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On July 13, Bernd Lange, chairman of the European Parliaments Trade Committee, said that the EU should formulate countermeasures as soon as possible on Monday. He said: "Trumps tariffs on the EU are a slap in the face of negotiations. This is not the way to deal with an important trading partner."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.

US Inflation Cools to 8.3% but Eases Less than Forecast, Nasdaq 100 Sinks as Yields Rise

Cory Russell

May 12, 2022 10:40

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Inflation in the United States decreased in annual terms last month, but remained at multi-decade highs and more than four times the Federal Reserve's 2 percent goal, according to Labor Department statistics published on Wednesday.


According to the latest report from the agency, the consumer price index increased 0.3 percent in April after rising 1.2 percent in March, bringing the 12-month reading to 8.3 percent from 8.5 percent, indicating that inflationary pressures reached their peak at the end of the first quarter but are still struggling to cool materially. CPI was expected to grow 0.2 percent month over month and 8.1 percent year over year, according to analysts polled by Bloomberg News.


When looking at the monthly drivers of the headline statistic, food costs increased by 0.9 percent, keeping pace with previous rises in this category. Meanwhile, energy expenses declined by 2.7 percent after rising by 11% in March due to rising oil prices after Russia's invasion of Ukraine. This is a good sign since it means the worst of the commodities market shock may have passed.


Excluding food and energy, the core CPI rose 0.6 percent on a seasonally adjusted basis and 6.2 percent year over year, reducing transient noise and reflecting longer-term economic trends. The decrease in the annual number, which fell from 6.5 percent, tends to support the hypothesis that the core gauge peaked in March as well.

 

The shelter index gained 0.5 percent in monthly contributions for the core indicator, mirroring the previous two months' growth, despite a tight rental market. Meanwhile, transportation increased by 3.1 percent, indicating a shift in household demand toward service spending. Used automobiles and trucks, on the other hand, continued to tumble, down 0.4 percent after losing 3.8 percent in March due to cooling demand and lowering durable-goods prices.


With inflation decreasing but not falling much, it's unclear if we've hit the apex of central bank policy hawkishness. In this environment, yields may continue to rise on anticipation of a more aggressive tightening reaction. This scenario might heighten worries that the Fed's rate hikes would lead to a recession, depressing confidence and hindering the stock market's rebound.


U.S. Treasury rates surged immediately after the CPI statistics were released, causing the Nasdaq 100 futures to lose all of their pre-market gains and fall more than 1% into negative territory. Officials from the Federal Reserve have said that they support interest rate rises in half-percentage-point increments, but have shown little taste for greater changes. At the face of persistent inflation, the bank may opt for large 75-basis-point rises in upcoming sessions in order to get monetary policy closer to neutral sooner. Stocks are at danger as a result of this.

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