Benzinga - Good Morning Everyone!
Somebody forgot to tell consumers we're headed into a recession.
Prices as of 4 pm ET, 11/25/22; % YTD
MARKET UPDATE Complicating China’s path to reopening
- Protests erupted against China’s Covid-Zero strategy
- Wide spread: Beijing, Shanghai and over 100 Universities
- Largest threat to Chinese power since Tiananmen crisis 30 years ago
- China ETF
President Xi Jinping has recently secured a 3rd term
- And XI appointed Li Qiang (oversaw Shanghai lockdown) to the party’s #2 spot
- How will Xi react?
- Concern is that China will either suffer from continued lockdown measures
- Or…
- A health crisis if the government is forced to back-off from Zero-Covid
- If China is to reopen, we need to see a pivot from lockdowns to increased vaccination rates
10yr
- 4.2% to 3.6%
- Falling bond yields may be signaling the expected slow-down in 2023
Wednesday Jay Powell commentary
Friday November U.S. jobs data
December 14 FOMC meeting
It’s interesting that the US dollar is weaker today in a “risk-off” tape
Crude 74 -2%
- Year to date, WTI crude is down 1%
Apple (NASDAW:NASDAQ:AAPL) -2%
- Concerns on iPhone Pro-14 unit shortfalls due to Chinese protests
- Plant in Zhengzhou likely result in a 6 million iPhone Pro shortfall this year
Thanksgiving Day online spending (Black Friday)
- Adobe (NASDAQ: NASDAQ:ADBE) reports online spending hit a record of $5.3 billion
- Up 2.9% year over year
Earnings None
CRYPTO UPDATE Binance officially presents proof of reserves system
- Two weeks ago pledged to develop system
- Merkle-based system to verify holdings
-
Bitcoin currently only token can use system
- Coins to be added over coming weeks
SBF to speak Wednesday at New York Times event
- Dealbook summit with Andrew Sorkin
- Other speakers include Larry Fink (BlackRock (NYSE:BLK)), Eric Adams (NY mayor), Mike Pence (former vice president), President Zelensky (Ukraine), Mark Zuckerberg, Reed Hastings (Netflix (NASDAQ:NFLX))
A lot of folks have been asking if I would still be interviewing @SBF_FTX at the @nytimes @dealbook Summit on Nov 30…The answer is yes.