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IMF board member Marnix van Rij, representing the Netherlands, warns that cyberattacks pose a growing major threat to Dutch infrastructure, with the Port of Rotterdam, power grid and payment systems at risk of being brought to a standstill. The IMF ranks cyber threats among its main risks to global financial stability, alongside mounting government debt and a possible bubble in AI-related stocks. Van Rij says AI is both a driver of growth and a serious risk, since current models can already hack computer systems independently. He says governments, banks and other organisations must invest enough in cyber resilience, and that smaller businesses are especially vulnerable, welcoming existing Dutch subsidy schemes for them. A major cyber incident at Albert Heijn this week has raised concern in the Netherlands, though he was reluctant to assess how well prepared the country is.
- Cardoso Makes Case for Transparent , Consensus - driven Monetary Policy at IMF Forum – THISDAYLIVE
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso argued that credible monetary policy depends on informed committee deliberations, independent perspectives and clear communication of decisions to markets and the public. Speaking at an IMF seminar in Bangkok, he said the CBN gives external Monetary Policy Committee members technical support and access to independent specialists, and publishes each member's policy statement. He cited the September meeting, when members agreed that weaknesses in the transmission mechanism needed fixing and cut the benchmark rate by 350 basis points, from 26.5% to 23%, a move that surprised markets. IMF First Deputy Managing Director Dan Katz said markets absorbed the decision without significant disruption. Swiss National Bank governing board chair Martin Schlegel and Banque de France governor Emmanuel Moulin also described how their institutions build consensus and communicate a common position.
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Chip stocks rebounded on Monday as investors bought the dip after last week's steep AI trade sell-off. The PHLX Semiconductor Index (^SOX) rose 2%, reversing a recent semiconductor rout. Intel (INTC) jumped 5% after JPMorgan upgraded the stock to Buy, citing "solid execution." Nvidia (NVDA) and AMD (AMD) also gained, while a Goldman Sachs upgrade of CoreWeave (CRWV) to Buy from Neutral helped lift AI sentiment. Arm Holdings (ARM), Micron Technology (MU) and SK Hynix (SKHY) also rebounded after sharp declines last week.
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Stocks were mostly higher on Monday as investors turned their focus to earnings season, with semiconductor stocks rebounding after last week's sharp sell-off. The Tech sector (XLK) rose, led by Nvidia (NVDA), AMD (AMD), Micron (MU) and SK Hynix (SKHY). Intel (INTC) also jumped after JPMorgan analysts upgraded the stock, while CoreWeave (CRWV), hammered last week, rebounded on a Goldman Sachs upgrade. Investors are watching this week's reports from Netflix (NFLX), SpaceX (SPCX), Tesla (TSLA) and Meta (META). The 10-year Treasury (^TNX) yield hovered near 5.1%, while Brent crude (BZ=F) dropped to $108 per barrel and WTI (CL=F) hovered below $98.
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