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Happy Wednesday, dear traders! Today, July 10, we're bringing you the day's most thrilling news highlights:
Federal Reserve Chair Jerome Powell warned of rising job market risks due to high borrowing costs while avoiding a timeline for rate cuts, emphasizing the need for more evidence of slowing inflation.
???????? Soft Chinese inflation in June, with CPI shrinking and PPI at -0.8%, strengthens the case for the People's Bank of China to implement 1-2 rate cuts this year.
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???????? Italy faces restructuring challenges for €300 billion in state-backed loans issued during and after the pandemic, lacking a common framework for managing potential defaults. EURUSD consolidates near 1.0820.
???????? The Reserve Bank of New Zealand held its official cash rate at 5.5% but softened its hawkish stance, causing the Kiwi dollar to drop and fueling expectations of 1-2 rate cuts this year. NZDUSD holds near 0.6090.
???? Apple Inc. led the global PC market recovery with a 21% shipment increase in Q2, as worldwide shipments grew 3%. #APPLE stock is up 0.38%.
???? TSMC's Q2 revenue surged 32% to T$673.51 billion ($20.67 billion), driven by high demand for AI applications, significantly surpassing market forecasts. #TSM shares are up 0.48%.
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???? Microsoft has relinquished its board observer seat at OpenAI due to regulatory scrutiny, citing improved governance at the AI startup. #MICROSOFT shares fell 1.44% today.
???? Volkswagen AG lowered its forecast for the year, citing a €2.6 billion burden from potential Audi plant closure costs due to poor demand for the Q8 e-tron EV. #VOW stock is up 1.20%.
That's it for today, guys! Click on ????if you liked our review, and see you soon!
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07/10/2024
