance of the Ministry of Natural Resources and the Guangdong Provincial Department of Natural Resources. The National Blue Carbon Trading Alliance brings together diverse stakeholders, including blue carbon resource suppliers, market demanders, technical service institutions, trading platforms, and financial institutions, and is a cross-sectoral non-profit cooperative organization.

EUR/USD Expects Fourth Weekly Gains Above 1.0900 Despite The US Dollar's Rebound Advance Ahead Of US NFP

Daniel Rogers

Apr 07, 2023 11:42

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Despite a recent retreat, the EUR/USD bulls maintain control around 1.0920. This reflects the typical Good Friday inactivity and apprehension ahead of the US Nonfarm Payrolls (NFP) report released early in the day. The major currency pair was volatile on Thursday as a result of the US Dollar's initial rebound on fears of a recession, but ended the day unchanged as disappointing US data contrasted with stronger Eurozone data.

 

Fears of a recession in the world's largest economy were prompted by consecutive lackluster US data and falling US Treasury bond yields, giving USD bears a reprieve on Thursday morning. As traders prepared for the all-important NFP, the dollar's subsequent gains were reversed by another disappointing US employment report.

 

Despite this, US Initial Jobless Claims for the week ending March 31 rose to 228K from 200K anticipated and an upwardly revised 246K the prior week. Notable is the increase in Challenger Job Cuts from 77,77K to 89,703K in the given month.

 

Notably, Reuters fanned fears of a recession by citing the most recent decline in the preferred bond market indicator of Federal Reserve (Fed) Chairman Jerome Powell. The most reliable bond market indicator of an imminent economic contraction, according to Federal Reserve research, is the "near-term forward spread" between the forward rate on Treasury bills 18 months from now and the current yield on three-month Treasury bills.

 

According to Reuters, International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated in prepared remarks on Thursday that the global economy is projected to expand by less than 3% in 2023, a decrease from 3.4% in 2022.

 

In other news, Germany's Industrial Production (IP) increased 0.6% year-over-year in February, versus market predictions of -2.7% and previous readings of -1.7%. Additionally, the monthly figures exceeded expectations by 0.1%, coming in at 2.0% compared to 3.7% previously. On Wednesday, Germany Factory Orders for February improved to -5.7% YoY from -12.0% previously revised down and -10.5% market expectations, while MoM growth came in at 4.8% compared to 0.3% expected and 0.5% previous readings.

 

Wall Street and US Treasury bond yields have both reduced weekly losses as a result of these strategies, but investors remain skeptical.

 

In the context of less liquidity surrounding the March US employment report, sporadic activity on the major markets can keep the EUR/USD inactive and prone to abrupt price swings. Notable is the fact that recent dovish Fed forecasts and disappointing US data generate expectations for a positive surprise and enormous price volatility thereafter.


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