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Tesla Slashes Prices
Yellen warned of US default risk, JPM and BofA continue to hire as Goldman cuts jobs, Tesla is slashing its prices, investors are buying billions in emerging market debt, Wells Fargo underperformed its peers in Q4, EVs made up 10% of all new vehicle sales last year, and the SEC brought charges against Gemini and Genesis.
Inflation Deceleration
US CPI growth slowed to 6.5% YoY in December, London IPOs dropped 90% in 2022, Sweden found the Earth's biggest deposit of rare earth minerals, Microsoft is granting US employees unlimited time off, Starbucks wants corporate workers back in the office, and Tim Cooks's pay will be more directly tied to Apple's stock performance.
Litquidity Enters Finance Recruiting
J Pow refused to comment on rate policy yesterday, US public pension debt topped $1.4T, Americans will receive a smaller tax refund this year, Bridgewater doubled down on China, Goldman no longer expects a eurozone recession, the FTC is probing Coca-Cola and Pepsi, and Southwest reshuffled its senior management roles.
Swiss National Bank Down Horrendously
Swiss National Bank lost $143B in 2022, Eurozone unemployment is at a record low, Bed Bath & Beyond is a meme stock again, Disney employees are being called back to the office four days per week, Rolls-Royce hit record sales in 2022, and UGA dominated TCU in the national championship game.
Goldman Sacks
Markets were up big on Friday, US VC funding fell 31% in 2022, Goldman is cutting 3,200 jobs this week, world food prices rose by 14.3% to a record high in 2022, Jack Ma will relinquish control of Ant Group, Salesforce aims to cut costs by $3-5B, Twitter made further staff cuts to its global content moderation team, and Vince McMahon will return to WWE's board.
Negative-Yielding Bonds No More!
Tech firms are leading the charge with job layoffs, the amount of global negative-yielding bonds has been reduced to ~$0, the FTC proposed banning non-compete clauses in employment contracts, Canada banned foreigners from buying homes in the country, Citadel posted record revenues, Southwest is facing a $1B revenue hit, hackers stole the email addresses of 200M+ Twitter users, and Putin ordered a temporary ceasefire to observe Orthodox Christmas.
AI Search Browser
Microsoft will incorporate ChatGPT into Bing, France inflation fell, the Fed plans to slow rate hikes, Manhattan home prices fell for the first time since 2020, GM led US auto sales, Roku launched its own TV brand, Ireland fined Meta $419M, and Ryanair hiked its full-year profit forecast.
Tesla Market Cap Declined by One Twitter
Tesla lost one Twitter in market cap, Apple's valuation fell below $2T, Croatia adopted the euro, ByteDance cut hundreds of jobs in China, Japan is paying people to move out of Tokyo, The University of California invested in BREIT, and SpaceX is raising $750M.
New Year, New Markets (Hopefully)
Stock and bond markets lost $30T in 2022, hedge funds had their worst year since 2008, Europe natural gas prices hit pre-Ukraine war levels, JPM is getting sued by the US Virgin Islands, Russia is now one of China's leading oil and gas suppliers, Southwest expects its holiday meltdown to impact Q4 results, Fidelity slashed its Twitter valuation by 56%, and Kim Jong Un wants more nukes.