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Prices as of 4 pm ET, 11/22/22; % YTD
MARKET UPDATE Volumes this week are close to yearly lows
- Expect more of the same for today
Thursday U.S. Thanksgiving
- U.S. stock exchange closed
- Fixed income markets closed
Friday
- U.S. stock exchange closed at 1 p.m.
- Fixed income markets closed at 2 p.m.
2 p.m. Fed minutes from November 2nd meeting
- Next Fed meeting December 14
- Volumes and Volatility are Low
- VIX at its lowest level since August
Crude $78
- Lower despite API reporting a crude draw
Europe diplomats meet today
- with the goal of approving Russian crude oil price cap and price mechanism
- EU discussing capping /Russian oil at $65-70 per bbl, close to the $78 it is trading today
-
Dual goal of:
- Keep Russian oil flowing as much as possible
- Limit Russian revenues
- will probably not be met.
-
Russians can say “we’re selling at market prices” (to China, India, etc) thus keeping Russian production at current levels
- Russian will probably not say “we’re selling at the cap”, so Russian revenues will not be limited.
-
Ultimately, the market price will determine what Russia does
- If oil prices fall below the cap, will Russia reiterate that it won’t supply countries that participate in the cap?
Apple (NASDAQ: NASDAQ:AAPL)
- Apple workers at its main China plant clashed with security staff
- after being locked up for almost a month under Covid restriction
- Best Buy (NYSE: BBY) said high-end iPhones will be in short supply during the holiday season
Earnings
- VMware (NYSE: VMW)
- Autodesk (NASDAQ: NASDAQ:ADSK)
- HP (NYSE: HPQ) will cut 10% of its workforce
- Nordstrom (NYSE: JWN)
- Deere (NYSE: DE) +3%, beat and guide raised,
- Credit Suisse (SIX:CSGN) (NYSE: CS) $88 billion in outflows, expects Q4 pre-tax loss of $1.6B
CRYPTO UPDATE Digital Currency Group
- Says no imminent thread
-
Owes Genesis (which it owns) $575 million
- Due May 2023
- Also owes Genesis $1.1 billion on promissory note due June 2032
- “Collectively we will come out of it stronger”
- Genesis hired investment bank Moelis & Company to explore options including bankruptcy
Cathie Wood: still very bullish
- Sticking to $1 million price target by 2030
- Bitcoin (CRYPTO: BTC) will come out of crisis smelling like a “rose”
SBF apology letter to FTX staff
- “I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again”
- “I did not realize the full extent of the margin position, nor did I realize the magnitude of the risk posed by a hyper-correlated crash”
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