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On July 13, Aravind Srinivas, CEO of US AI search startup Perplexity, said on social media that based on the good performance of the Kimi K2 model, the company may use K2 for post-training in the future. DeepSeek R1 was also used by Perplexity for model training. K2 is a trillion-parameter open source model recently released by Kimi, which emphasizes code capabilities and general agent task capabilities.July 13, analysts said that financial markets, which have become increasingly insensitive to U.S. tariff threats, will face a test when they open on Monday after Trump announced over the weekend that he would impose 30% tariffs on the European Union and Mexico from August 1. Trump has recently stepped up trade measures, promising to impose more tariffs on everything from Canada to Brazil to Algeria and inviting trading partners to further negotiations. Despite warnings from JPMorgan Chase CEO Jamie Dimon and others not to take it lightly, investors have so far reacted as if they were counting on the U.S. president to back down again because they have seen the previous 180-degree turn. Brian Jacobsen, chief economist at Annex Wealth Management, said: "Investors should not just treat Trumps threat of a 30% tariff on EU goods as a bluff. This tariff level is punitive, but it may hurt the EU more than the United States, so the clock is counting down."On July 13, French President Emmanuel Macron posted on social media on the 12th that France and the European Commission strongly opposed the US announcement that day to impose a 30% tariff on EU exports from August 1. Macron wrote that in the context of EU unity, the European Commission should demonstrate the EUs determination to defend its own interests. If Europe and the United States cannot reach an agreement before August 1, the EU should mobilize all tools, including anti-coercion mechanisms, to speed up the preparation of "credible countermeasures." France supports the European Commission and the United States to step up negotiations in order to reach an agreement acceptable to both sides before August 1.European Council President: The EU remains fully supportive of efforts to reach a fair agreement with the United States.July 12, Mathieu Savary, chief European strategist at BCA RESEARCH: Trumps strategy is to make outrageous demands, then let them fall through, and then once again try to win some last-minute concessions and then reach a trade deal. We remember a framework during Trumps first presidency, and thats whats happening now. It doesnt matter what is said now; what matters is where we will land. It is expected that the EU will eventually "have to accept a 10% tariff, but this is something the EU can actually deal with.

Nasdaq 100, S&P 500, Dow Crumble as US Inflation Comes Stronger Than Expected

Skylar Shaw

May 12, 2022 10:32

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On Wednesday, U.S. equities fell sharply as the economy faced rising headwinds and Wall Street's risk appetite dwindled. The S&P 500 index fell 1.65% to 3,935, its lowest level since March 2021, at the close. The Dow Jones Industrial Average dropped 1.02 percent to 31,834, a new year low. The Nasdaq 100, however, took the brunt of the sell-off, falling 3.06 percent to 11,967 amid a dramatic collapse in the IT world, with Apple, Microsoft, and Amazon all in free fall.


The positive atmosphere flipped and made a 180-degree turn as the U.S. consumer price index for April produced another negative surprise, despite equities futures trading considerably higher in the pre-market session. For reference, the annual CPI fell to 8.3 percent in April from 8.5 percent in March, but the figure was two-tenths of a percent more than expected, indicating that wider pricing pressures are still there. The core indicator also outperformed expectations, rising 6.3 percent year over year, a little decrease from the 6.5 percent increase anticipated at the end of the first quarter.


While the headline and core indicators have improved, Wednesday's data served as a stark reminder that the Federal Reserve still faces a long and arduous road to restore price stability.


Looking ahead, favorable base effects should help push year-over-year inflation numbers down, but with the underlying trend still running well above desirable levels, the Fed is likely to maintain its hawkish stance and continue to front-load interest rate hikes over the next few meetings in order to quickly bring monetary policy to a neutral stance.


Overall, with inflation reaching four-decade highs, it's feasible that central bank policy hawkishness hasn't hit its pinnacle. In light of this, US Treasury rates may rise in the short future, increasing recession worries and dampening market sentiment. Risk appetite will remain low in this scenario, preventing a major equities market comeback. Indeed, the current "sell the rip" phenomena, in which speculators short any rise for fear of equities failing to sustain gains, may persist.

TECHNICAL ANALYSIS OF THE NASDAQ 100

The Nasdaq 100 dropped below a crucial support level in the 12,210 range on Wednesday, falling to a new 2022 low of 11,967. Sellers may target the 11,600 level in the next sessions, with the tech index in bear market and heavily tilted to the negative. If the market continues to fall, the next floor to examine is around the 11,000 level. If, on the other hand, dip buyers return and drive the benchmark higher, the first line of resistance is at 12,210, followed by 12,645. If these obstacles are overcome, the attention will turn to the 13,000 mark.