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Huawei CEO Ren Zhengfei acknowledged that the company's Ascend chips are a generation behind U.S. technology, countering claims of its dominance. In a significant interview, he emphasized that while many Chinese firms excel in chip production, Huawei's capabilities are overstated. This admission reflects a rare moment of vulnerability from Beijing amid ongoing U.S. trade tensions and export restrictions, suggesting potential for compromise in future negotiations.
L'Oréal shares have rebounded approximately 10% since late April, recovering from a low of €320, aided by geopolitical developments and improved market sentiment. The stock, trading at a historically low valuation of 28 times earnings, has crossed significant technical thresholds, making it an attractive buy above €368, with potential targets of €410 and €515. The company's defensive brand portfolio positions it well against economic downturns, enhancing its risk/return profile.
Oil prices rose as US-China trade talks continued, with Brent crude reaching $67.26 a barrel and West Texas Intermediate at $65.47. The discussions aim to ease trade tensions, potentially boosting fuel demand, while OPEC's output increase and Iran's nuclear negotiations pose risks to global supply.
Gold prices fell on Tuesday, impacted by a rise in the US dollar as traders awaited updates from ongoing US-China trade talks. Spot gold decreased by 0.6% to $3,307.72 an ounce, while US gold futures dropped 0.8% to $3,327.50. The dollar index's 0.3% increase made gold pricier for holders of other currencies, with market sentiment remaining cautious until progress is made in negotiations between the two economic powers.
Huawei's new semiconductor, the Ascend 910C, reportedly achieves 60-80% of NVIDIA's H100 performance at a significantly lower cost, challenging the dominance of U.S. tech giants. Meanwhile, U.S. export controls aim to limit China's access to advanced AI chips, as companies like DeepSeek disrupt the market with competitive, lower-cost alternatives. The ongoing race for AI supremacy highlights the shifting dynamics in global technology, with both U.S. and Chinese firms vying for leadership.
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The Australia 200 index surged to a four-month high of 8592, buoyed by optimism from US-China trade talks and a strong US jobs report. Consumer discretionary stocks rose on hopes of interest rate cuts, while the financial sector hit a record high, despite mixed performance in mining stocks due to weak Chinese inflation data. Uranium stocks experienced significant gains, with Paladin Energy leading the charge. However, concerns linger about the sustainability of these gains, as analysts watch for potential signs of a market pullback.
US equity markets rose following a strong jobs report and the commencement of trade talks with China, focusing on tariffs and rare earth exports. While China has signaled increased rare earth exports, no significant tariff agreements have been reached, leaving markets cautious. Upcoming economic indicators include the consumer price index and producer price index, with expectations of moderate inflation and potential interest rate cuts by the Federal Reserve.
The US Embassy in the UAE has implemented new visa restrictions affecting citizens of 19 countries, effective June 9. This Presidential Proclamation may render applicants ineligible for visa issuance or entry to the US, despite attending interviews. Experts warn that such policies could severely impact the US tourism sector, with projected international travel spending dropping significantly this year.
Apple is approaching its annual showcase amid challenges stemming from recent AI missteps, significant shifts in the tech landscape, and the ongoing impacts of Trump's trade war. These factors are creating a complex environment for the tech giant as it prepares to unveil new products and strategies.
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