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Reuters
13 minutes ago
- Reuters
Morning Bid: Tech angst on AI doubts
LONDON, Aug 20 (Reuters) - What matters in U.S. and global markets today By Mike Dolan, opens new tab, Editor-At-Large, Finance and Markets In markets, the trigger for sudden confidence swoons is often elusive, particularly when looking at periodic rotations out of high-flying U.S. tech stocks. And most signs suggest this week's tech retreat may be more about re-positioning than investors receiving some lightning bolt of tech shakeout led to a 1.5% plunge in the Nasdaq index even as the blue chip Dow Jones Industrials Average hit a record intraday high. But the tech slump dragged the S&P 500 down 0.6%, and U.S. equity futures showed little sign of a bounce early on Wednesday. * Reasons for the sudden tech angst tended to be gathered after the event, with some pointing to comments late last week from OpenAI boss Sam Altman on inevitable bubbles in the sector and others pointing to different research papers fretting variously about both the limited returns on blistering AI spending to date and also its growing jobs destruction. The jitters also come ahead of next week's earnings report from chip behemoth Nvidia, some concern about the wider implications of the U.S. government's proposed stake in ailing chip giant Intel and caution ahead of the Federal Reserve's annual Jackson Hole conference this week. * Even though Fed concerns were cited across markets on Tuesday, there was little shift in Fed futures pricing during the day - and they still show just over an 80% chance of a rate cut next month. With Fed meeting minutes due later today and 20-year bonds under the hammer too, Treasury yields were flat and the dollar firmer. An unexpected pick-up in housing starts in July was reported on Tuesday but this was offset by a drop in building permits to five-year lows. * Tech-heavy stock indexes overseas were hit by Wall Street's wobble, with Japan's Nikkei losing 1.5% and South Korea's Kospi down 0.7%. Lifted on Tuesday by Ukraine deal hopes, European stocks were flatter today, with euro inflation coming in bang on forecast and a hotter-than-expected UK inflation reading downplayed due to seasonal airfare skews. Chinese stocks outperformed, with the Shanghai main index rallying to 10-year highs, as investors rotated stock holdings and hoped for more government stimulus. Be sure to check out today's column, which looks at a particular dilemma facing the Fed: should it ease to offset weakness in the housing market if that means spurring the blistering AI infrastructure boom? Today's Market Minute * U.S. and European military planners have begun exploring post-conflict security guarantees for Ukraine, U.S. officials and sources told Reuters on Tuesday, following President Donald Trump's pledge to help protect the country under any deal to end Russia's war. * Alongside a massive build-up in conventional military firepower, China has embarked on a rapid and sustained increase in the size and capability of its nuclear forces, according to the U.S. military and arms control experts. * British inflation hit its highest in 18 months in July when it increased to 3.8% from 3.6% in June, official data showed on Wednesday, once again leaving the country with the biggest price growth problem amongst the world's big rich economies. * A glaring mismatch between benchmark oil prices and expectations of a looming supply overhang has created an imbalance that could end badly for traders, writes ROI energy columnist Ron Bousso. * Trump has faced little opposition in his drive to rip up the global economic rule book. The only exception has been "the market". But now even investors are holding their fire, claims ROI markets columnist Jamie McGeever, enabling more risk to build up in the financial system. Chart of the day Americans are deeply concerned over the prospect that advances in artificial intelligence could put swaths of the country out of work permanently, according to a new Reuters/Ipsos poll. The six-day poll, which concluded on Monday, showed 71% of respondents said they were concerned that AI will be "putting too many people out of work permanently." Today's events to watch * Federal Reserve meeting minutes released (2:00 PM EDT); Board Governor Christopher Waller and Atlanta Fed President Raphael Bostic speak * U.S. corporate earnings: Target, Nordson, TJX, Lowe's, Estee Lauder, Progressive, Analog Devices * U.S. Treasury sells $16 billion of 20-year bonds Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website, opens new tab, and you can follow us on LinkedIn, opens new tab and X., opens new tab Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
The Independent
15 minutes ago
- The Independent
Video shows stark aftermath of manor house blaze
A significant fire erupted at Woolton Hall, a Grade I-listed manor house in Liverpool, on Tuesday evening. Merseyside Fire and Rescue Service was called shortly after 8pm, deploying up to nine fire engines to tackle the blaze, with residents advised to keep windows and doors closed. Firefighters were unable to enter the three-storey stone-built property due to safety concerns, as assessed by a building surveyor. In the above video, you can watch crews continue to work at the scene, damping down and checking for hot spots. The privately owned hall, built in 1704, sustained a collapsed roof, and has been the subject of preservation efforts by local campaigners, having also faced a suspected arson attack in 2019.
The Independent
15 minutes ago
- The Independent
Urgent warning issued over fake benefits claims online
Misinformation regarding household finances and government benefits is widely circulating online, appearing prominently in Google 's search results. These fake articles falsely claim the Cost of Living Payment is returning, that Universal Credit and Pension Credit recipients will get £500, and that the state pension age increase has been cancelled. Website owners are exploiting Google's ranking system and high-search topics to attract readers, displaying intrusive ads to generate revenue. The Independent identified several non-UK based sites sharing this false information, with one, 'Tamil Nadu Weatherman', removing its article after being contacted. Experts advise checking official government websites or reputable charities for financial information, as Google's presence does not guarantee trustworthiness.
