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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."

The EUR/JPY struggles around 143.50 ahead of Japan's GDP and Lagarde's address

Alina Haynes

Dec 06, 2022 15:01

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After failing to break through the important 143.50 mark during the Asian session, the EUR/JPY pair is under selling pressure. Following a spectacular recovery from below 141.00 on Monday, the cross is showing signs of fatigue in its upward momentum. The cross gained traction with the release of the dismal Eurozone Retail Sales data on Monday.

 

Data for monthly retail sales in the Eurozone showed a dip of 1.8%, beating expectations of a 1.7% drop. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. In order to maintain sales, this might prompt companies to lower the prices of their products and services.

 

Although the inflation monster is enormous in comparison to the 2% inflation target, a decline in retail demand is undeniable proof that inflation will decline in the future. The ECB might be forced to raise interest rates as a result of this.

 

According to the Deccan Herald, European Economy Commissioner Paolo Gentiloni predicted that Europe will experience a recession this winter and that growth won't resume until the following spring. His comments came the day before the Eurogroup meeting. Inflation appears to have peaked; the decline will be gradual, he continued.

 

Markets will be closely watching Christine Lagarde's speech on Thursday. She is the president of the European Central Bank. The president's address will determine the anticipated monetary policy decision made by the ECB at its December meeting.

 

The release of third-quarter Gross Domestic Product (GDP) figures will be crucial on the Tokyo front. In contrast to the previous contraction of 1.2%, the annualized decline in Japan's GDP is forecast to be 1.1%. Additionally, it is anticipated that quarterly figures will decrease by 0.3%, similar to the previous report. The Bank of Japan may need to further ease its policy if Japan's GDP falls.

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