CPI data

Market Overview
Read time 0.8 minutes

Year To Date Performances:

1. In July, the Consumer Price Index (CPI) was reported at 3.2% year-over-year (YoY) and showed a month-over-month (MoM) increase of 0.2%, coming in just below the anticipated 3.3%. This marked the first upward movement since the significant peak of 9.1% in June. Two key sectors contributing to this shift were food and energy, with food prices stabilizing at a 0.2% MoM increase but still up 4.9% YoY. Energy displayed a modest 0.1% MoM hike. Despite the upward movement in WTI, energy prices were still down 12.5% YoY.

2. The contest between Twitter and Threads is already hinting at a victor. Threads, after an explosive start by acquiring 100 million users in just five days post-launch (a feat Twitter took five years to achieve), looked promising and had many predicting Twitter's downfall. However, the tables have turned in the past three weeks. Threads has experienced a dramatic drop in daily active users (DAUs) by about 80%, plummeting to a mere 11 million. In contrast, Twitter has witnessed a modest uptick in DAUs, reaching almost 120 million. It seems, in the tech rivalry race, Threads might be losing its momentum.

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4. Headlines

   1. Amazon is stepping up its game in the generative AI arena by crafting its own microchips, positioning itself as a contender against tech giants Microsoft and Google.

   2. SoftBank is reportedly in discussions to purchase the remaining 25% stake in Arm from Vision Fund 1, signalling its intention to consolidate its ownership in the semiconductor company.

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