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On October 17th, according to the Financial Times, Anthropic is offering Blackstone Group a yield exceeding 10% to raise funds to support its latest chip deal. This $60 billion debt financing program, dubbed "Project North Star," will help Anthropic procure approximately 1.5 gigawatts of custom semiconductors, or TPUs, developed by Google. It is expected to be the largest chip financing deal to date and a key test of investor demand for AI-related debt. Sources familiar with the matter revealed that Blackstones funds will invest $9 billion to purchase debt backed by Anthropics chip lease payments over the next five years, representing half of its approximately $18 billion in subprime loans. Blackstone has received a coupon rate offer of 10%, and the total yield will be even higher after accounting for new debt issuance discounts and other fees. According to the Intercontinental Exchanges Bank of America BB-rated U.S. High Yield Bond Index, borrowers with similar credit profiles typically pay around 7% yields when financing in the public bond market.According to the Financial Times, Anthropic offered Blackstone Group a double-digit yield in its latest chip financing deal.In an executive order, U.S. President Trump stated that he would waive certain sanctions, restrictions, and tariffs applicable under the Graham Act on sanctions against Russia and Iran, effective immediately.On October 17th, Russian President Vladimir Putin stated on the 16th that, in response to attacks by Ukrainian authorities on Russian industrial enterprises and fuel and energy complexes, the Russian armed forces continue to strike Ukrainian military-industrial complexes and related facilities. Putin stated that the Russian military is accelerating its offensive across the entire front, and the "safe zone" along the border with Ukraine has significantly expanded in recent months. One of the main tasks on the ground remains the "liberation" of Donetsk. The Russian militarys control of Dobropilya was a landmark event in the special military operation, opening up a passage to Donetsk.On October 17th, German Chancellor Merz stated in Brussels, Belgium, on the 16th that the EU should exercise fiscal restraint in negotiating the next long-term budget, opposing a significant increase in its size and emphasizing that limited funds must be prioritized for defense and competitiveness. Following the conclusion of the two-day EU summit, Merz explicitly opposed the proposal to increase the next budget by approximately 50% at a press conference. He said that drastically increasing the EU budget is "fiscally unfeasible," and the final budget figure must be significantly reduced based on the European Commissions proposal. Merz posted on social media on the 15th that Europes funds are limited and clear priorities must be set. "We must invest funds in key areas that will determine Europes future—defense and competitiveness."

AUD/USD jumps to approximately 0.6820 before to the Reserve Bank of Australia's policy announcement

Alina Haynes

Dec 05, 2022 14:17

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During the Tokyo session, the AUD/USD pair enjoyed a substantial rebound following a corrective decline below 0.6780. In response to the risk appetite profile, the Australian dollar has accelerated to roughly 0.6820 and is expected to continue its gains above the previous week's 0.6845 high.

 

In the meantime, the US Dollar Index (DXY) has climbed somewhat sideways above Friday's low of 104.40, as bullish market sentiment has lessened the desirability of safe-haven assets. The optimistic Nonfarm Payrolls (NFP) report from the United States has failed to strengthen the US Dollar. Compared to the previous report, the US economy added 263,000 jobs in November, an increase of 53 percent. In addition, the yearly increase in the labor cost index has reached 5.1%.

 

As households acquire more disposable income, a robust labor market and rising wages indicate a rise in inflationary pressures. This may lead to a rise in demand for perishable and durable goods, hence supporting price rises.

 

On the antipodean front, investors await Tuesday's announcement of the Reserve Bank of Australia's (RBA) interest rate decision. We anticipate another 25 basis point (bps) increase at the final monetary policy meeting of the year on December 6, bringing the OCR to 3.10 percent, according to economists from UOB Group.

 

Notably, this might be RBA Governor Philip Lowe's third consecutive 25-bps rate increase. The monthly Consumer Price Index (CPI) decreased from 7.1% in September to 6.9% in October. Inflation remains well above the target of 2%, necessitating a continuation of policy tightening.

 

Moreover, investors will track the Caixin Service PMI data. It is anticipated that the economic statistics will be somewhat higher at 48.8 than the previous report of 48.4.


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