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Twitter vs. Musk 🥊
The euro and the US dollar are at parity for the first time in 20 years, Twitter sued Musk, the White House warned that today's CPI will run hot, S&P 500 companies paid out record-high dividends, Google is slowing hiring for the rest of the year, Croatia will adopt the euro common currency, and British lawmakers approved a 25% windfall tax on oil & gas producers in the North Sea.
1 US Dollar = 1 Euro
The euro is within half a cent of dollar parity, India's population is expected to pass China's next year, the public sector labor force is recovering much slower than the private sector, the DoJ is investigating the PGA Tour for violations of antitrust laws, Klarna's valuation was slashed by almost $40B, and GameStop launched an NFT marketplace.
Twitter Lawyered Up
Twitter lawyered up to enforce Musk's acquisition, Spirit delayed its merger shareholder vote, European gas prices fell slightly from their peak, job numbers came in hot, American confidence in news hit an all-time low, and Djokovic won his seventh Wimbledon title.
Bye Bye, Boris
Stocks rebounded yesterday, Boris Johnson is stepping down as the UK's prime minister, Elon's Twitter acquisition is in peril, GameStop announced layoffs, the FDA paused its Juul ban, former Japanese prime minister Shinzo Abe was shot during a political event, and mortgage rates fell to ~5.3% as investors think we're headed for a downturn.
Nuclear Goes Green
The Fed may hike rates another 50-75bps this month, the EU officially labeled natural gas and nuclear power as green energy, France is nationalizing a nuclear company, North Korea is trying to hack US healthcare companies, the Biden administration proposed new steps to alleviate student debt, and GameStop announced a stock split.
Tweet to Lower Gas Prices
The dollar has had its best year in a decade, summer cookout costs have inflated, China ordered 292 Airbus jets, Yellen said inflation is too high, Klarna may raise new capital at a steep markdown, crypto fund Three Arrows filed for bankruptcy, and Joe Biden tweeted at local gas station owners across the country to not make a profit on their gas sales.
Rage For America
US home prices hit an all-time high, Spirit delayed its shareholders vote for a potential merger with Frontier, USC and UCLA are joining the Big Ten, economic growth is finally hitting China again, Ketanji Brown Jackson was sworn in to the Supreme Court, and FTX passed on a deal to acquire Celsius.
J Pow's White Flag
J Pow said we need to accept a higher risk of recession to fight inflation, Snapchat is launching a premium feature, Wall Street is pulling back from Middle Eastern SPACs, $30B in Russian oligarch wealth has been frozen or seized, and Substack laid off some of its staff.