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No Recession......Yet

Published 22/12/2022, 15:11
No Recession......Yet

Benzinga - Good Morning Everyone!

Wells Fargo (NYSE: NYSE:WFC) fined $6.7B since 2020 for consumer abuses and fraud. Mainstream media hasn’t covered this. Why?

Prices as of 4 pm EST, 12/21/22; % YTD

MARKET UPDATE Economic data today tells us

  • It’s still resilient out there

8:30 a.m. initial job claims

  • For week of December 17, up 2,000 to 216,000

  • Still hovering near historical lows amid a tight labour market

8:30 a.m. Q3 GDP

  • final revision 3.2% vs. prior reading of 2.9%

  • No recession…….yet

Crude 79.4 +1.2%

China

  • “Likely” (we don’t know what the official numbers are) experiencing:

  • 1 million Covid infections and 5,000 deaths every day

  • Winter Wave: getting ready for the biggest outbreak of cases the world has ever seen

Earnings

  • Micron (NASDAQ: NASDAQ:MU) -4%, weaker than expected guide

CRYPTO UPDATE SEC classifies FTT token as a security

  • Filed claim in complaint against co-founder Gary Wang, former Alameda CEO Caroline Ellison

  • Both have pleaded guilty to various charges, not contesting allegations

  • Released on bail

  • Also facing charges from Dept. of Justice, Commodity Futures Trading Commission

FTX paid for 2020 Blockfolio stake mostly in FTT

  • $84 million majority stake in Blockfolio paid with 94% FTT

  • Deal gave FTX a 52% stake

Bitcoin (CRYPTO: BTC) Fear & Greed

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