Google Photos To Provide Document View On Web

Posted on July 24, 2024 by RTT Staff Writer

Google Photos for web will soon have a ‘Documents’ option, which is already available on Android and iOS, according to 9To5Google.

Last year, the Documents section was introduced in the Library in Google Photos mobile app, alongside Favorites, Albums, Utilities, Archive, Locked Folder, and Trash.

On the web, Documents option will be available on the left side panel in the Photos site, where users could view automatically categorized documents.

The Alphabet Inc. (GOOG)-owned company will use artificial intelligence to organize the documents.

The users can search through the numerous documents with the Gemini-powered search features called ‘Ask Google Photos’.

Meanwhile, the company is planning to add a similar feature to Google Wallet.

Apple Might Launch Foldable Phones In 2026

Posted on July 24, 2024 by RTT Staff Writer

Apple (AAPL) is in the early stage of developing a “clamshell” design iPhone, similar to Samsung’s Galaxy Z Flip series, according to a report by The Information.

The new design, dubbed V68, would be launched as early as 2026, hinting that “the idea has moved beyond the conceptual stage”, the report stated.

Apple has also reached out to suppliers in Asia to manufacture components for the latest foldable device.

The tech giant’s foldable phone will feature improved camera technologies, which would let users change the amount of light and potential details of lens captures. Also, it would be much thinner than the current iPhones.

“Apple’s designers also have struggled to come up with enough compelling features that would make consumers want one, especially given its high retail cost compared to nonfoldable phones,” the report added.

The smartphone maker is reportedly working on ways to flatten the screen crease that appears when the device is unfolded.

However, the report also noted that there is no guarantee that Apple would release the foldable phone.

Humble Games Confirms Mass Layoffs As Part Of 'Restructuring' Program

Posted on July 24, 2024 by RTT Staff Writer

Humble Games, owned by Humble Bundle, confirmed reports of layoff of the entire staff due to restructuring program, scraping rumors about shutting down.

“In these challenging economic times for indie game publishing, Humble Games has made the difficult but necessary decision to restructure our operations”, the publisher of games such as Unpacking, Slay the Spire, and Bo: Path of the Teal Lotus, announced.

“This decision was not made lightly; it involved much deliberation and careful thought, with the goal of ensuring the stability and support of our developers and ongoing projects. Additionally, the restructuring of operations at Humble Games will have no impact on operations at Humble Bundle”.

The announcement comes as a Humble Games employee posted earlier on LinkedIn, “At 9 am this morning, 36 employees of Humble Games were told that we were being let go and that the company is shutting down.”

Whereas, another employee shared that, “Unfortunately all of us at Humble Games were impacted today and a lot of good people are looking for work and would really appreciate your support.”

The indie publisher acknowledged in a LinkedIn post that it deeply empathizes with everyone affected, showing its commitment towards navigating the difficult situation with empathy and understanding.

According to a former employee, Chris Radley, the ongoing projects of the company will be completed by a third party. “I want it to be made abundantly clear,” he posted, “this is NOT a restructuring of operations. This is a total shutdown of #HumbleGames. Operations have been handed off to a third party consultancy. NO staff are left.”

U.S. Stocks Move Sharply Lower On Disappointing Earnings News

Posted on July 24, 2024 by RTT Staff Writer

After ending yesterday’s choppy trading session modestly lower, stocks showed a more substantial move to the downside during trading on Wednesday. The tech-heavy Nasdaq showed a particularly steep drop on the day, tumbling to its lowest closing level in over a month.

The major averages saw further downside late in the session, closing near their worst levels of the day. The Nasdaq plunged 654.94 points or 3.6 percent to 17,342.41, the S&P 500 dove 128.61 points or 2.3 percent to 5,427.13 and the Dow slumped 504.22 points or 1.3 percent to 39,853.87

The sell-off on Wall Street came amid a negative reaction to corporate earnings news from companies like Tesla (TSLA) and Alphabet (GOOGL).

Shares of Tesla plummeted by 12.3 percent after the electric vehicle maker reported weaker than expected second quarter earnings.

Google parent Alphabet also plunged 5.0 percent after reporting second quarter earnings that beat analyst estimates but missing expectations for YouTube advertising revenue.

Shares of Meta Platforms (META) also tumbled by 5.6 percent after the Facebook parent announced a free version of its Llama artificial intelligence model.

On the other hand, telecom giant AT&T (T) jumped by 5.2 percent after reporting second quarter earnings in line with estimates and stronger than expected phone subscriber growth.

In U.S. economic news, the Commerce Department released a report unexpectedly showing a continued decrease by new home sales in the U.S. in the month of June.

The report said new home sales fell by 0.6 percent to an annual rate of 617,000 in June after plummeting by 14.9 percent to a revised rate of 621,000 in May.

Economists had expected new home sales to surge by 3.4 percent to a rate of 640,000 from the 619,000 originally reported for the previous month.

With the unexpected decline, new home sales slumped to their lowest level since hitting an annual rate of 611,000 in November 2023.

Sector News

Semiconductor stocks showed a substantial move to the downside on the day, with the Philadelphia Semiconductor Index plunging by 5.4 percent to its lowest closing level in two months.

Software, networking and computer hardware stocks also saw significant weakness, contributing to the steep drop by the Nasdaq.

Considerable weakness was also visible among airline stocks, as reflected by the 3.4 percent nosedive by the NYSE Arca Airline Index.

Housing, oil service and retail stocks also showed notable moves to the downside, while utility stocks bucked the downtrend, driving the Dow Jones Utility Average up by 1.7 percent.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday. Japan’s Nikkei 225 Index slumped by 1.1 percent, while China’s Shanghai Composite Index fell by 0.5 percent.

The major European markets also moved to the downside on the day. While the French CAC 40 Index tumbled by 1.1 percent, the German DAX Index slid by 0.9 percent and the U.K.’s FTSE 100 Index dipped by 0.2 percent.

In the bond market, treasuries came under pressure over the course of the session after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.7 basis points to 4.286 percent after hitting a low of 4.210 percent.

Looking Ahead

Trading on Thursday may be impacted by reaction to reports on durable goods orders, jobless claims and second quarter GDP.

On the earnings front, Ford (F) and IBM Corp (IBM) are among the companies releasing their quarterly results after the close of today’s trading.

American Airlines (AAL) and Honeywell (HON) are also among the companies due to report their quarterly results before the start of trading on Thursday.

Tesla Stock and Nasdaq Tumble As Earnings Miss Again

Posted on July 24, 2024 by Skerdian Meta

U.S. stock markets, such as Nasdaq are experiencing a crumble today after disappointing earnings reports from major tech companies, Alphabet and Tesla, which led to increased volatility in the market. Tesla reported a decline in car sales for the second consecutive quarter in its financial results.

Continue reading “Tesla Stock and Nasdaq Tumble As Earnings Miss Again” →

Mexican peso falls after high local inflation data

Posted on July 24, 2024 by Ignacio Teson

The currency retreats, also affected by fears of a possible victory by Donald Trump in the U.S. elections and the potential acceleration of Plan C.

The Mexican peso depreciates sharply against the dollar on Wednesday morning. The local currency falls due to concerns over a possible Trump victory in the U.S. elections and following a report on Mexico’s inflation showing an increase.

The spot exchange rate stands at 18.3781 units per dollar. Compared to yesterday’s close of 18.1690 units, according to the official data from the Bank of Mexico (Banxico), this represents a loss of 20.91 cents, or 1.15%.

The dollar price fluctuates within an open range with a maximum of 18.3980 units and a minimum of 18.1588 units. The Dollar Index (DXY) from the Intercontinental Exchange, which measures the greenback against a basket of six currencies, was down 0.29% at 104.14 units.

Consumer prices in Mexico rose much more than expected in the first half of July, according to data from the National Institute of Statistics and Geography (Inegi), moving inflation further away from Banxico’s target of 3% +/- one percentage point.

[[USD/MXN-graph]]
Specifically, general inflation in Mexico for the first half of July accelerated to 5.61%, above expectations and Banxico’s target, complicating the central bank’s path to potentially cut its key rate next month.

Additionally, some analysts mentioned local political reasons as a factor in the peso’s decline, specifically referring to the possibility that proposed constitutional reforms, known as Plan C, could accelerate.

In this context, the peso recorded the second-largest decline among Latin American currencies. Investors are now awaiting U.S. inflation data on Friday, which could provide clues about the future direction of Federal Reserve rates.

Milei’s honeymoon with markets comes to an end amid investors’ doubts about his economic plan.

Posted on July 24, 2024 by Ignacio Teson

New measures to support the peso are causing nervousness about the government’s ability to meet its long-term strategy.

Argentina’s libertarian President, Javier Milei, is facing his first major test of his plan to fix the country’s troubled economy after his measures to control the peso’s devaluation triggered a negative market reaction.

The government set the official exchange rate of the peso at around 960 per dollar, but in parallel exchange markets, both legal and illegal, the Argentine currency hit a historic low of nearly 1,500 per dollar this month.

The gap between these rates is seen as a key indicator of confidence in the current administration and could drive inflation.

A week and a half ago, Milei unveiled a plan to stabilize the peso: the central bank will tighten rules on money printing to reduce Argentina’s money supply and will begin using its scarce foreign currency reserves to buy pesos in the parallel market.

“If I close all the money printing faucets, the problem ends,” Milei said. “There is no panic, zero panic.”

Investors don’t seem to agree. Last week, the Argentine stock market fell by up to 12.3%, and its dollar-denominated sovereign bonds dropped by up to 11.3%, before trimming some losses, as critics labeled the new measures as short-sighted and inconsistent.

Delays in accumulating foreign reserves will hinder the government’s plan to lift currency controls—an essential step for foreign investment and significant economic growth—and increase the likelihood that the administration will have to default on more than $9 billion in foreign currency debt payments next year.

“They are sacrificing the goal of accumulating reserves to suppress exchange rate volatility, and this latter is something that worries no investor because it is a symptom of problems, not a problem in itself,” said Juan Pazos, chief economist at the Buenos Aires-based financial services firm TPGC Valores.

“Asset prices are recovering a bit, but these types of decisions begin to erode confidence in whether policymakers have the right priorities.”

Milei has delivered on his flagship electoral promise to “take a chainsaw” to cut Argentina’s public deficit in order to reduce the extremely high inflation: the monthly inflation rate fell from 26% in December to 4.6% in June.

He argues that keeping the peso strong is key to maintaining low inflation. However, investors are concerned that controlling inflation at any cost is now diverting attention from other ingredients necessary for Argentina’s long-term recovery: removing currency controls, accumulating reserves, and accessing international capital markets.

Mexico: Inflation accelerates for the third consecutive time to 5.61% in the first half of July.

Posted on July 24, 2024 by Ignacio Teson

Inflation in Mexico accelerated for the third consecutive time during the first half of July, reaching its highest level since the second half of May 2023.

According to the information released by the National Institute of Statistics and Geography (Inegi), the National Consumer Price Index (INPC) showed a biweekly variation of 0.71% during the first half of July, bringing annual inflation to 5.61%.

This marks the third consecutive biweekly acceleration and the highest level since the second half of May last year, when it stood at 5.67%.

Thus, inflation remains outside the Bank of Mexico’s (Banxico) target range of 3% +/-1 percentage point. In its latest monetary policy meeting, where Banxico’s Board of Governors kept the interest rate at 11%, some members noted the complex outlook for inflation.

Some analysts predict that the central bank will cut its rate again, unanimously, in August.

The report indicated that despite broad pressures within the index, fruits and vegetables continue to strain Mexicans’ wallets, driving inflation higher.

In the first half of the month, the non-core index showed an annual variation of 10.64%.

Within this, agricultural products exerted the most pressure, with a 25.69% annual increase in the prices of fruits and vegetables.

Regarding core inflation, which excludes the most volatile goods and services, it stood at 4.02% annually in the first half of the month. In this category, services exerted the most pressure, with prices rising 5.17% annually.

Wall Street is trading at a loss, with Tesla and Alphabet putting pressure on tech stocks.

Posted on July 24, 2024 by Ignacio Teson

Tesla leads the losses with a drop of more than 11% after reporting weak quarterly figures yesterday. Alphabet falls despite reporting results above expectations, but with a decline in YouTube advertising revenue.

Tesla will give their quarterly earnings report today.

The three main Wall Street indices are operating with declines on Wednesday morning. The averages are retreating, led by the Nasdaq, as a rebound observed in tech stocks yesterday fades with the disappointment of two quarterly results.

The main Dow Jones index, composed of 30 major companies, loses 0.85% at 40,015.13 points. The S&P 500 of 500 stocks loses 1.62% at 5,465.85 units. The tech-heavy Nasdaq Composite drops 2.57% to a level of 17,535.40 points.

Tesla shares lead the losses of the day after reporting weak quarterly figures with a drop in sales yesterday. Elon Musk’s electric vehicle maker drags down the tech sector, losing more than 11 percent.

Meanwhile, shares of Alphabet, Google’s parent company, experience a 4.50% drop also after presenting its results. Although the consolidated numbers were better than expected, the decline in YouTube advertising revenue was not convincing.

[[SPX-graph]]

“I can’t help but think that if the tech sector sneezes, the whole market might catch a cold,” said David Morrison, market analyst at TradeNation. The Russell 2000 index of small-cap companies shows a decline of 0.3 percent.

By sectors, communication services (which includes Alphabet among its stocks) and consumer discretionary (which includes Tesla) fell more than 2 percent. In the Dow Jones, Visa shares (-4.15%), which also reported its results, led the declines.

Visa said its third-quarter earnings met expectations, while revenue fell short. Payment volume increased by 7% in the period, and processed transactions increased by 10 percent.

USDCAD Pierces 1.38 After Dovish BOC Rate Cut

Posted on July 24, 2024July 24, 2024 by Skerdian Meta

The Bank of Canada (BoC) lowered the policy interest rate by 25 basis points to 4.5% from 4.75% previously. The Bank is continuing its policy of balance sheet normalization. That lead to a significant drop in the Canadian dollar, with USDCAD, pushing above 1.38. Looking ahead, the Bank of Canada expects inflation to continue its downward trend.

Continue reading “USDCAD Pierces 1.38 After Dovish BOC Rate Cut” →