MONEY LIVE | Tesla's top AI exec - who led its Autopilot programme - quits:
Tesla’s top artificial intelligence executive and a key figure behind its driver-assistance system Autopilot is leaving the electric-car maker after a months-long sabbatical.He was senior director of AI and led the Autopilot computer-vision team that’s tried for years to render the company’s cars capable of driving autonomously.
Months of soaring inflation have rocked global markets as central banks, fearing prices will run too high, are forced to quickly withdraw the ultra-cheap cash policies put in place at the start of the pandemic. The inflation reading followed Friday's surprise spike in US jobs creation, which suggested the world's top economy was withstanding the rate hikes, giving the Fed more room for further increases.
With the jobs market still strong and inflation resiliently high,"the Fed will likely resort to hawkish rhetoric and further front-loading of tightening at least until late autumn, as it fights to maintain its credibility", she said. "But early signs of easing inflation pressure give some hope of an end to dramatic interest rate hikes and stronger financial markets by Christmas."
The JSE's All-Share Index dropped 2.5%, with Naspers and Implats down more than 6%, and Sasol almost 6% lower.European stock markets were sharply lower by mid-afternoon, with London's blue-chip FTSE-100 index down 0.7 percent, Frankfurt's DAX down 1.4 percent and Paris's CAC-40 down 1.1 percent. "The inflation reading has blown past all expectations today and there is no doubt now that the will be even more aggressive," said Naeem Aslam, analyst at Avatrade.Markets fear the reading will prompt the Fed to keep hiking interest rates aggressively after it ramped up borrowing costs by three-quarters of a percentage point last month.
The single currency has been hit also by the European Central Bank's reluctance to raise rates -- in contrast to monetary policy elsewhere. The successful implementation of the business rescue plan remains subject to Competition Commission approval of the sale and the finalisation of the transaction agreements. The current transaction"long stop" date is 17 August 2022, which is the maximum time it would take the Commission to issue its decision.
Another big spike in prices will reinforce the Federal Reserve's determination to lift interest rates 75 basis points for a second successive month in July, adding to concerns that officials could go too far and tip the economy into recession. "Typically, equity markets can deal with one risk relatively well," he said in a note."But the current setup of sticky inflation, rapid Fed tightening, growth/recession risks and excessive rates volatility, to name a few, have at times left investors defenceless.
Data from the American Petroleum Institute showed US stockpiles rose 4.76 million barrels last week, Bloomberg News reported citing people familiar with the figures, indicating demand slacking off even during the key summer driving season. "A prolonged cut to the gas supply would halt a lot of economic activity, sending deep into recession," said Tapas Strickland at National Australia Bank."That date also happens to be the day of the next ECB meeting," he added."Either of these events are key risk events. Russia playing gas politics by not switching on the gas supply would likely see the euro lurch much lower.
That dollar bullishness was showcased across much of the currency markets, with the euro falling as low as $1.0006 on Tuesday, the weakest since December 2002. It last changed hands down 0.29% at $1.0013. Governments, markets and companies are worried Russia might extend the shutdown because of the war in Ukraine, exacerbating the continent's energy supply crunch and potentially speeding a recession.
Arguably the biggest factor in the dollar's rise, however, is the view the Fed will hike rates faster and further than peers. The Philippine peso declined as much as 0.59% to its lowest since September 2005 at 56.38 per dollar. And the South Korean won slipped to its lowest level since April 2009 at 1,315.2 per dollar
A second tweet showed an image of martial arts star Chuck Norris behind a chess board, which Musk captioned,"Chuckmate."Musk's termination of the takeover agreement he inked in April sets the stage for a potentially lengthy court battle with the company, which initially opposed a transaction with the unpredictable billionaire entrepreneur.
"While the two parties likely are facing a lengthy battle of which the final decision remains very uncertain, we believe Twitter may have the stronger case," said Morningstar analyst Ali Mogharabi."We also think that a scenario remains where Musk and Twitter reach a new, lower-price agreement." Wall Street was off to a strong start in July after a brutal first half of the year, but traders are fearing another round of heavy selloff if company results fail to meet expectations this month.
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