Federal Reserve Chairman Kevin Warsh remained tight-lipped about potential policy shifts ahead of the central bank's October meeting, stating he does not 'prejudge meetings.' His remarks came as U.S. producer prices rose 6.3% annually in September, surpassing the 5.5% forecast, adding pressure on the Fed to address inflation.
The AI sector faced significant turbulence this week, with 20 leading global AI and semiconductor stocks losing over $1 trillion in value. CoreWeave, a 'neocloud' company, became a focal point of investor concerns as its credit-default swap spread briefly exceeded 1,140 basis points, a level indicating credit distress. Major players like Nvidia, AMD, and Intel also saw declines, reflecting broader funding worries in the AI space.
Meanwhile, Russia's finance minister attended the G20 gathering in Bangkok, sparking resistance from European officials. German Finance Minister Lars Klingbeil emphasized that Russia would not be treated as a normal G20 member, reiterating Europe's stance following the 2022 invasion of Ukraine.
On a brighter note, shares of Hybe, the company behind K-pop group BTS, surged 10% on Friday. The rally was driven by an upbeat third-quarter earnings outlook, with concert revenue expected to nearly triple from a year earlier.