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Wall Street records another strong growth session. The US500 and US100 indices gain 0.60% and 0.80% respectively, setting new historical highs. Investor optimism is supported by positive news from the semiconductor and technology sectors, including TSMC and Apple.
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The leaders of the growth are again the largest companies, including Nvidia, Microsoft, Apple, Alphabet, and TSMC.
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Taiwan Semiconductor Manufacturing (TSMC) gains after a report of significant sales growth, with June revenues up 33% year-over-year to about $6.38 billion.
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Apple (AAPL.US) gains 1.50% to $231 per share following the news that the company aims to ship at least 90 million iPhone 16s in the second half of this year. This additional demand is expected to be driven by AI services, increasing demand after a challenging 2023.
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On the second day of testimony before Congress, Fed Chair Jerome H. Powell expressed cautious optimism about inflation trends, acknowledging confidence that inflation is heading down. Powell noted that significant progress has been made on inflation, and the Fed intends to ease policy before inflation reaches 2%.
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The Bank of England's Chief Economist Huw Pill stated that interest rate cuts are a matter of "when - rather than - if," but signaled ongoing concerns about persistent price and wage pressures. His statement was perceived hawkish by investors, reducing the chance of a rate cut next month to below 50%, down from 64% yesterday.
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US wholesale inventory data met the expectations of analysts surveyed by Bloomberg. However, wholesale sales data slightly exceeded expectations.
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In the FX market, the best-performing currency is the British pound, related to Pill's hawkish comments from the BoE. Conversely, the worst-performing currency is the New Zealand dollar.
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Crude oil erases part of the gains from today's session. The natural gas market sees nearly a 1.5% decline.
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Sentiments in the precious metals market are highly mixed. Gold and platinum prices are up over 0.4% today, while silver and palladium are down 0.3%.
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Bitcoin has erased all gains recorded during today's session and is currently trading lower intraday. A slightly better sentiment is noticeable on Ethereum due to speculation about the potential acceptance of spot ETF applications for Ethereum by the SEC in the coming weeks.
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