Summary of institutional views on financial markets on 10 August

On 10 August, a summary of institutional views on equity markets, commodities, foreign exchange, economic outlook and central bank policy outlook.

1. J.P. Morgan: US inflation-cutting bill will hardly curb inflation.

JP Morgan economists said the inflation cut bill would have "little impact" on the climb in inflation, which is currently growing at the fastest rate in 40 years in the US. The US tax, climate and health care bills are expected to go to the House of Representatives on Friday. The Congressional Budget Office, the Congressional Committee on the Due Diligence Federal Budget (CRFB) and the Pennsylvania Wharton School budget model all found that the bill would have a negligible impact on inflation. JPMorgan economists agree. Michael Feroli, the bank's chief US economist, said, "We don't think the drug pricing provisions will have much of an impact on CPI in the short term." He added: "If there is a long-term beneficial impact on the supply side of the economy, as the proponents of this bill claim, it will be a growth issue, not an inflation issue. In the long run, inflation will be determined by Fed policy

2. Brazil's central bank: record net profits for Brazilian banks in 2021.

On August 9, local time, the Central Bank of Brazil published a report on financial stability for the first half of 2022, showing that the net profits of Brazilian banks totaled 132 billion reais (about 171.6 billion yuan) in 2021, a record high for this indicator since 1994

3. NVIDIA collaborates with several companies to develop 3D technologies that go beyond visual effects

NVIDIA (NVDA.O) said on Tuesday it is working with several companies to push 3D technology beyond visuals to become the basis for a metaverse and 3D Internet. The chipmaker said it is working with other companies such as Walt Disney (DIS.N), Adobe (ADBE.O) and Autodesk (ADSK.O) to pursue a multi-year roadmap to expand general-purpose scenario applications. NVIDIA said that expanding its capabilities will allow it to better support industrial metaverse applications in areas such as architecture, engineering, robotics