【US Stock Movers】BitMine Immersion plunges on October 7: ETH declines + purchase suspension + overall cryptocurrency stocks fall

(1) Elara Capital believes that following a rate hike similar to that expected in December, the likelihood of the Reserve Bank of India raising rates by 25 basis points in February next year is increasing. (2) Garima Kapoor, Deputy Head of Research, stated that the main driving factors include overall rising inflation and an upward trend in core inflation, suggesting that price pressures are expanding. (3) In the report, she noted that reduced rainfall has increased the risk of food inflation, while businesses are increasingly passing rising crude oil, commodity, and freight costs on to consumers. (4) Resilient domestic demand may accelerate the transmission of price increases during the festival period. (5) In addition, further tightening of monetary policy by other central banks, including the Federal Reserve and the Bank of Japan, is limiting the policy flexibility of the Reserve Bank of India.

Super large oil tankers are racing toward the Middle East to capitalize on soaring freight rates through the Strait of Hormuz, further exacerbating the global shortage of vessels and driving up shipping costs. Despite ongoing attacks on ships, crude oil shipments via the strait have rebounded in recent weeks to near pre-war levels. However, the risks facing shipping have caused tanker freight rates to surge, with the cost of transporting oil from the Gulf region to East Asia now more than six times higher than before the conflict. According to shipping data provider Signal Ocean, out of approximately 850 Very Large Crude Carriers (VLCCs) worldwide, more than 40% are either in the Persian Gulf or within a few days’ sailing distance from the region. Freight analyst Georgios Sakellariou said: "The past few months have been among the best periods in the history of the crude oil tanker industry. The main issue is the inefficiency of ship-to-ship transfer systems outside the Strait of Hormuz, which has significantly depleted local and regional shipping capacity." The journey from the Persian Gulf to East Asia takes about three weeks. Currently, benchmark VLCC freight rates reached a record high of nearly $1.4 million per day on Wednesday, up almost 540% compared to before the conflict, while Brent crude prices have risen by about 40% during the same period.

The chief market strategist at a London investment bank has issued a stern warning to investors: the investment frenzy surrounding AI may soon come to an end and could trigger the most severe market crash since the global financial crisis. Driven by optimism over surging investments in AI infrastructure, global stock markets have reached record highs this year. However, Joachim Klement of Panmure Liberum stated that his baseline prediction is that this investment boom could collapse as early as 2027, leading to a substantial drop in stock prices. "My central view is that the AI bubble will burst in 2027 or 2028—that is, at some point within the next two years," Klement noted. He pointed out that the free cash flow of hyperscale cloud providers has essentially been depleted, while debt costs are rapidly rising to unsustainable levels for these companies. Klement has set a year-end 2027 target of 5,000 points for the S&P 500 Index, implying a 36% decline from current levels.

The main contract of Brent crude oil futures has just reached the $103.00 per barrel mark, currently trading at $103.00 per barrel, up 2.08% on the day.