Notes from the Road: An Outlook for AI and Technology Stocks

Economic

Summary:

The impressive arc of AI stock growth has been something to behold. Touring Silicon Valley and meeting with AI and tech company leaders offers another level of inspiration and insight on the market juggernaut.

The investment opportunity in artificial intelligence (AI) may appear to be carried by a small group of mega-cap stocks. Yet there is a great deal of activity bubbling below the popular radar, a reality that is abundantly clear to Tony Kim, head of the Fundamental Equities Global Technology team.

He and 36 BlackRock colleagues traveled 300 miles over five days in June to meet with leaders of 29 public and private technology companies in San Francisco and Silicon Valley. The “tech tour” ― the 11th annual and counting ― is a critical input to the team’s fundamental research process. Mr. Kim recently joined The Bid podcast to share his learnings and reflections from the road.

An AI ‘takeover’

AI is not only dominating stock market returns, but the entirety of Silicon Valley as well. Mr. Kim observes that talk of AI was light and company-specific in the first nine years of the tech tour but has dominated in the past two.

“In the prior nine years, AI was more a tool ― something in the background. Operationally a few companies were using it,” he explains. “It is now at the forefront of every company, and it's really changing the foundations of the software industry and the semiconductor industry. It’s cascading to the power and energy industry. It’s also changing the very product and services that all tech companies are building to. That’s the sea change, and it’s been remarkable how that’s changed in 24 months.”

The making of a new ‘stack’

This takeover naturally alters the investment opportunity set. Mr. Kim describes how AI has redefined the technology “stack,” the hardware, software and data that come together to perform specific tasks or functions. The stack builds from the bottom up and includes three broad layers:

Infrastructure

Sitting at the base of the stack, these are the chips and cloud infrastructure that form the foundation of AI enablement. The vast majority of investment to date has been centered here.

Intelligence

This middle layer encompasses the data and AI models themselves. These are being built now and increasing in capability.

Applications

The top layer includes the software services and solutions that leverage the aforementioned AI intelligence ― creating a new set of AI-enabled applications.

“In 2023 and 2024, much of the investment and stock price reaction has been at the bottom layer of the stack,” Mr. Kim explains. “As we progress into year three, year four and year five, we will start seeing opportunities in that intelligence layer and, of course, finally in the application layer, which has not been a beneficiary of this first wave of AI.”

What end markets will benefit from the big AI build? Mr. Kim cites the consumer market, manifesting as “personal assistants” in areas such as web search, social, e-commerce and shopping. He then expects AI to become more relevant and engrained in corporations, followed by physical “real world” markets such as cars, airplanes, the military and robots.

Each of these is in very early stages of adoption, Mr. Kim says, but all leverage the same infrastructure that is being heavily invested in right now.

The great spending debate

And that investment is big. In their second-quarter earnings reports, the four largest hyperscalers in the U.S. noted aggregate capex spending intentions of over $200 billion for 2024 (50% higher than 2023) ― and growing.

Some observers have recently questioned whether that spending will deliver sufficient return on investment. This concern contributed to a summer pullback in AI stocks. Mr. Kim is undeterred and sees the debate as a matter of short- versus long-term expectations.

Estimates of AI impact may be too optimistic on a two-year horizon, so aligning investment dollars in and profit out in the near term is a “mismatch,” he says. But the potential benefits and returns that could arise in a 10-year timeframe are likely underestimated.

And if the hyperscalers fail to invest now, they put themselves at a competitive disadvantage, which Mr. Kim says would not only affect their future prospects but also their current core businesses, which were constructed in and for a pre-AI era.

A word to the skeptics

As an “AI optimist,” Mr. Kim encourages equal doses of realism and imagination for the skeptics:

Don’t expect investment to perfectly match return “right now today. You're not going to get it; it's just not matched.”

But, he says, “you can't just assume that the current status quo will be sustained.” Visualizing the vast prospects and potential outcomes that AI can have for businesses, society and productivity requires “some leap of faith, some imagination, some creativity of thinking.”

Those who fail to invest in these could find themselves left behind.

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Justin

Economic

Prime Minister Datuk Seri Anwar Ibrahim wants the welfare of vulnerable groups in this country to continue to be given attention, in line with the concept of Madani economy.

Taking the example of the education sector, he said there are children of the rich who enjoy government-funded educational facilities, compared to the poor.

"As far as I understand, the majority benefits the elite groups such as senior civil servants, political leaders, [and] leading entrepreneurs, who are sending their children to the best schools funded by the government, and this is unreasonable, [and] unfair.

"Should a child of the rich be sent to the Faculty of Engineering, (whether) Malay, Chinese or Iban, he should pay, so that we can meet the demand; otherwise this subsidy will continue. This revenue will then be used to help the poor more," he said.

He said this when he opened the National Symposium: Eradicating Poverty in Putrajaya on Monday, which was also attended by Economy Minister Rafizi Ramli.

Therefore, Anwar, who is also finance minister, said all forms of leakages, including education subsidies to children of the rich, should stop.

While giving an indication on continuous government protection of vulnerable groups in Budget 2025, Anwar said subsidies to the rich that are being stopped will be diverted to help the poor.

He said that the government does not want the people to be left behind in the progress of the country, just because they are not given the right opportunities.

"If this country means independence and freedom, as well as justice, then the focus should be there (education), where schools should see continuous efforts to improve facilities, capabilities and quality.

"How should we do it? By ensuring funds are distributed. How can the funds be distributed? The form of leakage, including the [sending of] children of the wealthiest groups to science secondary schools that are aided and heavily subsidised by the government, should be stopped," he said.

The prime minister said that he is aware that some actions taken by his government are not popular with some people, but these need to be done for the welfare of the needy.

Source: The edge markets

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Warren Takunda

Economic

Political

Kamala Harris’s economic policies proved far more popular than Donald Trump’s plans in a blind test of their proposals.

Four of the top five most popular proposals were from the Democratic candidate’s campaign, according to a new Harris Poll conducted exclusively for the Guardian.

The poll showed strong optimism from Democrats about Harris’s presidential candidacy but – once again – highlighted pessimism around the US economy from both sides of the aisle.

Americans surveyed were given a list of 12 policy proposals – six from Harris’s campaign and six from Trump’s. The poll did not say whose campaign the proposals came from.

The most popular proposal was a federal ban on the price-gouging of food and groceries – a Democratic proposal that some leading economists have criticized. Nearly half (44%) of all those polled agreed that it would strengthen the economy. Kamala Harris’s Economic Policy Slate More Popular Than Trump’s – Poll_1

Kamala Harris’s Economic Policy Slate More Popular Than Trump’s – Poll_1

Harris’s price gouging proposal is designed to help address the top economic issue of respondents: cost of living. A majority of those polled (66%) indicated that the cost of living was one of their biggest economic concerns right now.

Other Harris proposals that voters liked included expanding the child tax credit (33%) and selected tax breaks for new small businesses (33%). The only Trump plan to break the top five was his proposal to cut taxes on social security benefits (42%).

But Trump’s policies are popular with his base: when asked about his proposal for the mass deportation of millions of migrants, 43% of Republicans said it would be good for the economy versus 24% of independents and 15% of Democrats.

In more good news for Harris, independent voters, a key group this election, seemed to favor Harris’s policies over Trump’s. Four out of the five top policies selected by independents are from Harris’s campaign.

Since Joe Biden withdrew from the presidential race two months ago, paving the way for Harris to become the Democratic candidate, she has tried to craft her own economic platform.

This has involved shifting away from Bidenomics, which failed to ignite much enthusiasm on the campaign trail. In the Harris/Guardian poll conducted last September, a majority of Democrats (62%) said that while Bidenomics was good in theory, it wasn’t being implemented well.

Harris instead has been promoting her “opportunity economy”, which focuses on rising costs, rather than issues like infrastructure and manufacturing, which were key components of Bidenomics.

The shift in focus seems to be working. Harris’s policies were particularly popular with younger Americans, an increasingly powerful voting bloc.Some 87% of millennials and gen Z voters said that at least one of Harris’s proposals would be good for the economy, versus 79% of young voters who said the same for Trump.

Of the four generations polled, millennial voters seemed to be the most onboard with Harris’s candidacy, energized by her appointment after President Biden withdrew. The majority of millennials (59%) said that Harris’s policies are better than Biden’s, compared to just 36% of Boomers.

Democratic voters as a whole seem to think Harris turned out to be the better candidate: when asked if their lives would be better if Harris or Biden won the election, 80% of Democratic voters went with Harris.

Though Harris has received criticism for being “light on policy”, a majority of all voters in the poll suggested they understand her policies just fine. More than 60% of voters said they understood Harris’s policies on the economy. Kamala Harris’s Economic Policy Slate More Popular Than Trump’s – Poll_2

Kamala Harris’s Economic Policy Slate More Popular Than Trump’s – Poll_2

Slightly more voters said they understood where Trump stands on certain issues more than Harris, but most of the differences were small. The widest gap was seen in how voters understand the candidate’s tax policies, with 70% of voters indicating that they understood Trump’s pledges, while 62% said the same for Harris.

“Despite some skepticism that VP Harris has yet to define where she stands, our data shows she’s energized her base – particularly millennials, who will be the largest voting bloc this election – by effectively messaging and connecting with them on the issues they are facing as they move more into adulthood: childcare, housing and jobs,” said John Gerzema, CEO of Harris Poll.

Across the board, Americans still seem to be down about the economy – negativity that has persisted since Harris Poll and the Guardian first asked voters their thoughts about the economy last September, and again in May.

Since the last poll in May, the economy improved across several key measures. Inflation fell back to 2.5% in August, the lowest it’s been since 2021, and has been going down for the last five months. Though there have been some anemic job growth reports, unemployment is still relatively low at 4.2%. And the stock market has hit record highs in September. And all of this is despite the decades-high interest rates, which the US Federal Reserve only started to cut this month.

But Americans are still feeling sour.

When asked how they feel about the US economy now, compared with the start of the summer, 35% of respondents said they were more pessimistic, while 29% felt more optimistic (29%). Nearly three-quarters (73%) of all polled said they did not feel any positive effects of good economic news today. Kamala Harris’s Economic Policy Slate More Popular Than Trump’s – Poll_3

Kamala Harris’s Economic Policy Slate More Popular Than Trump’s – Poll_3

A majority of Americans (61%) believe inflation is increasing, when it has actually fallen significantly from its peak in 2022. And nearly half of those polled, 49%, said they believed the US economy was experiencing a recession. The US is not in recession.

Though many seem to believe the economy is worse than it really is – particularly when looking at macroeconomic measures like inflation, unemployment and interest rates – most Americans are actually feeling better about their own personal financial situations.

More Americans indicated they were confident in their overall personal finances (61%) and their ability to afford necessities (72%) compared with May. And when asked if they felt better off financially than their parents, 58% of those polled agreed – 8% more than when the same question was asked last September.

As shown with the last two Confidence Question polls, beliefs about the economy tend to be shaped by a person’s political party. Democrats are far more likely to feel better about the economy than Republicans. Half of Democrats, 51%, compared with 30% of Republicans, said they feel optimistic about the future of the US economy.

Something that Americans from both parties agree on: they still don’t know who to trust when it comes to learning about the economy. And most respondents (78%) also agreed that most people don’t know how the US economy is actually doing, despite it being their top priority in the election.

This survey was conducted online within the US by the Harris Poll from 12 to 14 September 2024 among a nationally representative sample of 2,122. The margin of error for the survey is 2.6 percentage points.

Source: Theguardian

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CMC

Stocks

Chinese markets have put on an extraordinary performance this morning, boosted by better-than-anticipated manufacturing purchasing managers’ index data and hopes of further stimulus from Beijing in the latest leg of a rally that has been bubbling under for a month.

The China 50 index rallied by almost 8% on the session, the broader Shanghai Composite is up by 7.2% and Hong Kong's Hang Seng by almost 3%. KWEB US, the China internet ETF, has rallied 32.9% over the month, while Alibaba has put on 31.77% in that time and rival JD.com has rallied by almost 40% in the last week and 51.25% in the last month. Much of these gains will come down to investors and traders anticipating a full-blown recovery in the Chinese economy. It wasn't all good news in Asia, however, as Japan’s Nikkei 225 fell by almost 5% as the yen strengthened on the foreign exchanges. USD/JPY is trading at ¥141.99 in Europe, though interestingly the US dollar index is weakening at the same time, perhaps suggesting that there is more to the story than meets the eye.

Turning back to Friday's close, the S&P 500 energy sector finished the week with a 2.11% rally, led by stocks such as APA and Baker Hughes, which were up by 5.96% and 4.06% respectively. The trend could continue as oil prices have picked up again this morning, with WTI up by 1.43% and Brent crude by 1.64% on concerns about escalation of the conflicts in the Middle East, and any potential supply disruptions that could cause. The information technology sector, which has led the market for much of 2024 to date, finished Friday down by 0.96%, though on the week it was up by more than 1.1%. The S&P 500 was down by 0.23% on Friday and up by 0.62% on the week, and to some extent it felt like the index was waiting for the next catalyst. That could come in the shape of Friday’s non-farm payrolls report for September.

There were bigger moves in European equity indices last week, and not just from the usual suspects. The Euro Stoxx 50 was up 4%, and the CAC 40 3.9%, but they were outshone by the DAX Midcap index, which rallied by 5.3% on China revival hopes. At a sector level, the Euro Stoxx Personal and Households Goods index jumped by 14.4% last week, led by components like Christian Dior which rallied by 19% on the week. However, European equity indices have opened lower this morning, with the Italian MIB down by 0.71% at the time of writing.

Copper has rallied by over 1% in early European trade, on course for an 11% monthly gain. Gold and silver are flat this morning, though with the potential to book substantial gains for September as a whole Tin continues to rally, up 1.47% this morning, 2.45% over the last week, and by almost 30% over the last 12 months.

Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.

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Warren Takunda

Cryptocurrency

Bitcoin heads into the end of an uncharacteristically bullish “Rektember” up around 9% as anticipation of further BTC price gains builds.

A sell-off into the weekly close sees Bitcoin still preserving the majority of reclaimed support from last week.

Fed Chair Jerome Powell takes to the stage to start the week as markets square off over the size of November’s interest rate cut.

2024 may still mark Bitcoin’s best September on record, while “Uptober” typically promises 23% upside.

Retail interest in Bitcoin and crypto is edging back to the forefront, as measured by downloads of the Coinbase app.

Whales in the market for more than a few months are resisting the urge to take profits on the BTC positions.

$64K support retest fails to dent Bitcoin bulls’ confidence

In contrast to the past two weeks, Bitcoin saw a sell-off into the Sept. 29 weekly close as support in the mid-$64,000 range came in for a retest.

Data from Cointelegraph Markets Pro and TradingView shows local lows of $64,198 on Bitstamp before a modest recovery.

New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_1

BTC/USD 1-hour chart. Source: TradingView

With the monthly close now in sight, popular trader CrypNuevo, who predicted the comedown, was among those looking for a fresh long BTC position going forward.

“We could see some volatility related to the monthly close,” he acknowledged in a dedicated thread on X alongside a print of the 4-hour chart.

“So it's possible a sweep of the highs by then, that could get reversed back to support. From support, if we go up again and reclaim the highs, that's a long for me until the 2nd resistance.”

New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_2

BTC/USDT 4-hour chart. Source: CrypNuevo/X

CrypNuevo noted liquidity on exchange order books potentially favoring a trip toward $67,000 to come.

“Losing support will take us to the downside liquidations,” he added.

New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_3

BTC liquidation heatmap (Binance). Source: CrypNuevo/X

An optimistic Matthew Hyland meanwhile suggested that even a deeper BTC price correction would not mean the end of Bitcoin’s comeback on longer timeframes.

“If Bitcoin closes the weekly above $65k we will have established a higher-high and higher-low for the first time in 6+ months and established a trend change,” he told X followers.

“Dips going forward would be opportunity and bias must shift to bullish. Anything pullback $52.6k is just a higher-low.” New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_4

New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_4

BTC/USD 1-week chart. Source: Matthew Hyland/X

Markets eye Powell, US unemployment data

US Federal Reserve Chair Jerome Powell kicks off the macroeconomic week with a speaking appearance on Sept. 30.

Attending the National Association for Business Economics conference, Powell will be keenly watched for signals about the Fed’s next interest rate move.

After a surprise 0.5% cut this month, markets are eyeing a repeat performance at the next meeting of the Federal Open Market Committee (FOMC) on Nov. 7. The likelihood of this can change significantly, however, depending on Powell’s tone and macro data trends.

This week, unemployment figures take center stage, these already known as a Bitcoin volatility catalyst in 2024.

Commenting, trading resource The Kobeissi Letter considered the chances of the Fed being “behind the curve” in lowering rates.

“Falling rates initially did not work to prop up the economy as it takes 6 to 24 months for the effects to be felt,” it noted on X.

Kobeissi, however, is among those arguing that even the initial 0.5% decrease was going too far.

According to the latest estimates from CME Group’s FedWatch Tool, however, another 0.5% cut is in the lead for November on 52.2%. New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_5

New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_5

Fed target rate probabilities. Source: CME Group

Elsewhere, China embarking on sweeping economic stimulus measures is a topic firmly on risk-asset traders’ radar.

“China just posted 5 straight quarters of deflation, the longest streak since 1999,” Kobeissi said on the topic.

“Now, we are seeing capital pile back into equity markets as stimulus kicks off.”

Not such a “Rektember” after all?

While flagging slightly into the monthly close, Bitcoin is still looking at its best September performance on record.

Data from monitoring resource CoinGlass shows the striking contrast between 2024 and a typical September for BTC/USD. New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_6

New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_6

BTC/USD monthly returns (screenshot). Source: CoinGlass

Over the past ten years, Bitcoin ob average has tended to end the month down 3.6%, while at present, bulls are looking at around 9% gains.

Moving forward, there are even more exciting times lying in wait for bulls: October, known in crypto circles as “Uptober” thanks to its typically impressive market performance, is almost here. New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_7

New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_7

Source: BitcoinHyper

CoinGlass reveals a tough challenge for BTC/USD next month — average October upside is nearly 23%.

From current levels, this would mean a new all-time high — something that commentators nonetheless entertain as a distinct possibility.

“Altcoins are ready to do a 3-5x run, while Bitcoin is likely to break the all-time high coming quarter, following Gold,” crypto trader, analyst and entrepreneur Michaël van de Poppe forecast in one of his latest X posts.

Since 2013, there have only been two “red” October months, these seeing maximum losses of just under 13%.

Coinbase bounces back

A key element of BTC price action since March’s all-time has been a preciptious drop in retail investor participation.

Interest among mainstream consumers fell significantly as Bitcoin and crypto retraced in the half year that followed. Now, however, change may well be afoot.

As Cointelegraph reported, exchanges and trading are slowly headed back into the mainstream consciousness, as evidenced by downloads of one app in particular — that of largest US trading platform Coinbase.

On Sept. 28, the Coinbase app ranked among the top 400 on the Apple AppStore, while research shows that once it reaches the top 200, bull market conditions tend to be in full swing.

“In other words, more people started downloading the app when bitcoin was testing all time highs (November 2020 at $20k, and March 2024 at $69-74K),” its author, analytics account Bitcoindata21, wrote in an X post earlier this month.

Bitcoindata21 likewise noted that when Coinbase is outside the top-500 most popular apps, crypto markets tend to be in a bearish phase.

“Most importantly, the app reached no.1 in December 2017, April 2021, and November 2021…,” they concluded. New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_8

New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_8

Coinbase app downloads. Source: Bitcoindata21/X

The Coinbase premium, meanwhile, which measures the difference in exchange prices between Coinbase’s BTC/USD pair and the BTC/USDT on largest global exchange Binance, is now positive again.

Young whales show their colors

When it comes to market moves originating from large-volume investors, onchain data suggests that a new trend is emerging.

In one of its Quicktake blog posts on Sept. 27, onchain analytics platform CryptoQuant drew a distinction between old and new Bitcoin whales.

“Over the past month, whales with over 155 days of inactivity have been less dominant in profit-taking as the price of bitcoin has recovered,” contributor Cauê Oliveira revealed.

“On the other hand, new whales have been actively taking profits, indicating that the interest in closing positions is predominant among institutional players who have entered the market in the past 5-6 months.” New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_9

New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week_9

Bitcoin whale realized profits (screenshot). Source: CryptoQuant

An accompanying chart showed realized profits by whale cohort — and old hands remain firmly entrenched in their positions.

“Old institutional investors have been more dominant in the first half of the year, with high levels of profit-taking, but now appear to be waiting for a more favorable market for their positions,” Oliveira added.

“This may be reducing selling pressure at this point, providing room for the price to build a more positive structure in this recovery.”

Source: Cointelegraph

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Owen Li

Economic

Edotco Group Sdn Bhd chief executive officer Mohamed Adlan Ahmad Tajudin said such incentives could facilitate investments towards sustainable energy solutions.

“This would help offset the high upfront costs that industry players have to face, and encourage them to adopt clean energy sources like solar and wind.

“Additionally, a cash-back programme for environmental, social and governance (ESG) initiatives, similar to those for electric vehicle purchases, can be considered. This may attract telecommunication companies to integrate sustainability practices, which align with the nation’s green goals,” he told Bernama recently when asked about the industry’s Budget 2025 wishlist.

An alternative is to improve access to green bonds and competitive financing options for RE projects, coupled with stringent ESG reporting standards.

“This would provide the necessary financial support, while driving companies to enhance transparency and sustainability efforts, motivating boards to take more decisive action on ESG initiatives,” he added.

Mohamed Adlan pointed out that telecommunication companies in Malaysia are currently facing rising energy consumption costs due to the growing demand for network accessibility.

While RE such as solar is an option, he said its implementation remains challenging due to the geographically dispersed nature of telecommunication networks, making it difficult to achieve economies of scale with energy-efficient solutions.

Apart from that, Mohamed Adlan said the limited availability of sustainable green energy sources also poses an obstacle to RE transition.

In Malaysia, businesses can subscribe to renewable energy certificates (RECs), benefititng from feed-in tariff (FIT) schemes, or installation of solar panels under the net energy metering mechanism.

However, he said the supply of RE is still limited, based on a first-come-first-serve basis.

He also welcomes frameworks that encourage telecommunication companies to participate in large-scale solar (LSS) projects and energy efficiency programmes, which will enable the sector to reduce its carbon footprint, while maintaining operational efficiency.

This includes allocating LSS projects specifically for the telecommunications industry, he said.

“Currently, solar power producers (SPPs) tend to enter [solar service] agreements (SSAs) with high-energy-consuming industries, like factories, rather than individual telecommunication companies, which have relatively lower emissions.

“By enabling telecommunication companies to engage in SSAs collectively, it could make the agreements more attractive to SPPs, fostering competitive pricing that benefits both parties,” he added.

Furthermore, this collective approach would also accelerate the industry’s RE adoption, aligning with Malaysia’s sustainability goals, while ensuring cost-effective energy solutions for telecommunication, Mohamed Adlan said.

Mohamed Adlan said Edotco, which is a telecommunication infrastructure company, has made significant strides in its RE transformation since it was established in 2012.

To date, the company operates 2,604 telecommunication towers around Asia, with 159 towers in Malaysia, 184 towers in Pakistan, Myanmar (381), and Bangladesh (1,880), which are now running on RE.

“These highlight our efforts to expand RE use across our operations, and contribute to the region’s green transition,” he said.

Prime Minister Datuk Seri Anwar Ibrahim is expected to table the 2025 budget on Oct 18 in Parliament.

Source: The edge markets

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Cohen

Economic

A port strike on the US East Coast and Gulf of Mexico will go ahead starting on Tuesday, the International Longshoremen’s Association union said on Sunday, signalling action that could cause delays and snarl supply chains.

"United States Maritime Alliance ... refuses to address a half-century of wage subjugation," the union said in a statement. The United States Maritime Alliance, known as USMX, represents employers of the East and Gulf Coast longshore industry.

USMX did not immediately comment.

If union members walk off the job at ports stretching from Maine to Texas, it would be the first coast-wide ILA strike since 1977, affecting ports that handle about half the nation's ocean shipping.

A source said no negotiations were taking place Sunday and none are currently planned before the midnight Monday deadline. The union said previously the strike would not impact military cargo shipments or cruise ship traffic.

White House spokesperson Robyn Patterson said late Sunday that over the weekend, senior officials have been in touch with USMX representatives "urging them to come to a fair agreement fairly and quickly — one that reflects the success of the companies." The officials also delivered the same message to ILA, she added.

Earlier on Sunday, President Joe Biden said he did not intend to intervene to prevent a walkout if dock workers failed to secure a new contract by an Oct 1 deadline.

"It's collective bargaining. I don't believe in Taft-Hartley," he told reporters. Presidents can intervene in labor disputes that threaten national security or safety by imposing an 80-day cooling-off period under the federal Taft-Hartley Act.

Reuters first reported on Sept 17 that Biden did not plan to invoke the Taft-Hartley provision, citing a White House official.

A strike could stop the flow of everything from food to automobiles at major ports — in a dispute that could jeopardise jobs and stoke inflation weeks ahead of the US presidential election.

Business Roundtable, which represents major US business leaders, said it was "deeply concerned about the potential strike at the East Coast and Gulf Coast ports."

The group warned a labor stoppage could cost the US economy billions of dollars daily "hurting American businesses, workers and consumers across the country. We urge both sides to come to an agreement before Monday night’s deadline."

For months, the union has threatened to shut down the 36 ports it covers if employers like container ship operator Maersk and its APM Terminals North America do not deliver significant wage increases and stop terminal automation projects.

The dispute is worrying businesses that rely on ocean shipping to export their wares, or secure crucial imports.

The USMX employer group has accused the ILA of refusing to negotiate.

Source: Theedgemarkets

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Notes from the Road: An Outlook for AI and Technology Stocks

An AI ‘takeover’

The making of a new ‘stack’

The great spending debate

A word to the skeptics

Malaysian PM Wants Continued Attention to Welfare of Vulnerable Groups

Source: The edge markets

Kamala Harris’s Economic Policy Slate More Popular Than Trump’s – Poll

Source: Theguardian

Chinese Markets Ride Manufacturing Pmi High

New All-Time High in 'Uptober?' 5 Things to Know in Bitcoin This Week

$64K support retest fails to dent Bitcoin bulls’ confidence

BTC/USD 1-hour chart. Source: TradingView

BTC/USDT 4-hour chart. Source: CrypNuevo/X

BTC liquidation heatmap (Binance). Source: CrypNuevo/X

BTC/USD 1-week chart. Source: Matthew Hyland/X

Markets eye Powell, US unemployment data

Fed target rate probabilities. Source: CME Group

Not such a “Rektember” after all?

BTC/USD monthly returns (screenshot). Source: CoinGlass

Source: BitcoinHyper

Coinbase bounces back

Coinbase app downloads. Source: Bitcoindata21/X

Young whales show their colors

Bitcoin whale realized profits (screenshot). Source: CryptoQuant

Source: Cointelegraph

Budget 2025 Wishlist: Green Bonds, Tax Rebates Will Help Telco Firms to Move into RE — Edotco

Source: The edge markets

US East Coast Port Strike Set to Start Tuesday, Says Union

Source: Theedgemarkets

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