[Morning Report] Selling to semiconductor-related stocks, LME copper rises ahead of expectations - other non-ferrous metals are also high across the board

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FRB quantitative tightening, even if it ends in 2025 - the NY Fed shows two scenarios
The New York Federal Reserve Bank's forecast shows that there is a possibility that the US Federal Reserve (FRB) will stop reducing the balance sheet in 2025.

The first half of yen was 154 yen, and the low price update stopped for the first time in 34 years due to concerns about depreciation of the yen and a drop in US interest rates
The yen exchange rate of the Tokyo Foreign Exchange Market on the morning of the 18th rose slightly from the evening of the previous day to 1 dollar = the first half of the 154 yen range. Overseas time was due to exchange discussions at the Japan-US-Korea Finance Ministers' Meeting and risk-aversion movements such as stock depreciation and interest rate declines in the US, which led to yen buying materials, and the low price update stopped for the first time in about 34 years. The fact that concerns about the depreciation of the yen were heeded by the US side seems to reinforce the sense of intervention caution, and it seems that it will support the yen ahead of the psychological milestone of 155 yen.

NY Stock Highlights Opposing Market Selling Ripple Expectations Approaching Revision Ahead of Time for Semiconductor-related Stocks
Sales to semiconductor-related stocks were conspicuous in the US stock market on the 17th. A major Dutch semiconductor manufacturing equipment company, $ASML Holding(ASML.US)$ The financial results announced by led to disappointing sales. In 2024, sales spread from the Netherlands across the Atlantic to the opposite bank, as if pressing for revisions to expectations that had gone too far with regard to semiconductors where market conditions are expected to recover.
Related articles:ASML's January-March orders fall short of expectations - sluggish demand for cutting-edge equipment

EU suspends official Microsoft investigation - huge investment in open AI
Major US software company $Arm Holdings(ARM.US)$ The investment of 13 billion dollars (about 2 trillion yen) in open AI by the European Union (EU) competition department is expected to avoid formal investigations by the European Union (EU) competition department. Multiple stakeholders have made it clear.
Related articles:Coder work style reforms brought about by Microsoft's AI tool, CoPilot

LME copper rises, risk take recovers - other non-ferrous metals are also high across the board
The copper exchange rate on the London Metal Exchange (LME) rose on the 17th. Risk appetite movements have intensified in global financial markets, and warnings about tight supply (pull) of copper have been issued one after another.

Continued decline, adjusted sales strengthen while awaiting Israel's counterattack = NY crude oil overview
New York crude oil has continued to decline recently. While Israel's counterattack against Iran has been postponed so far, profit-making sales have taken the upper hand. Although Israel's Netanyahu administration has indicated its intention to fight back, it is uncertain whether it will stimulate Iran and strengthen the sense of urgency of the situation in the Middle East again.
Related articles:Risk that natural gas prices will rise and supply will be interrupted due to worsening conditions in the Middle East

US Eli Lilly's weight loss medicine is also effective for sleep breathing disorders
Of a major rice pharmaceutical company $Eli Lilly and Co(LLY.US)$ On the 17th, it was announced that it was confirmed in late clinical trials (clinical trials) that the obesity treatment drug “zepbound” (generic name tilzepatide) is effective in reducing breathing disorders that occur during sleep. It is likely to occur in people who are obese, and there is a possibility that the weight loss effect of medication led to an improvement in symptoms.