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Canada says 'No More Rate Hikes'
Musk is considering raising $3B to help pay his Twitter debt, Tesla beat estimates on best-ever revenue, Bank of Canada is done hiking rates, UK's competition regulator is investigating Broadcom's purchase of VMware, Chevron announced a $75B buyback program, Credit Suisse dismissed most of its Mexico-based bankers, Trump has been reinstated by Facebook / Instagram, and Hindenburg Research dropped another bombshell short report.
Coinbase's CPO Got PAID 💰
Barclays named two new co-heads of investment banking, Coinbase's CPO stepped down after making $105M in stock options, a technical glitch caused the NYSE to briefly halt trading for several stocks, US business activity contracted for a 7th straight month, Eurozone business activity unexpectedly improved, and Walmart is raising its minimum wage to $14 per hour.
Big Covid Wave in China
A billion people in China have contracted Covid since December, California accounted for 40% of the US's ZEV sales in 2022, unemployed Americans are finding it harder to land new jobs, a group of banks are launching a digital wallet to compete with PayPal and Apple Pay, and Venezuela inflation slowed to 234% last year.
Citadel Made Bank in 2022
Citadel made $16B last year, ETFs turned 30 this weekend, Brazil and Argentina want a common currency, SPAC deal sizes keep shrinking, US home sales hit a 12-year low, Alphabet cut 12k jobs, prosecutors seized SBF's Robinhood stock, and Morgan Stanley lowered its CEO's pay to "only" $31.5M. Should we start a Gofundme?
Debt Ceiling = Reached
The US reached its debt ceiling again, big hedge funds are outperforming small hedge funds, Jamie Dimon expects interest rates to climb above 5%, Jamie Dimon also got paid $34.5M in 2022, Texas banned Citi from underwriting municipal bonds, and Reed Hastings stepped down as Netflix's CEO.
Citi bumps junior salaries
Trump is preparing for his Twitter comeback tour, the US is about to hit its debt ceiling (again), US 30Y mortgage rates hit their lowest point since September, Peter Thiel's Founders Fund cashed out $1.8B on crypto bets last year, Microsoft will lay off 10k employees, Amazon is beginning to lay off 18k, and Citi is bumping up salaries for junior bankers.
Goldman Clapped
Goldman had its worse EPS miss in a decade, 3AC and CoinFLEX's founders think they can save crypto, PWC resigned as Chinese developer Evergrande's auditor, Sequoia lowered its fees for two new funds, LVMH surpassed a €400B market cap, and Microsoft will cut thousands of jobs.
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.