Inflation Eases Slightly

The April CPI report indicates a slight easing in inflation, with consumer prices up 3.4% year-on-year but below the anticipated 0.4% rise, recording a 0.3% increase from March. This slowdown offers minor relief to consumers, although it's not sufficient to prompt an immediate interest rate cut. Inflation remains persistent, with the Federal Reserve maintaining rates steady since July 2023, awaiting more signs of sustainable reduction towards their 2% target.

Copper Prices Smashing Records 

Copper futures reached a record $5.02 per pound on Wednesday, spurred by robust demand linked to data center construction and global economic electrification. The metal, crucial for electric vehicles, power grids, and wind turbines, has surged over 25% this year. With the push towards electrification and a boom in artificial intelligence increasing data center needs, copper's role is expanding, with forecasts predicting a 5% demand increase in the transportation sector this year alone.

GameStop and AMC is cooling down

GameStop and AMC shares tumbled on Wednesday, signalling a cool-down in the meme stock frenzy. GameStop’s shares fell by 15%, and AMC’s dropped by 11%, following massive gains earlier in the week of 179% and 135% respectively. Both shares exploded after lying low for three years. Once again, it was Keith Gill, better known as 'Roaring Kitty' or 'DeepFuckingValue', who triggered the massive rise in the shares. But now, things are cooling off. AMC’s decline followed its announcement of a debt-for-equity swap involving 23.3 million shares to manage $163.9 million in bonds due in 2026, alongside a $250 million stock sale on Monday. Despite the early week surge, this rally was smaller and more transient compared to the peak trading volumes seen three years ago.

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Kilder: CNBC

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