US factories rocked by ‘unprecedented’ rise in unsold stock

Group 1: AI and Technology Investments - Companies leading in AI, such as Nvidia, Microsoft, Google, Amazon, and Palantir, are capturing significant value and experiencing increased demand for their services [1][2] - Amazon signed a substantial $38 billion deal with OpenAI, which is expected to enhance its cloud computing capabilities [2][13] - Microsoft received an export license to deploy advanced AI chips in the UAE, allowing it to invest approximately $7.9 billion in the region over the next three years [22] Group 2: Market Performance and Economic Indicators - The Nasdaq index rose by 0.8% following various deals by US technology giants, indicating strong market performance in the tech sector [2] - Business confidence among consumer goods producers has fallen to a two-year low, attributed to concerns over household spending and declining sales in export markets [3] - The S&P Global Manufacturing PMI indicated a significant rise in unsold inventory, marking the fastest increase in over 18 years, suggesting potential production downshifts if demand does not recover [5] Group 3: Automotive Industry Trends - Tesla's sales in Europe have significantly declined, with new registrations dropping by as much as 89% in Sweden and 86% in Denmark, highlighting increased competition in the electric vehicle market [15][16] - Shares of European carmakers, including Volkswagen and Mercedes-Benz, rose following China's exemption of certain chips from an export ban, indicating positive market sentiment [6][8] Group 4: Commodity Market Movements - Wheat prices experienced volatility, rising by 1.8% on speculation that China may resume purchasing US wheat, although concerns about the lack of official confirmation led to a 0.5% decline in futures [9][10] - Oil prices increased after OPEC+ announced a pause in planned production increases, with Brent crude rising to $64.99 per barrel [41][42]