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The Market data was collected on 19 October 2021 at 09:15, and might have changed since then. Kindly refer to the listed sources for the most recent and updated information.
Chinese tech giant Alibaba (NYSE:BABA) Group Holding Ltd said on Tuesday it has developed a processor that will be used to power servers in its data centers.
The development marks the latest foray into semiconductors for the company, mirroring moves from other global cloud computing players while also dovetailing with Chinese government’s priorities to boost the nation’s chip sector.
Developed by Alibaba’s in-house semiconductor unit T-Head, the chip — the Yitian 710 — is based on architecture from UK-based Arm Ltd, and will not be available for commercial use outside of Alibaba.
Alibaba is the largest cloud computing provider in China by market share and the third-largest globally, according to research firm Gartner (NYSE:IT).
The dollar languished near the bottom of its recent range against major peers on Tuesday, knocked back by weak U.S. factory data overnight and on market wagers of faster normalisation of monetary policy in other countries.
The dollar index, which measures the greenback against six peers, weakened 0.05% to 93.894 from Monday. It has oscillated for the past three weeks between 93.671 and the one-year high of 94.563, reached last Tuesday.
Over the past week though, it has trended lower, with a tapering of Federal Reserve stimulus as early as next month already priced in, along with a first interest-rate increase next year.
A recovery in risk sentiment has also weighed on the safe-haven U.S. currency.
Elsewhere, Bank of England Governor Andrew Bailey sent a fresh signal for early U.K. rate hikes by saying on Sunday that the central bank will “have to act” to counter rising inflation risks. In New Zealand, bets for faster policy normalisation were stoked on Monday by data showing the fastest consumer-price inflation in more than a decade.
The U.K. and New Zealand led a rise in short-term bond yields globally, with rates in Europe and Australia climbing comparatively more than those in the U.S., pressuring the dollar.
Oil prices fell on Tuesday, with Brent down a second straight day, after Chinese data showed slowing economic growth and U.S. factory output dropped in September, raising fresh concerns about demand amid patchy recovery from the coronavirus pandemic.
Brent crude was down by 43 cents, or 0.5%, at $83.90 a barrel by 0132 GMT after falling 0.6% on Monday. The contract is still up nearly 7% this month.
U.S. oil fell 33 cents, or 0.4%, to $82.11 a barrel, having risen 0.2% in the previous session and nearly 10% this month.
Factory output in the United States dropped the most in seven months last month as a global shortage of semiconductors slowed auto production, further evidence that supply constraints are a strain on economic growth.
In China, the world’s second-biggest economy, bottlenecks also contributed to a decline in the growth rate to a one-year low as energy shortages and sporadic outbreaks of coronavirus hit the country.
China’s daily crude oil processing rate fell again last month to the lowest level since May last year.
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