Nvidia is downplaying possible U.S. chip-export restrictions to China by the Biden administration. The Wall Street Journal reported on June 27 that the White House was mulling even more restrictions on artificial intelligence (AI) chip exports to China. A potential chip ban could affect Nvidia’s status as the world’s leader for the graphics processors needed to…
Nvidia Reacts to Possible US Chip Restrictions to Beijing
June 30, 2023
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Dollar Firm Ahead of PCE Numbers, Briefly Pokes Head Above 145 Yen
SINGAPORE/LONDON—The yen briefly weakened past the closely watched 145 per dollar level on Friday although traders’ fears of intervention by Japanese authorities kept it in check, while the dollar was also strong more broadly ahead of U.S. inflation data. Barring unexpected interventions, the day’s main event for FX markets is the U.S. personal consumption expenditure…
Oil Heads for 4th Straight Quarterly Decline
LONDON—Oil prices declined towards $74 a barrel on Friday and were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand. Benchmark Brent crude futures for September delivery were down 5 cents, or 0.1 percent, at $74.46 a barrel by 1120 GMT after earlier rising by…
Stocks Show Resilience to Wall of Rates and Inflation Worries
June 30, 2023
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LONDON—Global shares were steady on Friday as investors scrutinized inflation data from both sides of the Atlantic to cap a rollercoaster quarter for markets that upended bets on interest rates peaking. Oil was poised for its first monthly gain this year, as a big drawdown in U.S. oil stocks outweighed concerns that fuel demand will…
China’s Industrial Profits Tumble, Deepening Economic Gloom
BEIJING—Annual profits at China’s industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery. The 18.8 percent year-on-year slump in profits came on top of the 20.6 percent contraction in January-April, and added to evidence of…
Banks Pass Fed Stress Test With Mixed Outlook for Higher Payouts
June 29, 2023
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The top U.S. banks all passed the Federal Reserve’s annual stress test, which is closely watched by the financial industry, which brought much relief to investors. The 23 financial institutions subject to the Fed’s annual bank stress test were expected to pass with little issue. The assessment was a major hurdle towards paying billions of dollars to…
Mining Industry Got Australia Through Economic Recessions, Pandemic: Liberal MP
Queensland Liberal MP Garth Hamilton has commended Australia’s mining sector for sustaining the nation’s economic prosperity during the 90s recession, the GFC, and more recently through the pandemic. This comes as federal Labor Treasurer Jim Chalmers said that Australia’s resources sector has been “a force for good.” Speaking with Sky News on June 26, Hamilton…
‘Unsustainable’ Health and Retirement Spending Will Hurt Government Finances: Tax Policy Center
June 29, 2023
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The Tax Policy Center has criticized the recently passed bipartisan debt deal for failing to cut down government spending in health care and Social Security programs, warning that the country’s finances could go haywire in the future without reforms in these categories. “This budget agreement failed to touch the major items of spending growth, health…
‘Low-Road Jobs’: Biden’s Electric Vehicle Push Rattles Major Auto Union Supporter
June 29, 2023
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The United Auto Workers (UAW), a labor union and major Democrat backer, has slammed the Biden administration for giving billions of dollars in funding for boosting electric vehicle (EV) production while traditional autoworkers would lose their jobs or be paid lower wages. “The federal government announced a massive $9.2 billion giveaway loan to Ford Motor…
US Economic Growth Last Quarter Is Revised Up to 2 Percent Annual Rate
WASHINGTON—Showing surprising resilience in the face of higher interest rates, the U.S. economy grew at a 2 annual pace from January through March as consumers spent at the fastest pace in nearly two years. Thursday’s revised figure from the Commerce Department sharply upgraded its assessment of first-quarter growth from its previous estimate of a 1.3…
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