Good Morning all!
Big data week: CPI tomorrow, Fed rate decision on Wednesday, retail sales, jobless claims, regional and national manufacturing and industrial production on Thursday and PMIs on Friday. Buckle up!
Prices as of 4:00 PM EST 12/9/22; % YEAR-ROUND
MARKET UPDATE
In this week
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Tuesday consumer price index
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Wednesday FOMC meeting
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Thursday retail sale
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Friday PMI
What do we expect from Powell?
-
Wednesday Fed Funds Rate from 4% to 4.5%
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4.5% to 5% in 2023, then suspended
Raw 71.80 +0.5%
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Higher this morning as we received further China Covid rule changes over the weekend
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Putin said Russia has a production deal with other OPEC+ members, so a drastic move to cut production is only one option
-
The short Brent and WTI position hit an 11-month high
Microsoft MSFT
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Purchase of a 4% stake in the London Stock Exchange Group
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In return, Microsoft will receive a 10-year partnership for cloud computing services
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Thomson Reuters (listed in Canada) gross revenues of $1 billion
Coupa software COUP
weaver WEBR
Brookfield Wealth Management BAM
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Officially completed separation of their asset manager
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BN Brookfield Corp, Wealth Management, Insurance Solutions, Operations, A3 Moody’s Bond Rating
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BAM 25% stake in their wealth management business
merits
CRYPTO UPDATE
Uniswap Fee Switch poll this week
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Aim of fee change = increase trading volume, liquidity and sustainability
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Would implement 10% fee
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Additional fees accrued by the Treasury that are not distributed
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Uniswap UNI/USD is the largest DEX after fees
Launch of the Neon Labs mainnet
Investors are taking crypto off exchanges at record levels
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November: 91,363 Bitcoin were withdrawn from exchanges
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Biggest bitcoin BTC/USD outflow on record
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October: 75,294 bitcoin withdrawn
memes of the day
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