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On June 2nd, Alphabet (GOOG.O), Googles parent company, announced it is raising $80 billion through equity offerings, including an investment agreement with Berkshire Hathaway, to fund its ambitious artificial intelligence spending plans. Alphabet disclosed in its announcement that the financing includes a $30 billion underwritten public offering and a $40 billion "at-market" (ATM) transaction. As part of this financing plan, Berkshire Hathaway will subscribe for $10 billion worth of shares through a private placement, while Alphabet will issue $5 billion worth of Class A common stock to Berkshire at $351.81 per share and an additional $5 billion worth of Class C common stock at $348.20 per share. The company stated, "AI demand has exceeded the companys existing supply capacity. By expanding the scale of this investment, the company aims to scale its infrastructure to powerfully support future massive growth opportunities."Alphabet (GOOG.O): AI demand has exceeded the companys current supply capacity. The company is facing strong demand for artificial intelligence solutions from both enterprises and consumers.Rosneft, the Russian oil company, reported first-quarter revenue of 2.032 trillion rubles, a 4.3% increase from the previous quarter. Net profit for the first quarter of 2026 is projected to increase sevenfold compared to the fourth quarter of 2025, reaching 115 billion rubles.Rosneft, a Russian oil company, reported that its first-quarter oil and gas condensate production was 3.74 million barrels per day, down 0.4% from the previous quarter.The EU is prepared to give member states budgetary flexibility to alleviate energy cost pressures.

USD/CNH rebounds from 7.3300 despite a strong Caixin Manufacturing PMI

Daniel Rogers

Nov 01, 2022 18:01

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After falling to roughly 7.3300 during the Tokyo trading session, the USD/CNH pair demonstrated a V-shaped recovery. Despite the release of positive Caixin Manufacturing PMI data, the asset has made a recovery. The economic data came in at 49.2 against predictions of 49.0 and the prior value of 48.1.

 

China's official Manufacturing PMI dropped to 49.2 from 50.0 and 50.1, as anticipated, according to the National Bureau of Statistics (NBS). In addition, the Non-Manufacturing PMI was significantly lower at 48.7, compared to predictions of 51.9 and the last release of 50.6.

 

In the meanwhile, the US dollar index (DXY) in Tokyo has declined significantly as the risk-on sentiment has grown. The DXY has significantly declined to roughly 111.36. S&P500 futures have rallied strongly since Monday's decline due to confidence surrounding the quarterly results season.

 

Despite an increase in hawkish Federal Reserve (Fed) wagers, US government bond returns have dropped. At the time of writing, the yield on the 10-year US Treasury has declined to 4.04%, a decrease of 0.90% from its prior level.

 

This week's major catalyst will be the Federal Reserve's decision on interest rates. As inflationary pressures show no signs of abating, it is anticipated that the US Federal Reserve will hike interest rates by 75 basis points for the fourth time this year (bps). However, consumer spending declined to 1.4% in the third quarter from 2.0% in the previous quarter, which could weigh on the inflation rate.

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