Key jobs figures in the United States, Chinese business activity data and European inflation readings are giving more evidence on the pull and push factors impacting the world’s top economies as the debt ceiling saga in Washington rumbles on.
The jobs report will be one of the last pieces of data before the June Fed meeting, where the central bank is expected to hit pause on its aggressive 14-month-old rate hiking cycle to tamp down inflation. HSBC expects the ECB’s key rate to peak at 4% from a current 3.25%. Data on Wednesday meanwhile showed UK inflation eased by less than in April, sending gilt yields rocketing. Traders know that they, like central bankers and economists, don’t always get it right.FILE - A worker at SMC, a Japanese pneumatic engineering company, assembles products at a factory in Beijing on Wednesday, May 13.
Of course, burst hopes of a post-COVID boom aren’t the only reason for caution: the tit-for-tat tech export spat with the U.S. continues to ramp up, while the Asian giant keeps sidling closer to Russia, provoking much discomfort in the West.People sit next to a election banner for Turkish President Tayyip Erdogan in Bayburt on May 23.
The technology took centre stage when Microsoft-backed Open AI unleashed its essay-writing bot ChatGPT last November. Industry insiders forecast huge progress in the competence of this so-called generative AI, while regulators and politicians fret about AI stealing jobs, or spreading misinformation.
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