Australian shares are set to open modestly lower. European markets close little changed. Bitcoin hovers near $US31,000.
P 500, shrugging off concerns that a recession for the world’s largest economy still lies ahead.
The US is preparing to curtail Chinese companies’ access to cloud-computing services including those provided by Amazon and Microsoft, theWashington is considering requiring cloud providers to seek government permission before serving Chinese firms that employ such platforms to train AI models, the Journal reported.Less than two weeks after paring its forecast for global steel prices, Fitch Solutions’ BMI unit has cut its 2023 forecast for the price of iron ore by 12 per cent to $US110 a tonne.
The Caixin manufacturing purchasing managers index, released on Monday, slipped to 50.5 in June from 50.9 in May. Its the latest sign that China’s economy is struggling. “A lacklustre industrial outlook in China has weighed on [iron ore ] prices ever since market optimism died down. The slowdown has even led to China requesting steelmills to reduce steel production and implementing curbs to 2022 levels, severely restricting iron ore demand in the market,” BMI said.
writes on monetary policy, equities, commodities and currencies. He is the overnight markets editor and writes Before the Bell.
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