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How ego and fear fuelled the rise of artificial intelligence
When Altman and others pushed back, Musk quit and said he would focus on his own AI work at Tesla. In February 2018, he announced his departure to OpenAI’s staff on the top floor of the startup’s offices in a converted truck factory, three people who attended the meeting said. When he said that OpenAI needed to move faster, one researcher retorted at the meeting that Musk was being reckless. Musk called the researcher a “jackass” and stormed out, taking his deep pockets with him. OpenAI suddenly needed new financing in a hurry. Altman flew to Sun Valley for a conference and ran into Satya Nadella, Microsoft’s CEO. A tie-up seemed natural. Altman knew Microsoft’s chief technology officer, Kevin Scott. Microsoft had bought LinkedIn from Hoffman, an OpenAI board member. Nadella told Scott to get it done. The deal closed in 2019.
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How ego and fear fuelled the rise of artificial intelligence
When Altman and others pushed back, Musk quit and said he would focus on his own AI work at Tesla. In February 2018, he announced his departure to OpenAI’s staff on the top floor of the startup’s offices in a converted truck factory, three people who attended the meeting said. When he said that OpenAI needed to move faster, one researcher retorted at the meeting that Musk was being reckless. Musk called the researcher a “jackass” and stormed out, taking his deep pockets with him. OpenAI suddenly needed new financing in a hurry. Altman flew to Sun Valley for a conference and ran into Satya Nadella, Microsoft’s CEO. A tie-up seemed natural. Altman knew Microsoft’s chief technology officer, Kevin Scott. Microsoft had bought LinkedIn from Hoffman, an OpenAI board member. Nadella told Scott to get it done. The deal closed in 2019. Altman and OpenAI had formed a for-profit company under the original nonprofit, they had $US1 billion in fresh capital, and Microsoft had a new way to build AI into its vast cloud computing service.
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How ego and fear fuelled the rise of artificial intelligence
When he said that OpenAI needed to move faster, one researcher retorted at the meeting that Musk was being reckless. Musk called the researcher a “jackass” and stormed out, taking his deep pockets with him. OpenAI suddenly needed new financing in a hurry. Altman flew to Sun Valley for a conference and ran into Satya Nadella, Microsoft’s CEO. A tie-up seemed natural. Altman knew Microsoft’s chief technology officer, Kevin Scott. Microsoft had bought LinkedIn from Hoffman, an OpenAI board member. Nadella told Scott to get it done. The deal closed in 2019. Altman and OpenAI had formed a for-profit company under the original nonprofit, they had $US1 billion in fresh capital, and Microsoft had a new way to build AI into its vast cloud computing service. Not everyone inside OpenAI was happy.
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How ego and fear fuelled the rise of artificial intelligence
When he said that OpenAI needed to move faster, one researcher retorted at the meeting that Musk was being reckless. Musk called the researcher a “jackass” and stormed out, taking his deep pockets with him. OpenAI suddenly needed new financing in a hurry. Altman flew to Sun Valley for a conference and ran into Satya Nadella, Microsoft’s CEO. A tie-up seemed natural. Altman knew Microsoft’s chief technology officer, Kevin Scott. Microsoft had bought LinkedIn from Hoffman, an OpenAI board member. Nadella told Scott to get it done. The deal closed in 2019. Altman and OpenAI had formed a for-profit company under the original nonprofit, they had $US1 billion in fresh capital, and Microsoft had a new way to build AI into its vast cloud computing service. Not everyone inside OpenAI was happy.
Dario Amodei, a researcher with ties to the effective altruist community, had been on hand at the Rosewood hotel when OpenAI was born.
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How ego and fear fuelled the rise of artificial intelligence
Musk called the researcher a “jackass” and stormed out, taking his deep pockets with him. OpenAI suddenly needed new financing in a hurry. Altman flew to Sun Valley for a conference and ran into Satya Nadella, Microsoft’s CEO. A tie-up seemed natural. Altman knew Microsoft’s chief technology officer, Kevin Scott. Microsoft had bought LinkedIn from Hoffman, an OpenAI board member. Nadella told Scott to get it done. The deal closed in 2019. Altman and OpenAI had formed a for-profit company under the original nonprofit, they had $US1 billion in fresh capital, and Microsoft had a new way to build AI into its vast cloud computing service. Not everyone inside OpenAI was happy.
Dario Amodei, a researcher with ties to the effective altruist community, had been on hand at the Rosewood hotel when OpenAI was born. Amodei, who endlessly twisted his curls between his fingers as he talked, was leading the lab’s efforts to build a neural network called a large language model that could learn from enormous amounts of digital text.
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How ego and fear fuelled the rise of artificial intelligence
A tie-up seemed natural. Altman knew Microsoft’s chief technology officer, Kevin Scott. Microsoft had bought LinkedIn from Hoffman, an OpenAI board member. Nadella told Scott to get it done. The deal closed in 2019. Altman and OpenAI had formed a for-profit company under the original nonprofit, they had $US1 billion in fresh capital, and Microsoft had a new way to build AI into its vast cloud computing service. Not everyone inside OpenAI was happy.
Dario Amodei, a researcher with ties to the effective altruist community, had been on hand at the Rosewood hotel when OpenAI was born. Amodei, who endlessly twisted his curls between his fingers as he talked, was leading the lab’s efforts to build a neural network called a large language model that could learn from enormous amounts of digital text. Seeking the path to artificial general intelligence, AGI.
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How ego and fear fuelled the rise of artificial intelligence
A tie-up seemed natural. Altman knew Microsoft’s chief technology officer, Kevin Scott. Microsoft had bought LinkedIn from Hoffman, an OpenAI board member. Nadella told Scott to get it done. The deal closed in 2019. Altman and OpenAI had formed a for-profit company under the original nonprofit, they had $US1 billion in fresh capital, and Microsoft had a new way to build AI into its vast cloud computing service. Not everyone inside OpenAI was happy.
Dario Amodei, a researcher with ties to the effective altruist community, had been on hand at the Rosewood hotel when OpenAI was born. Amodei, who endlessly twisted his curls between his fingers as he talked, was leading the lab’s efforts to build a neural network called a large language model that could learn from enormous amounts of digital text. Seeking the path to artificial general intelligence, AGI. Credit: iStock By analysing countless Wikipedia articles, digital books and message boards, it could generate text on its own.
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How ego and fear fuelled the rise of artificial intelligence
Microsoft had bought LinkedIn from Hoffman, an OpenAI board member. Nadella told Scott to get it done. The deal closed in 2019. Altman and OpenAI had formed a for-profit company under the original nonprofit, they had $US1 billion in fresh capital, and Microsoft had a new way to build AI into its vast cloud computing service. Not everyone inside OpenAI was happy.
Dario Amodei, a researcher with ties to the effective altruist community, had been on hand at the Rosewood hotel when OpenAI was born. Amodei, who endlessly twisted his curls between his fingers as he talked, was leading the lab’s efforts to build a neural network called a large language model that could learn from enormous amounts of digital text. Seeking the path to artificial general intelligence, AGI. Credit: iStock By analysing countless Wikipedia articles, digital books and message boards, it could generate text on its own. It also had the unfortunate habit of making things up.
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How ego and fear fuelled the rise of artificial intelligence
Nadella told Scott to get it done. The deal closed in 2019. Altman and OpenAI had formed a for-profit company under the original nonprofit, they had $US1 billion in fresh capital, and Microsoft had a new way to build AI into its vast cloud computing service. Not everyone inside OpenAI was happy.
Dario Amodei, a researcher with ties to the effective altruist community, had been on hand at the Rosewood hotel when OpenAI was born. Amodei, who endlessly twisted his curls between his fingers as he talked, was leading the lab’s efforts to build a neural network called a large language model that could learn from enormous amounts of digital text. Seeking the path to artificial general intelligence, AGI. Credit: iStock By analysing countless Wikipedia articles, digital books and message boards, it could generate text on its own. It also had the unfortunate habit of making things up. It was called GPT-3, and it was released in the summer of 2020.
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How ego and fear fuelled the rise of artificial intelligence
Altman and OpenAI had formed a for-profit company under the original nonprofit, they had $US1 billion in fresh capital, and Microsoft had a new way to build AI into its vast cloud computing service. Not everyone inside OpenAI was happy.
Dario Amodei, a researcher with ties to the effective altruist community, had been on hand at the Rosewood hotel when OpenAI was born. Amodei, who endlessly twisted his curls between his fingers as he talked, was leading the lab’s efforts to build a neural network called a large language model that could learn from enormous amounts of digital text. Seeking the path to artificial general intelligence, AGI. Credit: iStock By analysing countless Wikipedia articles, digital books and message boards, it could generate text on its own. It also had the unfortunate habit of making things up. It was called GPT-3, and it was released in the summer of 2020. Researchers inside OpenAI, Google and other companies thought this rapidly improving technology could be a path to AGI.
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How ego and fear fuelled the rise of artificial intelligence
Not everyone inside OpenAI was happy.
Dario Amodei, a researcher with ties to the effective altruist community, had been on hand at the Rosewood hotel when OpenAI was born. Amodei, who endlessly twisted his curls between his fingers as he talked, was leading the lab’s efforts to build a neural network called a large language model that could learn from enormous amounts of digital text. Seeking the path to artificial general intelligence, AGI. Credit: iStock By analysing countless Wikipedia articles, digital books and message boards, it could generate text on its own. It also had the unfortunate habit of making things up. It was called GPT-3, and it was released in the summer of 2020. Researchers inside OpenAI, Google and other companies thought this rapidly improving technology could be a path to AGI. But Amodei was unhappy about the Microsoft deal because he thought it was taking OpenAI in a really commercial direction.
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How ego and fear fuelled the rise of artificial intelligence
Dario Amodei, a researcher with ties to the effective altruist community, had been on hand at the Rosewood hotel when OpenAI was born. Amodei, who endlessly twisted his curls between his fingers as he talked, was leading the lab’s efforts to build a neural network called a large language model that could learn from enormous amounts of digital text. Seeking the path to artificial general intelligence, AGI. Credit: iStock By analysing countless Wikipedia articles, digital books and message boards, it could generate text on its own. It also had the unfortunate habit of making things up. It was called GPT-3, and it was released in the summer of 2020. Researchers inside OpenAI, Google and other companies thought this rapidly improving technology could be a path to AGI. But Amodei was unhappy about the Microsoft deal because he thought it was taking OpenAI in a really commercial direction. He and other researchers went to the board to try to push Altman out, according to five people familiar with the matter.
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How ego and fear fuelled the rise of artificial intelligence
Amodei, who endlessly twisted his curls between his fingers as he talked, was leading the lab’s efforts to build a neural network called a large language model that could learn from enormous amounts of digital text. Seeking the path to artificial general intelligence, AGI. Credit: iStock By analysing countless Wikipedia articles, digital books and message boards, it could generate text on its own. It also had the unfortunate habit of making things up. It was called GPT-3, and it was released in the summer of 2020. Researchers inside OpenAI, Google and other companies thought this rapidly improving technology could be a path to AGI. But Amodei was unhappy about the Microsoft deal because he thought it was taking OpenAI in a really commercial direction. He and other researchers went to the board to try to push Altman out, according to five people familiar with the matter. After they failed, they left.
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How ego and fear fuelled the rise of artificial intelligence
Amodei, who endlessly twisted his curls between his fingers as he talked, was leading the lab’s efforts to build a neural network called a large language model that could learn from enormous amounts of digital text. Seeking the path to artificial general intelligence, AGI. Credit: iStock By analysing countless Wikipedia articles, digital books and message boards, it could generate text on its own. It also had the unfortunate habit of making things up. It was called GPT-3, and it was released in the summer of 2020. Researchers inside OpenAI, Google and other companies thought this rapidly improving technology could be a path to AGI. But Amodei was unhappy about the Microsoft deal because he thought it was taking OpenAI in a really commercial direction. He and other researchers went to the board to try to push Altman out, according to five people familiar with the matter. After they failed, they left. Like DeepMind’s founders before them, they worried that their new corporate overlords would favour commercial interests over safety.
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How ego and fear fuelled the rise of artificial intelligence
Seeking the path to artificial general intelligence, AGI. Credit: iStock By analysing countless Wikipedia articles, digital books and message boards, it could generate text on its own. It also had the unfortunate habit of making things up. It was called GPT-3, and it was released in the summer of 2020. Researchers inside OpenAI, Google and other companies thought this rapidly improving technology could be a path to AGI. But Amodei was unhappy about the Microsoft deal because he thought it was taking OpenAI in a really commercial direction. He and other researchers went to the board to try to push Altman out, according to five people familiar with the matter. After they failed, they left. Like DeepMind’s founders before them, they worried that their new corporate overlords would favour commercial interests over safety.
In 2021, the group of about 15 engineers and scientists created a new lab called Anthropic.
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How ego and fear fuelled the rise of artificial intelligence
Seeking the path to artificial general intelligence, AGI. Credit: iStock By analysing countless Wikipedia articles, digital books and message boards, it could generate text on its own. It also had the unfortunate habit of making things up. It was called GPT-3, and it was released in the summer of 2020. Researchers inside OpenAI, Google and other companies thought this rapidly improving technology could be a path to AGI. But Amodei was unhappy about the Microsoft deal because he thought it was taking OpenAI in a really commercial direction. He and other researchers went to the board to try to push Altman out, according to five people familiar with the matter. After they failed, they left. Like DeepMind’s founders before them, they worried that their new corporate overlords would favour commercial interests over safety.
In 2021, the group of about 15 engineers and scientists created a new lab called Anthropic. The plan was to build AI the way the effective altruists thought it should done – with very tight controls.
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How ego and fear fuelled the rise of artificial intelligence
It also had the unfortunate habit of making things up. It was called GPT-3, and it was released in the summer of 2020. Researchers inside OpenAI, Google and other companies thought this rapidly improving technology could be a path to AGI. But Amodei was unhappy about the Microsoft deal because he thought it was taking OpenAI in a really commercial direction. He and other researchers went to the board to try to push Altman out, according to five people familiar with the matter. After they failed, they left. Like DeepMind’s founders before them, they worried that their new corporate overlords would favour commercial interests over safety.
In 2021, the group of about 15 engineers and scientists created a new lab called Anthropic. The plan was to build AI the way the effective altruists thought it should done – with very tight controls. “There was no attempt to remove Sam Altman from OpenAI by the co-founders of Anthropic,” said an Anthropic spokesperson, Sally Aldous.
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How ego and fear fuelled the rise of artificial intelligence
Researchers inside OpenAI, Google and other companies thought this rapidly improving technology could be a path to AGI. But Amodei was unhappy about the Microsoft deal because he thought it was taking OpenAI in a really commercial direction. He and other researchers went to the board to try to push Altman out, according to five people familiar with the matter. After they failed, they left. Like DeepMind’s founders before them, they worried that their new corporate overlords would favour commercial interests over safety.
In 2021, the group of about 15 engineers and scientists created a new lab called Anthropic. The plan was to build AI the way the effective altruists thought it should done – with very tight controls. “There was no attempt to remove Sam Altman from OpenAI by the co-founders of Anthropic,” said an Anthropic spokesperson, Sally Aldous. “The co-founders themselves came to the conclusion that they wished to depart OpenAI to start their own company, made this known to OpenAI’s leadership, and over several weeks negotiated an exit on mutually agreeable terms.” Anthropic accepted a $US4 billion investment from Amazon and another $US2 billion from Google two years later.
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How ego and fear fuelled the rise of artificial intelligence
After they failed, they left. Like DeepMind’s founders before them, they worried that their new corporate overlords would favour commercial interests over safety.
In 2021, the group of about 15 engineers and scientists created a new lab called Anthropic. The plan was to build AI the way the effective altruists thought it should done – with very tight controls. “There was no attempt to remove Sam Altman from OpenAI by the co-founders of Anthropic,” said an Anthropic spokesperson, Sally Aldous. “The co-founders themselves came to the conclusion that they wished to depart OpenAI to start their own company, made this known to OpenAI’s leadership, and over several weeks negotiated an exit on mutually agreeable terms.” Anthropic accepted a $US4 billion investment from Amazon and another $US2 billion from Google two years later. The Reveal After OpenAI received another $US2 billion from Microsoft, Altman and another senior executive, Greg Brockman, visited Bill Gates at his sprawling mansion on the shores of Lake Washington, outside Seattle.
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How ego and fear fuelled the rise of artificial intelligence
In 2021, the group of about 15 engineers and scientists created a new lab called Anthropic. The plan was to build AI the way the effective altruists thought it should done – with very tight controls. “There was no attempt to remove Sam Altman from OpenAI by the co-founders of Anthropic,” said an Anthropic spokesperson, Sally Aldous. “The co-founders themselves came to the conclusion that they wished to depart OpenAI to start their own company, made this known to OpenAI’s leadership, and over several weeks negotiated an exit on mutually agreeable terms.” Anthropic accepted a $US4 billion investment from Amazon and another $US2 billion from Google two years later. The Reveal After OpenAI received another $US2 billion from Microsoft, Altman and another senior executive, Greg Brockman, visited Bill Gates at his sprawling mansion on the shores of Lake Washington, outside Seattle. The Microsoft founder was no longer involved in the company day to day but kept in regular touch with its executives.
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How ego and fear fuelled the rise of artificial intelligence
The plan was to build AI the way the effective altruists thought it should done – with very tight controls. “There was no attempt to remove Sam Altman from OpenAI by the co-founders of Anthropic,” said an Anthropic spokesperson, Sally Aldous. “The co-founders themselves came to the conclusion that they wished to depart OpenAI to start their own company, made this known to OpenAI’s leadership, and over several weeks negotiated an exit on mutually agreeable terms.” Anthropic accepted a $US4 billion investment from Amazon and another $US2 billion from Google two years later. The Reveal After OpenAI received another $US2 billion from Microsoft, Altman and another senior executive, Greg Brockman, visited Bill Gates at his sprawling mansion on the shores of Lake Washington, outside Seattle. The Microsoft founder was no longer involved in the company day to day but kept in regular touch with its executives.
Over dinner, Gates told them he doubted that large language models could work.
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How ego and fear fuelled the rise of artificial intelligence
“There was no attempt to remove Sam Altman from OpenAI by the co-founders of Anthropic,” said an Anthropic spokesperson, Sally Aldous. “The co-founders themselves came to the conclusion that they wished to depart OpenAI to start their own company, made this known to OpenAI’s leadership, and over several weeks negotiated an exit on mutually agreeable terms.” Anthropic accepted a $US4 billion investment from Amazon and another $US2 billion from Google two years later. The Reveal After OpenAI received another $US2 billion from Microsoft, Altman and another senior executive, Greg Brockman, visited Bill Gates at his sprawling mansion on the shores of Lake Washington, outside Seattle. The Microsoft founder was no longer involved in the company day to day but kept in regular touch with its executives.
Over dinner, Gates told them he doubted that large language models could work. He would stay sceptical, he said, until the technology performed a task that required critical thinking – passing an Advanced Placement biology test, for instance.
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How ego and fear fuelled the rise of artificial intelligence
“The co-founders themselves came to the conclusion that they wished to depart OpenAI to start their own company, made this known to OpenAI’s leadership, and over several weeks negotiated an exit on mutually agreeable terms.” Anthropic accepted a $US4 billion investment from Amazon and another $US2 billion from Google two years later. The Reveal After OpenAI received another $US2 billion from Microsoft, Altman and another senior executive, Greg Brockman, visited Bill Gates at his sprawling mansion on the shores of Lake Washington, outside Seattle. The Microsoft founder was no longer involved in the company day to day but kept in regular touch with its executives.
Over dinner, Gates told them he doubted that large language models could work. He would stay sceptical, he said, until the technology performed a task that required critical thinking – passing an Advanced Placement biology test, for instance. Five months later, on August 24, 2022, Altman and Brockman returned and brought along an OpenAI researcher named Chelsea Voss.
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How ego and fear fuelled the rise of artificial intelligence
The Reveal After OpenAI received another $US2 billion from Microsoft, Altman and another senior executive, Greg Brockman, visited Bill Gates at his sprawling mansion on the shores of Lake Washington, outside Seattle. The Microsoft founder was no longer involved in the company day to day but kept in regular touch with its executives.
Over dinner, Gates told them he doubted that large language models could work. He would stay sceptical, he said, until the technology performed a task that required critical thinking – passing an Advanced Placement biology test, for instance. Five months later, on August 24, 2022, Altman and Brockman returned and brought along an OpenAI researcher named Chelsea Voss. Voss had been a medallist in an international biology Olympiad as a high schooler. Nadella and other Microsoft executives were there, too. On a huge digital display on a stand outside Gates’ living room, the OpenAI crew presented a technology called GPT-4.
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How ego and fear fuelled the rise of artificial intelligence
The Microsoft founder was no longer involved in the company day to day but kept in regular touch with its executives.
Over dinner, Gates told them he doubted that large language models could work. He would stay sceptical, he said, until the technology performed a task that required critical thinking – passing an Advanced Placement biology test, for instance. Five months later, on August 24, 2022, Altman and Brockman returned and brought along an OpenAI researcher named Chelsea Voss. Voss had been a medallist in an international biology Olympiad as a high schooler. Nadella and other Microsoft executives were there, too. On a huge digital display on a stand outside Gates’ living room, the OpenAI crew presented a technology called GPT-4. Brockman gave the system a multiple-choice advanced biology test, and Voss graded the answers. Bill Gates believes AI will eventually change the nature of work.
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How ego and fear fuelled the rise of artificial intelligence
The Microsoft founder was no longer involved in the company day to day but kept in regular touch with its executives.
Over dinner, Gates told them he doubted that large language models could work. He would stay sceptical, he said, until the technology performed a task that required critical thinking – passing an Advanced Placement biology test, for instance. Five months later, on August 24, 2022, Altman and Brockman returned and brought along an OpenAI researcher named Chelsea Voss. Voss had been a medallist in an international biology Olympiad as a high schooler. Nadella and other Microsoft executives were there, too. On a huge digital display on a stand outside Gates’ living room, the OpenAI crew presented a technology called GPT-4. Brockman gave the system a multiple-choice advanced biology test, and Voss graded the answers. Bill Gates believes AI will eventually change the nature of work. Credit: Peter Morris/Sydney Heads The first question involved polar molecules, groups of atoms with a positive charge at one end and a negative charge at the other.
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How ego and fear fuelled the rise of artificial intelligence
He would stay sceptical, he said, until the technology performed a task that required critical thinking – passing an Advanced Placement biology test, for instance. Five months later, on August 24, 2022, Altman and Brockman returned and brought along an OpenAI researcher named Chelsea Voss. Voss had been a medallist in an international biology Olympiad as a high schooler. Nadella and other Microsoft executives were there, too. On a huge digital display on a stand outside Gates’ living room, the OpenAI crew presented a technology called GPT-4. Brockman gave the system a multiple-choice advanced biology test, and Voss graded the answers. Bill Gates believes AI will eventually change the nature of work. Credit: Peter Morris/Sydney Heads The first question involved polar molecules, groups of atoms with a positive charge at one end and a negative charge at the other. The system answered correctly and explained its choice. “It was only trained to provide an answer,” Brockman said.
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How ego and fear fuelled the rise of artificial intelligence
Five months later, on August 24, 2022, Altman and Brockman returned and brought along an OpenAI researcher named Chelsea Voss. Voss had been a medallist in an international biology Olympiad as a high schooler. Nadella and other Microsoft executives were there, too. On a huge digital display on a stand outside Gates’ living room, the OpenAI crew presented a technology called GPT-4. Brockman gave the system a multiple-choice advanced biology test, and Voss graded the answers. Bill Gates believes AI will eventually change the nature of work. Credit: Peter Morris/Sydney Heads The first question involved polar molecules, groups of atoms with a positive charge at one end and a negative charge at the other. The system answered correctly and explained its choice. “It was only trained to provide an answer,” Brockman said. “The conversational nature kind of fell out, almost magically.” In other words, it was doing things they hadn’t really designed it to do.
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ASX set for bright start despite Wall Street slip; $A drops
Loading Perpetual climbed 6.3 per cent after it announced a strategic review of its three-pronged corporate structure that might see it demerge its corporate trust and wealth management businesses and create a more focused asset manager. Shares in Endeavour lifted 2.4 per cent after it forecast earnings before interest and tax in its hotels division would grow by more than $150 million over the next five years. The laggards Utilities and energy stocks were the weakest performers on the local bourse, rising 0.6 per cent and 0.8 per cent, respectively.
Only five large-cap stocks declined, with Evolution Mining sinking a mammoth 13 per cent after it raised $525 million selling new shares to institutional investors at $3.80 a share. The mining sector, however, managed to finish in positive territory.
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ASX set for bright start despite Wall Street slip; $A drops
Loading Perpetual climbed 6.3 per cent after it announced a strategic review of its three-pronged corporate structure that might see it demerge its corporate trust and wealth management businesses and create a more focused asset manager. Shares in Endeavour lifted 2.4 per cent after it forecast earnings before interest and tax in its hotels division would grow by more than $150 million over the next five years. The laggards Utilities and energy stocks were the weakest performers on the local bourse, rising 0.6 per cent and 0.8 per cent, respectively.
Only five large-cap stocks declined, with Evolution Mining sinking a mammoth 13 per cent after it raised $525 million selling new shares to institutional investors at $3.80 a share. The mining sector, however, managed to finish in positive territory. Gold miner Newmont was down 1.25 per cent, Origin Energy fell 0.4 per cent, Mercury Nz declined 0.3 per cent and Argo Investments traded 0.1 per cent lower.
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ASX set for bright start despite Wall Street slip; $A drops
Shares in Endeavour lifted 2.4 per cent after it forecast earnings before interest and tax in its hotels division would grow by more than $150 million over the next five years. The laggards Utilities and energy stocks were the weakest performers on the local bourse, rising 0.6 per cent and 0.8 per cent, respectively.
Only five large-cap stocks declined, with Evolution Mining sinking a mammoth 13 per cent after it raised $525 million selling new shares to institutional investors at $3.80 a share. The mining sector, however, managed to finish in positive territory. Gold miner Newmont was down 1.25 per cent, Origin Energy fell 0.4 per cent, Mercury Nz declined 0.3 per cent and Argo Investments traded 0.1 per cent lower. The lowdown Moomoo market strategist Jessica Amir said the local sharemarket outperformed global equities on Wednesday because of the National Accounts figures, which pointed to the Reserve Bank potentially hitting pause on lifting interest rates.
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ASX set for bright start despite Wall Street slip; $A drops
The laggards Utilities and energy stocks were the weakest performers on the local bourse, rising 0.6 per cent and 0.8 per cent, respectively.
Only five large-cap stocks declined, with Evolution Mining sinking a mammoth 13 per cent after it raised $525 million selling new shares to institutional investors at $3.80 a share. The mining sector, however, managed to finish in positive territory. Gold miner Newmont was down 1.25 per cent, Origin Energy fell 0.4 per cent, Mercury Nz declined 0.3 per cent and Argo Investments traded 0.1 per cent lower. The lowdown Moomoo market strategist Jessica Amir said the local sharemarket outperformed global equities on Wednesday because of the National Accounts figures, which pointed to the Reserve Bank potentially hitting pause on lifting interest rates. “We know economic growth is slowing, Australian unemployment is likely to pick up next year and inflation is likely to fall,” Amir said.
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ASX set for bright start despite Wall Street slip; $A drops
Only five large-cap stocks declined, with Evolution Mining sinking a mammoth 13 per cent after it raised $525 million selling new shares to institutional investors at $3.80 a share. The mining sector, however, managed to finish in positive territory. Gold miner Newmont was down 1.25 per cent, Origin Energy fell 0.4 per cent, Mercury Nz declined 0.3 per cent and Argo Investments traded 0.1 per cent lower. The lowdown Moomoo market strategist Jessica Amir said the local sharemarket outperformed global equities on Wednesday because of the National Accounts figures, which pointed to the Reserve Bank potentially hitting pause on lifting interest rates. “We know economic growth is slowing, Australian unemployment is likely to pick up next year and inflation is likely to fall,” Amir said. “The good news is that all of these three things, the trifecta, is pointing towards the RBA stopping rising interest rates and then potentially moving to cut interest rates.
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ASX set for bright start despite Wall Street slip; $A drops
The mining sector, however, managed to finish in positive territory. Gold miner Newmont was down 1.25 per cent, Origin Energy fell 0.4 per cent, Mercury Nz declined 0.3 per cent and Argo Investments traded 0.1 per cent lower. The lowdown Moomoo market strategist Jessica Amir said the local sharemarket outperformed global equities on Wednesday because of the National Accounts figures, which pointed to the Reserve Bank potentially hitting pause on lifting interest rates. “We know economic growth is slowing, Australian unemployment is likely to pick up next year and inflation is likely to fall,” Amir said. “The good news is that all of these three things, the trifecta, is pointing towards the RBA stopping rising interest rates and then potentially moving to cut interest rates. This is what the market has priced in today.”
The local gains came after most stocks slipped on Wall Street overnight, although the US market stayed near its highest level in 20 months following a mixed set of reports that kept alive questions about whether the world’s largest economy can pull off a perfect landing where it kills high inflation, but avoids a recession.
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ASX set for bright start despite Wall Street slip; $A drops
The lowdown Moomoo market strategist Jessica Amir said the local sharemarket outperformed global equities on Wednesday because of the National Accounts figures, which pointed to the Reserve Bank potentially hitting pause on lifting interest rates. “We know economic growth is slowing, Australian unemployment is likely to pick up next year and inflation is likely to fall,” Amir said. “The good news is that all of these three things, the trifecta, is pointing towards the RBA stopping rising interest rates and then potentially moving to cut interest rates. This is what the market has priced in today.”
The local gains came after most stocks slipped on Wall Street overnight, although the US market stayed near its highest level in 20 months following a mixed set of reports that kept alive questions about whether the world’s largest economy can pull off a perfect landing where it kills high inflation, but avoids a recession. The S&P 500 edged down by 0.1 per cent for its first back-to-back loss since October.
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ASX set for bright start despite Wall Street slip; $A drops
“We know economic growth is slowing, Australian unemployment is likely to pick up next year and inflation is likely to fall,” Amir said. “The good news is that all of these three things, the trifecta, is pointing towards the RBA stopping rising interest rates and then potentially moving to cut interest rates. This is what the market has priced in today.”
The local gains came after most stocks slipped on Wall Street overnight, although the US market stayed near its highest level in 20 months following a mixed set of reports that kept alive questions about whether the world’s largest economy can pull off a perfect landing where it kills high inflation, but avoids a recession. The S&P 500 edged down by 0.1 per cent for its first back-to-back loss since October. The Dow Jones slipped 0.2 per cent and the Nasdaq composite rose 0.3 per cent. Stocks were down more sharply in Asia amid worries about the health of China’s economy, the world’s second largest.
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ASX set for bright start despite Wall Street slip; $A drops
“The good news is that all of these three things, the trifecta, is pointing towards the RBA stopping rising interest rates and then potentially moving to cut interest rates. This is what the market has priced in today.”
The local gains came after most stocks slipped on Wall Street overnight, although the US market stayed near its highest level in 20 months following a mixed set of reports that kept alive questions about whether the world’s largest economy can pull off a perfect landing where it kills high inflation, but avoids a recession. The S&P 500 edged down by 0.1 per cent for its first back-to-back loss since October. The Dow Jones slipped 0.2 per cent and the Nasdaq composite rose 0.3 per cent. Stocks were down more sharply in Asia amid worries about the health of China’s economy, the world’s second largest. US stocks and Treasury yields wavered after reports showed that US employers advertised far fewer jobs at the end of October than expected, while growth for services businesses accelerated more last month than expected.
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ASX set for bright start despite Wall Street slip; $A drops
This is what the market has priced in today.”
The local gains came after most stocks slipped on Wall Street overnight, although the US market stayed near its highest level in 20 months following a mixed set of reports that kept alive questions about whether the world’s largest economy can pull off a perfect landing where it kills high inflation, but avoids a recession. The S&P 500 edged down by 0.1 per cent for its first back-to-back loss since October. The Dow Jones slipped 0.2 per cent and the Nasdaq composite rose 0.3 per cent. Stocks were down more sharply in Asia amid worries about the health of China’s economy, the world’s second largest. US stocks and Treasury yields wavered after reports showed that US employers advertised far fewer jobs at the end of October than expected, while growth for services businesses accelerated more last month than expected. Hope has been rising on Wall Street recently that the US economy is slowing from its recent hot pace by just the right amount.
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ASX set for bright start despite Wall Street slip; $A drops
The S&P 500 edged down by 0.1 per cent for its first back-to-back loss since October. The Dow Jones slipped 0.2 per cent and the Nasdaq composite rose 0.3 per cent. Stocks were down more sharply in Asia amid worries about the health of China’s economy, the world’s second largest. US stocks and Treasury yields wavered after reports showed that US employers advertised far fewer jobs at the end of October than expected, while growth for services businesses accelerated more last month than expected. Hope has been rising on Wall Street recently that the US economy is slowing from its recent hot pace by just the right amount. Too much strength would give inflation more fuel, but too little would mean a recession.
With inflation down from its peak two summers ago, Wall Street is hopeful that the Federal Reserve may finally be done with its market-shaking hikes to interest rates and could soon turn to cutting them.
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ASX set for bright start despite Wall Street slip; $A drops
The S&P 500 edged down by 0.1 per cent for its first back-to-back loss since October. The Dow Jones slipped 0.2 per cent and the Nasdaq composite rose 0.3 per cent. Stocks were down more sharply in Asia amid worries about the health of China’s economy, the world’s second largest. US stocks and Treasury yields wavered after reports showed that US employers advertised far fewer jobs at the end of October than expected, while growth for services businesses accelerated more last month than expected. Hope has been rising on Wall Street recently that the US economy is slowing from its recent hot pace by just the right amount. Too much strength would give inflation more fuel, but too little would mean a recession.
With inflation down from its peak two summers ago, Wall Street is hopeful that the Federal Reserve may finally be done with its market-shaking hikes to interest rates and could soon turn to cutting them. That could help the economy avoid a recession and give a boost to all kinds of investment prices.
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ASX set for bright start despite Wall Street slip; $A drops
The Dow Jones slipped 0.2 per cent and the Nasdaq composite rose 0.3 per cent. Stocks were down more sharply in Asia amid worries about the health of China’s economy, the world’s second largest. US stocks and Treasury yields wavered after reports showed that US employers advertised far fewer jobs at the end of October than expected, while growth for services businesses accelerated more last month than expected. Hope has been rising on Wall Street recently that the US economy is slowing from its recent hot pace by just the right amount. Too much strength would give inflation more fuel, but too little would mean a recession.
With inflation down from its peak two summers ago, Wall Street is hopeful that the Federal Reserve may finally be done with its market-shaking hikes to interest rates and could soon turn to cutting them. That could help the economy avoid a recession and give a boost to all kinds of investment prices. Investors have been looking for a slowdown in the job market in particular.
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ASX set for bright start despite Wall Street slip; $A drops
Stocks were down more sharply in Asia amid worries about the health of China’s economy, the world’s second largest. US stocks and Treasury yields wavered after reports showed that US employers advertised far fewer jobs at the end of October than expected, while growth for services businesses accelerated more last month than expected. Hope has been rising on Wall Street recently that the US economy is slowing from its recent hot pace by just the right amount. Too much strength would give inflation more fuel, but too little would mean a recession.
With inflation down from its peak two summers ago, Wall Street is hopeful that the Federal Reserve may finally be done with its market-shaking hikes to interest rates and could soon turn to cutting them. That could help the economy avoid a recession and give a boost to all kinds of investment prices. Investors have been looking for a slowdown in the job market in particular. The hope is that it can cool more through employers cutting back on open positions than on employers laying off workers.
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ASX set for bright start despite Wall Street slip; $A drops
US stocks and Treasury yields wavered after reports showed that US employers advertised far fewer jobs at the end of October than expected, while growth for services businesses accelerated more last month than expected. Hope has been rising on Wall Street recently that the US economy is slowing from its recent hot pace by just the right amount. Too much strength would give inflation more fuel, but too little would mean a recession.
With inflation down from its peak two summers ago, Wall Street is hopeful that the Federal Reserve may finally be done with its market-shaking hikes to interest rates and could soon turn to cutting them. That could help the economy avoid a recession and give a boost to all kinds of investment prices. Investors have been looking for a slowdown in the job market in particular. The hope is that it can cool more through employers cutting back on open positions than on employers laying off workers. Tuesday’s report showed that employers advertised just 8.7 million jobs on the last day of October, down by 617,000 from a month earlier.
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ASX set for bright start despite Wall Street slip; $A drops
Hope has been rising on Wall Street recently that the US economy is slowing from its recent hot pace by just the right amount. Too much strength would give inflation more fuel, but too little would mean a recession.
With inflation down from its peak two summers ago, Wall Street is hopeful that the Federal Reserve may finally be done with its market-shaking hikes to interest rates and could soon turn to cutting them. That could help the economy avoid a recession and give a boost to all kinds of investment prices. Investors have been looking for a slowdown in the job market in particular. The hope is that it can cool more through employers cutting back on open positions than on employers laying off workers. Tuesday’s report showed that employers advertised just 8.7 million jobs on the last day of October, down by 617,000 from a month earlier. In the bond market, US Treasury yields continued to sag further from the heights they reached during late October.
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ASX set for bright start despite Wall Street slip; $A drops
Hope has been rising on Wall Street recently that the US economy is slowing from its recent hot pace by just the right amount. Too much strength would give inflation more fuel, but too little would mean a recession.
With inflation down from its peak two summers ago, Wall Street is hopeful that the Federal Reserve may finally be done with its market-shaking hikes to interest rates and could soon turn to cutting them. That could help the economy avoid a recession and give a boost to all kinds of investment prices. Investors have been looking for a slowdown in the job market in particular. The hope is that it can cool more through employers cutting back on open positions than on employers laying off workers. Tuesday’s report showed that employers advertised just 8.7 million jobs on the last day of October, down by 617,000 from a month earlier. In the bond market, US Treasury yields continued to sag further from the heights they reached during late October. The yield on the 10-year Treasury fell to 4.18 per cent from 4.26 per cent late on Monday, offering more breathing space for stocks and other markets.
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ASX set for bright start despite Wall Street slip; $A drops
With inflation down from its peak two summers ago, Wall Street is hopeful that the Federal Reserve may finally be done with its market-shaking hikes to interest rates and could soon turn to cutting them. That could help the economy avoid a recession and give a boost to all kinds of investment prices. Investors have been looking for a slowdown in the job market in particular. The hope is that it can cool more through employers cutting back on open positions than on employers laying off workers. Tuesday’s report showed that employers advertised just 8.7 million jobs on the last day of October, down by 617,000 from a month earlier. In the bond market, US Treasury yields continued to sag further from the heights they reached during late October. The yield on the 10-year Treasury fell to 4.18 per cent from 4.26 per cent late on Monday, offering more breathing space for stocks and other markets. It had been above 5 per cent, and at its highest level in more than a decade, during October.
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ASX set for bright start despite Wall Street slip; $A drops
That could help the economy avoid a recession and give a boost to all kinds of investment prices. Investors have been looking for a slowdown in the job market in particular. The hope is that it can cool more through employers cutting back on open positions than on employers laying off workers. Tuesday’s report showed that employers advertised just 8.7 million jobs on the last day of October, down by 617,000 from a month earlier. In the bond market, US Treasury yields continued to sag further from the heights they reached during late October. The yield on the 10-year Treasury fell to 4.18 per cent from 4.26 per cent late on Monday, offering more breathing space for stocks and other markets. It had been above 5 per cent, and at its highest level in more than a decade, during October. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, went on a jagged run following the economic reports.
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ASX set for bright start despite Wall Street slip; $A drops
Investors have been looking for a slowdown in the job market in particular. The hope is that it can cool more through employers cutting back on open positions than on employers laying off workers. Tuesday’s report showed that employers advertised just 8.7 million jobs on the last day of October, down by 617,000 from a month earlier. In the bond market, US Treasury yields continued to sag further from the heights they reached during late October. The yield on the 10-year Treasury fell to 4.18 per cent from 4.26 per cent late on Monday, offering more breathing space for stocks and other markets. It had been above 5 per cent, and at its highest level in more than a decade, during October. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, went on a jagged run following the economic reports. It fell from 4.61 per cent just before the reports’ release to 4.57 per cent and then yo-yoed before easing back to 4.57 per cent.
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ASX set for bright start despite Wall Street slip; $A drops
Tuesday’s report showed that employers advertised just 8.7 million jobs on the last day of October, down by 617,000 from a month earlier. In the bond market, US Treasury yields continued to sag further from the heights they reached during late October. The yield on the 10-year Treasury fell to 4.18 per cent from 4.26 per cent late on Monday, offering more breathing space for stocks and other markets. It had been above 5 per cent, and at its highest level in more than a decade, during October. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, went on a jagged run following the economic reports. It fell from 4.61 per cent just before the reports’ release to 4.57 per cent and then yo-yoed before easing back to 4.57 per cent.
Loading Traders widely expect the Federal Reserve to hold its key interest rate steady at its meeting next week, before potentially cutting rates in March, according to data from CME Group.
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ASX set for bright start despite Wall Street slip; $A drops
In the bond market, US Treasury yields continued to sag further from the heights they reached during late October. The yield on the 10-year Treasury fell to 4.18 per cent from 4.26 per cent late on Monday, offering more breathing space for stocks and other markets. It had been above 5 per cent, and at its highest level in more than a decade, during October. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, went on a jagged run following the economic reports. It fell from 4.61 per cent just before the reports’ release to 4.57 per cent and then yo-yoed before easing back to 4.57 per cent.
Loading Traders widely expect the Federal Reserve to hold its key interest rate steady at its meeting next week, before potentially cutting rates in March, according to data from CME Group. Fed officials have recently hinted that the federal funds rate may indeed already be at its peak.
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ASX set for bright start despite Wall Street slip; $A drops
The yield on the 10-year Treasury fell to 4.18 per cent from 4.26 per cent late on Monday, offering more breathing space for stocks and other markets. It had been above 5 per cent, and at its highest level in more than a decade, during October. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, went on a jagged run following the economic reports. It fell from 4.61 per cent just before the reports’ release to 4.57 per cent and then yo-yoed before easing back to 4.57 per cent.
Loading Traders widely expect the Federal Reserve to hold its key interest rate steady at its meeting next week, before potentially cutting rates in March, according to data from CME Group. Fed officials have recently hinted that the federal funds rate may indeed already be at its peak. It’s above 5.25 per cent, up from nearly zero early last year.
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ASX set for bright start despite Wall Street slip; $A drops
It had been above 5 per cent, and at its highest level in more than a decade, during October. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, went on a jagged run following the economic reports. It fell from 4.61 per cent just before the reports’ release to 4.57 per cent and then yo-yoed before easing back to 4.57 per cent.
Loading Traders widely expect the Federal Reserve to hold its key interest rate steady at its meeting next week, before potentially cutting rates in March, according to data from CME Group. Fed officials have recently hinted that the federal funds rate may indeed already be at its peak. It’s above 5.25 per cent, up from nearly zero early last year. But Fed Chair Jerome Powell and others have also warned Wall Street about being overzealous in its predictions about how early a cut could happen. Lower yields have been one reason prices for cryptocurrencies have been rising recently.
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ASX set for bright start despite Wall Street slip; $A drops
The yield on the two-year Treasury, which more closely tracks expectations for the Fed, went on a jagged run following the economic reports. It fell from 4.61 per cent just before the reports’ release to 4.57 per cent and then yo-yoed before easing back to 4.57 per cent.
Loading Traders widely expect the Federal Reserve to hold its key interest rate steady at its meeting next week, before potentially cutting rates in March, according to data from CME Group. Fed officials have recently hinted that the federal funds rate may indeed already be at its peak. It’s above 5.25 per cent, up from nearly zero early last year. But Fed Chair Jerome Powell and others have also warned Wall Street about being overzealous in its predictions about how early a cut could happen. Lower yields have been one reason prices for cryptocurrencies have been rising recently. Excitement about a possible exchange-traded fund tied to bitcoin, which would open it to new kinds of investors, has also helped send it above $US43,000 ($65,600) recently.
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ASX set for bright start despite Wall Street slip; $A drops
Loading Traders widely expect the Federal Reserve to hold its key interest rate steady at its meeting next week, before potentially cutting rates in March, according to data from CME Group. Fed officials have recently hinted that the federal funds rate may indeed already be at its peak. It’s above 5.25 per cent, up from nearly zero early last year. But Fed Chair Jerome Powell and others have also warned Wall Street about being overzealous in its predictions about how early a cut could happen. Lower yields have been one reason prices for cryptocurrencies have been rising recently. Excitement about a possible exchange-traded fund tied to bitcoin, which would open it to new kinds of investors, has also helped send it above $US43,000 ($65,600) recently. The surge of interest helped Robinhood Markets report a roughly 75 per cent jump in trading volumes for crypto during November from a month earlier.
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ASX set for bright start despite Wall Street slip; $A drops
Loading Traders widely expect the Federal Reserve to hold its key interest rate steady at its meeting next week, before potentially cutting rates in March, according to data from CME Group. Fed officials have recently hinted that the federal funds rate may indeed already be at its peak. It’s above 5.25 per cent, up from nearly zero early last year. But Fed Chair Jerome Powell and others have also warned Wall Street about being overzealous in its predictions about how early a cut could happen. Lower yields have been one reason prices for cryptocurrencies have been rising recently. Excitement about a possible exchange-traded fund tied to bitcoin, which would open it to new kinds of investors, has also helped send it above $US43,000 ($65,600) recently. The surge of interest helped Robinhood Markets report a roughly 75 per cent jump in trading volumes for crypto during November from a month earlier. It also said customers added about $US1.4 billion in net deposits during the month, and its own stock rose 10.3 per cent.
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ASX set for bright start despite Wall Street slip; $A drops
Fed officials have recently hinted that the federal funds rate may indeed already be at its peak. It’s above 5.25 per cent, up from nearly zero early last year. But Fed Chair Jerome Powell and others have also warned Wall Street about being overzealous in its predictions about how early a cut could happen. Lower yields have been one reason prices for cryptocurrencies have been rising recently. Excitement about a possible exchange-traded fund tied to bitcoin, which would open it to new kinds of investors, has also helped send it above $US43,000 ($65,600) recently. The surge of interest helped Robinhood Markets report a roughly 75 per cent jump in trading volumes for crypto during November from a month earlier. It also said customers added about $US1.4 billion in net deposits during the month, and its own stock rose 10.3 per cent.
On the losing end of Wall Street was Take-Two Interactive, which slipped 0.5 per cent after a trailer for its highly anticipated Grand Theft Auto VI video game said it’s coming in 2025.
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ASX set for bright start despite Wall Street slip; $A drops
But Fed Chair Jerome Powell and others have also warned Wall Street about being overzealous in its predictions about how early a cut could happen. Lower yields have been one reason prices for cryptocurrencies have been rising recently. Excitement about a possible exchange-traded fund tied to bitcoin, which would open it to new kinds of investors, has also helped send it above $US43,000 ($65,600) recently. The surge of interest helped Robinhood Markets report a roughly 75 per cent jump in trading volumes for crypto during November from a month earlier. It also said customers added about $US1.4 billion in net deposits during the month, and its own stock rose 10.3 per cent.
On the losing end of Wall Street was Take-Two Interactive, which slipped 0.5 per cent after a trailer for its highly anticipated Grand Theft Auto VI video game said it’s coming in 2025. That was later than some analysts expected.
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ASX set for bright start despite Wall Street slip; $A drops
But Fed Chair Jerome Powell and others have also warned Wall Street about being overzealous in its predictions about how early a cut could happen. Lower yields have been one reason prices for cryptocurrencies have been rising recently. Excitement about a possible exchange-traded fund tied to bitcoin, which would open it to new kinds of investors, has also helped send it above $US43,000 ($65,600) recently. The surge of interest helped Robinhood Markets report a roughly 75 per cent jump in trading volumes for crypto during November from a month earlier. It also said customers added about $US1.4 billion in net deposits during the month, and its own stock rose 10.3 per cent.
On the losing end of Wall Street was Take-Two Interactive, which slipped 0.5 per cent after a trailer for its highly anticipated Grand Theft Auto VI video game said it’s coming in 2025. That was later than some analysts expected. Tweet of the day Quote of the day IAG chief executive Nick Hawkins said the behaviour of Peter Horton, the insurer’s group general counsel and company secretary, didn’t meet expectations set out in its employee code of ethics and conduct.
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ASX set for bright start despite Wall Street slip; $A drops
The surge of interest helped Robinhood Markets report a roughly 75 per cent jump in trading volumes for crypto during November from a month earlier. It also said customers added about $US1.4 billion in net deposits during the month, and its own stock rose 10.3 per cent.
On the losing end of Wall Street was Take-Two Interactive, which slipped 0.5 per cent after a trailer for its highly anticipated Grand Theft Auto VI video game said it’s coming in 2025. That was later than some analysts expected. Tweet of the day Quote of the day IAG chief executive Nick Hawkins said the behaviour of Peter Horton, the insurer’s group general counsel and company secretary, didn’t meet expectations set out in its employee code of ethics and conduct. “This includes the importance of being inclusive and respectful, and we will hold people to account if they fail to meet these expectations,” Hawkins said.
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ASX set to open higher as Wall Street rebounds; $A rises
On the small-cap front, Melbourne-based biotech Dimerix more than doubled its share price to 16¢ on Thursday after the company revealed it had inked an exclusive licensing deal to commercialise its treatment for a kidney disease called Focal Segmental Glomerulosclerosis in Europe, the UK, Switzerland, Canada, Australia and New Zealand. The laggards Meanwhile, energy companies (down 0.9 per cent) were among the weakest on the index as the oil price slumped overnight. Heavyweights Woodside and Santos shed 0.8 per cent and 0.4 per cent, respectively, and Ampol dropped 2.8 per cent. Miners were also weaker, with lithium prospector IGO (down 4 per cent) and Mineral Resources (down 2.9 per cent) among the biggest large-cap advancers.
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ASX set to open higher as Wall Street rebounds; $A rises
On the small-cap front, Melbourne-based biotech Dimerix more than doubled its share price to 16¢ on Thursday after the company revealed it had inked an exclusive licensing deal to commercialise its treatment for a kidney disease called Focal Segmental Glomerulosclerosis in Europe, the UK, Switzerland, Canada, Australia and New Zealand. The laggards Meanwhile, energy companies (down 0.9 per cent) were among the weakest on the index as the oil price slumped overnight. Heavyweights Woodside and Santos shed 0.8 per cent and 0.4 per cent, respectively, and Ampol dropped 2.8 per cent. Miners were also weaker, with lithium prospector IGO (down 4 per cent) and Mineral Resources (down 2.9 per cent) among the biggest large-cap advancers. Iron ore giants Rio Tinto (down 1.5 per cent) and BHP (down 0.7 per cent) slipped after the iron ore price fell 1.1 per cent.
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ASX set to open higher as Wall Street rebounds; $A rises
The laggards Meanwhile, energy companies (down 0.9 per cent) were among the weakest on the index as the oil price slumped overnight. Heavyweights Woodside and Santos shed 0.8 per cent and 0.4 per cent, respectively, and Ampol dropped 2.8 per cent. Miners were also weaker, with lithium prospector IGO (down 4 per cent) and Mineral Resources (down 2.9 per cent) among the biggest large-cap advancers. Iron ore giants Rio Tinto (down 1.5 per cent) and BHP (down 0.7 per cent) slipped after the iron ore price fell 1.1 per cent. Aristocrat Leisure (down 3.7 per cent) dragged the consumer discretionary sector (down 0.3 per cent) lower.
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ASX set to open higher as Wall Street rebounds; $A rises
The laggards Meanwhile, energy companies (down 0.9 per cent) were among the weakest on the index as the oil price slumped overnight. Heavyweights Woodside and Santos shed 0.8 per cent and 0.4 per cent, respectively, and Ampol dropped 2.8 per cent. Miners were also weaker, with lithium prospector IGO (down 4 per cent) and Mineral Resources (down 2.9 per cent) among the biggest large-cap advancers. Iron ore giants Rio Tinto (down 1.5 per cent) and BHP (down 0.7 per cent) slipped after the iron ore price fell 1.1 per cent. Aristocrat Leisure (down 3.7 per cent) dragged the consumer discretionary sector (down 0.3 per cent) lower.
The lowdown IG Australia market analyst Tony Sycamore said the ASX received some relief from a rally on Wall Street following the release of cooler-than-expected US economic data which helped cap US bond yields.
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ASX set to open higher as Wall Street rebounds; $A rises
Heavyweights Woodside and Santos shed 0.8 per cent and 0.4 per cent, respectively, and Ampol dropped 2.8 per cent. Miners were also weaker, with lithium prospector IGO (down 4 per cent) and Mineral Resources (down 2.9 per cent) among the biggest large-cap advancers. Iron ore giants Rio Tinto (down 1.5 per cent) and BHP (down 0.7 per cent) slipped after the iron ore price fell 1.1 per cent. Aristocrat Leisure (down 3.7 per cent) dragged the consumer discretionary sector (down 0.3 per cent) lower.
The lowdown IG Australia market analyst Tony Sycamore said the ASX received some relief from a rally on Wall Street following the release of cooler-than-expected US economic data which helped cap US bond yields. “Much has been written about the unrelenting rise in long-term US interest rates threatening prospects of a soft landing and raising doubts around equity market valuations,” he said.
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ASX set to open higher as Wall Street rebounds; $A rises
Miners were also weaker, with lithium prospector IGO (down 4 per cent) and Mineral Resources (down 2.9 per cent) among the biggest large-cap advancers. Iron ore giants Rio Tinto (down 1.5 per cent) and BHP (down 0.7 per cent) slipped after the iron ore price fell 1.1 per cent. Aristocrat Leisure (down 3.7 per cent) dragged the consumer discretionary sector (down 0.3 per cent) lower.
The lowdown IG Australia market analyst Tony Sycamore said the ASX received some relief from a rally on Wall Street following the release of cooler-than-expected US economic data which helped cap US bond yields. “Much has been written about the unrelenting rise in long-term US interest rates threatening prospects of a soft landing and raising doubts around equity market valuations,” he said. “This was stopped in its tracks overnight following the release of a considerably weaker employment, and ISM services purchasing managers index data topped off by a 5.6 per cent fall in the price of crude oil to below $85 per barrel.” Sycamore said the property sector and interest rate sensitive technology sector reclaimed some lost ground, while banks advanced on the back of the pullback in yields.
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ASX set to open higher as Wall Street rebounds; $A rises
Aristocrat Leisure (down 3.7 per cent) dragged the consumer discretionary sector (down 0.3 per cent) lower.
The lowdown IG Australia market analyst Tony Sycamore said the ASX received some relief from a rally on Wall Street following the release of cooler-than-expected US economic data which helped cap US bond yields. “Much has been written about the unrelenting rise in long-term US interest rates threatening prospects of a soft landing and raising doubts around equity market valuations,” he said. “This was stopped in its tracks overnight following the release of a considerably weaker employment, and ISM services purchasing managers index data topped off by a 5.6 per cent fall in the price of crude oil to below $85 per barrel.” Sycamore said the property sector and interest rate sensitive technology sector reclaimed some lost ground, while banks advanced on the back of the pullback in yields.
However, iron ore miners were shackled by concerns around the Chinese economy, Sycamore said, as the market braced for China’s consumer purchasing index report next week, which is expected to show inflation remaining morbid.
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ASX set to open higher as Wall Street rebounds; $A rises
“Much has been written about the unrelenting rise in long-term US interest rates threatening prospects of a soft landing and raising doubts around equity market valuations,” he said. “This was stopped in its tracks overnight following the release of a considerably weaker employment, and ISM services purchasing managers index data topped off by a 5.6 per cent fall in the price of crude oil to below $85 per barrel.” Sycamore said the property sector and interest rate sensitive technology sector reclaimed some lost ground, while banks advanced on the back of the pullback in yields.
However, iron ore miners were shackled by concerns around the Chinese economy, Sycamore said, as the market braced for China’s consumer purchasing index report next week, which is expected to show inflation remaining morbid. The local rebound came after Wall Street rose after getting some relief from relaxing bond yields and falling oil prices.
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ASX set to open higher as Wall Street rebounds; $A rises
“Much has been written about the unrelenting rise in long-term US interest rates threatening prospects of a soft landing and raising doubts around equity market valuations,” he said. “This was stopped in its tracks overnight following the release of a considerably weaker employment, and ISM services purchasing managers index data topped off by a 5.6 per cent fall in the price of crude oil to below $85 per barrel.” Sycamore said the property sector and interest rate sensitive technology sector reclaimed some lost ground, while banks advanced on the back of the pullback in yields.
However, iron ore miners were shackled by concerns around the Chinese economy, Sycamore said, as the market braced for China’s consumer purchasing index report next week, which is expected to show inflation remaining morbid. The local rebound came after Wall Street rose after getting some relief from relaxing bond yields and falling oil prices. Loading The S&P 500 climbed 0.8 per cent to claw back more than half its sharp tumble from a day earlier, which sent it to a four-month low.
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ASX set to open higher as Wall Street rebounds; $A rises
“This was stopped in its tracks overnight following the release of a considerably weaker employment, and ISM services purchasing managers index data topped off by a 5.6 per cent fall in the price of crude oil to below $85 per barrel.” Sycamore said the property sector and interest rate sensitive technology sector reclaimed some lost ground, while banks advanced on the back of the pullback in yields.
However, iron ore miners were shackled by concerns around the Chinese economy, Sycamore said, as the market braced for China’s consumer purchasing index report next week, which is expected to show inflation remaining morbid. The local rebound came after Wall Street rose after getting some relief from relaxing bond yields and falling oil prices. Loading The S&P 500 climbed 0.8 per cent to claw back more than half its sharp tumble from a day earlier, which sent it to a four-month low. The Dow Jones rose 0.4 per cent, a day after erasing the last of its gains for the year so far.
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1669
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ASX set to open higher as Wall Street rebounds; $A rises
However, iron ore miners were shackled by concerns around the Chinese economy, Sycamore said, as the market braced for China’s consumer purchasing index report next week, which is expected to show inflation remaining morbid. The local rebound came after Wall Street rose after getting some relief from relaxing bond yields and falling oil prices. Loading The S&P 500 climbed 0.8 per cent to claw back more than half its sharp tumble from a day earlier, which sent it to a four-month low. The Dow Jones rose 0.4 per cent, a day after erasing the last of its gains for the year so far. The Nasdaq composite led the market with a gain of 1.4 per cent. Stocks have struggled under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.
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1670
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ASX set to open higher as Wall Street rebounds; $A rises
However, iron ore miners were shackled by concerns around the Chinese economy, Sycamore said, as the market braced for China’s consumer purchasing index report next week, which is expected to show inflation remaining morbid. The local rebound came after Wall Street rose after getting some relief from relaxing bond yields and falling oil prices. Loading The S&P 500 climbed 0.8 per cent to claw back more than half its sharp tumble from a day earlier, which sent it to a four-month low. The Dow Jones rose 0.4 per cent, a day after erasing the last of its gains for the year so far. The Nasdaq composite led the market with a gain of 1.4 per cent. Stocks have struggled under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.
The yield on the 10-year Treasury, which is the centrepiece of the bond market, pulled back from its highest level since 2007, down to 4.73 per cent from 4.80 per cent late on Tuesday.
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1671
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ASX set to open higher as Wall Street rebounds; $A rises
Loading The S&P 500 climbed 0.8 per cent to claw back more than half its sharp tumble from a day earlier, which sent it to a four-month low. The Dow Jones rose 0.4 per cent, a day after erasing the last of its gains for the year so far. The Nasdaq composite led the market with a gain of 1.4 per cent. Stocks have struggled under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.
The yield on the 10-year Treasury, which is the centrepiece of the bond market, pulled back from its highest level since 2007, down to 4.73 per cent from 4.80 per cent late on Tuesday. Shorter- and longer-term yields also eased to allow more oxygen for the stock market.
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1672
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ASX set to open higher as Wall Street rebounds; $A rises
Loading The S&P 500 climbed 0.8 per cent to claw back more than half its sharp tumble from a day earlier, which sent it to a four-month low. The Dow Jones rose 0.4 per cent, a day after erasing the last of its gains for the year so far. The Nasdaq composite led the market with a gain of 1.4 per cent. Stocks have struggled under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.
The yield on the 10-year Treasury, which is the centrepiece of the bond market, pulled back from its highest level since 2007, down to 4.73 per cent from 4.80 per cent late on Tuesday. Shorter- and longer-term yields also eased to allow more oxygen for the stock market. Yields fell following a couple of reports indicating a slowing US economy.
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1673
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ASX set to open higher as Wall Street rebounds; $A rises
The Dow Jones rose 0.4 per cent, a day after erasing the last of its gains for the year so far. The Nasdaq composite led the market with a gain of 1.4 per cent. Stocks have struggled under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.
The yield on the 10-year Treasury, which is the centrepiece of the bond market, pulled back from its highest level since 2007, down to 4.73 per cent from 4.80 per cent late on Tuesday. Shorter- and longer-term yields also eased to allow more oxygen for the stock market. Yields fell following a couple of reports indicating a slowing US economy. The first suggested hiring by employers outside the government was much weaker last month than expected.
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1674
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ASX set to open higher as Wall Street rebounds; $A rises
The Dow Jones rose 0.4 per cent, a day after erasing the last of its gains for the year so far. The Nasdaq composite led the market with a gain of 1.4 per cent. Stocks have struggled under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.
The yield on the 10-year Treasury, which is the centrepiece of the bond market, pulled back from its highest level since 2007, down to 4.73 per cent from 4.80 per cent late on Tuesday. Shorter- and longer-term yields also eased to allow more oxygen for the stock market. Yields fell following a couple of reports indicating a slowing US economy. The first suggested hiring by employers outside the government was much weaker last month than expected. On Wall Street, that’s currently good news because a cooling job market could mean less upward pressure on inflation.
|
1675
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ASX set to open higher as Wall Street rebounds; $A rises
The Nasdaq composite led the market with a gain of 1.4 per cent. Stocks have struggled under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.
The yield on the 10-year Treasury, which is the centrepiece of the bond market, pulled back from its highest level since 2007, down to 4.73 per cent from 4.80 per cent late on Tuesday. Shorter- and longer-term yields also eased to allow more oxygen for the stock market. Yields fell following a couple of reports indicating a slowing US economy. The first suggested hiring by employers outside the government was much weaker last month than expected. On Wall Street, that’s currently good news because a cooling job market could mean less upward pressure on inflation. That in turn could convince the Federal Reserve to take it easier on interest rates.
|
1676
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ASX set to open higher as Wall Street rebounds; $A rises
Stocks have struggled under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.
The yield on the 10-year Treasury, which is the centrepiece of the bond market, pulled back from its highest level since 2007, down to 4.73 per cent from 4.80 per cent late on Tuesday. Shorter- and longer-term yields also eased to allow more oxygen for the stock market. Yields fell following a couple of reports indicating a slowing US economy. The first suggested hiring by employers outside the government was much weaker last month than expected. On Wall Street, that’s currently good news because a cooling job market could mean less upward pressure on inflation. That in turn could convince the Federal Reserve to take it easier on interest rates. After already raising its main interest rate to the highest level since 2001, the Fed has indicated it may keep its overnight rate higher next year than it had earlier expected.
|
1677
|
ASX set to open higher as Wall Street rebounds; $A rises
They also crimp corporate profits by making borrowing more expensive.
The yield on the 10-year Treasury, which is the centrepiece of the bond market, pulled back from its highest level since 2007, down to 4.73 per cent from 4.80 per cent late on Tuesday. Shorter- and longer-term yields also eased to allow more oxygen for the stock market. Yields fell following a couple of reports indicating a slowing US economy. The first suggested hiring by employers outside the government was much weaker last month than expected. On Wall Street, that’s currently good news because a cooling job market could mean less upward pressure on inflation. That in turn could convince the Federal Reserve to take it easier on interest rates. After already raising its main interest rate to the highest level since 2001, the Fed has indicated it may keep its overnight rate higher next year than it had earlier expected. Treasury yields have correspondingly snapped higher as traders accept a new normal for markets of high rates for longer.
|
1678
|
ASX set to open higher as Wall Street rebounds; $A rises
Shorter- and longer-term yields also eased to allow more oxygen for the stock market. Yields fell following a couple of reports indicating a slowing US economy. The first suggested hiring by employers outside the government was much weaker last month than expected. On Wall Street, that’s currently good news because a cooling job market could mean less upward pressure on inflation. That in turn could convince the Federal Reserve to take it easier on interest rates. After already raising its main interest rate to the highest level since 2001, the Fed has indicated it may keep its overnight rate higher next year than it had earlier expected. Treasury yields have correspondingly snapped higher as traders accept a new normal for markets of high rates for longer. The Fed is paying particular attention to the job market because too much strength there could drive wages for workers much higher, which it fears could keep inflation well above its target of 2 per cent.
Oil prices slumped overnight.
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1679
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ASX set to open higher as Wall Street rebounds; $A rises
Shorter- and longer-term yields also eased to allow more oxygen for the stock market. Yields fell following a couple of reports indicating a slowing US economy. The first suggested hiring by employers outside the government was much weaker last month than expected. On Wall Street, that’s currently good news because a cooling job market could mean less upward pressure on inflation. That in turn could convince the Federal Reserve to take it easier on interest rates. After already raising its main interest rate to the highest level since 2001, the Fed has indicated it may keep its overnight rate higher next year than it had earlier expected. Treasury yields have correspondingly snapped higher as traders accept a new normal for markets of high rates for longer. The Fed is paying particular attention to the job market because too much strength there could drive wages for workers much higher, which it fears could keep inflation well above its target of 2 per cent.
Oil prices slumped overnight. Credit: AP Wednesday’s report from ADP suggested private employers added 89,000 jobs last month, a much sharper slowdown in hiring than the 140,000 that economists expected.
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1680
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ASX set to open higher as Wall Street rebounds; $A rises
On Wall Street, that’s currently good news because a cooling job market could mean less upward pressure on inflation. That in turn could convince the Federal Reserve to take it easier on interest rates. After already raising its main interest rate to the highest level since 2001, the Fed has indicated it may keep its overnight rate higher next year than it had earlier expected. Treasury yields have correspondingly snapped higher as traders accept a new normal for markets of high rates for longer. The Fed is paying particular attention to the job market because too much strength there could drive wages for workers much higher, which it fears could keep inflation well above its target of 2 per cent.
Oil prices slumped overnight. Credit: AP Wednesday’s report from ADP suggested private employers added 89,000 jobs last month, a much sharper slowdown in hiring than the 140,000 that economists expected. The report doesn’t have a perfect track record in predicting what the more comprehensive jobs report from the US government will say.
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1681
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ASX set to open higher as Wall Street rebounds; $A rises
That in turn could convince the Federal Reserve to take it easier on interest rates. After already raising its main interest rate to the highest level since 2001, the Fed has indicated it may keep its overnight rate higher next year than it had earlier expected. Treasury yields have correspondingly snapped higher as traders accept a new normal for markets of high rates for longer. The Fed is paying particular attention to the job market because too much strength there could drive wages for workers much higher, which it fears could keep inflation well above its target of 2 per cent.
Oil prices slumped overnight. Credit: AP Wednesday’s report from ADP suggested private employers added 89,000 jobs last month, a much sharper slowdown in hiring than the 140,000 that economists expected. The report doesn’t have a perfect track record in predicting what the more comprehensive jobs report from the US government will say. That will arrive on Friday.
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1682
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ASX set to open higher as Wall Street rebounds; $A rises
That in turn could convince the Federal Reserve to take it easier on interest rates. After already raising its main interest rate to the highest level since 2001, the Fed has indicated it may keep its overnight rate higher next year than it had earlier expected. Treasury yields have correspondingly snapped higher as traders accept a new normal for markets of high rates for longer. The Fed is paying particular attention to the job market because too much strength there could drive wages for workers much higher, which it fears could keep inflation well above its target of 2 per cent.
Oil prices slumped overnight. Credit: AP Wednesday’s report from ADP suggested private employers added 89,000 jobs last month, a much sharper slowdown in hiring than the 140,000 that economists expected. The report doesn’t have a perfect track record in predicting what the more comprehensive jobs report from the US government will say. That will arrive on Friday. But “if Friday’s report also shows the labour market is cooling, stock investors may worry a little less about indefinitely higher interest rates,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office.
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1683
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ASX set to open higher as Wall Street rebounds; $A rises
Treasury yields have correspondingly snapped higher as traders accept a new normal for markets of high rates for longer. The Fed is paying particular attention to the job market because too much strength there could drive wages for workers much higher, which it fears could keep inflation well above its target of 2 per cent.
Oil prices slumped overnight. Credit: AP Wednesday’s report from ADP suggested private employers added 89,000 jobs last month, a much sharper slowdown in hiring than the 140,000 that economists expected. The report doesn’t have a perfect track record in predicting what the more comprehensive jobs report from the US government will say. That will arrive on Friday. But “if Friday’s report also shows the labour market is cooling, stock investors may worry a little less about indefinitely higher interest rates,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office. A second report on the economy said growth in US services industries slowed in September by a touch more than economists expected.
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1684
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ASX set to open higher as Wall Street rebounds; $A rises
The Fed is paying particular attention to the job market because too much strength there could drive wages for workers much higher, which it fears could keep inflation well above its target of 2 per cent.
Oil prices slumped overnight. Credit: AP Wednesday’s report from ADP suggested private employers added 89,000 jobs last month, a much sharper slowdown in hiring than the 140,000 that economists expected. The report doesn’t have a perfect track record in predicting what the more comprehensive jobs report from the US government will say. That will arrive on Friday. But “if Friday’s report also shows the labour market is cooling, stock investors may worry a little less about indefinitely higher interest rates,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office. A second report on the economy said growth in US services industries slowed in September by a touch more than economists expected.
It also offered some hints of sticky pressure on inflation, with prices paid by services companies rising last month at a similar rate as in August.
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1685
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ASX set to open higher as Wall Street rebounds; $A rises
Oil prices slumped overnight. Credit: AP Wednesday’s report from ADP suggested private employers added 89,000 jobs last month, a much sharper slowdown in hiring than the 140,000 that economists expected. The report doesn’t have a perfect track record in predicting what the more comprehensive jobs report from the US government will say. That will arrive on Friday. But “if Friday’s report also shows the labour market is cooling, stock investors may worry a little less about indefinitely higher interest rates,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office. A second report on the economy said growth in US services industries slowed in September by a touch more than economists expected.
It also offered some hints of sticky pressure on inflation, with prices paid by services companies rising last month at a similar rate as in August. Oil prices tumbled on Wednesday to take some heat off inflation.
|
1686
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ASX set to open higher as Wall Street rebounds; $A rises
Oil prices slumped overnight. Credit: AP Wednesday’s report from ADP suggested private employers added 89,000 jobs last month, a much sharper slowdown in hiring than the 140,000 that economists expected. The report doesn’t have a perfect track record in predicting what the more comprehensive jobs report from the US government will say. That will arrive on Friday. But “if Friday’s report also shows the labour market is cooling, stock investors may worry a little less about indefinitely higher interest rates,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office. A second report on the economy said growth in US services industries slowed in September by a touch more than economists expected.
It also offered some hints of sticky pressure on inflation, with prices paid by services companies rising last month at a similar rate as in August. Oil prices tumbled on Wednesday to take some heat off inflation. Benchmark US crude fell $US5.01 to settle at $US84.22 per barrel for its worst drop in just over a year.
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1687
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ASX set to open higher as Wall Street rebounds; $A rises
The report doesn’t have a perfect track record in predicting what the more comprehensive jobs report from the US government will say. That will arrive on Friday. But “if Friday’s report also shows the labour market is cooling, stock investors may worry a little less about indefinitely higher interest rates,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office. A second report on the economy said growth in US services industries slowed in September by a touch more than economists expected.
It also offered some hints of sticky pressure on inflation, with prices paid by services companies rising last month at a similar rate as in August. Oil prices tumbled on Wednesday to take some heat off inflation. Benchmark US crude fell $US5.01 to settle at $US84.22 per barrel for its worst drop in just over a year. It’s been pulling back since, topping $US93 last week. Brent crude, the international standard, lost $US5.11 to $US85.81.
|
1688
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ASX set to open higher as Wall Street rebounds; $A rises
That will arrive on Friday. But “if Friday’s report also shows the labour market is cooling, stock investors may worry a little less about indefinitely higher interest rates,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office. A second report on the economy said growth in US services industries slowed in September by a touch more than economists expected.
It also offered some hints of sticky pressure on inflation, with prices paid by services companies rising last month at a similar rate as in August. Oil prices tumbled on Wednesday to take some heat off inflation. Benchmark US crude fell $US5.01 to settle at $US84.22 per barrel for its worst drop in just over a year. It’s been pulling back since, topping $US93 last week. Brent crude, the international standard, lost $US5.11 to $US85.81. Loading Prices for crude had been generally charging higher from $US70 during the summer, following announcements of cuts to production by some oil-producing countries.
|
1689
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ASX set to open higher as Wall Street rebounds; $A rises
A second report on the economy said growth in US services industries slowed in September by a touch more than economists expected.
It also offered some hints of sticky pressure on inflation, with prices paid by services companies rising last month at a similar rate as in August. Oil prices tumbled on Wednesday to take some heat off inflation. Benchmark US crude fell $US5.01 to settle at $US84.22 per barrel for its worst drop in just over a year. It’s been pulling back since, topping $US93 last week. Brent crude, the international standard, lost $US5.11 to $US85.81. Loading Prices for crude had been generally charging higher from $US70 during the summer, following announcements of cuts to production by some oil-producing countries. Wall Street is also absorbing the ouster of Kevin McCarthy as the speaker of the House of Representatives.
|
1690
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ASX set to open higher as Wall Street rebounds; $A rises
A second report on the economy said growth in US services industries slowed in September by a touch more than economists expected.
It also offered some hints of sticky pressure on inflation, with prices paid by services companies rising last month at a similar rate as in August. Oil prices tumbled on Wednesday to take some heat off inflation. Benchmark US crude fell $US5.01 to settle at $US84.22 per barrel for its worst drop in just over a year. It’s been pulling back since, topping $US93 last week. Brent crude, the international standard, lost $US5.11 to $US85.81. Loading Prices for crude had been generally charging higher from $US70 during the summer, following announcements of cuts to production by some oil-producing countries. Wall Street is also absorbing the ouster of Kevin McCarthy as the speaker of the House of Representatives. The unprecedented move to remove a speaker from the position likely doesn’t change much in the short term, with funding for the US government set until November 17.
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1691
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ASX set to open higher as Wall Street rebounds; $A rises
It also offered some hints of sticky pressure on inflation, with prices paid by services companies rising last month at a similar rate as in August. Oil prices tumbled on Wednesday to take some heat off inflation. Benchmark US crude fell $US5.01 to settle at $US84.22 per barrel for its worst drop in just over a year. It’s been pulling back since, topping $US93 last week. Brent crude, the international standard, lost $US5.11 to $US85.81. Loading Prices for crude had been generally charging higher from $US70 during the summer, following announcements of cuts to production by some oil-producing countries. Wall Street is also absorbing the ouster of Kevin McCarthy as the speaker of the House of Representatives. The unprecedented move to remove a speaker from the position likely doesn’t change much in the short term, with funding for the US government set until November 17.
“That said, a leadership vacuum in the House raises the odds of a government shutdown when the current funding extension expires,” according to economists at Goldman Sachs.
|
1692
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ASX set to open higher as Wall Street rebounds; $A rises
Oil prices tumbled on Wednesday to take some heat off inflation. Benchmark US crude fell $US5.01 to settle at $US84.22 per barrel for its worst drop in just over a year. It’s been pulling back since, topping $US93 last week. Brent crude, the international standard, lost $US5.11 to $US85.81. Loading Prices for crude had been generally charging higher from $US70 during the summer, following announcements of cuts to production by some oil-producing countries. Wall Street is also absorbing the ouster of Kevin McCarthy as the speaker of the House of Representatives. The unprecedented move to remove a speaker from the position likely doesn’t change much in the short term, with funding for the US government set until November 17.
“That said, a leadership vacuum in the House raises the odds of a government shutdown when the current funding extension expires,” according to economists at Goldman Sachs. A shutdown would drag on the US economy, raising the risk of a recession, though financial markets have held up relatively well through past shutdowns.
|
1693
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ASX set to open higher as Wall Street rebounds; $A rises
It’s been pulling back since, topping $US93 last week. Brent crude, the international standard, lost $US5.11 to $US85.81. Loading Prices for crude had been generally charging higher from $US70 during the summer, following announcements of cuts to production by some oil-producing countries. Wall Street is also absorbing the ouster of Kevin McCarthy as the speaker of the House of Representatives. The unprecedented move to remove a speaker from the position likely doesn’t change much in the short term, with funding for the US government set until November 17.
“That said, a leadership vacuum in the House raises the odds of a government shutdown when the current funding extension expires,” according to economists at Goldman Sachs. A shutdown would drag on the US economy, raising the risk of a recession, though financial markets have held up relatively well through past shutdowns. On Wall Street, big tech stocks helped to support the market after leading it lower a day earlier.
|
1694
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ASX set to open higher as Wall Street rebounds; $A rises
Brent crude, the international standard, lost $US5.11 to $US85.81. Loading Prices for crude had been generally charging higher from $US70 during the summer, following announcements of cuts to production by some oil-producing countries. Wall Street is also absorbing the ouster of Kevin McCarthy as the speaker of the House of Representatives. The unprecedented move to remove a speaker from the position likely doesn’t change much in the short term, with funding for the US government set until November 17.
“That said, a leadership vacuum in the House raises the odds of a government shutdown when the current funding extension expires,” according to economists at Goldman Sachs. A shutdown would drag on the US economy, raising the risk of a recession, though financial markets have held up relatively well through past shutdowns. On Wall Street, big tech stocks helped to support the market after leading it lower a day earlier. They tend to move more sharply with expectations for rates because high-growth stocks are seen as some of the biggest victims of high yields.
|
1695
|
ASX set to open higher as Wall Street rebounds; $A rises
Loading Prices for crude had been generally charging higher from $US70 during the summer, following announcements of cuts to production by some oil-producing countries. Wall Street is also absorbing the ouster of Kevin McCarthy as the speaker of the House of Representatives. The unprecedented move to remove a speaker from the position likely doesn’t change much in the short term, with funding for the US government set until November 17.
“That said, a leadership vacuum in the House raises the odds of a government shutdown when the current funding extension expires,” according to economists at Goldman Sachs. A shutdown would drag on the US economy, raising the risk of a recession, though financial markets have held up relatively well through past shutdowns. On Wall Street, big tech stocks helped to support the market after leading it lower a day earlier. They tend to move more sharply with expectations for rates because high-growth stocks are seen as some of the biggest victims of high yields. In markets abroad, stock indexes were mixed across much of Europe.
|
1696
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ASX set to open higher as Wall Street rebounds; $A rises
Wall Street is also absorbing the ouster of Kevin McCarthy as the speaker of the House of Representatives. The unprecedented move to remove a speaker from the position likely doesn’t change much in the short term, with funding for the US government set until November 17.
“That said, a leadership vacuum in the House raises the odds of a government shutdown when the current funding extension expires,” according to economists at Goldman Sachs. A shutdown would drag on the US economy, raising the risk of a recession, though financial markets have held up relatively well through past shutdowns. On Wall Street, big tech stocks helped to support the market after leading it lower a day earlier. They tend to move more sharply with expectations for rates because high-growth stocks are seen as some of the biggest victims of high yields. In markets abroad, stock indexes were mixed across much of Europe. Tweet of the day
Quote of the day “Last year, Christmas spending was bolstered by a record freedom spending phenomenon with delayed overseas travel, whereas this year shoppers are expected to be much more conservative with their budgets,” said Australian Retailers Association chief Paul Zahra as cost-of-living pressures put a lid on spending, with shoppers tipped to cut back on hospitality, home goods and clothes purchases.
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1697
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ASX set to open higher as Wall Street rebounds; $A rises
A shutdown would drag on the US economy, raising the risk of a recession, though financial markets have held up relatively well through past shutdowns. On Wall Street, big tech stocks helped to support the market after leading it lower a day earlier. They tend to move more sharply with expectations for rates because high-growth stocks are seen as some of the biggest victims of high yields. In markets abroad, stock indexes were mixed across much of Europe. Tweet of the day
Quote of the day “Last year, Christmas spending was bolstered by a record freedom spending phenomenon with delayed overseas travel, whereas this year shoppers are expected to be much more conservative with their budgets,” said Australian Retailers Association chief Paul Zahra as cost-of-living pressures put a lid on spending, with shoppers tipped to cut back on hospitality, home goods and clothes purchases. You may have missed Qantas’ freight division has suffered a catastrophic system failure that left dead bodies, live animals and perishable food unable to be collected from airports.
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1698
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SBF, riding high on FTX, reportedly offered $5B to Trump to cancel President re-run
Come Tuesday, our eyes will be trained on the Manhattan Federal Court for the trial of Sam Bankman-Fried, the disgraced cryptocurrency entrepreneur accused of orchestrating “one of the biggest financial frauds in American history”: the multibillion-dollar collapse of FTX, the crypto exchange he founded and led.
SBF, as he’s known, has pleaded not-guilty to some seven charges of fraud and conspiracy. But, as we wait to hear both his version and the government’s version of what happened, there will be another tale recounting how things played out: “Going Infinite,” a book by Michael Lewis chronicling the rise and fall of SBF, is set to debut on the first day of the trial.
The episode has fired up a lot of people, indignant at what they feel was too-easy treatment for someone who many believe brought down the whole crypto house.
60 Minutes got rightly community noted here.
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1699
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SBF, riding high on FTX, reportedly offered $5B to Trump to cancel President re-run
Come Tuesday, our eyes will be trained on the Manhattan Federal Court for the trial of Sam Bankman-Fried, the disgraced cryptocurrency entrepreneur accused of orchestrating “one of the biggest financial frauds in American history”: the multibillion-dollar collapse of FTX, the crypto exchange he founded and led.
SBF, as he’s known, has pleaded not-guilty to some seven charges of fraud and conspiracy. But, as we wait to hear both his version and the government’s version of what happened, there will be another tale recounting how things played out: “Going Infinite,” a book by Michael Lewis chronicling the rise and fall of SBF, is set to debut on the first day of the trial.
The episode has fired up a lot of people, indignant at what they feel was too-easy treatment for someone who many believe brought down the whole crypto house.
60 Minutes got rightly community noted here. How is it that SBF is _still_ getting super positive media coverage when the media has nothing good to say about the founders that have actually created things and brought value into the world?
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