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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 US’s 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 ‘historic’ $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 NYC’s Pension CIO sees little impact from Wall Street’s 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 SEC’s rejection of Grayscale’s bitcoin ETF, US banks may have to raise $70B in debt to match new risk mitigation guidelines, Vinfast’s stock performance stands out in a beaten down SPAC market, and Mullen sued Schwab and TD Ameritrade.
iPhone Supply Chain Issues
Apple’s iPhone supply chain is splintering under US-China tensions, OpenAI launched ChatGPT enterprise, Citadel vetted 69k intern applicants to find math geniuses, student loans are emerging from deep freeze, Google is selling maps data to companies building solar products, and 3M reached a roughly $5.5B earplugs settlement.
NYC's Big Migrant Crisis
Central bankers are preoccupied with post-inflation challenges, emerging market funding is getting creative as dollar bonds dry up, rising long-term rates loom over autumn on Wall Street, NY’s governor is under fire for NYC’s migrant crisis, China cut its stock trade tax, and India’s moon landing made history.
JPM's Leveraged Loan W
Fed officials see rates close to their peak, the China stimulus rally lasted just 10 minutes, JPMorgan won a ruling that leveraged loans aren’t securities, Apple is backing California’s right-to-repair bill, mortgage rates hit 7.23%, T-Mobile US is laying off 5,000 employees, and Zillow is offering 1% down payments to lure struggling homebuyers.
Nvidia Is the Stock Market
US Q1 payroll numbers are likely to be revised down, Nvidia’s stock continues to defy gravity after stellar earnings, the SEC is taking on PE and hedge funds, Juul is cutting 30% of its staff, Big Tech is bracing for new EU regulations, BRICS are inviting the Saudis to join, and Nike’s stock fell for a 10th straight day.
Goldman Is Tired of WFH
UPS workers approved a massive labor deal, Goldman wants everyone in the office five days per week, the BNB token price is tumbling, Iran is aiming to boost its oil output, Airbnb hosts are scrambling with NYC’s new regulations, and two regional Fed boards sought to hold rates steady in July.
Bear Market for New Hire Salaries
Microsoft is divesting console gaming streaming rights to persuade regulators to approve its Activision acquisition, S&P downgraded multiple banks, Schwab will cut staff, mortgage rates hit highest point since 2000, financial firms are being lured to the south, Meta is launching a web version for Threads, and companies are cutting pay for new hires.
Russia's Lunar Accident
Russia crashed a spacecraft into the moon, all eyes are on Powell in Jackson Hole this Friday, China cut its one-year benchmark lending rate, the iPhone 15 might have a new charging port, Messi has caused single-game MLS ticket prices to jump by 1,700%, and oil prices rose on lower OPEC+ exports.
Scorching Hot Mortgage Rates
Mortgage rates hit a 20-year high, the stock market rally is creating retirement account millionaires, Japan insurers are turning their eyes to private credit, striking writers are taking an antitrust aim at Disney, Amazon, and Netflix, Tesla cut its prices in China, and Goldman is planning a hiring spree to fix lapses after Fed scrutiny.