Good afternoon and welcome to Markets Desk.
The dollar is under pressure today after back-to-back soft data prints. July ADP employment and ISM services both came in weaker than expected, reinforcing concerns about slowing momentum in the US economy. The dollar index is off roughly two-tenths of a percent, with equity strength pulling liquidity demand away from the greenback.
Shifting to tech, Google is reorganizing at the top of its AI division. Demis Hassabis, who led DeepMind, is moving into a chief scientist role at Alphabet, signaling a strategic pivot toward AI safety and longer-horizon research. The move comes as competitive pressure from OpenAI and others forces Google to sharpen its positioning, though industry observers remain divided on whether this restructuring strengthens or complicates the company's AI ambitions.
And in a deal that underscores just how much valuations have compressed in the software space, Italian tech firm Bending Spoons has agreed to acquire Airtable for one point two eight five billion dollars in cash. That is a steep discount from Airtable's peak valuation of eleven billion dollars. It marks Bending Spoons' first acquisition since listing on the Nasdaq in June, and signals continued consolidation pressure across the no-code and productivity software market.
That's the tape. Markets Desk, signing off the floor.
