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The Dow Jones Industrial Average and the S&amp;P 500 were indecisive, whereas investors in the Nasdaq digested mixed payrolls data for clues into possible policy adjustments by the Federal Reserve. In contrast, the Nasdaq is lifted by the gains of big technology stocks.

Futures were off to a higher start right after the US Labour Department released its highly anticipated employment report, which showed that the unemployment rate climbed to 4.1 per cent in June from the expected holding at 4 per cent. The employment report also showed that non-farm payrolls rose by 206,000 in June, topping the expected 190,000 gain. May's payrolls were revised down drastically to 218,000 from the previously reported 272,000.

The average hourly earnings came in line, growing 0.3 per cent in June from the previous month, a deceleration from May's 0.4 per cent gain. Emily Bowersock Hill, chief executive of Bowersock Capital Partners, called the report "relatively benign", noting the job gains were better than anticipated, but the data was less concerning than the figures released in May. If you're the Fed, you're saying—what happened in May is not quite as hot as we thought. The data isn't bad enough to alarm markets and not bad enough to worry the Fed," she said.

The Treasury yields dropped after the data release and helped to lift rate-sensitive mega-cap stocks, including Apple, Amazon, and Meta Platforms, all rising between 0.7 per cent and 2.2 per cent. Alphabet rose 1.6 per cent to an all-time high. Utilities and consumer discretionary stocks were among the top sectoral gainers, while energy dropped.

The probability of a 25-basis point rate cut in September rose to roughly 75 per cent following the payrolls data, according to LSEG. Traders kept their bets for about two rate cuts this year.

Tesla's shares, which had reached their highest since early January on Wednesday, turned down from early gains and dropped 0.6 per cent. Other economic data this week pointed to a slowing US economy, leading market watchers to boost bets on multiple rate cuts in 2019. The S&amp;P 500 and the Nasdaq both notched record closing highs during Wednesday's abbreviated session. Light overall trading volume persisted throughout the week as the US market closed Thursday for US Independence Day.

At 9:50 a.m. ET, the Dow Jones had shed 33.29 points to 39,274.71, or 0.08 per cent. The S&amp;P 500 added 0.80 points, or 0.01 per cent, to 5 537.82, and the Nasdaq Composite surged 41.80 points, or 0.23 per cent, to 18,230.10. All three major Wall Street indexes were on pace for weekly gains. Of course, with second-quarter earnings due to start in the coming weeks, it is unsettled whether the Wall Street rally will carry on beyond its handful of giant mega-cap stocks and whether their earnings reflect the justification for their high valuation.

Macy's shares meanwhile rocketed by 10 per cent after a report that Arkhouse Management and Brigade Capital increased their bid for buying out the department store chain group for about $6.9 billion.

Declining issues outnumbered advancers by a 1.55-to-1 ratio on the NYSE and a 1.51-to-1 ratio on the Nasdaq. The S&amp;P index recorded 12 new 52-week highs and six new lows, while the Nasdaq noted 18 new highs and 54 new lows.

(With inputs from Reuters)

The Dow Jones Industrial Average and the S&P 500 were indecisive, whereas investors in the Nasdaq digested mixed payrolls data for clues into possible policy adjustments by the Federal Reserve.

The Dow Jones Industrial Average and the S&P 500 were indecisive, whereas investors in the Nasdaq digested mixed payrolls data for clues into possible policy adjustments by the Federal Reserve. In contrast, the Nasdaq is lifted by the gains of big technology stocks. Futures were off to a higher start right after the US Labour Department released its highly anticipated employment report, which showed that the unemployment rate climbed to 4.1 per cent in June from the expected holding at 4 per cent. The employment report also showed that non-farm payrolls rose by 206,000 in June, topping the expected 190,000 gain. May's payrolls were revised down drastically to 218,000 from the previously reported 272,000. The average hourly earnings came in line, growing 0.3 per cent in June from the previous month, a deceleration from May's 0.4 per cent gain. Emily Bowersock Hill, chief executive of Bowersock Capital Partners, called the report "relatively benign", noting the job gains were better than anticipated, but the data was less concerning than the figures released in May. If you're the Fed, you're saying—what happened in May is not quite as hot as we thought. The data isn't bad enough to alarm markets and not bad enough to worry the Fed," she said. The Treasury yields dropped after the data release and helped to lift rate-sensitive mega-cap stocks, including Apple, Amazon, and Meta Platforms, all rising between 0.7 per cent and 2.2 per cent. Alphabet rose 1.6 per cent to an all-time high. Utilities and consumer discretionary stocks were among the top sectoral gainers, while energy dropped. The probability of a 25-basis point rate cut in September rose to roughly 75 per cent following the payrolls data, according to LSEG. Traders kept their bets for about two rate cuts this year. Tesla's shares, which had reached their highest since early January on Wednesday, turned down from early gains and dropped 0.6 per cent. Other economic data this week pointed to a slowing US economy, leading market watchers to boost bets on multiple rate cuts in 2019. The S&P 500 and the Nasdaq both notched record closing highs during Wednesday's abbreviated session. Light overall trading volume persisted throughout the week as the US market closed Thursday for US Independence Day. At 9:50 a.m. ET, the Dow Jones had shed 33.29 points to 39,274.71, or 0.08 per cent. The S&P 500 added 0.80 points, or 0.01 per cent, to 5 537.82, and the Nasdaq Composite surged 41.80 points, or 0.23 per cent, to 18,230.10. All three major Wall Street indexes were on pace for weekly gains. Of course, with second-quarter earnings due to start in the coming weeks, it is unsettled whether the Wall Street rally will carry on beyond its handful of giant mega-cap stocks and whether their earnings reflect the justification for their high valuation. Macy's shares meanwhile rocketed by 10 per cent after a report that Arkhouse Management and Brigade Capital increased their bid for buying out the department store chain group for about $6.9 billion. Declining issues outnumbered advancers by a 1.55-to-1 ratio on the NYSE and a 1.51-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and six new lows, while the Nasdaq noted 18 new highs and 54 new lows. (With inputs from Reuters)

Dow and S&P 500 struggle as investors weigh mixed payrolls data

Switzerland's price watchdog stated that it is keeping a closer eye on UBS after it purchased Credit Suisse, due to concerns of dominating some markets.

The regulator was talking to other regulators to discuss what this deal would mean and was paving the way for coming together.

While the competition authority in Switzerland, ComCo, was sceptical, the FINMA, the Swiss financial market regulator, did not indicate there would be competition issues.

Now, the pricing manager has evidence that UBS's growing market power might result in discriminatory pricing concerning interest rates in the loans offered.

Indeed, Swiss companies have also complained of similar concerns. The regulator said they would expect UBS to act responsibly and not take advantage of its position in the market space. While it hoped not to intervene, it had reserved the right to act if necessary.

Meanwhile, according to Bloomberg News, another senior executive is leaving UBS Group AG's India operation as the firm continues to shape its wealth management strategy in the country, according to people familiar with the matter.

Aditya Goenka, a Mumbai-based managing director in structured lending, will join HSBC Holdings Plc's commercial banking division, said the people, who asked not to be identified because the details are private.

UBS will make use of the Credit Suisse team it acquired to get back into India's onshore wealth management business, which it exited a little over a decade ago.

Despite thinner margins in India versus most other regions for managing client money, UBS sees opportunities in managing the business and personal assets of clients riding the booming stock market and economy.

As UBS finalises its plans, however, it has emerged as a very fertile hunting ground for rivals eyeing talent in an aggressively competitive Indian market, say sources.

In the past year since news broke of UBS' takeover of Credit Suisse, about half a dozen former executives from the latter have made their way into other firms.

The LinkedIn account said Goenka spent more than 11 years at Credit Suisse and close to eight years at Bank of America Corp.

UBS and HSBC spokespeople declined to comment, and Goenka didn't respond to requests for comment. 
At HSBC, Goenka will team up with another former Credit Suisse colleague, Rajat Sabharwal. 
Sabharwal ran Credit Suisse's equities business in India until the end of last year. He takes a similar role at HSBC.

Other former Credit Suisse staff have moved with Sudipto Sinha, now a business head at Angel One Wealth, and Sandipan Roy, who has become the chief investment officer at Motilal Oswal Wealth Management Ltd. LGT Wealth India, a firm backed by the Liechtenstein royal family, has brought on board Ajay Punjabi, a veteran relationship manager.

Chirag Doshi from Axis Bank is joining the company as head of fixed income business. 
Vijay Shah, who was earlier heading its advisory and sales in its wealth management division, has resigned to start his business.

It had slightly over 40 employees in its Indian wealth management business and around 7,000 employees in the country overall in India, a group told Bloomberg News in April last year.

It was just about a month ago that the Co-head of Asia-Pacific wealth management at UBS, Jin Yee Young, travelled to India, labelling the country as a key strategic market.

The firm is at work rebuilding its presence in markets like India, according to Edmund Koh, UBS' Asia Pacific president.

"It's a good market for us, but still early days in India, still a lot of heavy lifting to do," Koh said.

Switzerland's price watchdog stated that it is keeping a closer eye on UBS after it purchased Credit Suisse, due to concerns of dominating some markets. The regulator was talking to other regulators to discuss what this deal would mean and was paving the way for coming together.

Switzerland's price watchdog stated that it is keeping a closer eye on UBS after it purchased Credit Suisse, due to concerns of dominating some markets. The regulator was talking to other regulators to discuss what this deal would mean and was paving the way for coming together. While the competition authority in Switzerland, ComCo, was sceptical, the FINMA, the Swiss financial market regulator, did not indicate there would be competition issues. Now, the pricing manager has evidence that UBS's growing market power might result in discriminatory pricing concerning interest rates in the loans offered. Indeed, Swiss companies have also complained of similar concerns. The regulator said they would expect UBS to act responsibly and not take advantage of its position in the market space. While it hoped not to intervene, it had reserved the right to act if necessary. Meanwhile, according to Bloomberg News, another senior executive is leaving UBS Group AG's India operation as the firm continues to shape its wealth management strategy in the country, according to people familiar with the matter. Aditya Goenka, a Mumbai-based managing director in structured lending, will join HSBC Holdings Plc's commercial banking division, said the people, who asked not to be identified because the details are private. UBS will make use of the Credit Suisse team it acquired to get back into India's onshore wealth management business, which it exited a little over a decade ago. Despite thinner margins in India versus most other regions for managing client money, UBS sees opportunities in managing the business and personal assets of clients riding the booming stock market and economy. As UBS finalises its plans, however, it has emerged as a very fertile hunting ground for rivals eyeing talent in an aggressively competitive Indian market, say sources. In the past year since news broke of UBS' takeover of Credit Suisse, about half a dozen former executives from the latter have made their way into other firms. The LinkedIn account said Goenka spent more than 11 years at Credit Suisse and close to eight years at Bank of America Corp. UBS and HSBC spokespeople declined to comment, and Goenka didn't respond to requests for comment. At HSBC, Goenka will team up with another former Credit Suisse colleague, Rajat Sabharwal. Sabharwal ran Credit Suisse's equities business in India until the end of last year. He takes a similar role at HSBC. Other former Credit Suisse staff have moved with Sudipto Sinha, now a business head at Angel One Wealth, and Sandipan Roy, who has become the chief investment officer at Motilal Oswal Wealth Management Ltd. LGT Wealth India, a firm backed by the Liechtenstein royal family, has brought on board Ajay Punjabi, a veteran relationship manager. Chirag Doshi from Axis Bank is joining the company as head of fixed income business. Vijay Shah, who was earlier heading its advisory and sales in its wealth management division, has resigned to start his business. It had slightly over 40 employees in its Indian wealth management business and around 7,000 employees in the country overall in India, a group told Bloomberg News in April last year. It was just about a month ago that the Co-head of Asia-Pacific wealth management at UBS, Jin Yee Young, travelled to India, labelling the country as a key strategic market. The firm is at work rebuilding its presence in markets like India, according to Edmund Koh, UBS' Asia Pacific president. "It's a good market for us, but still early days in India, still a lot of heavy lifting to do," Koh said.

Swiss regulator monitors UBS after Credit Suisse takeover

Canada's unemployment surged to a 29-month high at 6.4 per cent last month, pointing to impending job losses as the labour market contends with the rapidly swelling population.

The updated jobs report showed that the unemployment rate among youth surged to the highest since March 2013, excluding pandemic years.

It's a move that has already sent money markets pricing in a rate cut from the Bank of Canada this month to around 56 per cent, from 40 per cent a day earlier.

Economists say the upward movement in the unemployment rate is signalling a recession.

According to Doug Porter, chief economist at BMO Capital Markets, "A sustained deterioration is typically only seen during recessions," as the jobless rate has risen 1.4 percentage points since January of last year.

He said it would likely prompt the central bank to reduce rates in July if the unemployment rate were considered in isolation.

It added that the economy lost 1,400 jobs in June—contrary to analysts' expectations of job gains of 22,500—which further underlined weakening economic conditions.

Royce Mendes, head of macro strategy at Desjardins Group, said the large increase in the unemployment rate raises questions about whether Canada has entered a recession.

Mendes believes that a small interest rate cut will blunt the impact of the impending mortgage renewals and retain a chance for a soft landing.

He predicts one 25-basis-point rate cut by the BoC this month, followed by two more cuts in the next three meetings.

BoC Governor Tiff Macklem said last month the labour market had been losing steam in recent months, and hitting the central bank's inflation target did not require a sharp increase in unemployment.

He added that there was space to grow the economy further without putting the BoC's 2 per cent inflation target at risk.

The Canadian dollar weakened 0.25 per cent against the U.S. dollar to 1.3647, or 73.28 U.S. cents at 1352 GMT. Yields on the Canadian government's two-year bonds declined 9.1 basis points to 3.961 per cent.

Growing unemployment paired with wage reluctance spells an unfavourable scenario for the BoC as a result of the activities it carries out to ensure the price levels are in check.

Hourly wages of permanent employees rose at an annualised 5.6 per cent, the fastest pace since December's 5.7 per cent, and up from 5.2 per cent in May.

The Bank of Canada agent for pay growth that it monitors is a fuel for inflation. Economists say that wage growth will soon fall in step as unemployment rises.

The central bank cut its key policy rate for the first time in over four years in June and said more cuts were probable if inflation continued to fall.

The next rate announcement from the BoC is due July 24, just after the next inflation data is published on July 19, which will be key to nailing down expectations for the rate cut this month.

The overall increase in part-time jobs was 22,300 in June, amid declining full-time employment. 
Nevertheless, employment in the goods-producing sector—especially farming jobs—rose by a net 12,600 jobs, against a decline of a net 14,100 jobs in the services-producing sector.

(With inputs from Reuters)

Canada's unemployment surged to a 29-month high at 6.4 per cent last month, pointing to impending job losses as the labour market contends with the rapidly swelling population.

Canada's unemployment surged to a 29-month high at 6.4 per cent last month, pointing to impending job losses as the labour market contends with the rapidly swelling population. The updated jobs report showed that the unemployment rate among youth surged to the highest since March 2013, excluding pandemic years. It's a move that has already sent money markets pricing in a rate cut from the Bank of Canada this month to around 56 per cent, from 40 per cent a day earlier. Economists say the upward movement in the unemployment rate is signalling a recession. According to Doug Porter, chief economist at BMO Capital Markets, "A sustained deterioration is typically only seen during recessions," as the jobless rate has risen 1.4 percentage points since January of last year. He said it would likely prompt the central bank to reduce rates in July if the unemployment rate were considered in isolation. It added that the economy lost 1,400 jobs in June—contrary to analysts' expectations of job gains of 22,500—which further underlined weakening economic conditions. Royce Mendes, head of macro strategy at Desjardins Group, said the large increase in the unemployment rate raises questions about whether Canada has entered a recession. Mendes believes that a small interest rate cut will blunt the impact of the impending mortgage renewals and retain a chance for a soft landing. He predicts one 25-basis-point rate cut by the BoC this month, followed by two more cuts in the next three meetings. BoC Governor Tiff Macklem said last month the labour market had been losing steam in recent months, and hitting the central bank's inflation target did not require a sharp increase in unemployment. He added that there was space to grow the economy further without putting the BoC's 2 per cent inflation target at risk. The Canadian dollar weakened 0.25 per cent against the U.S. dollar to 1.3647, or 73.28 U.S. cents at 1352 GMT. Yields on the Canadian government's two-year bonds declined 9.1 basis points to 3.961 per cent. Growing unemployment paired with wage reluctance spells an unfavourable scenario for the BoC as a result of the activities it carries out to ensure the price levels are in check. Hourly wages of permanent employees rose at an annualised 5.6 per cent, the fastest pace since December's 5.7 per cent, and up from 5.2 per cent in May. The Bank of Canada agent for pay growth that it monitors is a fuel for inflation. Economists say that wage growth will soon fall in step as unemployment rises. The central bank cut its key policy rate for the first time in over four years in June and said more cuts were probable if inflation continued to fall. The next rate announcement from the BoC is due July 24, just after the next inflation data is published on July 19, which will be key to nailing down expectations for the rate cut this month. The overall increase in part-time jobs was 22,300 in June, amid declining full-time employment. Nevertheless, employment in the goods-producing sector—especially farming jobs—rose by a net 12,600 jobs, against a decline of a net 14,100 jobs in the services-producing sector. (With inputs from Reuters)

Canada's unemployment rate reaches 29-month high amid economic concerns

Samsung Electronics reported a sharp rise in its second-quarter operating profit Friday, attributing this to the recovery of semiconductor prices buoyed by the boom in the field of artificial intelligence. The company estimated that its operating profit for the quarter ended June 30 sharply rose over 15 times, reaching 10.4 trillion won ($7.54 billion) vis-a-vis 670 billion won last year.

That outperformed the 8.8 trillion won consensus estimate from LSEG SmartEstimate, which is a weighted average of the most reliable analysts' projections. It was the most profitable quarter for the company since the third quarter of 2022.

The revenue probably surged about 23 per cent year-on-year to 74 trillion won during the quarter, Samsung said.

The semiconductor business, its crown jewel and the biggest contributor to its overall performance, likely posted a second consecutive quarterly profit. That would be an improvement from the first quarter, as analysts expect memory chip prices to continue their rebound from a slump extended from mid-2022 to the last half of 2023, hit by soft post-pandemic demand for gadgets using these chips.

Analysts also pointed out that increased demand for high-end DRAM chips, especially for high-bandwidth memory (HCM) chips used in artificial intelligence (AI) chipsets, and chips used in data centre servers and AI-powered gadgets, has been causing the rise in prices for the chips.

For instance, DRAM chip prices in the second quarter have risen 13-18 per cent compared with the previous quarter, according to TrendForce. Meanwhile, NAND Flash chips, used for data storage functions, saw price increases of 15-20 per cent in the second quarter.

This is, of course, driven by demand for artificial intelligence technologies that are greatly in demand and positions Samsung well within the global market for semiconductors.

Samsung Electronics reported a sharp rise in its second-quarter operating profit Friday, attributing this to the recovery of semiconductor prices buoyed by the boom in the field of artificial intelligence.

Samsung Electronics reported a sharp rise in its second-quarter operating profit Friday, attributing this to the recovery of semiconductor prices buoyed by the boom in the field of artificial intelligence. The company estimated that its operating profit for the quarter ended June 30 sharply rose over 15 times, reaching 10.4 trillion won ($7.54 billion) vis-a-vis 670 billion won last year. That outperformed the 8.8 trillion won consensus estimate from LSEG SmartEstimate, which is a weighted average of the most reliable analysts' projections. It was the most profitable quarter for the company since the third quarter of 2022. The revenue probably surged about 23 per cent year-on-year to 74 trillion won during the quarter, Samsung said. The semiconductor business, its crown jewel and the biggest contributor to its overall performance, likely posted a second consecutive quarterly profit. That would be an improvement from the first quarter, as analysts expect memory chip prices to continue their rebound from a slump extended from mid-2022 to the last half of 2023, hit by soft post-pandemic demand for gadgets using these chips. Analysts also pointed out that increased demand for high-end DRAM chips, especially for high-bandwidth memory (HCM) chips used in artificial intelligence (AI) chipsets, and chips used in data centre servers and AI-powered gadgets, has been causing the rise in prices for the chips. For instance, DRAM chip prices in the second quarter have risen 13-18 per cent compared with the previous quarter, according to TrendForce. Meanwhile, NAND Flash chips, used for data storage functions, saw price increases of 15-20 per cent in the second quarter. This is, of course, driven by demand for artificial intelligence technologies that are greatly in demand and positions Samsung well within the global market for semiconductors.

Samsung's profits skyrocket as chip price rises on strong AI demand

An amount of $1.38 billion in cryptocurrency was embezzled by hackers up to June 24, 2024, according to weekly research from blockchain researchers TRM Labs. A figure more than double what had already been stolen at $657 million in the same period in 2023.

This increase was driven by a small number of large-scale attacks and the rebound of the prices of crypto. The median size of theft was one and a half times larger compared to the year before. &nbsp;

"While we have not seen any fundamental changes in the security of the cryptocurrency ecosystem, we have seen a significant increase in the value of various tokens - from bitcoin to ETH (ether) and Solana - compared to the same time last year," said Ari Redbord, global head of policy at TRM Labs.

This, according to Redbord, points to a trend of cybercriminals becoming more emboldened against crypto services with higher rewards awaiting them at the end of their successful attacks.

Cryptocurrency prices have largely recovered from the lows experienced in late 2022, following the collapse of Sam Bankman-Fried's crypto exchange, FTX. Bitcoin, the leading cryptocurrency, reached a new all-time high of $73,803.25 in March this year.

This year also had one of the biggest crypto heists on record, with losses of over $308 million, from Japanese crypto exchange DMM Bitcoin, which the firm labelled an "unauthorised leak." Although such voluminous losses are rare, cryptocurrency platforms continue to be very sensitive targets for cybercriminals.

The scale of the pilferages has risen alongside recent spikes in crypto prices, highlighting growing risks within the digital currency industry. Industry players are going to have to up their game in security from thereon to protect the digital currency and keep customer trust from falling apart.

An amount of $1.38 billion in cryptocurrency was embezzled by hackers up to June 24, 2024, according to weekly research from blockchain researchers TRM Labs. A figure more than double what had already been stolen at $657 million in the same period in 2023.

An amount of $1.38 billion in cryptocurrency was embezzled by hackers up to June 24, 2024, according to weekly research from blockchain researchers TRM Labs. A figure more than double what had already been stolen at $657 million in the same period in 2023. This increase was driven by a small number of large-scale attacks and the rebound of the prices of crypto. The median size of theft was one and a half times larger compared to the year before. "While we have not seen any fundamental changes in the security of the cryptocurrency ecosystem, we have seen a significant increase in the value of various tokens - from bitcoin to ETH (ether) and Solana - compared to the same time last year," said Ari Redbord, global head of policy at TRM Labs. This, according to Redbord, points to a trend of cybercriminals becoming more emboldened against crypto services with higher rewards awaiting them at the end of their successful attacks. Cryptocurrency prices have largely recovered from the lows experienced in late 2022, following the collapse of Sam Bankman-Fried's crypto exchange, FTX. Bitcoin, the leading cryptocurrency, reached a new all-time high of $73,803.25 in March this year. This year also had one of the biggest crypto heists on record, with losses of over $308 million, from Japanese crypto exchange DMM Bitcoin, which the firm labelled an "unauthorised leak." Although such voluminous losses are rare, cryptocurrency platforms continue to be very sensitive targets for cybercriminals. The scale of the pilferages has risen alongside recent spikes in crypto prices, highlighting growing risks within the digital currency industry. Industry players are going to have to up their game in security from thereon to protect the digital currency and keep customer trust from falling apart.

Crypto theft surges in 2024 amid market rebound

Global stocks continue their bull run on Friday amid Labour's landslide victory in the UK. The optimism is further fuelled by anticipation of US rate cuts ahead of key jobs data to be released later in the day. Meanwhile, the Euro also touched a three-week high ahead of the French elections.

UK's sterling adds to its longest winning streak in four years as the Labour Party wins by a big margin after 14 years of conservative rule. The stock market index also rose 0.38 per cent in early trading.

In Europe, the market focus now moves to Sunday's second-round election in France. French stocks are not recovering from the dramatic slump witnessed last month after the surprise election announcement.&nbsp;

In the US, rate-cut bets are fuelling the stock rally, with expectations of easing job data. The non-farm payrolls likely increased by 190,000 in June after surging to 272,000 in May, according to a Reuters survey of economists. Analysts point out that easing job data can support the case for rate cuts in September.&nbsp;

Meanwhile, Bitcoin is set to witness the worst weekly fall in over a year on worries of token dumping by defunct Japanese exchange and profit bookings.

Profit bookings on the last day of the week led to a minor slump in Indian stocks, with the Sensex trading 300 points below the lifetime high of 80,000. Indian stock markets have witnessed record highs this month after a big hiccup on the 4th of June.

Global stocks continue their bull run on Friday amid Labour's landslide victory in the UK. The optimism is further fuelled by anticipation of US rate cuts ahead of key jobs data to be released later in the day.

Global stocks continue their bull run on Friday amid Labour's landslide victory in the UK. The optimism is further fuelled by anticipation of US rate cuts ahead of key jobs data to be released later in the day. Meanwhile, the Euro also touched a three-week high ahead of the French elections. UK's sterling adds to its longest winning streak in four years as the Labour Party wins by a big margin after 14 years of conservative rule. The stock market index also rose 0.38 per cent in early trading. In Europe, the market focus now moves to Sunday's second-round election in France. French stocks are not recovering from the dramatic slump witnessed last month after the surprise election announcement. In the US, rate-cut bets are fuelling the stock rally, with expectations of easing job data. The non-farm payrolls likely increased by 190,000 in June after surging to 272,000 in May, according to a Reuters survey of economists. Analysts point out that easing job data can support the case for rate cuts in September. Meanwhile, Bitcoin is set to witness the worst weekly fall in over a year on worries of token dumping by defunct Japanese exchange and profit bookings. Profit bookings on the last day of the week led to a minor slump in Indian stocks, with the Sensex trading 300 points below the lifetime high of 80,000. Indian stock markets have witnessed record highs this month after a big hiccup on the 4th of June.

Global stocks hit record highs amid UK election results

Iron ore prices rose to the highest level in almost a month as traders bet on a slight improvement in China's steel industry. Futures in Singapore climbed for a fourth day in a row, adding over 6 per cent in total this week on improved hopes for further demand and a stimulus boost ahead of next week's Third Plenum—a major Chinese political meeting.

The steelmaking ingredient is now solidly above $110 a ton, having spent most of June below that level. Iron ore has recovered from under $100 a ton in June after the Chinese government announced a rescue package for the property sector, which is crucial to the economy. However, the real estate outlook remains uncertain, and all attention is now on the policies to be outlined in mid-July during the Third Plenum, with China Communist Party leaders turning to long-term goals.

The Chaos Ternary Research Institute also noted that Chinese mills remain eager for iron ore, with furnace run-rates several high and lately, there has been a glimmer in Chinese steel demand. Overall, the near-term economic prospects for China continue to strengthen ahead of the upcoming July meeting, adding an extra cushion for iron ore.

As of 11:35 a.m. local time, futures in Singapore traded little changed, at $113.45 a ton, after earlier this session coming 0.4 per cent higher. Meanwhile, Dalian prices lost ground, and steel futures in Shanghai remained almost flat.

This recovery in the iron ore price depicts the market trading with some hope that policymakers in China will accelerate the process now, after the outcomes of the Third Plenum, which could put a proper floor under steel and property prices at last.

Iron ore prices rose to the highest level in almost a month as traders bet on a slight improvement in China's steel industry. Futures in Singapore climbed for a fourth day in a row, adding over 6 per cent in total this week on improved hopes for further demand and a stimulus boost ahead of next week's Third Plenum—a major Chinese political meeting.

Iron ore prices rose to the highest level in almost a month as traders bet on a slight improvement in China's steel industry. Futures in Singapore climbed for a fourth day in a row, adding over 6 per cent in total this week on improved hopes for further demand and a stimulus boost ahead of next week's Third Plenum—a major Chinese political meeting. The steelmaking ingredient is now solidly above $110 a ton, having spent most of June below that level. Iron ore has recovered from under $100 a ton in June after the Chinese government announced a rescue package for the property sector, which is crucial to the economy. However, the real estate outlook remains uncertain, and all attention is now on the policies to be outlined in mid-July during the Third Plenum, with China Communist Party leaders turning to long-term goals. The Chaos Ternary Research Institute also noted that Chinese mills remain eager for iron ore, with furnace run-rates several high and lately, there has been a glimmer in Chinese steel demand. Overall, the near-term economic prospects for China continue to strengthen ahead of the upcoming July meeting, adding an extra cushion for iron ore. As of 11:35 a.m. local time, futures in Singapore traded little changed, at $113.45 a ton, after earlier this session coming 0.4 per cent higher. Meanwhile, Dalian prices lost ground, and steel futures in Shanghai remained almost flat. This recovery in the iron ore price depicts the market trading with some hope that policymakers in China will accelerate the process now, after the outcomes of the Third Plenum, which could put a proper floor under steel and property prices at last.

Iron ore rallies on China stimulus hopes ahead of key political meeting

Electric Vehicle automakers are witnessing turbulent times as price wars cripple profits. To offset losses, companies are looking to expand to regional markets of Southeast Asia. BYD becomes the latest EV company to open an EV factory in Thailand, marking its first expansion in Southeast Asia. Earlier, South Korea's Hyundai Motor Group and LG Energy Solution inaugurated Indonesia's first battery cell plant for EVs with an annual capacity of 10 Gigawatt hours (GWh) of battery cells.

BYD's EV facility was announced two years ago and is set to have an annual production capacity of 150,000 vehicles. The factory will also be used to assemble batteries and is set to employ around 10,000 workers. CEO and President Wang Chuanfu praised Thailand's auto policies in his comments cited by Reuters. He said, 'Thailand has a clear EV vision and is entering a new era of auto manufacturing. We will bring technology from China to Thailand'.

Chinese EV makers are doubling down on their investments in Thailand. Over $1.44 billion has flown from China to Thailand as automakers take advantage of government subsidies and tax incentives. BYD stocks witnessed a 3.2 per cent surge after the announcement, their biggest intraday jump since June 13.&nbsp;

Thailand is pushing for major EV investments by 2030. The country aims to convert 30 per cent of its annual production into EVs. Japanese car makers like Toyota and Honda have traditionally dominated Thailand's EV landscape. Interestingly, Thailand accounts for the largest overseas market for BYD, commanding a 46 per cent share of the total EV ecosystem in the first quarter. This comes as BYD faces scrutiny over consumer complaints regarding aggressive discounting.

Meanwhile, Hyundai &amp; LG inaugurated Indonesia's first battery cell production plant. Hyundai &amp; LG have committed up to $9.8 billion to Southeast Asia's largest economy. The plan is to set up an EV supply chain in the country and benefit from its rich nickel and copper resources.

Electric Vehicle automakers are witnessing turbulent times as price wars cripple profits. To offset losses, companies are looking to expand to regional markets of Southeast Asia.

Electric Vehicle automakers are witnessing turbulent times as price wars cripple profits. To offset losses, companies are looking to expand to regional markets of Southeast Asia. BYD becomes the latest EV company to open an EV factory in Thailand, marking its first expansion in Southeast Asia. Earlier, South Korea's Hyundai Motor Group and LG Energy Solution inaugurated Indonesia's first battery cell plant for EVs with an annual capacity of 10 Gigawatt hours (GWh) of battery cells. BYD's EV facility was announced two years ago and is set to have an annual production capacity of 150,000 vehicles. The factory will also be used to assemble batteries and is set to employ around 10,000 workers. CEO and President Wang Chuanfu praised Thailand's auto policies in his comments cited by Reuters. He said, 'Thailand has a clear EV vision and is entering a new era of auto manufacturing. We will bring technology from China to Thailand'. Chinese EV makers are doubling down on their investments in Thailand. Over $1.44 billion has flown from China to Thailand as automakers take advantage of government subsidies and tax incentives. BYD stocks witnessed a 3.2 per cent surge after the announcement, their biggest intraday jump since June 13. Thailand is pushing for major EV investments by 2030. The country aims to convert 30 per cent of its annual production into EVs. Japanese car makers like Toyota and Honda have traditionally dominated Thailand's EV landscape. Interestingly, Thailand accounts for the largest overseas market for BYD, commanding a 46 per cent share of the total EV ecosystem in the first quarter. This comes as BYD faces scrutiny over consumer complaints regarding aggressive discounting. Meanwhile, Hyundai & LG inaugurated Indonesia's first battery cell production plant. Hyundai & LG have committed up to $9.8 billion to Southeast Asia's largest economy. The plan is to set up an EV supply chain in the country and benefit from its rich nickel and copper resources.

China's BYD opens first EV factory in Southeast Asia

Industrial orders in Germany dropped surprisingly in May for the fifth month in a row, raising questions about the outlook of the manufacturing sector in Europe's largest economy, according to the Federal Statistics Office.

Analysts had forecast a rise in orders, but instead, they fell by 1.6 per cent compared to the previous month.

This drop was validated by June PMI data for manufacturing, indicating that the sector continued to be in slow motion.

According to the test of the latest business climate index by Ifo Institute, the manufacturers were doubtful about the months ahead.

The record of the German Economy Ministry attributes the fall in orders to dull global trade and the absence of noticeable improvements in the demand for industrial goods.

They believe that a recovery in new orders is likely to hinge on the upturn in world trade situations and a gradual upturn in demand.

The specialists also included in this gloomy list the weakness of global industrial development, that reached the two leaders, the United States and China.

All these pains of the global economy would supposedly reduce constantly the German one with the absence of a short-term positive outlook.

(With inputs from Reuters)

Industrial orders in Germany dropped surprisingly in May for the fifth month in a row, raising questions about the outlook of the manufacturing sector in Europe's largest economy, according to the Federal Statistics Office.

Industrial orders in Germany dropped surprisingly in May for the fifth month in a row, raising questions about the outlook of the manufacturing sector in Europe's largest economy, according to the Federal Statistics Office. Analysts had forecast a rise in orders, but instead, they fell by 1.6 per cent compared to the previous month. This drop was validated by June PMI data for manufacturing, indicating that the sector continued to be in slow motion. According to the test of the latest business climate index by Ifo Institute, the manufacturers were doubtful about the months ahead. The record of the German Economy Ministry attributes the fall in orders to dull global trade and the absence of noticeable improvements in the demand for industrial goods. They believe that a recovery in new orders is likely to hinge on the upturn in world trade situations and a gradual upturn in demand. The specialists also included in this gloomy list the weakness of global industrial development, that reached the two leaders, the United States and China. All these pains of the global economy would supposedly reduce constantly the German one with the absence of a short-term positive outlook. (With inputs from Reuters)

German industrial orders fall again, pointing to continued economic struggles

The best-selling car made by Tesla, the Model Y electric vehicle, has been included for the first time in the list of cars a local government can consider buying for its service fleet, says the Chinese media outlet The Paper.

First, Tesla owners have had a hard time in China, as their cars have not only been banned from driving on certain streets but also barred from parking lots near sensitive governmental compounds over concerns about data collection.

The Jiangsu provincial government recently announced that it will purchase new energy vehicles for the government to use, launching 56 batches of electric and plug-in hybrid models.

Other than the Volvo XC40, which is the only non-Chinese-branded car, all the others posted are produced at Tesla's Shanghai facility. The number of Model Y to be procured remains unspecified. 
This would come at a time when Tesla has been finding it hard in the Chinese market. Shipments of Chinese-made Tesla's in the first half of 2024 declined 9 per cent compared with the same period in 2023.

That is most likely a multicausal plunge: from the threat of tariffs on Chinese exports to the rise of domestic competition in automaking.

Recently, the company's CEO, Elon Musk, visited China, and this is where the sun seemed to be shining. Since his meeting with Premier Li Qiang in April, he stamped approval from China for some support for the company.

Among other things, this included approval for the data training centre and a possible rollout of Tesla's Full Self-Driving software, just in case there are no strains between China and the United States.

(With inputs from Reuters)

The best-selling car made by Tesla, the Model Y electric vehicle, has been included for the first time in the list of cars a local government can consider buying for its service fleet, says the Chinese media outlet The Paper.

The best-selling car made by Tesla, the Model Y electric vehicle, has been included for the first time in the list of cars a local government can consider buying for its service fleet, says the Chinese media outlet The Paper. First, Tesla owners have had a hard time in China, as their cars have not only been banned from driving on certain streets but also barred from parking lots near sensitive governmental compounds over concerns about data collection. The Jiangsu provincial government recently announced that it will purchase new energy vehicles for the government to use, launching 56 batches of electric and plug-in hybrid models. Other than the Volvo XC40, which is the only non-Chinese-branded car, all the others posted are produced at Tesla's Shanghai facility. The number of Model Y to be procured remains unspecified. This would come at a time when Tesla has been finding it hard in the Chinese market. Shipments of Chinese-made Tesla's in the first half of 2024 declined 9 per cent compared with the same period in 2023. That is most likely a multicausal plunge: from the threat of tariffs on Chinese exports to the rise of domestic competition in automaking. Recently, the company's CEO, Elon Musk, visited China, and this is where the sun seemed to be shining. Since his meeting with Premier Li Qiang in April, he stamped approval from China for some support for the company. Among other things, this included approval for the data training centre and a possible rollout of Tesla's Full Self-Driving software, just in case there are no strains between China and the United States. (With inputs from Reuters)

Tesla Model Y approved for Chinese government car purchases

The European Union will attach tariffs of up to 37.6 per cent on all-electric cars imported from China starting this Friday. This comes at a time when trade friction is rising between the economic giants.

The EU Commission claims that the Chinese government is distorting the market by excessively subsidising the country's EV industry, creating unfair competition within the European single market that threatens the destruction of the car manufacturers.

The EU Commission, the executive arm of the bloc, will impose provisional duties of between 17.4 per cent and 37.6 per cent to fend off the evolvement into solar panels ten years ago when limited action against Chinese imports collapsed a host of European manufacturers.

China has already warned of further counter-tariffs on European trade, covering products such as cognac and pork.

"Talks should be ongoing during the four-month provisional &nbsp;.with a view to a possible settlement before any definitive duties are to be imposed by the EU," China's commerce ministry spokesman, He Yadong, told the news agency.

Carmakers such as BYD, Geely, and SAIC are to be hit with the highest tariffs, but those regarded as having cooperated with the EU investigation, including Tesla and BMW, will be slightly lower.

The bloc calculates that Chinese EV brands have added market share, growing from less than 1 per cent in 2019 to 8 per cent now, and say they could account for 15 per cent by 2025, often at prices 20 per cent lower than European models.

Downplayed by the Chinese Passenger Car Association, these tariffs were going to take their toll moderately on most Chinese firms.

This development is occurring barely three weeks after the US is going to instigate a 100 per cent tariff on Chinese imports of emergent electric vehicles, making the point in the background of the fierce message of global competition in an energy vehicle market.

(With inputs from Reuters)

The European Union will attach tariffs of up to 37.6 per cent on all-electric cars imported from China starting this Friday. This comes at a time when trade friction is rising between the economic giants.

The European Union will attach tariffs of up to 37.6 per cent on all-electric cars imported from China starting this Friday. This comes at a time when trade friction is rising between the economic giants. The EU Commission claims that the Chinese government is distorting the market by excessively subsidising the country's EV industry, creating unfair competition within the European single market that threatens the destruction of the car manufacturers. The EU Commission, the executive arm of the bloc, will impose provisional duties of between 17.4 per cent and 37.6 per cent to fend off the evolvement into solar panels ten years ago when limited action against Chinese imports collapsed a host of European manufacturers. China has already warned of further counter-tariffs on European trade, covering products such as cognac and pork. "Talks should be ongoing during the four-month provisional .with a view to a possible settlement before any definitive duties are to be imposed by the EU," China's commerce ministry spokesman, He Yadong, told the news agency. Carmakers such as BYD, Geely, and SAIC are to be hit with the highest tariffs, but those regarded as having cooperated with the EU investigation, including Tesla and BMW, will be slightly lower. The bloc calculates that Chinese EV brands have added market share, growing from less than 1 per cent in 2019 to 8 per cent now, and say they could account for 15 per cent by 2025, often at prices 20 per cent lower than European models. Downplayed by the Chinese Passenger Car Association, these tariffs were going to take their toll moderately on most Chinese firms. This development is occurring barely three weeks after the US is going to instigate a 100 per cent tariff on Chinese imports of emergent electric vehicles, making the point in the background of the fierce message of global competition in an energy vehicle market. (With inputs from Reuters)

EU imposes tariffs on Chinese EVs as trade tensions escalate

Prices of oil plummeted at the beginning of the trading session on Thursday from weak US employment and business activity data, which points to the fact that the world's largest consumer of oil is witnessing a cooling in the economy.

By 0030 GMT, Brent crude futures dipped 30 cents, or 0.34 per cent, to $87.04 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 32 cents, or 0.38 per cent, to $83.56. Reduced activity due to the US Fourth of July holiday also had an effect on the market.

Recent data has contributed to fears that the US economy is losing momentum. First-time applications for unemployment benefits rose last week and the number of people on jobless rolls hit a 2-1/2-year high through late June. The ADP Employment report showed private payrolls increased by 150,000 in June; however this is below the 160,000 consensus and May's 157,000 rise.

As if the economic worry did not have enough variables, the ISM Non-Manufacturing Index, which is a barometer of activity in the US service sector, fell to a four-year low of 48.8 in June, far below the consensus of 52.5, driven by a steep decrease in orders.

While that is weaker in terms of economic data, analysts indicate that this may actually strengthen the case for the Federal Reserve to cut interest rates, together with lower rates that can prompt demand for enhanced oil markets.

"The direction of recent data conforms to the Fed's easing bias," ANZ Research analysts said in a note. "A slowdown in growth momentum will support disinflationary impulses in coming months, paving the way for the Fed to cut rates."

Prices of oil plummeted at the beginning of the trading session on Thursday from weak US employment and business activity data, which points to the fact that the world's largest consumer of oil is witnessing a cooling in the economy.

Prices of oil plummeted at the beginning of the trading session on Thursday from weak US employment and business activity data, which points to the fact that the world's largest consumer of oil is witnessing a cooling in the economy. By 0030 GMT, Brent crude futures dipped 30 cents, or 0.34 per cent, to $87.04 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 32 cents, or 0.38 per cent, to $83.56. Reduced activity due to the US Fourth of July holiday also had an effect on the market. Recent data has contributed to fears that the US economy is losing momentum. First-time applications for unemployment benefits rose last week and the number of people on jobless rolls hit a 2-1/2-year high through late June. The ADP Employment report showed private payrolls increased by 150,000 in June; however this is below the 160,000 consensus and May's 157,000 rise. As if the economic worry did not have enough variables, the ISM Non-Manufacturing Index, which is a barometer of activity in the US service sector, fell to a four-year low of 48.8 in June, far below the consensus of 52.5, driven by a steep decrease in orders. While that is weaker in terms of economic data, analysts indicate that this may actually strengthen the case for the Federal Reserve to cut interest rates, together with lower rates that can prompt demand for enhanced oil markets. "The direction of recent data conforms to the Fed's easing bias," ANZ Research analysts said in a note. "A slowdown in growth momentum will support disinflationary impulses in coming months, paving the way for the Fed to cut rates."

Oil spill amid signs of US economic slowdown

The Australian defence minister, Richard Marles, announced that Australia will shift its top-secret intelligence data to the cloud under an A$2 billion agreement with Amazon Web Services. It is the new frontier in efforts to increase interoperability between the defence force and the US.

Rachel Noble, Director General of the Australian Signals Directorate said that as part of this shift, the national security agency will also increase its use of artificial intelligence to analyse data. The movement will require the building of top secret data centres within Australia.

"Artificial intelligence is an important game changer for all of us in the intelligence community, and we are working to embrace the use of it in an ethical, well governed and well understood manner, where we understand very carefully when we bring AI tools into our environment how are they being used, what are they doing to the data and do we understand how carefully they need to be governed?" Noble said in Canberra on Thursday.

Speaking with media, Marles said Amazon Web Services' distributed, purpose-built facilities would give better resilience to the data underpinning the defence force.

"If one server goes down you are still able to operate," she said. "This is what will ensure we have a common computing operating environment with the United States defence forces in the future."

According to the Director-General of National Intelligence, Andrew Shearer, better interoperability with security partners—especially the United States—was a priority.

The deal between the Australian Signals Directorate and AWS, according to Prime Minister, Anthony Albanese, will not only help or serve to benefit and strengthen national security capabilities but also create 2,000 local jobs.

The Australian defence minister, Richard Marles, announced that Australia will shift its top-secret intelligence data to the cloud under an A$2 billion agreement with Amazon Web Services.

The Australian defence minister, Richard Marles, announced that Australia will shift its top-secret intelligence data to the cloud under an A$2 billion agreement with Amazon Web Services. It is the new frontier in efforts to increase interoperability between the defence force and the US. Rachel Noble, Director General of the Australian Signals Directorate said that as part of this shift, the national security agency will also increase its use of artificial intelligence to analyse data. The movement will require the building of top secret data centres within Australia. "Artificial intelligence is an important game changer for all of us in the intelligence community, and we are working to embrace the use of it in an ethical, well governed and well understood manner, where we understand very carefully when we bring AI tools into our environment how are they being used, what are they doing to the data and do we understand how carefully they need to be governed?" Noble said in Canberra on Thursday. Speaking with media, Marles said Amazon Web Services' distributed, purpose-built facilities would give better resilience to the data underpinning the defence force. "If one server goes down you are still able to operate," she said. "This is what will ensure we have a common computing operating environment with the United States defence forces in the future." According to the Director-General of National Intelligence, Andrew Shearer, better interoperability with security partners—especially the United States—was a priority. The deal between the Australian Signals Directorate and AWS, according to Prime Minister, Anthony Albanese, will not only help or serve to benefit and strengthen national security capabilities but also create 2,000 local jobs.

Australia secures $2 Billion deal with AWS to fortify intelligence

According to PitchBook data, US venture capital funding had its highest quarterly total in two years at $55.6 billion in the second quarter, rising 47 per cent from $37.8 billion raised in the first quarter with large investments across the board into artificial intelligence companies, including Elon Musk's xAI raising $6 billion and CoreWeave $1.1 billion.

The excitement around AI technology, especially post the release of OpenAI's ChatGPT chatbot, has been a fierce catalyst. Expectations of the huge return stream that AI will install have reignited the VC filing pattern.

"Investors assign a premium to everything AI - the capital intensity of most AI businesses requires outsized funding," said Casber Wang, partner at Sapphire Ventures.

"As we discover stronger commercial use cases for AI, more AI companies are showing real revenue."

US VC funding had been trending down after its record run of $97.5 billion in the fourth quarter of 2021. It notched a low point of $35.4 billion in the second quarter of 2023 as high interest rates and stagnant exit market held back investor appetite. However, the recent rush of capital toward AI startups has reversed this, focusing investor attention on companies at both ends of the AI foundation model spectrum—those generating code and those building productivity tools.

While deal activity inches higher, exits are still proving difficult to come by. Small deals produced just $23.6 billion in exit value in the second quarter, compared with $37.8 billion in the first. The initial public offering market has failed to take off yet, even with listings like cloud data management company Rubrik.

Emerging VC fund managers are under pressure: Only $37.4 billion of new commitments have been raised in the first half of the year based on zero proof of returns. Big firms have been dominating the fundraising; Andreessen Horowitz itself closed well over $7 billion in new funds.

Looking ahead, some predict that the M&amp;A market for AI startups will pick up in the second half of this year. Indeed, it will be big tech companies with capital—or highly valued stock, in the case of Nvidia and Databricks—that seemingly have an appetite for acquisition that will further spur investment in AI startups.

"They put venture dollars down first and watched how it evolved and started to shake out. Now I think they're more serious about which pieces of the puzzle they want to own as they're starting to see the emerging winners," said Andrew Harrison, CEO at VC firm Section 32.

According to PitchBook data, US venture capital funding had its highest quarterly total in two years at $55.6 billion in the second quarter, rising 47 per cent from $37.

According to PitchBook data, US venture capital funding had its highest quarterly total in two years at $55.6 billion in the second quarter, rising 47 per cent from $37.8 billion raised in the first quarter with large investments across the board into artificial intelligence companies, including Elon Musk's xAI raising $6 billion and CoreWeave $1.1 billion. The excitement around AI technology, especially post the release of OpenAI's ChatGPT chatbot, has been a fierce catalyst. Expectations of the huge return stream that AI will install have reignited the VC filing pattern. "Investors assign a premium to everything AI - the capital intensity of most AI businesses requires outsized funding," said Casber Wang, partner at Sapphire Ventures. "As we discover stronger commercial use cases for AI, more AI companies are showing real revenue." US VC funding had been trending down after its record run of $97.5 billion in the fourth quarter of 2021. It notched a low point of $35.4 billion in the second quarter of 2023 as high interest rates and stagnant exit market held back investor appetite. However, the recent rush of capital toward AI startups has reversed this, focusing investor attention on companies at both ends of the AI foundation model spectrum—those generating code and those building productivity tools. While deal activity inches higher, exits are still proving difficult to come by. Small deals produced just $23.6 billion in exit value in the second quarter, compared with $37.8 billion in the first. The initial public offering market has failed to take off yet, even with listings like cloud data management company Rubrik. Emerging VC fund managers are under pressure: Only $37.4 billion of new commitments have been raised in the first half of the year based on zero proof of returns. Big firms have been dominating the fundraising; Andreessen Horowitz itself closed well over $7 billion in new funds. Looking ahead, some predict that the M&A market for AI startups will pick up in the second half of this year. Indeed, it will be big tech companies with capital—or highly valued stock, in the case of Nvidia and Databricks—that seemingly have an appetite for acquisition that will further spur investment in AI startups. "They put venture dollars down first and watched how it evolved and started to shake out. Now I think they're more serious about which pieces of the puzzle they want to own as they're starting to see the emerging winners," said Andrew Harrison, CEO at VC firm Section 32.

AI frenzy fuels record-high VC funding surge

Amazon has announced that it would axe its security robot Astro for Business to focus only on in-home robots. Astro was initially launched in 2021 for homes and in November for small and medium-sized businesses. The business edition was focused on supporting industries such as retail, manufacturing, and health and wellness.

"To accelerate our progress and ongoing research to make Astro the best in-home robot, we've made the decision to wind down support for Astro for Business," an Amazon spokesperson stated.

Astro, for home purposes, performs functions such as monitoring the home, setting routines or reminders, and moving about the house playing music and TV shows. Priced at $2,349.99, it had a business version available only in the United States to help customers monitor their business round the clock.

Astro for Business robots will not be operational from September 25, as the discontinuation of Astro for Business takes effect. Also, Amazon is offering a $300 credit to affected customers for a replacement solution for their workplace needs.

The company will no longer charge for the subscription to Astro Secure and will offer refunds for any unused, pre-paid fees starting Wednesday. The move underscores Amazon's commitment to refining Astro's capabilities for household use and its promise for advancement in home automation.

The business-to-household robotics shift is a strategic step taken by Amazon toward enhancing in-home experiences for its customers. With resources and research now focused on the domestic version of Astro, Amazon puts itself in a position to make a huge splash within the evolving market for home robotics. Hence, this move is important for the company in its quest to redefine home automation.

Further iterations of Astro will be available with advanced features and a much more user-friendly interface as Amazon innovates in the field of household robotics. Winding down Astro for Business clearly outlines their commitment to home-centric technologies.

Amazon has announced that it would axe its security robot Astro for Business to focus only on in-home robots. Astro was initially launched in 2021 for homes and in November for small and medium-sized businesses.

Amazon has announced that it would axe its security robot Astro for Business to focus only on in-home robots. Astro was initially launched in 2021 for homes and in November for small and medium-sized businesses. The business edition was focused on supporting industries such as retail, manufacturing, and health and wellness. "To accelerate our progress and ongoing research to make Astro the best in-home robot, we've made the decision to wind down support for Astro for Business," an Amazon spokesperson stated. Astro, for home purposes, performs functions such as monitoring the home, setting routines or reminders, and moving about the house playing music and TV shows. Priced at $2,349.99, it had a business version available only in the United States to help customers monitor their business round the clock. Astro for Business robots will not be operational from September 25, as the discontinuation of Astro for Business takes effect. Also, Amazon is offering a $300 credit to affected customers for a replacement solution for their workplace needs. The company will no longer charge for the subscription to Astro Secure and will offer refunds for any unused, pre-paid fees starting Wednesday. The move underscores Amazon's commitment to refining Astro's capabilities for household use and its promise for advancement in home automation. The business-to-household robotics shift is a strategic step taken by Amazon toward enhancing in-home experiences for its customers. With resources and research now focused on the domestic version of Astro, Amazon puts itself in a position to make a huge splash within the evolving market for home robotics. Hence, this move is important for the company in its quest to redefine home automation. Further iterations of Astro will be available with advanced features and a much more user-friendly interface as Amazon innovates in the field of household robotics. Winding down Astro for Business clearly outlines their commitment to home-centric technologies.

Amazon discontinues Astro for Business to focus on household robots

Wavering consumer demand in China is spilling to the plates. Beef prices in the country are at a five-year low amid a slowing economy. This comes as the government pushes farmers to raise production and open the door for more imports.

According to Bloomberg, the wholesale prices have dropped 18 per cent from last year's peak to around $8.53 a kilogram. The industry is urging local authorities to provide subsidies to boost the market.&nbsp;

Food security is a major concern for the government, which is facing a multi-faceted economic slowdown. A spiralling property crisis, falling domestic demand and trade tensions with the US and the EU have halted China's economic juggernaut.

Economic pressures have pushed the Chinese government to speed up stimulus. In agriculture, the government is supporting a variety of sectors from livestock to grains. China faces the tricky challenge of stabilising production and helping farmers as imports rise.&nbsp;

China's 'beef' diplomacy

Bloomberg data shows that China's beef imports advanced 23 per cent in the first five months of 2024. This is reportedly to boost relations with countries including Spain and Brazil by giving them more market access to luxury products. Beef is a relatively luxurious eating option in China. It costs almost thrice as much as pork and is the usual choice of meat.&nbsp;

China's beef market has been growing in output and consumption. In 2023, China produced 7.5 million tonnes of beef and increased imports to match the growing demand (11 million tonnes). Now, the demand is easing, expected to be just 0.4 per cent in 2024.

Demand woes in China go beyond beef. The second-largest economy in the world is facing a demand slump post-COVID. Major food retailers have reported a drop in sales as frozen stockpiles flood&nbsp;godowns. This production glut is across industries, with major nations currently probing the influx of 'cheap Chinese goods'. Indonesia is reportedly planning tariffs to protect its textile industry from Chinese imports.&nbsp;

Wavering consumer demand in China is spilling to the plates. Beef prices in the country are at a five-year low amid a slowing economy. This comes as the government pushes farmers to raise production and open the door for more imports.

Wavering consumer demand in China is spilling to the plates. Beef prices in the country are at a five-year low amid a slowing economy. This comes as the government pushes farmers to raise production and open the door for more imports. According to Bloomberg, the wholesale prices have dropped 18 per cent from last year's peak to around $8.53 a kilogram. The industry is urging local authorities to provide subsidies to boost the market. Food security is a major concern for the government, which is facing a multi-faceted economic slowdown. A spiralling property crisis, falling domestic demand and trade tensions with the US and the EU have halted China's economic juggernaut. Economic pressures have pushed the Chinese government to speed up stimulus. In agriculture, the government is supporting a variety of sectors from livestock to grains. China faces the tricky challenge of stabilising production and helping farmers as imports rise. China's 'beef' diplomacy Bloomberg data shows that China's beef imports advanced 23 per cent in the first five months of 2024. This is reportedly to boost relations with countries including Spain and Brazil by giving them more market access to luxury products. Beef is a relatively luxurious eating option in China. It costs almost thrice as much as pork and is the usual choice of meat. China's beef market has been growing in output and consumption. In 2023, China produced 7.5 million tonnes of beef and increased imports to match the growing demand (11 million tonnes). Now, the demand is easing, expected to be just 0.4 per cent in 2024. Demand woes in China go beyond beef. The second-largest economy in the world is facing a demand slump post-COVID. Major food retailers have reported a drop in sales as frozen stockpiles flood godowns. This production glut is across industries, with major nations currently probing the influx of 'cheap Chinese goods'. Indonesia is reportedly planning tariffs to protect its textile industry from Chinese imports.

Beef prices plunge in China as demand wavers

India’s services industry witnessed an unexpected contraction in June as new orders shrink, according to survey data released on Wednesday. This defied a Reuters poll which predicted smooth sailing for the sector.

Meanwhile, The HSBC India Services Purchasing Managers’ Index (PMI) rose to 60.5 in June from 60.2 in May. This is the third year in a row that the index has been above 50, which means expansion in the sector.

Despite the contraction, analysts are optimistic about the Indian service's growth prospects.

“Services activity in India grew faster&nbsp;as domestic and new international orders picked up,” said Pranjul Bhandari, chief India economist at HSBC.

In New business activity, a leading indicator of demand, has risen since August 2021 and went up again in June.

This was led by a record high in international orders, the highest since the metric was introduced nearly a decade ago.

This is good news for the overall economy. India is already the world’s 7th largest services exporter according to the Reserve Bank of India (RBI).

The country’s economy, the 3rd largest in Asia, grew at 7.8 per cent in Q1 but economists expect a slowdown in the current fiscal.

The strong demand for services has led to hiring by service providers. Job creation has reached a 2-year high since August 2022, and the current hiring growth has been over 2 years.

However, there is a slight moderation in overall sentiment for next year with uncertainty and competition tempering optimism. “While service providers are confident about the business outlook for the year ahead, their optimism has cooled down in the last month,” said Bhandari.

On the upside, cost inflation has slowed down and is at a 4-month low. Less than 5 per cent of the firms passed on the cost burden to clients; therefore, service charges increased modestly.

A Reuters poll suggests that inflation will be below RBI’s medium-term target of 4 per cent this quarter but will pick up next quarter.

However, the central bank is still expected to cut rates to 6.25 per cent by the end of the year. 
The composite PMI came in at 60.9 in June, as expected and up from 60.5 in May.

(With inputs from Reuters)

India’s services industry witnessed an unexpected contraction in June as new orders shrink, according to survey data released on Wednesday. This defied a Reuters poll which predicted smooth sailing for the sector.

India’s services industry witnessed an unexpected contraction in June as new orders shrink, according to survey data released on Wednesday. This defied a Reuters poll which predicted smooth sailing for the sector. Meanwhile, The HSBC India Services Purchasing Managers’ Index (PMI) rose to 60.5 in June from 60.2 in May. This is the third year in a row that the index has been above 50, which means expansion in the sector. Despite the contraction, analysts are optimistic about the Indian service's growth prospects. “Services activity in India grew faster as domestic and new international orders picked up,” said Pranjul Bhandari, chief India economist at HSBC. In New business activity, a leading indicator of demand, has risen since August 2021 and went up again in June. This was led by a record high in international orders, the highest since the metric was introduced nearly a decade ago. This is good news for the overall economy. India is already the world’s 7th largest services exporter according to the Reserve Bank of India (RBI). The country’s economy, the 3rd largest in Asia, grew at 7.8 per cent in Q1 but economists expect a slowdown in the current fiscal. The strong demand for services has led to hiring by service providers. Job creation has reached a 2-year high since August 2022, and the current hiring growth has been over 2 years. However, there is a slight moderation in overall sentiment for next year with uncertainty and competition tempering optimism. “While service providers are confident about the business outlook for the year ahead, their optimism has cooled down in the last month,” said Bhandari. On the upside, cost inflation has slowed down and is at a 4-month low. Less than 5 per cent of the firms passed on the cost burden to clients; therefore, service charges increased modestly. A Reuters poll suggests that inflation will be below RBI’s medium-term target of 4 per cent this quarter but will pick up next quarter. However, the central bank is still expected to cut rates to 6.25 per cent by the end of the year. The composite PMI came in at 60.9 in June, as expected and up from 60.5 in May. (With inputs from Reuters)

India's service sector unexpectedly contracts in June amid market optimism

Indian shares started Wednesday at fresh all-time highs. Benchmark indices marked the second consecutive day of record highs. However, volatility is expected to play a role in Wednesday's trading session.

Investors will keep an eye on Indian shares to see if they can rally further to new milestones even as volatility on profit booking returns. The blue-chip Sensex index rose above 80,000 points for the first time ever. The index hit a life high of 80,039.

The broader Nifty index also hit a new all-time high of 24,292. On Tuesday, both benchmarks closed in the red after hitting a fresh high after new records and milestones in June.

Last week, benchmark indices surpassed key levels in three consecutive sessions, hitting multiple new records. Both benchmarks have already breached year-end targets pushing analysts to reassess their predictions.

The nifty index is now eyeing the 25,000 mark after the Sensex breached the 80,000 level. Most market watchers believe the rally in Indian stocks will continue. How high is the real question?

Now, let's put the current bull run into context: The Sensex index has surged over 7,000 points following a dramatic drop on election results day. The index took just two trading sessions to go from 78,000 to 79,000. In 16 out of 17 sessions since June 7, the nifty has hit some kind of a record.

Indian shares started Wednesday at fresh all-time highs. Benchmark indices marked the second consecutive day of record highs. However, volatility is expected to play a role in Wednesday's trading session.

Indian shares started Wednesday at fresh all-time highs. Benchmark indices marked the second consecutive day of record highs. However, volatility is expected to play a role in Wednesday's trading session. Investors will keep an eye on Indian shares to see if they can rally further to new milestones even as volatility on profit booking returns. The blue-chip Sensex index rose above 80,000 points for the first time ever. The index hit a life high of 80,039. The broader Nifty index also hit a new all-time high of 24,292. On Tuesday, both benchmarks closed in the red after hitting a fresh high after new records and milestones in June. Last week, benchmark indices surpassed key levels in three consecutive sessions, hitting multiple new records. Both benchmarks have already breached year-end targets pushing analysts to reassess their predictions. The nifty index is now eyeing the 25,000 mark after the Sensex breached the 80,000 level. Most market watchers believe the rally in Indian stocks will continue. How high is the real question? Now, let's put the current bull run into context: The Sensex index has surged over 7,000 points following a dramatic drop on election results day. The index took just two trading sessions to go from 78,000 to 79,000. In 16 out of 17 sessions since June 7, the nifty has hit some kind of a record.

India’s Sensex hits 80,000 for the first time

Jerome Powell, US Federal Reserve chair, maintains his hawkish stance on interest rate cuts despite falling inflation.&nbsp;

Central bankers still foresee three interest-rate cuts before the end of 2024, but leaders are waiting and watching for more data to confirm inflation continues to slow.

Policymakers Monday stressed that they want to see proof that inflation is definitively on its way back to the Fed's target of 2 per cent before they ease off on borrowing costs.

Here is a look at some of the key economic indicators the Fed is keeping a close eye on.

Employment

The economy created a healthy 303,000 jobs in February, above expectations.

Payrolls for the prior two months were also revised higher. The jobless rate surprisingly fell to 3.8 per cent, the 26th consecutive month it has been below 4 per cent — the longest streak since the 1960s.

Meanwhile, inflationary pressures remained muted as wages only rose 3.4 per cent on a year-over-year basis. Richmond Fed President Thomas Barkin said, "The data pointed to a 'quite strong jobs report'.

The Fed appears increasingly confident that further job growth might not prevent inflation from falling lower, especially if labour supply increases and wage growth moderates.

Both these factors occurred in March in the way that the Labour force developed at the fastest pace since August and annual wage growth softened to the lowest since June 2021.

But wage growth remains above the 3.0 per cent-3.5 per cent range that most policymakers believe aligns with the Fed's 2 per cent inflation target.

Available Positions

The JOLTS is closely watched by none other than Federal Reserve Chair Jerome Powell, coming from the United States Department of Labour.

The JOLTS is a measure of the labour supply-demand imbalance that indicates how many openings exist for every unemployed person actively looking for work.

This ratio had been rapidly falling toward pre-pandemic levels; however, since October, it has consistently remained high within the range of 1.35 – 1.43, considered way above pre-pandemic levels of 1.2 to 1.

February's figures were the latest available, and they showed that the ratio had decreased as the number of job seekers climbed, pushing up the jobless rate.

Quits rate, another measure aside from the ones mentioned in JOLTS, has shown some returning to pre-pandemic levels.

Inflation

Fed follows the inflation measures set by the Personal Consumption Expenditures price index and also has a target rate using the same measure.

The PCE index rose at a 2.5 per cent annual rate in February, up from 2.4 per cent in January.

Core inflation, excluding volatile food and energy prices, rose at a 2.8 per cent rate, down slightly from the upwardly revised January figure of 2.9 per cent.

Neither figure inspires strong confidence among Fed policymakers regarding a consistent decline in inflation towards their target.

The Consumer Price Index data was also worrying. The CPI gained 3.2 per cent on year in February, topping forecasts and the 3.1 per cent rise the previous month.

However, core CPI fell only a bit to 3.8 per cent from 3.9 per cent, excluding food and energy costs, a possible indicator that the Fed has a long fight with inflation ahead.

Not having to factor in huge increases for gasoline, which accounted for over half the increase, and housing, which was a big contributor to overall expense increases, ups the CPI.

It remains to be seen if asset-price inflation in housing will do the Fed's bidding—taper down—anytime soon.

(With inputs from Reuters)

Jerome Powell, US Federal Reserve chair, maintains his hawkish stance on interest rate cuts despite falling inflation. Central bankers still foresee three interest-rate cuts before the end of 2024, but leaders are waiting and watching for more data to confirm inflation continues to slow.

Jerome Powell, US Federal Reserve chair, maintains his hawkish stance on interest rate cuts despite falling inflation. Central bankers still foresee three interest-rate cuts before the end of 2024, but leaders are waiting and watching for more data to confirm inflation continues to slow. Policymakers Monday stressed that they want to see proof that inflation is definitively on its way back to the Fed's target of 2 per cent before they ease off on borrowing costs. Here is a look at some of the key economic indicators the Fed is keeping a close eye on. Employment The economy created a healthy 303,000 jobs in February, above expectations. Payrolls for the prior two months were also revised higher. The jobless rate surprisingly fell to 3.8 per cent, the 26th consecutive month it has been below 4 per cent — the longest streak since the 1960s. Meanwhile, inflationary pressures remained muted as wages only rose 3.4 per cent on a year-over-year basis. Richmond Fed President Thomas Barkin said, "The data pointed to a 'quite strong jobs report'. The Fed appears increasingly confident that further job growth might not prevent inflation from falling lower, especially if labour supply increases and wage growth moderates. Both these factors occurred in March in the way that the Labour force developed at the fastest pace since August and annual wage growth softened to the lowest since June 2021. But wage growth remains above the 3.0 per cent-3.5 per cent range that most policymakers believe aligns with the Fed's 2 per cent inflation target. Available Positions The JOLTS is closely watched by none other than Federal Reserve Chair Jerome Powell, coming from the United States Department of Labour. The JOLTS is a measure of the labour supply-demand imbalance that indicates how many openings exist for every unemployed person actively looking for work. This ratio had been rapidly falling toward pre-pandemic levels; however, since October, it has consistently remained high within the range of 1.35 – 1.43, considered way above pre-pandemic levels of 1.2 to 1. February's figures were the latest available, and they showed that the ratio had decreased as the number of job seekers climbed, pushing up the jobless rate. Quits rate, another measure aside from the ones mentioned in JOLTS, has shown some returning to pre-pandemic levels. Inflation Fed follows the inflation measures set by the Personal Consumption Expenditures price index and also has a target rate using the same measure. The PCE index rose at a 2.5 per cent annual rate in February, up from 2.4 per cent in January. Core inflation, excluding volatile food and energy prices, rose at a 2.8 per cent rate, down slightly from the upwardly revised January figure of 2.9 per cent. Neither figure inspires strong confidence among Fed policymakers regarding a consistent decline in inflation towards their target. The Consumer Price Index data was also worrying. The CPI gained 3.2 per cent on year in February, topping forecasts and the 3.1 per cent rise the previous month. However, core CPI fell only a bit to 3.8 per cent from 3.9 per cent, excluding food and energy costs, a possible indicator that the Fed has a long fight with inflation ahead. Not having to factor in huge increases for gasoline, which accounted for over half the increase, and housing, which was a big contributor to overall expense increases, ups the CPI. It remains to be seen if asset-price inflation in housing will do the Fed's bidding—taper down—anytime soon. (With inputs from Reuters)

US Fed holds rates steady, waits for confirmation on inflation retreat

Services activity in China expanded at the slowest rate in eight months in June while business confidence plunged to a four-year low, a private sector survey showed on Wednesday. The Caixin/S&amp;P Global services purchasing managers' index(PMI) came in at 51.2 versus 54.0 in May and was the lowest since October 2023. But the PMI still remained in expansionary territory for the 18th month in a row and stayed above the 50-mark that separates expansion from contraction.

The survey, which focuses mostly on private and export-oriented firms, corresponded to the broader official PMI released on Sunday, which showed services sector activity at a five-month low. The world's second-largest economy has lacked steady growth recently, calling for more policy support in order to realise an ambitious growth target of around 5%.

The new orders sub-index slipped to 52.1 in June from &nbsp;55.4 the previous month, while overseas demand also lost a bit of ground despite May's strong exports. Business confidence slid to its lowest since March 2020, as concerns about the global economy and rising competition took a toll. Service providers slashed jobs in June after boosting them in May.

The slowdown in the rate of inflation at both the input and selling prices, however, offered some relief to enterprises, which have been under pressure from higher raw materials, labour and transportation costs. The Caixin/S&amp;P's composite PMI, which covers both services and manufacturing sectors, dipped to 52.8 from 54.1.

Attention has shifted to a leadership conclave in mid-July, known as the third plenum, which is rumoured to unveil far-reaching reforms. According to policy advisers, two of the most important agendas to be discussed at that meeting will include measures to shift part of the income of central authorities down to local governments, thereby reducing the reliance on land sales.

"Fiscal and tax reforms should focus on creating more optimistic expectations among market participants," said Wang Zhe, senior economist at Caixin Insight Group.

The slowdown of China's services sector in June points to additional needs for more economic stimulus if the economy is to stay on target. However, there is some hope from continuous easing of inflation and expansionary trend. In this regard, the role played by the upcoming third plenum in July assumes great significance in shaping the future economic landscape. Grappling with these headwinds, China's economic prospects will depend on policy actions that shore up confidence in the markets.

Services activity in China expanded at the slowest rate in eight months in June while business confidence plunged to a four-year low, a private sector survey showed on Wednesday.

Services activity in China expanded at the slowest rate in eight months in June while business confidence plunged to a four-year low, a private sector survey showed on Wednesday. The Caixin/S&P Global services purchasing managers' index(PMI) came in at 51.2 versus 54.0 in May and was the lowest since October 2023. But the PMI still remained in expansionary territory for the 18th month in a row and stayed above the 50-mark that separates expansion from contraction. The survey, which focuses mostly on private and export-oriented firms, corresponded to the broader official PMI released on Sunday, which showed services sector activity at a five-month low. The world's second-largest economy has lacked steady growth recently, calling for more policy support in order to realise an ambitious growth target of around 5%. The new orders sub-index slipped to 52.1 in June from 55.4 the previous month, while overseas demand also lost a bit of ground despite May's strong exports. Business confidence slid to its lowest since March 2020, as concerns about the global economy and rising competition took a toll. Service providers slashed jobs in June after boosting them in May. The slowdown in the rate of inflation at both the input and selling prices, however, offered some relief to enterprises, which have been under pressure from higher raw materials, labour and transportation costs. The Caixin/S&P's composite PMI, which covers both services and manufacturing sectors, dipped to 52.8 from 54.1. Attention has shifted to a leadership conclave in mid-July, known as the third plenum, which is rumoured to unveil far-reaching reforms. According to policy advisers, two of the most important agendas to be discussed at that meeting will include measures to shift part of the income of central authorities down to local governments, thereby reducing the reliance on land sales. "Fiscal and tax reforms should focus on creating more optimistic expectations among market participants," said Wang Zhe, senior economist at Caixin Insight Group. The slowdown of China's services sector in June points to additional needs for more economic stimulus if the economy is to stay on target. However, there is some hope from continuous easing of inflation and expansionary trend. In this regard, the role played by the upcoming third plenum in July assumes great significance in shaping the future economic landscape. Grappling with these headwinds, China's economic prospects will depend on policy actions that shore up confidence in the markets.

Navigating China's economic crossroads: challenges and opportunities ahead

Oil prices inched up early in early trading and then slumped as the day ended after data showed a larger-than-anticipated decrease in US crude stockpiles. Brent crude oil futures rose 16 cents to $85.60 per barrel, and the US West Texas Intermediate crude futures climbed 14 cents to $82.95 per barrel.

The advance came one day after prices fell as concerns about Hurricane Beryl acting to disrupt production in the Gulf of Mexico subsided.

According to sources citing the American Petroleum Institute, sharp declines in US crude oil inventories were 9,163,000 barrels for the week ended June 28. At the same time, gasoline inventories rose by 2,468,000 barrels, with distillate levels down 740,000 barrels. Analysts, who had predicted a more modest draw on crude inventories, indicated the figures were higher than expected.

"Oil prices were supported by a US crude inventories draw, but gains were limited as some investors were still seeking to take profits from the recent rally to reach the highest levels since April," said Mitsuru Muraishi, an analyst at Fujitomi Securities.

The Energy Information Administration is due to release its weekly data on Wednesday, which will shed more light on market dynamics.

Demand for gasoline in the US is expected to firm up, especially as the summer travel season really gets underway and the Independence Day holiday approaches. This year's holiday travel is expected to rise by 5.2 per cent over last year with car travel 4.8 per cent higher, according to American Automobile Association(AAA).

On the supply side, a Reuters survey showed that the Organisation of the Petroleum Exporting Countries'(OPEC) oil output increased for a second month in June. The rise was due to higher production from Nigeria and Iran offsetting voluntary cuts by other members of the OPEC+ alliance.

Hurricane Beryl, expected to downgrade to a tropical storm, is currently expected to move into the Gulf of Mexico this week and could also hit further dynamics.

While oil prices do respond positively to prospects for summer US demand, mixed inventory data and continual adjustments to supply from OPEC, alongside other external events such as hurricanes, will continue to remain key drivers of sentiment.

Oil prices inched up early in early trading and then slumped as the day ended after data showed a larger-than-anticipated decrease in US crude stockpiles. Brent crude oil futures rose 16 cents to $85.

Oil prices inched up early in early trading and then slumped as the day ended after data showed a larger-than-anticipated decrease in US crude stockpiles. Brent crude oil futures rose 16 cents to $85.60 per barrel, and the US West Texas Intermediate crude futures climbed 14 cents to $82.95 per barrel. The advance came one day after prices fell as concerns about Hurricane Beryl acting to disrupt production in the Gulf of Mexico subsided. According to sources citing the American Petroleum Institute, sharp declines in US crude oil inventories were 9,163,000 barrels for the week ended June 28. At the same time, gasoline inventories rose by 2,468,000 barrels, with distillate levels down 740,000 barrels. Analysts, who had predicted a more modest draw on crude inventories, indicated the figures were higher than expected. "Oil prices were supported by a US crude inventories draw, but gains were limited as some investors were still seeking to take profits from the recent rally to reach the highest levels since April," said Mitsuru Muraishi, an analyst at Fujitomi Securities. The Energy Information Administration is due to release its weekly data on Wednesday, which will shed more light on market dynamics. Demand for gasoline in the US is expected to firm up, especially as the summer travel season really gets underway and the Independence Day holiday approaches. This year's holiday travel is expected to rise by 5.2 per cent over last year with car travel 4.8 per cent higher, according to American Automobile Association(AAA). On the supply side, a Reuters survey showed that the Organisation of the Petroleum Exporting Countries'(OPEC) oil output increased for a second month in June. The rise was due to higher production from Nigeria and Iran offsetting voluntary cuts by other members of the OPEC+ alliance. Hurricane Beryl, expected to downgrade to a tropical storm, is currently expected to move into the Gulf of Mexico this week and could also hit further dynamics. While oil prices do respond positively to prospects for summer US demand, mixed inventory data and continual adjustments to supply from OPEC, alongside other external events such as hurricanes, will continue to remain key drivers of sentiment.

Oil prices volatile amid mixed crude inventory data

A private sector survey data shows that Japanese services activity in June contracted for the first time since August 2016, largely because of easing domestic demand. Notwithstanding the contraction, business confidence and hiring indicators rub off a positive note.

The service sector has turbocharged Japan's economy and so far has cushioned the blow from a poor performance in the manufacturing sector. The final au Jibun Bank Service Purchasing Managers' index (PMI) slid to 49.4 in June from 53.8 in May, bringing a 21-month streak of growth to an abrupt halt, the S&amp;P Global Market Intelligence survey showed. The PMI was weaker than the preliminary figure of 49.8 and the first reading below the 50.0 threshold separating expansion from contraction since August 2022.

Trevor Balchin, economics director at S&amp;P Global Market Intelligence, commented June's decline in new business simply reflects a pause in growth, rather than any great fall in demand.&nbsp;

"Looking beyond the headline figure, the picture is less concerning," Balchin said.

Consumer services, finance and insurance, and real estate and business services were all seeing a fall in demand, but transports and storage together with information and communication rose in June. Meanwhile, the weak yen-the currency has lost over 12 per cent so far this year-boosted foreign demand for Japanese services.

While still broadly positive, at a slower pace, the 12-month outlook for employment and business confidence grew. At the same time, rising wages and food and fuel costs, along with the weaker yen, firmed up the input price increases, driving through the fastest rate of inflation since last August.

Companies continued to pass on price hikes to consumers against the backdrop of higher wages and material costs, and the pace of growth of average prices charged remained close to record levels seen in April and May.

The composite PMI, which combines manufacturing and services activity figures, fell to 49.7 in June from 52.6 in May indicating the first reading below the 50.0 level in seven months.

The economy now approaches a critical juncture, dependent as it has been on services to balance out a weak manufacturing sector, following the recent Japanese service sector contraction. In addition, the au Jibun Bank Service PMI final reading dropped to 49.4 in June, which signals no growth, even though business confidence and hiring indicators showed resilience and thus held some potential for recovery. However, these might be constrained by rising input costs and inflation. As these continue to be passed on to consumers from companies, the economic landscape will balance inflationary pressures with sustainable growth.

A private sector survey data shows that Japanese services activity in June contracted for the first time since August 2016, largely because of easing domestic demand.

A private sector survey data shows that Japanese services activity in June contracted for the first time since August 2016, largely because of easing domestic demand. Notwithstanding the contraction, business confidence and hiring indicators rub off a positive note. The service sector has turbocharged Japan's economy and so far has cushioned the blow from a poor performance in the manufacturing sector. The final au Jibun Bank Service Purchasing Managers' index (PMI) slid to 49.4 in June from 53.8 in May, bringing a 21-month streak of growth to an abrupt halt, the S&P Global Market Intelligence survey showed. The PMI was weaker than the preliminary figure of 49.8 and the first reading below the 50.0 threshold separating expansion from contraction since August 2022. Trevor Balchin, economics director at S&P Global Market Intelligence, commented June's decline in new business simply reflects a pause in growth, rather than any great fall in demand. "Looking beyond the headline figure, the picture is less concerning," Balchin said. Consumer services, finance and insurance, and real estate and business services were all seeing a fall in demand, but transports and storage together with information and communication rose in June. Meanwhile, the weak yen-the currency has lost over 12 per cent so far this year-boosted foreign demand for Japanese services. While still broadly positive, at a slower pace, the 12-month outlook for employment and business confidence grew. At the same time, rising wages and food and fuel costs, along with the weaker yen, firmed up the input price increases, driving through the fastest rate of inflation since last August. Companies continued to pass on price hikes to consumers against the backdrop of higher wages and material costs, and the pace of growth of average prices charged remained close to record levels seen in April and May. The composite PMI, which combines manufacturing and services activity figures, fell to 49.7 in June from 52.6 in May indicating the first reading below the 50.0 level in seven months. The economy now approaches a critical juncture, dependent as it has been on services to balance out a weak manufacturing sector, following the recent Japanese service sector contraction. In addition, the au Jibun Bank Service PMI final reading dropped to 49.4 in June, which signals no growth, even though business confidence and hiring indicators showed resilience and thus held some potential for recovery. However, these might be constrained by rising input costs and inflation. As these continue to be passed on to consumers from companies, the economic landscape will balance inflationary pressures with sustainable growth.

Japan's service sector stumbles: a wake-up call for economic strategy

Meta Platforms announced Tuesday it would lift its blanket ban on the term "shaheed," meaning "martyr" in English, following a year-long review by its oversight board, citing the company's approach had been "overbroad".

The social media giant, which operates under Facebook and Instagram, has made many headlines and criticism over its content policy in the Middle East. A 2021 study commissioned by Meta itself, revealed such an approach had an "adverse human rights impact" on Palestinian and other Arabic-speaking users of its services. Criticism escalated when hostilities between Israel and Hamas ratcheted up last October.

The oversight board may be paid for by Meta, but it is independent and began its review last year. It found that "shaheed" was responsible for more content removals on Meta's platforms than any other single word or phrase. A review from March finished with the conclusion that the rules at Meta did not appropriately contemplate the divergent meanings attributed to "shaheed," which led to the takedown of many pieces of content unnecessarily that did not advocate violence.

On Tuesday, Meta acknowledged the findings of the review. According to the company, its own internal tests indicated that the removal of content where "shaheed" was "paired with otherwise violating content ​​captures the most potentially harmful content without disproportionately impacting the voice".&nbsp;

The oversight board welcomed the change, saying Meta's policy had resulted in the censorship of millions of people across its platforms. The change will help create a more inclusive space for Arabic-speaking users and all those talking about sensitive topics.

The decision to lift the blanket ban on "shaheed" is a tectonic change in the content moderation policy of Meta. This change could represent how the company is increasingly recognising that culturally nuanced and context-sensitive approaches to content regulation are needed. Hence, this new policy not only protects the freedom of expression of users but also mitigates possible negative human rights impacts as identified in the 2021 study. This step by Meta sets the precedent for more balanced and inclusive moderation practices of content on its platforms as it refines its policies.

Meta Platforms announced Tuesday it would lift its blanket ban on the term "shaheed," meaning "martyr" in English, following a year-long review by its oversight board, citing the company's approach had been "overbroad".

Meta Platforms announced Tuesday it would lift its blanket ban on the term "shaheed," meaning "martyr" in English, following a year-long review by its oversight board, citing the company's approach had been "overbroad". The social media giant, which operates under Facebook and Instagram, has made many headlines and criticism over its content policy in the Middle East. A 2021 study commissioned by Meta itself, revealed such an approach had an "adverse human rights impact" on Palestinian and other Arabic-speaking users of its services. Criticism escalated when hostilities between Israel and Hamas ratcheted up last October. The oversight board may be paid for by Meta, but it is independent and began its review last year. It found that "shaheed" was responsible for more content removals on Meta's platforms than any other single word or phrase. A review from March finished with the conclusion that the rules at Meta did not appropriately contemplate the divergent meanings attributed to "shaheed," which led to the takedown of many pieces of content unnecessarily that did not advocate violence. On Tuesday, Meta acknowledged the findings of the review. According to the company, its own internal tests indicated that the removal of content where "shaheed" was "paired with otherwise violating content captures the most potentially harmful content without disproportionately impacting the voice". The oversight board welcomed the change, saying Meta's policy had resulted in the censorship of millions of people across its platforms. The change will help create a more inclusive space for Arabic-speaking users and all those talking about sensitive topics. The decision to lift the blanket ban on "shaheed" is a tectonic change in the content moderation policy of Meta. This change could represent how the company is increasingly recognising that culturally nuanced and context-sensitive approaches to content regulation are needed. Hence, this new policy not only protects the freedom of expression of users but also mitigates possible negative human rights impacts as identified in the 2021 study. This step by Meta sets the precedent for more balanced and inclusive moderation practices of content on its platforms as it refines its policies.

Meta lifts ban on 'shaheed': balancing moderation with cultural sensitivity

The Turkish inflation smelt the scent of trending down for the first time in eight months, giving some relief from surging living costs that saw price hikes above 75 per cent.

A Bloomberg survey of economists says the data due Wednesday will show annual inflation declined in June to 72.6 per cent. Monthly price growth, the central bank’s preferred gauge, probably eased to 2.2 per cent, the lowest for more than a year.

Authorities are quite optimistic that this slowdown might be a harbinger of relentless disinflation. This comes after a spate of aggressive interest rate hikes totalling more than 40 percentage points to 50 per cent within less than a year.

Despite this, most economists forecast that inflation will be above 38 per cent of the central bank's target by year-end. Expecting a sharp deceleration in July and August, mostly driven by the statistical effect of a high base from 2023.

“Inflation has reached the peak, and we expect strong disinflation over the upcoming months — thanks to slowing domestic demand,” Deutsche Bank AG analysts, including Christian Wietoska, said in a report. The headline rate is set to reach 'the low 50s' by the end of August, they said.

The evolution will be closely watched by investors who have recently poured money into Turkish assets. That will also determine how soon policymakers could think about reverting to an easing policy after having time and again stressed their commitment to seeing a sustained decline in the underlying trends of inflation before any monetary policy easing is undertaken.

According to Treasury and Finance Minister Mehmet Simsek, the necessity to drive inflation below 42 per cent is not open for a negotiation-in fact; it forms the top end of the central bank's forecasts toward the end of the year. This goal remains way above the official target for the rate of inflation at 5 per cent.

In summary, while in Turkiye, there has been a slowing-down factor in the new series, the prospects remain confusing because of the persistent economic challenges. How effectively inflation can be managed will become a crucial factor not only for the stabilisation of living costs but also in guiding future monetary policy decisions.

The Turkish inflation smelt the scent of trending down for the first time in eight months, giving some relief from surging living costs that saw price hikes above 75 per cent.

The Turkish inflation smelt the scent of trending down for the first time in eight months, giving some relief from surging living costs that saw price hikes above 75 per cent. A Bloomberg survey of economists says the data due Wednesday will show annual inflation declined in June to 72.6 per cent. Monthly price growth, the central bank’s preferred gauge, probably eased to 2.2 per cent, the lowest for more than a year. Authorities are quite optimistic that this slowdown might be a harbinger of relentless disinflation. This comes after a spate of aggressive interest rate hikes totalling more than 40 percentage points to 50 per cent within less than a year. Despite this, most economists forecast that inflation will be above 38 per cent of the central bank's target by year-end. Expecting a sharp deceleration in July and August, mostly driven by the statistical effect of a high base from 2023. “Inflation has reached the peak, and we expect strong disinflation over the upcoming months — thanks to slowing domestic demand,” Deutsche Bank AG analysts, including Christian Wietoska, said in a report. The headline rate is set to reach 'the low 50s' by the end of August, they said. The evolution will be closely watched by investors who have recently poured money into Turkish assets. That will also determine how soon policymakers could think about reverting to an easing policy after having time and again stressed their commitment to seeing a sustained decline in the underlying trends of inflation before any monetary policy easing is undertaken. According to Treasury and Finance Minister Mehmet Simsek, the necessity to drive inflation below 42 per cent is not open for a negotiation-in fact; it forms the top end of the central bank's forecasts toward the end of the year. This goal remains way above the official target for the rate of inflation at 5 per cent. In summary, while in Turkiye, there has been a slowing-down factor in the new series, the prospects remain confusing because of the persistent economic challenges. How effectively inflation can be managed will become a crucial factor not only for the stabilisation of living costs but also in guiding future monetary policy decisions.

Turkiye’s inflation shows signs of slowing amid economic challenges

The Securities and Exchange Board of India (SEBI) has slammed US-based short-seller Hindenburg Research with a show-cause notice over suspected violations of Indian regulations during the showdown with Adani last year.

Hindenburg published a report alleging Adani was 'engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.' This triggered a $150 billion rout in Adani stocks.&nbsp;

Hindenburg responded to SEBI in a <a href="https://hindenburgresearch.com/adani-update-sebi/">blog post</a>. The firm starts by saying, 'We have been aware that Indian securities regulator SEBI has been grappling with how they are going to respond to us, a U.S.-based research firm with no presence or operations in India, after we presented overwhelming evidence in January 2023 of why we believed Indian conglomerate Adani Group was operating “the largest con in corporate history. We had anticipated fierce opposition to our report before we ever published it, regardless of how comprehensive and truthful our body of evidence was.'

The post mentioned how Kotak Mahindra Bank created and oversaw an offshore fund structure that was used by its 'investor partner' to bet against the conglomerate. Interestingly, Hindenburg revealed making $4.1 million in gross revenue through 'gains related to Adani shorts from that investor relationship', and $31,000 from their short position on Adani US bonds. SEBI is yet to respond to the allegations.

The post also mentioned how 'Big-4' auditor Deloitte resigned from its role as statutory auditor for Adani Ports, citing undisclosed related-party transactions flagged in the report.

The Securities and Exchange Board of India (SEBI) has slammed US-based short-seller Hindenburg Research with a show-cause notice over suspected violations of Indian regulations during the showdown with Adani last year.

The Securities and Exchange Board of India (SEBI) has slammed US-based short-seller Hindenburg Research with a show-cause notice over suspected violations of Indian regulations during the showdown with Adani last year. Hindenburg published a report alleging Adani was 'engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.' This triggered a $150 billion rout in Adani stocks. Hindenburg responded to SEBI in a blog post. The firm starts by saying, 'We have been aware that Indian securities regulator SEBI has been grappling with how they are going to respond to us, a U.S.-based research firm with no presence or operations in India, after we presented overwhelming evidence in January 2023 of why we believed Indian conglomerate Adani Group was operating “the largest con in corporate history. We had anticipated fierce opposition to our report before we ever published it, regardless of how comprehensive and truthful our body of evidence was.' The post mentioned how Kotak Mahindra Bank created and oversaw an offshore fund structure that was used by its 'investor partner' to bet against the conglomerate. Interestingly, Hindenburg revealed making $4.1 million in gross revenue through 'gains related to Adani shorts from that investor relationship', and $31,000 from their short position on Adani US bonds. SEBI is yet to respond to the allegations. The post also mentioned how 'Big-4' auditor Deloitte resigned from its role as statutory auditor for Adani Ports, citing undisclosed related-party transactions flagged in the report.

India's market regulator slams Hindenburg Research with show-cause notice

UK retailers feel the pinch as the country heads for the upcoming election. Prices rose at the slowest pace in almost three years month, according to Reuters. While this is a welcome pause for consumers, who have been grappling with high prices since COVID, retailers are now concerned about growth prospects.

Annual shop price inflation slows to 0.2 per cent in June from 0.6 per cent in May. Prices for non-food goods slumped 1 per cent after a similar drop in May. This comes as food inflation slows for the 14th month in a row.

Retailers are also sceptical about increasing prices in times to come, as discretionary spending is slowly recovering in the country. The Bank of England is expected to cut interest rates in August as economic indicators align.&nbsp;

Prime Minister Rishi Sunak has been facing the heat over economic growth. However, he praised his party's policies for bringing down inflation. At a parliamentary discussion, he said, 'Since we last met, taxes have been cut by 900 pounds, state pension’s gone up, free childcare has been expanded, wages have risen for nine months in a row, Mr Speaker and just today inflation down again to 3.2 per cent. Our plan is working, and the conservatives are delivering a brighter future for Britain.'

Despite Sunak's optimism, the opposition labour party and its leader, Keir Starmer, are also gaining momentum. Starmer recently had a different perspective on falling inflation. He said, 'It is back where it was three years ago, but that doesn't mean that prices are coming down, it doesn't mean that mortgages are coming down, and if there's one thing that's been picked up on this campaign trail over and over again, it's people being fed up with the government sort of saying, oh, you need to thank us now, we're turning a page, everything's fine.'

UK retailers feel the pinch as the country heads for the upcoming election. Prices rose at the slowest pace in almost three years month, according to Reuters. While this is a welcome pause for consumers, who have been grappling with high prices since COVID, retailers are now concerned about growth prospects.

UK retailers feel the pinch as the country heads for the upcoming election. Prices rose at the slowest pace in almost three years month, according to Reuters. While this is a welcome pause for consumers, who have been grappling with high prices since COVID, retailers are now concerned about growth prospects. Annual shop price inflation slows to 0.2 per cent in June from 0.6 per cent in May. Prices for non-food goods slumped 1 per cent after a similar drop in May. This comes as food inflation slows for the 14th month in a row. Retailers are also sceptical about increasing prices in times to come, as discretionary spending is slowly recovering in the country. The Bank of England is expected to cut interest rates in August as economic indicators align. Prime Minister Rishi Sunak has been facing the heat over economic growth. However, he praised his party's policies for bringing down inflation. At a parliamentary discussion, he said, 'Since we last met, taxes have been cut by 900 pounds, state pension’s gone up, free childcare has been expanded, wages have risen for nine months in a row, Mr Speaker and just today inflation down again to 3.2 per cent. Our plan is working, and the conservatives are delivering a brighter future for Britain.' Despite Sunak's optimism, the opposition labour party and its leader, Keir Starmer, are also gaining momentum. Starmer recently had a different perspective on falling inflation. He said, 'It is back where it was three years ago, but that doesn't mean that prices are coming down, it doesn't mean that mortgages are coming down, and if there's one thing that's been picked up on this campaign trail over and over again, it's people being fed up with the government sort of saying, oh, you need to thank us now, we're turning a page, everything's fine.'

UK shop price inflation weakest since 2021 ahead of elections