New OpenAI Updates To Lower Cost
OpenAI plans to introduce major updates for developers next month to make it cheaper and faster to build software applications based on its artificial intelligence models, as the ChatGPT maker tries to court more companies to use its technology, according to sources familiar with the matter.
Reports Of Biggest-Ever Denial Of Service Operation
Internet companies Google, Amazon and Cloudflare claimed that they have weathered the internet’s largest-known denial of service attack and are sounding the alarm over a new technique they warn could easily cause widespread disruption.
UAW Surprises Largest Ford Plant With Auto Strike
United Auto Workers have shut down Ford’s (F.N) biggest plant globally, halting production of lucrative pickup trucks with little warning in a sharp escalation of the union’s four-week targeted strike against the Detroit Three automakers.
Hope has returned as China’s sovereign wealth fund has increased its stake in 4 of the nation’s biggest banks for the first time since 2015, stoking speculation that authorities will intensify efforts to prop up its sinking stock market.
State-owned Central Huijin Investment Ltd. bought approximately USD 65 million worth of shares in Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank Corp. and Industrial and Commercial Bank of China Ltd., according to filings yesterday. Huijin, a unit of the USD 1.4 trillion China Investment Corp., plans to further increase holdings over the course of the next six months.
A growing number of Chinese economists and hedge funds are calling on the government to directly intervene with a stabilization fund to buy stocks, a move the authorities have refrained from since the 2015 market crash. Concerns are now mounting among China’s top leadership over the trajectory of the world’s second-largest economy as a deepening property crisis and rising deflationary pressure puts the growth goal of around 5% for the year at a detrimental position.
China’s benchmark CSI 300 Index has retreated more than 5% this year even as hopes of fresh economic stimulus bolstered equities yesterday. The financial sub-gauge is down by 1.5% for the year, on track for a third year of losses. Previous measures to support growth and the property market have done little to lift sentiment as foreign funds kept selling.
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China’s Sovereign Wealth Bank Intervenes
China’s sovereign wealth fund has raked up shares in 4 of the nation’s biggest lenders and said it plans to continue the purchases, a move apparently aimed at boosting the stocks.
State-owned Central Huijin Investment Ltd. said in filings to the Shanghai stock exchange that it raised its stakes in Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank Corp. and Industrial and Commercial Bank of China Ltd. It added that it would ramp up purchases over the next six months, without saying to what extent.
A Sigh Of Relief For China’s Credit Market
Strains in China’s credit market have lessened after local defaults fell to the lowest this year. Conditions also improved after declines in home sales eased slightly amid a broader property debt crisis.
Onshore stresses eased in September to its lowest point since November 2022, dropping to level 2 from 3. The gauge indicates rising levels of financial strain. Helping the measure was just one bond payment being missed last month, involving a 200 million yuan (USD 27 million) note from Wuhan Dangdai Science & Technology Industries (Group) Co., according to reports.
Asia Stocks Gains Alongside U.S.
Asian shares opened higher after U.S. stocks rose for a fourth consecutive day as traders shrugged off a hotter-than-estimated wholesale inflation reading.
Benchmark indexes climbed around 0.7% at the open in Japan and South Korea, while Australian stocks held on to small gains. Traders will also be keeping an eye on China stocks after the nation’s sovereign wealth fund increased its stake in 4 of the nation’s biggest banks for the first time since 2015 yesterday. The announcement will likely keep speculations high about broader support and more government efforts to rescue the stock market.