More Job Cuts, Microsoft Is Putting $10 Billion Into The Now-Very-Famous ChatGPT
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The week started with more news of layoffs, and further gains in the S&P500.
S&P500
The S&P500 traded above the 200-DMA, yet again. Earnings will decide whether the latest gains will be sustainable.
Microsoft
All eyes are on Microsoft – not only because it will release Q4 earnings after the bell, but also because it’s been making a great buzz since the start of the year thanks to its bet on ChatGPT. The company confirmed yesterday that is putting $10 billion into the now-very-famous ChatGPT.
PMI
On the macro front, PMI data released this morning showed that the manufacturing activity in Japan didn’t improve in January, while Australia’s manufacturing PMI slipped below 50, into the contraction zone for the first time in 32 months, but business confidence improved to a three-month high, on China’s reopening.
EUR/USD
Elsewhere, the EURUSD couldn’t consolidate gains above the 1.09 mark yesterday. But today’s PMI data could help give another boost to the single currency. And, if not, the message from the European Central Bank (ECB) is crystal clear: the rate hikes will continue and that’s positive for the euro.
Watch the full episode to find out more!
- 0:00 Intro
- 0:31 More job cuts, more S&P500 gains?
- 2:44 Has Microsoft hit the jackpot with ChatGPT?
- 5:07 FX roundup: commo-currencies, euro and yen
- 8:15 Gold’s next bullish target at $1980 per ounce
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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