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Trouble Brewing in China
The US and England tied 0-0 in Friday's World Cup matchup, investors poured billions into bond funds this month, Black Friday sales hit record highs, US household spending increased by $433 in October, China is getting tired of Covid restrictions, Walmart overtook Amazon in Black Friday searches, and the FCC banned US sales of Huawei and ZTE equipment.
Credit Suisse bout to take a big L
Smaller rate hikes may be coming soon, China's recovery is being set back by lockdowns, Credit Suisse is facing a $1.6B quarterly loss, Twitter disbanded its Brussels office, Germany is planning a 33% windfall tax on gas, coal, and oil firms, Spain is moving ahead to tax tf out of banks and energy companies, Ford recalled 634k vehicles, and SBF is still speaking at The New York Times' DealBook Summit despite wrecking the crypto market and misappropriating customer funds.
Argentina Looked Messi
Argentina got upset by Saudi Arabia in its first World Cup match, China is leading global IPO volumes, the White House extended its pause on student loan repayments, Goldman got fined for misleading customers about ESG investments, Credit Suisse is laying off China-based bankers, Twitter is having tech glitches, and Ronaldo is leaving Manchester United.
Bob Iger is Back
Bob Iger is back at Disney, hedge funds continue to avoid long positions, crypto lending giant Genesis may face bankruptcy, Carl Icahn is shorting GameStop, H-1B visa holders are scrambling for new jobs due to layoff waves, New York granted its first batch of licenses for recreational marijuana retailers, and the US men's soccer team has the second-youngest roster in the World Cup.
Sober World Cup
Trump's Twitter account was reinstated, Qatar banned beer sales at the World Cup, put/call ratios are hitting record highs, US-Europe trade is booming, Elizabeth Holmes was sentenced to 11 years for fraud, ECB hinted at slower rate hikes, and buyout firms are getting a boost from their credit investing arms right now.
FTX: Worse than Enron
Twitter offices are closed until Monday as the company deals with heavy resignations, US banks are scooping up fintech deals among falling valuations, FINRA warned of pump-and-dumps among small-cap IPOs, Morning Brew is laying off 14% of its staff, and FTX's new CEO said the mess is worse than Enron.
Gridlock in Washington
UK CPI hit 11.1% in October, US homebuilder sentiment hit a decade low, US Q4 GDP estimates were revised upwards, Republicans secured control of the House, Softbank posted a $10B quarterly loss, Apple will launch an MLS season pass, South Korean apartment prices are crashing, and Thanksgiving meals will cost 20% more this year.
Digital Dollar Inbound
The Fed is testing a digital dollar, FTX may have a million creditors, US household debt soared at the fastest pace in 15 years in Q3, global fertility rates are slowing despite the world's population hitting 8 billion, Tencent announced a new round of layoffs, Teslas were ranked one of the least reliable vehicles in the US, big tech is cutting office real estate, and Donald Trump is running for president again.
Population: 8 Billion ✅
The New York Times published the fluffiest of fluff pieces on Sam Bankman-Fried, Berkshire went on a stock buying spree last quarter, the global population topped 8 billion, emissions are likely to reach an all-time high this year, Amazon will lay off 10k workers, NYC building owners are banning e-bikes amid battery fires, Tom Ford is about to get acquired, and a more than a dozen crypto funds have confirmed their exposure to FTX so far.
The Big Short 2 (Coming Soon)
FTX moved $10B to Alameda through a backdoor and up to $2B of that is missing, Democrats are set to hold onto Senate control, the UK economy contracted by 0.2% in Q3, Yellen says the US must raise its debt ceiling, LME will not ban trading of Russian metals, China is easing some of its Covid policies, the US is seeking 15 years and $800M in restitution payment for Elizabeth Holmes sentencing, and JPMorgan dodged a fat buyout-loan bullet by sitting out on Twitter and Citrix financings.
Bull Market Is Back
Sequoia wrote down its entire FTX investment, stocks ripped on a low inflation print, the ECB is scrutinizing energy firms' derivative bets, the FTC is concerned with Twitter's security executives' exits, Musk's Twitter loan package is trading at a steep discount, and Amazon is reviewing unprofitable business units to cut costs.