Leading Indicators | Could AI’s growth signal the dawn of a new computing age?

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Here we look at the leading indicators in the world of economics.

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ECB delivers first interest rate cut, ahead of Fed and BoE

Despite Euro Area inflation rising to 2.6% in May, the European Central Bank (ECB) cut its deposit rate by -25bps to 3.75% in June, while the main refinancing operations rate fell to 4.25%. Meanwhile, in the UK and US, money markets are currently pricing in the first rate cut for November and September, respectively.

Is the labour market starting to cool? UK private wages grow at their slowest pace since mid-2022

In the three months to June, the UK unemployment rate rose to 4.4%, its highest level since the three months to September 2021.
Wage growth (excl. bonuses) remained unchanged at 6.0%, yet private sector wage growth cooled to 5.8%. This comes despite the notable increase in the statutory minimum wage.

Nvidia becomes 2nd most valuable company globally, surging to $3tn valuation 

Last week, Nvidia surpassed Apple to become the 2nd most valuable company globally, with a market capitalisation of $3.01 trillion. After experiencing a year of remarkable growth fuelled by the rising demand for AI chips, could this indicate the dawn of a new computing age?

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