Benzinga - Good Morning Everyone!
Big week of data: CPI tomorrow, FED rate decision Wednesday, retail sales, jobless claims, regional and national manufacturing, and industrial production Thursday and PMIs Friday. Buckle up!
Prices as of 4 pm EST, 12/9/22; % YTD
MARKET UPDATE This week
- Tuesday CPI
- Wednesday FOMC meeting
- Thursday Retail sales
- Friday PMI
What do we expect from Powell?
- Wednesday Fed Funds rate from 4% to 4.5%
- 2023 4.5% to 5%, then on hold
Crude 71.80 +0.5%
- Higher this morning as we got more China Covid rule changes over the weekend
- Putin said that Russia has a production agreement with other OPEC+ members, so a drastic move to cut production is only a possibility
- The short position for Brent and WTI hit an 11 month high
Microsoft (NASDAQ: NASDAQ:MSFT)
- Buying 4% stake in London Stock Exchange Group (LON:LSEG)
- In exchange, Microsoft gets a 10-year partnership for cloud-computing services
- Thomson Reuters (listed in Canada) getting US$ 1 billion in gross proceeds
Coupa Software (NASDAQ: COUP)
- Thoma Bravo and a minority investor buying COUP for $81 cash
- 9.5 times next-12-months EV/sales
Weber (NYSE: WEBR)
- Being taken private by their largest shareholder, BDT Capital Partners
Brookfield Asset Management (NYSE: BAM)
- Officially completed separation of their asset manager
- BN Brookfield Corp, asset management, insurance solutions, operating businesses, A3 Moody’s bond rating
- BAM 25% interest in their asset management business
Earnings
- Coupa Software (NASDAQ: COUP)
CRYPTO UPDATE Uniswap “fee switch” vote this week
- Fee switch goal = increase trading volume, liquidity, and sustainability
- Would implement 10% fee
- Additional fees accrued by Treasury, not distributed
- Uniswap (CRYPTO: UNI) is largest DEX by fees
Neon Labs mainnet launch
- First Ethereum (CRYPTO: ETH) Virtual Machine (EVM) for Solana
- Goes live today
- Will allow Ethereum apps to build on Solana (CRYPTO: SOL)
Investors taking record levels of crypto off exchanges
-
November: 91,363 Bitcoin pulled off exchanges
- ~$1.5 billion
- Largest Bitcoin (CRYPTO: BTC) ouflow on record
- October: 75,294 Bitcoin withdrawn
MEME OF THE DAY
Elon Musk: If the FED raises rates again next week, the recession will be greatly amplified© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Jerome Powell: pic.twitter.com/wEcWWr8KqU
— Genevieve Roch-Decter, CFA (@GRDecter) December 9, 2022
Read the original article on Benzinga
