Macro Briefing: 23 May 2024

* China launches military drills around Taiwan after inauguration of new president
* Fed minutes show concern over lack of progress on inflation
* Eurozone economic recovery strengthens for third straight month in May
* China may raise tariffs on vehicle imports up to 25%
* Business inflation expectations unchanged at 2.4% in May: Atlanta Fed
* US existing home sales fall for second month in April:

AI bellwether Nvidia reports record 18% quarterly revenue increase vs. Q4 and up 262% from a year ago. “The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence,” says Jensen Huang, founder and CEO of NVIDIA. “AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue opportunities.”