FREDRIK SANDBERG /TT / TT News Agency
Ingves on new crisis: "Can come from nowhere"
The fact that many countries today have a government debt that exceeds 100 percent of GDP means that we cannot rule out a government financial crisis in any of the major economies. This is what former Riksbank governor Stefan Ingves says in Danske Bank's podcast "Kreditvärden".
- Somewhere it could probably happen that someone gets worried, we'll probably have to live with that, he says in the latest episode.
He doesn't want to speculate on where it might occur, but says that in some cases economies stay together much longer than you think. In other cases, a crisis "comes out of almost nowhere," he adds.
The fact that many countries today have a government debt that exceeds 100 percent of GDP means that we cannot rule out a government financial crisis in any of the major economies. This is what former Riksbank governor Stefan Ingves says in Danske Bank's podcast "Kreditvärden".
- Somewhere it could probably happen that someone gets worried, we'll probably have to live with that, he says in the latest episode.
He doesn't want to speculate on where it might occur, but says that in some cases economies stay together much longer than you think. In other cases, a crisis "comes out of almost nowhere," he adds.
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Today's stock market
Worst trading day in 1.5 years for technology-heavy Nasdaq
Wall Street was dragged down significantly by the Nasdaq, which had the worst trading day in 1.5 years. On closing, it looked like this:
• S&P 500: −1.4%
• Nasdaq: −2.8%
• Dow Jones: +0.6%
The tech-heavy Nasdaq was dragged down by major declines among chip companies. Dutch chip machine maker ASML flagged a weaker third-quarter outlook and the Biden administration is considering tougher export controls for chips to China, Bloomberg reported on Wednesday.
In the wake of ASML's 11 percent slide, Nvidia fell 6.6 percent, AMD 10 percent and Micron Technology 6 percent. Other tech giants such as Apple, Amazon and Alphabet retreated 2-3 percent.
Pharmaceutical giant Eli Lilly followed Novo Nordisk's downward journey on the stock market after competitor Roche showed positive results in a study on obesity drugs. The stock fell 4 percent.
Cloud service company Gitlab surged 9 percent on takeover rumors reported by Reuters.
While the tech companies had a hard time this week, the Dow and the small caps stood out as winners in the sector rotation. Over the past five days, the small-cap-focused Russell 2000 has surged more than 10 percent.
"Investors are now taking home the big gains in tech and moving them to increase exposure to cyclical stocks," commented Datatrek co-founder Nicholas Colas in a market letter.
On Wednesday, the Russell 2000 retreated by 0.9 percent.
The New York stock exchanges yesterday
S&P 500: +0.6%
Nasdaq: +0.2%
Dow Jones: +1.9%
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Worst trading day in 1.5 years for technology-heavy Nasdaq
Wall Street was dragged down significantly by the Nasdaq, which had the worst trading day in 1.5 years. On closing, it looked like this:
• S&P 500: −1.4%
• Nasdaq: −2.8%
• Dow Jones: +0.6%
The tech-heavy Nasdaq was dragged down by major declines among chip companies. Dutch chip machine maker ASML flagged a weaker third-quarter outlook and the Biden administration is considering tougher export controls for chips to China, Bloomberg reported on Wednesday.
In the wake of ASML's 11 percent slide, Nvidia fell 6.6 percent, AMD 10 percent and Micron Technology 6 percent. Other tech giants such as Apple, Amazon and Alphabet retreated 2-3 percent.
Pharmaceutical giant Eli Lilly followed Novo Nordisk's downward journey on the stock market after competitor Roche showed positive results in a study on obesity drugs. The stock fell 4 percent.
Cloud service company Gitlab surged 9 percent on takeover rumors reported by Reuters.
While the tech companies had a hard time this week, the Dow and the small caps stood out as winners in the sector rotation. Over the past five days, the small-cap-focused Russell 2000 has surged more than 10 percent.
"Investors are now taking home the big gains in tech and moving them to increase exposure to cyclical stocks," commented Datatrek co-founder Nicholas Colas in a market letter.
On Wednesday, the Russell 2000 retreated by 0.9 percent.
The New York stock exchanges yesterday
S&P 500: +0.6%
Nasdaq: +0.2%
Dow Jones: +1.9%
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The development of AI
Translator: The machine can never replace the human
Artificial intelligence should not be used to translate books. That's what seven literary translators at SvD Debatt write.
They reject the AI translations already on the market. "In the end, the person who suffers the most is the reader, who has to settle for a flat and stolid language in translations that lack all finesse, empathy and feeling," they write.
According to the debaters, they use their whole humanity in the translation process: "All the impressions we have accumulated in life, all the sensations and feelings, all the ability to empathize".
That, they write, is needed to achieve the small details that make the difference between a correct translation of a text's content – and its soul.
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The monopoly position of the tech giants
The EU court nods Tiktok's attempt to circumvent the DMA law
The European Court of Justice rejects Tiktok owner Bytedance's attempt to avoid so-called gatekeeper status under the EU's new Digital Market Act (DMA). This is reported by Euronews.
Bytedance argued that Tiktok is a newcomer to the European market and that the company should therefore not be subject to the same rules as Meta and other more established giants.
The court writes that Tiktok was indeed a contender in 2018, but refers to Bytedance's strong finances and the now large number of users in Europe.
The European Commission decided in September that Bytedance, Meta, Alphabet, Apple, Amazon and Microsoft and 22 of their services should be covered by the DMA. This means, among other things, that one's own products may not be favoured, for example Google Maps in the Google search service.
The EU court nods Tiktok's attempt to circumvent the DMA law
The European Court of Justice rejects Tiktok owner Bytedance's attempt to avoid so-called gatekeeper status under the EU's new Digital Market Act (DMA). This is reported by Euronews.
Bytedance argued that Tiktok is a newcomer to the European market and that the company should therefore not be subject to the same rules as Meta and other more established giants.
The court writes that Tiktok was indeed a contender in 2018, but refers to Bytedance's strong finances and the now large number of users in Europe.
The European Commission decided in September that Bytedance, Meta, Alphabet, Apple, Amazon and Microsoft and 22 of their services should be covered by the DMA. This means, among other things, that one's own products may not be favoured, for example Google Maps in the Google search service.
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