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Russia Central Bank Reserves $: $729.5B vs $722.5B

Taiwan Semiconductor Manufacturing Company reported a 39.1% increase in third-quarter profit, hitting a fresh record despite missing estimates.

TSMC reported a strong quarter, and Salesforce delivered rosy long-term guidance.

Crazy amounts of money are being thrown at AI right now, particularly on chips and power.

Analysts at Goldman Sachs have a funny way of saying it’s sustainable. They dismiss concerns, arguing investment levels are sustainable. Why? Because AI deployments are boosting productivity.

That’s a funny way of justifying it a day after Sam Altman announced that OpenAI will allow adult erotica on ChatGPT.

In any case, Goldman argues that AI capex is at roughly 1% of GDP in 2025 and will rise to 2-2.5% in 2027 and 2028. They estimate that generative AI could lift labor productivity by 1.5 percentage points annually as adoption spreads.

I think that’s all a bit fanciful as it’s entirely unclear that the people making the investments are the ones who will capture the ROI from the productivity boosts. Chips also have a very short life, so there could easily be a cash-incinerating time mismatch.

This article was written by Adam Button at investinglive.com.

Fed Governor Christopher Waller told Bloomberg that even without the official employment data, the available evidence points to a clear slowdown in hiring across the U.S. economy. He noted that private and survey-based indicators have been consistent in signaling weaker labor demand, reinforcing the view that the job market is losing momentum. Waller argued that […]

The post Fed’s Waller favors cautious 25bp cuts amid weak hiring, uncertain outlook appeared first on Action Forex.

Fed Governor Stephen Miran said today that he would support a 50bps rate cut at the upcoming policy meeting, arguing that monetary policy remains too restrictive given the heightened risks surrounding U.S.–China trade tensions. Speaking to Fox Business, Miran said that the escalation in trade uncertainty adds downside risks to growth and that the Fed […]

The post Fed’s Miran backs 50bp cut, warns trade war add to downside growth risks appeared first on Action Forex.

In this technical article, we are going to present Elliott Wave trading setup of Bank of America (BAC) .

West Texas Intermediate (WTI) US Oil trades around $58.30 on Thursday, flat for the day at the time of writing, as it holds its rebound from a five-month low marked on Tuesday at $57.33.

United States Philadelphia Fed Manufacturing Survey registered at -12.8, below expectations (10) in October

• Prior was +23.2

Details:

• Employment: 4.6 vs 5.6 last month

• Prices paid: 49.2 vs 46.8 last month

• New orders: +18.2 vs +12.4 last month

If there’s good news here it’s that new orders were in positive territory for the second month in a row.

• Shipments: 6.0 vs 26.1 last month

• Unfilled orders: -2.2 vs -6.6 last month

• Inventories: 5.4 vs 15.0 last month

• Average workweek: 12.8 vs 14.9 last month

Six-months from now indicators:

• 6 month index: 36.2 vs 31.5 last month

• Capex index 6-month forward: 25.2 vs 12.5 last month

Another notable thing when you look at the survey is that no firms are expecting any price decreases, despite falling oil prices. In the survey, 49.2% expect price increases while 50.8 see no change. That’s not the kind of thing a central banker wants to see in terms of anchoring prices.

The special question highlights that software is ruling the world:

This article was written by Adam Button at investinglive.com.