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TSX futures rise ahead of Fed chair Powell's testimony

July 9 (Reuters) - Futures linked to Canada's main stock index rose on the back of metal prices on Tuesday, while investors awaited U.S. Federal Reserve Chair Jerome Powell's congressional testimony on monetary policy later in the day.

The S&P/TSX 60 futures were up 0.25% by 06:28 a.m. ET (1028 GMT).

The Toronto Stock Exchange's materials sector was set to re

Oil futures , dipped as fears over supply disruption eased after Hurricane Beryl, which hit major refineries along with the U.S. Gulf Coast, caused minimal impact.

Markets will be heavily focussed on Powell's two-day monetary policy testimony before the Senate Banking Committee, starting at 10 a.m. ET (1400 GMT), which can help investors gauge the Fed's rate-cut path.

Following last week's softer jobs data, market participants are now pricing in a 77% chance of a rate cut by the U.S. central bank in September.

The main macro event for the markets this week will be the U.S. consumer prices data due on Thursday, which can help assess the trajectory of inflation in the world' biggest economy.

Wall Street futures were also up on Tuesday after the S&P 500 (.SPX), opens new tab and Nasdaq (.IXIC), opens new tab touched record closing highs in the previous session.

In Canada, fears of the economy slipping into recession advanced after the latest data showed that the unemployment rate rose to a 29-month high in June.

Traders are now pricing in a 65% chance of another cut by the Bank of Canada, which already trimmed interest rates last month.

In corporate news, Cenovus Energy (CVE.TO), opens new tab said it is demobilizing some staff at its Sunrise oil sands project in northern Alberta as a precaution due to the evolving wildfire situation in the area.

Koenigsegg Fused Three Hypercars Into One To Make The Chimera
Koenigsegg Agera RS Chimera combines technologies from Agera RS, CC850, and Jesko. An Agera RS platform features the engine from the Jesko and the simulated manual gearbox from the CC850. Development took three years, thanks to software and hardware integration challenges. A "chimera," for the uninitiated, is described as a mythical creature whose anatomy comes from multiple animals, creating a hybrid of two or more creatures' best bits. It's also the name of the latest one-off creation from Koenigsegg, and it's certainly apt; the Koenigsegg Agera RS Chimera is an amalgam of technologies from the decade-old, record-breaking Agera RS, the fascinatingly innovative CC850, and the awe-inspiring Jesko - which just recently set four new acceleration records. There's also a hint of Regera in here, which had some impressive records of its own. As reported by Mr. JWW, the strictly one-off special edition was commissioned by FIA President Mohammed Ben Sulayem, and both he and one of Koenigsegg's engineers arrived at the same name. Let's take a closer look and see exactly why this is a hybrid, even though it's not electrified. Three Cars In One The Chimera was originally a regular Agera RS and one of several Koenigsegg megacars owned by Ben Sulayem, but he asked Christian and the team to initiate a special project on his behalf. Around the same time, the extraordinary Koenigsegg CC850 was revealed at Monterey Car Week 2022, introducing the innovative Engage Shift System (ESS). This was based on the already astonishingly fast nine-speed Light Speed Transmission, with new actuators and sensors added to enable the simulation of a manual transmission without a physical link between the shifter and the gearbox. Like the rest of the world, the FIA boss was enamored by this novel technology, and as a wealthy 'Egg collector, he asked for it to be put into his special Agera-based project. Christian pondered this and ultimately decided to fulfill the request, in the process turning Ben Sulayem's special edition into something of a development mule for the ESS. But unlike the CC850, the Chimera got the larger turbos of the Jesko, enabling around 1,280 horsepower on regular gas and up to 1,600 hp on E85. That means this is an Agera RS with a CC850 transmission and a Jesko engine. On paper, that sounds simple, but the reality was anything but... Three Shifting Experiences Took Three Years To Combine According to a video from YouTuber and Koenigsegg distributor Mr. JWW, this development process took three years and required the relocation of the battery, new mounts for the powertrain, new harnesses, new software and controllers, and even a new infotainment system. To ensure all the electronics worked seamlessly was a challenge, but then Ben Sulayem asked for another layer of intricacy, requesting that paddle shifters be added, like in the Jesko Absolut and Jesko Attack. In the CC850, you could only switch between the simulated manual mode and fully automatic shifts, but now, the Chimera's development has unlocked manually operable paddles, which have now been added as the only option you can add to a CC850. There was also significant relocation and redesigning of suspension components, with parts from the Jesko and the Regera forming the subframe and elements of the suspension, respectively. A new scoop for the new transmission's cooler was also added, but it looks like it was always planned. Christian von Koenigsegg says this is a true one-off, saying that it would be cheaper and easier to start something all-new from scratch than to mix new and old technologies again, and that it's simply "too much work" to tackle a retrofit project. The Chimera is not completed just yet, as there are still subtle elements to refine, such as the bite point of the clutch pedal, but these minor issues will surely be resolved soon. It's an amazing feat, combining three hypercars in one, and we can't even fathom how Koenigsegg will top this in the future, but we don't doubt that Christian and his team will continue to do just that.
Hedge fund Elliott challenges court verdict it lost against LME on nickel
LONDON, July 9 (Reuters) - U.S.-based hedge fund Elliott Associates on Tuesday urged a London court to overturn a verdict supporting the London Metal Exchange's (LME) cancellation of nickel trades partly because the exchange failed to disclose documents. The LME annulled $12 billion in nickel trades in March 2022 when prices shot to records above $100,000 a metric ton in a few hours of chaotic trade. Elliott and market maker Jane Street Global Trading brought a case demanding a combined $472 million in compensation, alleging at a trial in June last year that the 146-year-old exchange had acted unlawfully. London's High Court ruled last November that the LME had the right to cancel the trades because of exceptional circumstances, and was not obligated to consult market players prior to its decision. Lawyers for Elliott told London's Court of Appeal that the LME belatedly released documents in May detailing its "Kill Switch" and "Trade Halt" internal procedures. It also newly disclosed an internal report that Elliott said detailed potential conflicts of interest at the exchange. "It was troubling that one gets disclosure out of the blue in the Court of Appeal for the first time," Elliott lawyer Monica Carss-Frisk told the court. Jane Street Global did not appeal the ruling. "If we had had them (documents) in the proceedings before the divisional court, we may well have sought permission to cross examine." LME lawyers said the new documents were not relevant. "The disclosed documents do not affect the reasoning of the divisional court or the merits of the arguments on appeal," the exchange said in documents prepared for the appeal hearing. "Elliott's appeal is largely a repetition of the arguments which were advanced, and rightly rejected." The LME said it had both the power and a duty to unwind the trades because a record $20 billion in margin calls could have led to at least seven clearing members defaulting, systemic risk and a potential "death spiral". Elliott said the ruling diluted protection provided by the Human Rights Act and also wrongly concluded the LME had the power to cancel the trades.
Sparkling box office for Spring Festival films indicates tremendous potential for movie consumption in Chinese society
According to Chinese movie ticketing platform Taopiaopiao, the box office for the 2024 Spring Festival holidays surpassed last year's 6.766 billion yuan and entered the top two in the history of Chinese Spring Festival holidays box office. I recently watched three movies, and I think they are all good. However, their overall level is not higher than the movies from last Spring Festival holidays. The higher box office compared to last year reflects the strong potential for movie consumption in Chinese society. Our filmmakers need to make further efforts. The current development of Chinese movies has many advantages. People often complain that our film creation faces various "restricted areas," but in terms of societal topics, the space for Chinese film creation is relatively large and relaxed. For example, Zhang Yimou's film Article 20 shows protest scenes and boldly explores the issue of judicial injustice in depth. A few years ago, the film I Am Not Madame Bovary specifically discussed the sensitive issue of petitioning. Another film, Johnny Keep Walking! which was aired last year, also touches on serious social issues. The breadth and depth of these films' topics lay the foundation for their attractiveness. The improvement of China's basic film production level has played a role in boosting their success, resulting in Hollywood films being collectively pushed off the Chinese box office charts. Now, almost any domestic film can be considered "watchable." The next step is to produce world-class masterpieces and promote the collective advancement of Chinese films on the global stage. The three movies that I watched are YOLO, directed, written and starring Jia Ling, a representative of the new generation of female Chinese directors, Pegasus 2, directed by Han Han and Article 20. They are all realistic-themed films, and the actors who play the main characters have some overlap. Although each of them is good, as mentioned earlier, I personally feel that their overall quality is not as good as films screened during last year's Spring Festival holidays. So I have a feeling that Chinese movies have been spinning in place for a year in such a good market environment. Of course, I am not an expert, so what I say may not be correct, or it may be biased. The production level of Chinese films, in terms of technology, has caught up. Domestic films have surpassed Hollywood in the domestic market through competition, which is a great achievement. However, I hope that this does not mark the beginning of a "decoupling" between Chinese movies and the rest of the world, but rather a turning point for Chinese films to reach a higher level domestically and to go global. This requires Chinese realistic films to not only be loved by domestic audiences but also become increasingly "understandable" to foreigners, allowing them to empathize with us through these films. If Chinese films can gradually go global through market-oriented approaches, it will be a new process for the international community to re-recognize and understand China, and to establish common values between us. The earliest understanding of the US by the Chinese people came entirely from the shaping of news propaganda. Later, American films and TV works entered China, showcasing the rich American society. Now, Western media's portrayal of China is completely stereotyped. If Chinese films and other popular culture do not go global, and if a large number of secular elements from China do not appear on the global internet, the outside world's perception of China is likely to be dictated by Western media for a long time. So I hope that China's excellent film market can incubate outstanding works that are loved and enjoyed globally. Not only should our cultural policies provide greater space, but our internet public opinion should also be more tolerant of the interweaving and mutually influencing between Chinese and Western cultural elements. We should not restrict those elements in Chinese films that can resonate with both Chinese and foreign audiences. For example, comedies should not only make Chinese people laugh, but also be understandable to foreigners. Chinese films need to establish their own big stars, including top-tier female stars. In the past, Bruce Lee and Jackie Chan became famous in the West, but they were primarily seen as "Hollywood stars." It is a more challenging journey for Chinese stars to gain international recognition through their own films. The success of Chinese films and Chinese stars worldwide is definitely a complementary process. The backgrounds of our film stories should also be carefully selected and more diverse, enhancing the visual quality and international appeal of the films. Feng Xiaogang's film Be There or Be Square was entirely set in the US, and later, there was another film called Lost in Thailand, both of which achieved good results. Choosing such backgrounds should be encouraged as one of the approaches. In conclusion, I am delighted by the comprehensive recovery of the Chinese film market, and I also hope that the films nurtured by this market will continue to progress. To achieve this, we need to keep introducing the world's best films and collaboratively cultivate the aesthetic taste of the Chinese people alongside Chinese films. Chinese films have already stood up, but they should not monopolize this vast market. Instead, the Chinese market should serve as the stage for them to expand globally.
Hamas chief says latest Israeli attack on Gaza could jeopardise ceasefire talks
AIRO, July 8 (Reuters) - A new Israeli assault on Gaza on Monday threatened ceasefire talks at a crucial moment, the head of Hamas said, as Israeli tanks pressed into the heart of Gaza City and ordered residents out after a night of massive bombardment. Residents said the airstrikes and artillery barrages were among the heaviest in nine months of conflict between Israeli forces and Hamas militants in the enclave. Thousands fled. The assault unfolded as senior U.S. officials were in the region pushing for a ceasefire after Hamas made major concessions last week. The militant group said the new offensive appeared intended to derail the talks and called for mediators to rein in Israel's Prime Minister Benjamin Netanyahu. The assault "could bring the negotiation process back to square one. Netanyahu and his army will bear full responsibility for the collapse of this path," Hamas quoted leader Ismail Haniyeh as saying. Gaza City, in the north of the Palestinian enclave, was one of Israel's first targets at the start of the war in October. But clashes with militants there have persisted and civilians have sought shelter elsewhere, adding to waves of displacement. Much of the city lies in ruins. Residents said Gaza City neighbourhoods were bombed through the night into the early morning hours of Monday. Several multi-storey buildings were destroyed, they said. The Gaza Civil Emergency Service said it believed dozens of people were killed but emergency teams were unable to reach them because of ongoing offensives. Gaza residents said tanks advanced from at least three directions on Monday and reached the heart of Gaza City, backed by heavy Israeli fire from the air and ground. That forced thousands of people out of their homes to look for safer shelter, which for many was impossible to find, and some slept on the roadside.
Are US development jobs falling off a cliff?
Companies are going to have fewer people and fewer layers. Ten years from now, the software development circuit may have fewer jobs, higher salaries, and more product-centric work. The reason behind it is the rapid development of AI, AI has approached human beings at the intelligence level, a lot of work relying on thinking ability may be handed over to AI, while emotion is still the territory of human beings, how to communicate and collaborate is the most important ability in the near future. When Indeed's chart for software development and operations jobs was released, we found that, as the chart shows, there was a peak in early 2022, but after that there was a precipitous decline.