Bank of Japan Deputy Governor Shinichi Uchida: Raising interest rates is not considered contradictory to bond policy

According to statistics released by the Brazilian government on Tuesday, the country's oil exports reached a historic peak in September 2024, totaling 11.7 million tonnes. Domestic oil production increased and robust global market demand jointly drove up the export shipping volume for the month. The September export shipment volume has already surpassed the previous monthly record of 11 million tonnes set in March 2023. Compared with the same period last year, oil exports in September rose by 42.2%, and export revenues surged by 77.3%, reaching approximately $6.5 billion. This remarkable export performance was the result of record high Brazilian oil production and rising international market demand. Recent conflicts between the US and Israel and Iran have created pressure on global oil circulation; if shipping through the crucial Strait of Hormuz is disrupted, crude oil prices may soar. Meanwhile, Brazil’s oil production is benefiting from continuous expansion and development of its pre-salt oil fields, particularly the sustained capacity releases from the Buzios and Mero blocks in the Santos Basin, providing a solid supply foundation for export growth.

For the week ending October 2, US API crude oil inventories decreased by 2.1 million barrels, compared to an increase of 1.019 million barrels in the previous week. During the same period, US API gasoline inventories fell by 1.4 million barrels, following an increase of 2.991 million barrels in the previous week. US API Cushing crude oil inventories increased by 866,000 barrels, compared to an increase of 233,000 barrels in the previous week. Note: API crude oil inventory data is an industry indicator released by the American Petroleum Institute reflecting weekly changes in US crude oil inventories, and fluctuations in this data often influence international crude oil market price expectations.

At the close of trading in New York on Tuesday, October 6th, spot gold fell by 0.58% to $4,163.20 per ounce; spot silver rose by 0.44% to $61.3410 per ounce; and COMEX copper futures gained 0.24%, closing at $6.6570 per pound. Recently, the price fluctuations of precious and industrial metals have been closely correlated with global macroeconomic expectations, the performance of the US dollar, and changes in commodity supply and demand. The future price trends of these related categories will continue to be jointly influenced by factors such as the Federal Reserve’s monetary policy moves and the pace of manufacturing recovery in major global economies.

In the third paragraph, CEO comments were added. Revenue for fiscal year 2031 is expected to reach $70 billion to $90 billion, surpassing market expectations. Custom chip revenue for fiscal year 2029 is projected to reach $12 billion. Executives attribute this optimistic outlook to the booming development of artificial intelligence and a decade of sustained effort. Prathik Jayaprakash/Anhata Rooprai/Max A. Cherney — Reuters, October 6 — Marvell Technology MRVL.O on Tuesday raised its revenue forecast for fiscal year 2028 to about $20 billion, above Wall Street expectations, due to surging demand for custom data center chips and a boom in AI-related spending. The Santa Clara, California-based company's stock rose about 6%, while shares of competitor Broadcom AVGO.O were up about 4%. “It took a very long time to put the company on this path and become a technology leader,” Marvell President and Chief Operating Officer Chris Koopmans said in an interview. “We have always had a track record of delivering on our commitments.” Marvell established a strategy in 2021 focusing on custom and cloud-optimized chips, specifically designed for data centers. Since then, the company has been one of the main beneficiaries of the AI infrastructure boom, and now expects to achieve $12 billion in custom chip revenue in fiscal 2029, up from its previous target of $10 billion. As technology companies develop proprietary AI processors to decrease reliance on Nvidia NVDA.O chips, Marvell’s custom chip business has become a primary growth driver. So far this year, Marvell's stock has surged more than threefold. In August, Marvell disclosed an agreement with Google's Alphabet GOOGL.O which could bring in up to $120 billion in sales through fiscal year 2033, pending certain business milestones. That same month, the company raised its full-year revenue forecast from $16.5 billion to about $18 billion. On Tuesday, Marvell forecast fiscal 2031 revenue between $70 billion and $90 billion. According to a Visible Alpha survey of four analysts, the midpoint of $80 billion exceeds Wall Street's expectation of $46.85 billion. According to London Stock Exchange Group (LSEG) data, analysts previously expected 2028 revenue to be $18.2 billion. (For the convenience of non-English speakers, Reuters provides automated translations of its reports into several other languages. As automated translation may contain errors or lack complete context, Reuters does not guarantee the accuracy of these translations and provides them solely for reader convenience. Reuters accepts no liability for any damages or losses caused by the use of automated translation functionality.)