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More European Rate Hikes
The ECB delivered a 10th rate hike, August wholesale inflation rose 0.7%, Brookfieldâs CFO said private credit and banks can co-exist, cocaine is set to surpass oil as Colombiaâs main export, Disney is cutting streaming targets for Disney+, and NASA is studying UFOs with AI.
Mexico's UFO Investigation
Mexicoâs Congress is holding a hearing on UFOs, the Fed is on alert for one more possible hike, Goldman fired its transaction banking chief, Howard Schultz stepped down from Starbucksâ board, UAW and automakers remain âfar apartâ in contract negotiations, and X Corp. is settling lawsuits over mass layoffs.
RIP to the Jets' Rodgers Era
Aaron Rodgersâ season is over after four plays as a Jet, Google argues that it hasnât exhibited anti-competitive practices, central banks are thinking higher rates for longer to fight inflation, AI is reshaping iPhones and Apple Watches, Ford plans to double its F-150 hybrid pickup production, and BPâs CEO quit over work relationships.
Big Tech Bull Market
Tech giants led a green day in the market, the dollar had its largest drop in months against the yuan, Disney and Charter ended their dispute, Alibabaâs new CEO laid out strategic priorities, Jamie Dimon slammed regulators on their new capital requirements plans, and Cramer warned that Wall Streetâs AI craze may be peaking.
Instacart Valuation Got SLASHED
Instacart is targeting an IPO and its valuation is low, Meta is developing a more powerful AI system, earnings estimates are rising, Biden doubtâs Chinaâs ability to invade Taiwan, Daniel Zhang stepped down from Alibabaâs cloud business, and hedge fund hurt by oilâs last dip have levered up on crude.
New FTX Fraud Just Dropped
FTXâs Ryan Salame pleaded guilty to two criminal counts, Ryan Petersen cleared house at Flexport, Goldmanâs Solomon sees a Wall Street rebound if tech IPOs outperform, ChatGPT traffic is down again for the 3rd month in a row, and the SEC is probing Ryan Cohenâs Bed Bath & Beyond trades.
Apple x Arm's Multi-Decade Deal
The Fed is set to double its economic growth forecast, Apple and Arm signed a chip deal that goes beyond 2040, China banned iPhone use for government officials at work, oil prices climbed on an expected US crude stock draw, and Rokuâs stock jumped on layoff news.
Steady Rates in Canada
The FTC has a lawsuit set against Amazon later this month, the Bank of Canada plans to hold rates at 5%, Apple linked a new long-term deal with Arm, Musk borrowed $1B+ from SpaceX the same month as his Twitter acquisition, the FAA lifted a brief nationwide ground stop for United Airlines, and Facebook is getting rid of its âNewsâ tab in Europe.
Trouble in the Desert
Thousands were stranded in Burning Man after a storm turned the desert into muck, investors are feeling antsy after a summer rally, Delta is the USâs top airline in several categories, Xi is skipping the G20 summit, diamond prices are in free fall, and another Binance exec left the company.
Banks Are Done with Work-From-Home
UBS had a âhistoricâ $28.8B Q2 profit thanks to its Credit Suisse acquisition, banks are getting tough on return-to-office laggards, confidence in the carbon credit market is decreasing, China is trying to boost its economy and currency, airline earnings outlooks are dropping, and NYCâs Pension CIO sees little impact from Wall Streetâs ESG pullback.
(Credit Card) Rate Hikes Soon
US companies added 177k jobs in August, Amazon and Shopify struck a new deal, Biden wants more salaried workers to get overtime, Visa and Mastercard are ready to raise credit card fees, Google introduced generative AI to search in India and Japan, and Reid Hoffman is stepping back from his investment role at Greylock.
Bitcoin ETF Loading?
Stocks were up big yesterday, a US court overruled the SECâs rejection of Grayscaleâs bitcoin ETF, US banks may have to raise $70B in debt to match new risk mitigation guidelines, Vinfastâs stock performance stands out in a beaten down SPAC market, and Mullen sued Schwab and TD Ameritrade.