Mainland China stocks notch best day in four years, soar over 4%. China’s central bank announced a blitz of measures to support China’s weakening economy and energize its moribund stock market, an unusually broad package that signals growing unease in Beijing after a run of downbeat numbers on jobs, spending and inflation.
OpenAI to Become For-Profit Company. Becoming a for-profit company would mark a major shift for the ChatGPT maker, which was founded to freely develop advanced AI technology to benefit humanity, but has been morphing into a more traditional startup that sells products to consumers and businesses.
Investors have poured $126 billion into money-market funds (mutual funds that invest in highly liquid, short-term debt securities ) since the Federal Reserve’s jumbo-size interest-rate cut. That sent assets in such funds to a record $6.76 trillion as of Tuesday.
Meta Platforms is remaking its image around AI and injecting some star power by licensing famous actors' voices for its new digital assistant.
The quest for precious metals has led to new heights in 2024, with gold nearly reaching $2,700/oz for the first time ever. Spot silver has officially topped spot gold's year-to-date return after hitting its highest level since December 2012.
The eurozone economy grew about 6% over the past 15 years, measured in dollars, compared with 82% for the U.S., according to International Monetary Fund data. That has left the average EU country poorer per head than every US state except Idaho and Mississippi, according to a report this month by the European Centre for International Political Economy, a Brussels-based independent think tank. If the current trend continues, by 2035 the gap between economic output per capita in the US and EU will be as large as that between Japan and Ecuador today, the report said.