The main headlines that the global financial media focused on last night and this morning were:
Powell said inflation is back on a downward trajectory, but more data remains to be watched
Fed Chair Jerome Powell said the latest economic data suggests that inflation is back on a downward trajectory, but officials need to see more evidence before cutting rates.
While Powell declined to give any specific guidance on the timing of the first rate cut, acknowledging that the Fed has made "considerable progress" in bringing inflation down. He added that he would like to see this progress continue.
Powell said at a panel at the ECB forum on Tuesday that "because of the strong U.S. economy and a strong labor market, we have the ability to do this in stride." That's what we plan to do. ”
Greece became the first EU country to introduce a six-day workweek
Greece has controversially introduced a regulation that introduced a six-day workweek for some businesses in an effort to boost productivity and employment in the southern European country.
The regulation came into effect on July 1. This runs counter to the global trend of companies exploring shorter workweeks.
Under new legislation passed last year as part of a broader labor law, employees in those private businesses that operate 24 hours a day can choose to work an extra two hours a day or an additional eight-hour shift.
Artificial intelligence is too energy-intensive, Google's carbon emissions soar 48% in five years
Google's emissions have climbed nearly half in five years as a result of injecting artificial intelligence into many of its core products, making it harder to meet its goal of eliminating carbon emissions by 2030, according to a new Google environmental report.
The annual report, released on Tuesday, covers Google's progress toward its environmental goals over the last year. Alphabet said its greenhouse gas emissions for the full year of 2023 totalled 14.3 million tonnes of carbon dioxide equivalent. This is 48% higher than in 2019 and 13% higher than in 2022, the company said.
Google said increased energy consumption from its data centers and increased emissions from its supply chain were to blame, and said its efforts to include AI in its products could make it more difficult to reduce emissions in the future.
Alzheimer's disease treatment brings good news again Eli Lilly and Company's new drug has been approved by the FDA
Eli Lilly's Alzheimer's disease treatment was approved in the United States, becoming the second drug to slow the progression of the brain-crippling disease that afflicts 6 million Americans.
This is a huge win for Eli Lilly and its investors, who have been eagerly anticipating the drug since it showed promise in clinical trials three years ago. The drug, called Kisunla, has experienced multiple regulatory delays in the process of gaining approval. It will compete with Eisai's Leqembi, which has been listed in the U.S. in early 2023.
Eli Lilly & Company shares closed down 0.8% in New York on Tuesday. So far this year, the company's shares have surged more than 50% due to rapid sales of weight loss and diabetes products. Shares of Biogen, a partner of Eisai, fell 1.3%.
Apple is expected to receive an observer position on OpenAI's board of directors
As part of a landmark agreement announced last month, Apple will be offered an observer position on OpenAI's board, further strengthening the relationship between the once unlikely partners.
According to people familiar with the matter, Phil Schiller, head of Apple's app store and former head of marketing, was selected for the position. People familiar with the matter, who requested anonymity for discussing undisclosed information, said he would not serve as a full director as an observer to the board.
Apple announced in June that it would offer ChatGP in a range of new AI features for iPhone, iPad, and Mac. Schiller has yet to attend any meetings, according to people familiar with the matter, the board of directors will take effect later this year. Specifics are still subject to change.
Bank of America: Hedge fund clients led the sell-off in U.S. stocks last week
Bank of America customers flocked out of U.S. equities for the second week in a row, with hedge funds leading outflows, while institutional and retail investors were net buying.
Strategists such as Jill Carey Hall said in a note to clients on Tuesday that clients sold $3.1 billion in U.S. stocks in the five days ending June 28.
Hedge funds were net sellers for the third week in a row, while institutional and retail clients were net buyers.
Large- and mid-cap stocks recorded inflows for the fourth consecutive week, while small-cap stocks saw outflows for the first time in five weeks.