Russell Shor

Microsoft stated it will relinquish its observer seat on the OpenAI board amidst regulatory concerns over generative AI in Europe and the U.S. Keith Dolliver, Microsoft's Deputy General Counsel, conveyed in a letter to OpenAI that the seat had been beneficial for insights without affecting board independence but was no longer needed due to the board's progress.

Treasury yields remained stable as investors awaited Federal Reserve Chair Jerome Powell's twice-yearly report on the economy to Capitol Hill. Powell is set to address the Senate Committee on Banking, Housing, and Urban Affairs at 10 a.m. Eastern on Tuesday, followed by the House Committee on Financial Services on Wednesday, where he is expected to face tough questions.

The S&P 500 and Nasdaq Composite are reaching record highs, but the market's future depends on second-quarter earnings and upcoming inflation data. Earnings season kicks off this week, with PepsiCo and Delta Airlines reporting on 11 July and banks reporting the day after. Analysts predict an 8.8% earnings growth for the S&P 500 but only 4.3% for financials in Q2.

Tesla's recent delivery announcement caused a significant surge in its shares, recovering nearly all 2024 losses. The company delivered about 444,000 cars in the second quarter, beating forecasts and lower estimates, which led to a 10% jump in stock price. By Wednesday, shares reached $248.35, just below the end-of-2023 level, marking a rebound from $140 in April. This rally added almost $30 billion to CEO Elon Musk's wealth.

Rivian Automotive reported strong Q2 deliveries of 13,790 vehicles, a 9% year-over-year increase, surpassing Wall Street’s expectation of 12,000 units. However, production dropped to approximately 9,600 vehicles from nearly 14,000 in Q1 2024. Rivian aims to produce about 57,000 vehicles in 2024, needing around 17,000 per quarter in the second half of the year. Rivian's stock rose 6.97% to $14.89 on Tuesday, though it fell slightly post-delivery report. The stock…

Oil prices rose as traders evaluated China's economic outlook and geopolitical tensions in Europe and the Middle East. Brent crude exceeded $85, while West Texas Intermediate was around $82. China's Caixin manufacturing index showed a three-year high in June, contrasting with official data of a decline. In France, Marine Le Pen’s party led legislative elections, increasing regional political risk. Israeli Prime Minister Netanyahu reiterated his stance to eliminate Hamas. Recent…

Amazon.com reached a $2 trillion market capitalisation on Wednesday, driven by a 3.3% stock increase to $193.61. This milestone highlights the ongoing surge in tech stock prices, with Amazon's shares up 9% this month, 27% this year, and 49% over the past 12 months. The rise is part of a broader trend, as investors flock to tech companies linked to generative AI. Microsoft leads U.S. companies with a $3.36 trillion…

Silver has emerged as one of the best-performing commodities of 2024, with a 21% increase year-to-date, surpassing gold, copper, and the S&P 500 index. Despite this strong performance, investor interest in silver is waning, as indicated by net outflows in most silver ETFs and a significant drop in U.S. Mint coin sales, down to 1.34 million ounces from 3.4 million ounces last year.

The latest US jobless claims data shows a slightly higher-than-expected 238,000 Americans filed for unemployment benefits in the week ending 15 June, indicating a potentially softening labour market. Although this figure is down from the previous week's total, the four-week moving average of claims remains elevated at 232,750, suggesting a labour market that's losing momentum.

The Swiss National Bank (SNB) cut its key interest rate by 25 basis points to 1.25%, amid mixed global monetary policy stances. Two-thirds of economists predicted this move, leading to a weakened Swiss franc, with the Euro up 0.5% and the US dollar rising 0.7%. The SNB forecasts inflation at 1.3% for 2024, 1.1% for 2025, and 1.0% for 2026, with economic growth projected at 1% this year and 1.5%…

UK inflation for May dropped to the Bank of England's target of 2.0%, as reported by the Office for National Statistics, marking a decrease from 2.3% in April. This figure matched economists' forecasts, causing a slight rise in the sterling to $1.2732. Services inflation, a crucial indicator for the BOE, decreased to 5.7% from 5.9% in April, while core inflation, excluding certain volatile items, fell to 3.5% from 3.9%.