Jackson Hole | Russian assassination? | Key FDA announcement | BRICS expands
In the China section, we have items on The U.S. State Dept. gave its approval for a $500 million sale of an infrared tracking system and additional equipment to Taiwan. White House seeks extension to science and technology pact with China. China capitalizes on U.S. sanctions in fight to dethrone dollar. China to expand GM corn, soybeans trials amid rising food-security focus as Beijing seeks to dispel public safety concerns.
Surveys released on Wednesday indicate that Western economies are experiencing a deceleration due to increased prices and rising interest rates dampening consumer demand. More in Markets section. Brazil’s government has proposed a plan to Argentina that would use the Chinese yuan to guarantee export payments to bypass the Argentine peso, which is facing hyperinflation.
In the second quarter of 2023, Nvidia, a U.S.-based chipmaker, announced impressive revenue of $13.5 billion, marking a significant doubling compared to the previous year. This remarkable growth surpassed the predictions made by analysts. The surge in revenue was driven by a robust demand for chips utilized in the development of artificial intelligence models. Following this positive news, Nvidia's stock price saw a rise of over 6% during after-market trading on Wednesday.
Surveys released on Wednesday indicate that Western economies are experiencing a deceleration due to increased prices and rising interest rates dampening consumer demand. S&P Global Market Intelligence's surveys of purchasing managers demonstrated a contraction in manufacturing activity, coupled with a retreat in the service sector in Europe and the U.K. In the U.S., service-sector growth has slowed down.
Regarding the World Trade Organization , Tai expressed anticipation for the trade body's 13th Ministerial Conference scheduled for February 2024. She highlighted the significance of reform discussions during the conference, underscoring the need to enhance transparency and compliance with members' commitments, as well as address distortions in the global market and unfair practices by certain members.