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U.S. and Global Markets Brace for Thanksgiving Break, AI Developments Take Center Stage

Summary

As the countdown to Thanksgiving begins, U.S. markets are preparing for a shortened week. However, the global markets continue to buzz with activity, particularly in the field of artificial intelligence (AI). Recent developments at OpenAI, the company behind ChatGPT, have […]

U.S. and Global Markets Brace for Thanksgiving Break, AI Developments Take Center Stage

As the countdown to Thanksgiving begins, U.S. markets are preparing for a shortened week. However, the global markets continue to buzz with activity, particularly in the field of artificial intelligence (AI). Recent developments at OpenAI, the company behind ChatGPT, have raised intriguing questions about the rapid progress of AI technology.

Former OpenAI CEO, Sam Altman, was recently ousted from his position but promptly hired by Microsoft, the firm’s biggest supporter. This transition highlights the dynamic nature of AI development and its implications for various industries.

One of the driving forces behind the surge in tech stocks this year has been the excitement surrounding generative AI. The advancements in this field will take center stage as Nvidia, a leading chip manufacturer, announces its earnings on Tuesday. The outcome of this announcement will shed light on the substantial growth of Nvidia stock over the past year.

On a macroeconomic level, the OPEC+ meeting scheduled for November 26th has attracted attention. Reports suggest that the oil cartel may consider implementing further output cuts to stabilize crude prices, which have recently plummeted. This situation underscores the influence of global demand and booming U.S. production on oil prices.

The decline in U.S. crude prices has paused after the Reuters report about possible output cuts, currently hovering around $76 per barrel. Consequently, U.S. Treasury yields have also stabilized, backed by a combination of Federal Reserve hawkishness and unexpected housing starts data.

Despite the upcoming holiday break, the S&P500 managed to achieve its fourth consecutive daily gain on Friday, reaching the highest level since September 1st. As the new week begins, S&P500 futures are slightly higher, but the VIX volatility gauge has also seen a minor uptick compared to Friday’s closure.

Currency markets experienced notable fluctuations, particularly with the weakening of the U.S. dollar. This decline is attributable to softening U.S. debt yields. Conversely, China’s yuan has recorded a surge, reaching a three-month high due to the country’s central bank keeping a key interest rate unchanged and guiding the renminbi’s value higher. Japan’s yen has also strengthened, briefly taking Tokyo stocks to a three-decade high.

Meanwhile, the outcome of Argentina’s weekend election has captivated currency markets. Javier Milei, a right-wing libertarian, emerged as the new president, proposing radical measures to revive the country’s battered economy, plagued by triple-digit inflation and rising poverty. Milei advocates for economic shock therapy, including the closure of the central bank, currency substitution, and significant spending cuts.

Turning to Europe, the debt markets started the week with optimism after Moody’s confirmed Italy’s investment grade sovereign credit rating and revised its outlook to stable. Consequently, the risk premium between German and Italian 10-year yields has tightened to its lowest level since September 21st.

In the United Kingdom, British stocks and the pound have shown strength as finance minister Jeremy Hunt prepares to deliver the Autumn government budget statement. Reports suggest the possibility of income tax or national insurance cuts, as well as adjustments to incentives for stock investments.

Amidst these developments, German chemicals giant Bayer has experienced a significant setback, with a 19% drop in stock prices. This drop resulted from the discontinuation of a late-stage trial for a new anti-clotting drug.

Source: Mike Dolan, edited by Ed Osmond, [email protected], Twitter: @reutersMikeD

Često postavljana pitanja (FAQ)

Ko je novi predsednik OpenAI kompanije?

Novi predsednik OpenAI kompanije je Sam Altman.

Ko je najveći podržavalac OpenAI?

Microsoft je najveći podržavalac OpenAI kompanije.

Koja tehnologija privlači najviše pažnje u oblasti veštačke inteligencije?

Generativna veštačka inteligencija je tehnologija koja privlači najviše pažnje u ovoj oblasti.

Kada će kompanija Nvidia objaviti svoje finansijske rezultate?

Kompanija Nvidia će objaviti svoje finansijske rezultate u utorak.

Koji faktori utiču na cene nafte na globalnom tržištu?

Cene nafte na globalnom tržištu su pod uticajem globalne potražnje i proizvodnje nafte u Sjedinjenim Američkim Državama.

Koje su planirane mere za oporavak argentinske ekonomije?

Javier Milei, novi predsednik Argentine, planira sprovesti ekonomske mere kao što su zatvaranje centralne banke, zamena valute i smanjenje javne potrošnje.

Koje promene su zabeležene na tržištu duga između Nemačke i Italije?

Rizik premija između 10-godišnjih nemačkih i italijanskih obveznica se smanjila na najniži nivo od 21. septembra.