[Morning report] Selling pressure on semiconductor-related stocks, pushing for revisions ahead of expectations, and LME copper rising - other nonferrous metals are also uniformly high.

Top news
Federal Reserve Bank (FRB) quantitative tightening may end by 2025 - NY Fed presents two scenarios.
The Federal Reserve Board (FRB) may stop its balance sheet reduction by 2025, according to the New York Fed's forecast.

The yen is trading in the mid-154 yen range, stopping the 34-year low updates due to concerns about yen depreciation and a decline in U.S. interest rates.
On the morning of the 18th, the exchange rate of the yen in the Tokyo foreign exchange market was slightly up from the previous day's evening at around 154 yen to the dollar. The overseas time saw a risk-averse movement due to exchange rate discussions at the Japan-US-Korea finance ministers' meeting, stock market declines, and lower interest rates in the US, all of which became factors for yen buying, halting the yen's decline to a 34-year low. Concerns about a weaker yen are expected to reinforce intervention vigilance on the US side, likely providing support for the yen as it approaches the psychological milestone of 155 yen.

NY Stock Market Highlights: Selling pressure in semiconductor-related stocks spilled over from the opposite shore, prompting a correction of over-optimistic expectations.
In the US stock market on the 17th, selling in semiconductor-related stocks was prominent. The earnings announcement from the Netherlands' major semiconductor manufacturing equipment company, $ASML Holding (ASML.US)$
Related articles:ASML, orders for January-March were below expectations - demand for cutting-edge equipment is sluggish

EU to shelve formal investigation of Microsoft - massive investment in OpenAI
US software giant $Arm Holdings (ARM.US)$ The $13 billion investment in OpenAI by sea is expected to avoid a formal investigation by the European Union (EU) competition division, according to multiple sources.
Related articles:Microsoft's AI tool, Copilot, brings about a revolution in the way coders work.

LME copper is rising, with a recovery in risk-taking, and other nonferrous metals are also high.
Copper prices on the London Metal Exchange (LME) rose on the 17th. Risk preference in the world's financial markets is strengthening, and warnings about the tight supply of copper are repeatedly emerging.

Under pressure, NY crude oil saw increased selling pressure in anticipation of Israel's counteroffensive adjustment.
New York crude oil futures continued to fall. Pending Israel's counterattack against Iran, profit-taking sales have gained the upper hand for now. Although Israel's Netanyahu government has shown its intention to counter, it remains unclear whether it will raise tensions in the Middle East, stimulating Iran.
Related articles:The natural gas price is rising due to the risk of supply disruption caused by the worsening Middle East situation.

The weight-loss medication from US pharmaceutical company Eli Lilly is also effective for sleep apnea.
The US pharmaceutical giant $Eli Lilly and Co (LLY.US)$ announced on the 17th that it has confirmed through late-stage clinical trials that the obesity treatment drug 'Zepbound' (generic name: chlasepatide) is effective in reducing respiratory disorders that occur during sleep. There is a possibility that it may have led to improvement of symptoms through weight loss effects of medication, which are more likely to occur in obese individuals.