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Mariah Carey SZN 🎅🏼
J Pow embraced slower rate hikes, stocks ripped back to bull territory, junk bonds rallied, Eurozone inflation fell MoM, US Q3 GDP growth was 2.9% YoY, IPO proceeds fell 93% this year, some Chinese cities are curbing lockdowns in response to protests, Amazon had its highest Thanksgiving weekend sales ever, SBF denied trying to commit fraud, and the EU threatened to ban Twitter.
Traders Love the World Cup ⚽
The US beat Iran to advance to the next round of the World Cup 🇺🇸, traders are too busy watching soccer to trade securities, US sports drew record viewership over Thanksgiving, banks are looking to offload buyout debt from their balance sheets, and Alameda owes $55k to Jimmy Buffet's Margaritaville.
Another Crypto Lender Bites The Dust 😴
BlockFi filed for Chapter 11 bankruptcy protection, Cyber Monday sales are projected to hit record highs, the EU failed to institute a price cap on Russian oil, banks plan to compensate victims of Zelle scams, Musk is beefing with Apple, and Meta was fined $276M by Europe.
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.