Surges

• U.S. consumer credit increased more than expected recently, indicating that people are spending more. • This surge in borrowing aligns with broader economic indicators that suggest the U.S. economy is resilient. • Higher credit usage suggests that consumers feel positive about their personal financial stability and future economic conditions.

• Asian currencies strengthened on Friday, led by a sharp rally in the Japanese yen as the U.S. dollar weakened. • The market shift followed dovish comments from Federal Reserve Governor Christopher Waller regarding the outlook for U.S. interest rates. • A weaker dollar typically lowers borrowing costs for emerging markets and increases the purchasing power of regional currencies.

• Global stock indexes mostly rose following a three-day decline as investors sought bargain opportunities despite ongoing geopolitical tensions. • The Japanese yen surged and US Treasury yields eased as market participants closely monitored the evolving conflict between the US and Iran. • Analysts suggest a tension exists between strong US economic growth, which supports corporate earnings, and the risk of higher interest rates.

• Thailand and Taiwan led Asian earnings upgrades in August, with BofA reporting a global revision ratio surge to 1.35 across all regions. • On a rolling three-month basis, Taiwan recorded the highest regional ratio at 2.02, followed closely by Thailand at 1.93. • Thailand's growth was driven primarily by analyst upgrades in the Energy, Materials, Banks, Consumer Discretionary, and Tech Hardware sectors.

• AI and generative AI investments across Asia are projected to surge, reaching an estimated $175 billion by 2028. • Singapore and India are emerging as primary strategic hubs for the development and deployment of AI technologies. • The trend is driven by widespread adoption, with many employees across the Asia-Pacific region already integrating AI tools into their weekly work routines.

• Global AI funding is surging, highlighted by semiconductor startup Etched raising $700 million to develop specialized AI inference chips, bringing its valuation to $21 billion. • The Etched funding round saw major participation from top-tier investors including Jane Street, Kleiner Perkins, Sequoia, Andreessen Horowitz, and Tiger Global. • In India, startups raised a total of $233.2 million, with investment activity primarily concentrated in the fintech sector and companies preparing for IPOs.

• New Jersey sportsbooks generated $97 million in gross revenue during July, marking a 29.7% increase compared to the same month last year. • The surge was driven by $816.9 million in total wagers and an 11.9% hold rate, the highest reported by operators so far this year. • High betting activity tied to the FIFA World Cup knockout rounds and championship match served as a primary catalyst for the revenue growth.