OpenAI's partnerships boost market; Fed's rate cuts; Nvidia plans AI factory.

Federal Reserve's Powell Supports Two More Rate Cuts This Year

Key Insights from NABE Annual Meeting

At the National Association for Business Economics (NABE) annual meeting in Philadelphia, Federal Reserve official Powell expressed support for two additional interest rate cuts this year. She emphasized that there are no signs indicating that tariff-induced price increases will lead to persistent inflation, particularly in the labor market. Powell deemed the recent 25 basis point rate cut by the Fed as reasonable and advocated for further cuts in line with the Fed's latest economic projections.

China Imposes Special Port Fees on U.S. Vessels

Starting today, China will implement special port service fees on U.S. vessels. This decision follows the U.S. Trade Representative's office's announcement of a 301 investigation into China's maritime, logistics, and shipbuilding industries, effective from October 14, 2025. The fees will start at 400 RMB per net ton and will increase annually, impacting U.S. companies and vessels while exempting certain Chinese-built ships.

JPMorgan Launches $1.5 Trillion Financing Project

JPMorgan Chase announced a significant initiative to provide up to $1.5 trillion in financing over the next decade for critical U.S. industries, including rare earths, robotics, nuclear energy, and AI. The focus will be on 27 specific sectors, including advanced manufacturing and defense technologies.

Bank of America Bullish on Gold and Silver Prices

Bank of America has raised its 2026 gold price target to $5,000 per ounce and silver to $65 per ounce. The bank attributes this bullish outlook to the White House's unconventional policy framework, which is expected to support gold prices amid rising fiscal deficits and debt.

Wall Street Braces for Volatile Earnings Season

Investors anticipate an average stock price volatility of 4.7% following earnings reports, the highest since July 2022. AI and tech stocks are expected to be the focal points of this volatility, with traders favoring individual stock movements over index trends.

Major Indices Surge Amid Positive Market Sentiment

On Monday, U.S. stocks rebounded significantly, driven by easing trade tensions and ongoing AI capital expenditure. The Dow Jones rose by 587.98 points, while the Nasdaq and S&P 500 also saw substantial gains. Major tech stocks, including Tesla and Google, experienced notable increases.

Nvidia Unveils Next-Gen AI Factory

Nvidia announced the technical specifications for its next-generation AI factory, the Vera Rubin NVL144. Over 50 partners are preparing for this product, which will support the new architecture for AI data centers.

Google to Invest $9 Billion in Data Center Expansion

Google plans to invest $9 billion in expanding its existing data centers and building two new sites in South Carolina by 2027, aiming to meet the growing demand for cloud computing and AI applications.

Apple CEO Cook Makes Debut on Douyin

Apple CEO Tim Cook made his first live-streaming sales appearance on Douyin, announcing the upcoming release of the iPhone Air in China.

Microsoft Faces Antitrust Allegations

Microsoft is accused of limiting OpenAI's computing power, allegedly violating U.S. antitrust laws, which has led to increased prices for ChatGPT.

Significant Investments in AI Infrastructure

Salesforce announced a $15 billion investment in San Francisco to support AI innovation, while Oracle's CEO expressed confidence in OpenAI's ability to cover its cloud infrastructure costs.

Hong Kong Stock Market Activity

On October 13, net inflows into Hong Kong stocks reached HKD 19.8 billion, with significant purchases of the Tracker Fund and sales of Tencent shares.

Upcoming Financial Events

Major financial institutions, including JPMorgan and Citigroup, are set to release their earnings reports. Federal Reserve officials, including Powell and Bowman, will also be speaking at various events.

New Stock Listings

The results for the new stock offering of Xuan Bamboo Biotechnology (02575.HK) will be announced today.