The upcoming Fed meeting and key economic data kept conversations alive over the weekend despite the fact that we are entering a typically light news flow period. Here’s a recap of a few major headlines that hit the wire over the weekend:
1. Musk Warns Of Amplified Recission: Ahead of the Federal Open Market Committee meeting, Elon Musk cautioned that by hiking rates again, the central bank will be amplifying the recession. When probed on how long the recession is likely to last, the billionaire said things could improve by the second quarter of 2024.
2. Twitter's Chief Twit Confirms Character Count Increase: Twitter’s new owner Musk confirmed on Sunday that the allowed character count for tweets will increase from the current 280 to 4,000. He was responding to a question from one of his followers. Musk had previously communicated the possibility of attaching long-format texts to tweets, thereby obviating the need to place screenshots of text typed out on digital notepads.
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3. Europe Energy Concerns Give Dimon Jitters: JP Morgan CEO Jamie Dimon said in an interview with CBS News’ “Face The Nation,” that he expects a recession, although he wasn’t sure if it would be mild or severe. Either way, if it happens, “We’re going to be fine, he added. The corporate chief, however, expressed concerns about the energy situation in Europe due to the Ukraine war and called for a “Marshall Plan” for energy.
4. Tweet Deleter Bury Voted Best Tweeter: Big short fame Michael Bury was voted as the investor who has the best tweets, the results of the MLIV Pulse survey showed, Bloomberg reported. Ironically, Bury is into the habit of tweeting and deleting his tweets shortly after. Although he said recently he won’t delete his tweets due to his confidence in Musk, he deleted his account, which is back up since then.
5. Apple Has Influence On Chinese Regime: Apple Inc. AAPL has a strong influence at the highest levels in China leadership, said Loup Funds’ co-founder Gene Munster. His take came amid easing COVID-19 restrictions in China, which reportedly was due to the intervention of Apple supplier Hon Hai Precision Manufacturing Company Limited’s HNHPF founder Terry Gou. Munster surmised that Gou in turn may have been under pressure from Apple.
What Else: Battered China stocks could be good bargains for buying in 2023 as the country reopens following stricter COVID-19 controls, according to a fund managers’ survey by Bloomberg.
Cathie Wood said in an interview with Yahoo Finance that the cryptocurrency exchange FTX’s collapse will benefit one segment of the industry, namely decentralized finance, or DeFi.
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