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- Page 45
Archive
ESG Is So Last Year
Companies are laying low on ESG amid backlash, CDS on US Treasuries hit their highest level since 2011, First Citizens’ takeover of SVB isn’t going smoothly, home prices experienced their biggest YoY drop since 2012, IKEA is planning its biggest-ever US expansion, Meta is cutting 10% of its UK workforce, and SpaceX’s Starship exploded mid-flight.
Buy Now, Eat Later
Americans are using BNPL for groceries, McCarthy unveiled a $1.5T debt ceiling increase proposal, UK inflation remained above 10% in March, Oil exports from Russia’s western ports hit a four-year high, CS bankers compete to retain jobs after UBS takeover, Microsoft is developing its own AI chip, and Reddit will charge companies for access to its API.
Coinbase Might Go Global
Coinbase may relocate outside the US without changes to regulation, China’s GDP grew 4.5% YoY in Q1, US consumers are falling behind on payments, EU agreed to a $47B chip plan in response to US/Asia competition, McKinsey and Bain are delaying start dates for MBA hires, and US craft beer production remained flat in 2022.
Apple x Goldman Savings Account Collab
Apple and Goldman launched a savings account paying 4.15% interest, US manufacturing commitments keep climbing, BlackRock is helping the FDIC sell $114B of SVB and Signature Bank assets, US labor supply returned to pre-pandemic levels, US shareholder activism dropped 30% in Q1, and earnings season is off to a hot start.
Massive Earnings Week Inbound
It’s a big week for earnings calls as names like Goldman, Tesla, and Netflix report Q1 results, US money market funds are continuing to see heavy inflows, Yellen expects US banks to tighten lending, Musk is planning an OpenAI rival, and Ferrari has record orders into 2024.
Rental Market Cool Down
Rent inflation is cooling, Twitter partnered with eToro to let users trade stocks and crypto, Chinese exports surged in March, Amazon is facing 18 shareholder proposals this year, Apple tripled iPhone production in India, Sweden’s largest pension fund fired its CEO, and Bernard Arnault is now worth $210B+.
FTX comeback szn
FTX is considering using creditor money to restart crypto exchange (lol), US CPI fell to 5% YoY in March, public debt is growing faster than pre-Covid projections, US government posted a $378B budget deficit in March, JPMorgan wants its MDs back to office full-time, and Europe’s biggest SPAC is winding down.
Shrinking the Sheets
The Fed expects to see its balance sheet contract through 2025, EY canceled plans to split its audit and consulting businesses, China’s consumer inflation hit an 18-month low, Berkshire raised its stakes in Japan’s five largest trading houses, the US is studying possible rules to regulate AI, and office space for rent hit a record high.
Billy McFarland Is Back on the Map
The IMF expects ZIRP to return post-inflation, Wall Street banks are bracing for lower earnings, Activist investor moves hit all-time highs in Q1, BOJ’s new chief will stick with loose monetary policy, KPMG missed SVB warning signs in a pre-collapse audit, US used EV sales rose 32% in Q1, Bitcoin climbed over $30k overnight, and Billy McFarland is bringing back Fyre Festival.
IRS Hiring Spree
US average hourly wages rose 4.2% YoY in March, corporate bankruptcies jumped in Q1, Morgan Stanley wants to set up a futures shop in China, the IRS will hire 20k new workers by 2024, WeWork adopted a poison pill, Tesla cut its US prices again, and millennial homeowners now outnumber renters.
Pour one out for senior CS bankers
Senior Credit Suisse bankers are getting bonuses slashed bigly, VC funding is down 50% YoY, Tiger Global tried to sell VC fund stakes, Walmart sees sustained inflationary pressures, Tesla's EV dominance is fading, FedEx is merging its two main delivery networks, and Chamath dropped his 2022 annual letter (and got roasted on twitter for it).
30 Under 30's Newest Fraud Just Dropped
Foreign investments are flowing back into China, Goldman and JPMorgan are competing for the top deal advisory spot, short sellers made $848M in paper profits on bets against First Republic in March, Apple announced a first round of job cuts, Finland joined NATO, and the US brought criminal charges against Frank's founder.