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
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Tuesday CPI
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Wednesday FOMC meeting
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Thursday Retail sales
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Friday PMI
What do we expect from Powell?
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Wednesday Fed Funds rate from 4% to 4.5%
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2023 4.5% to 5%, then on hold
Crude 71.80 +0.5%
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Higher this morning as we got more China Covid rule changes over the weekend
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Putin said that Russia has a production agreement with other OPEC+ members, so a drastic move to cut production is only a possibility
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The short position for Brent and WTI hit an 11 month high
Microsoft MSFT
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Buying 4% stake in London Stock Exchange Group
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In exchange, Microsoft gets a 10-year partnership for cloud-computing services
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Thomson Reuters (listed in Canada) getting US$ 1 billion in gross proceeds
Coupa Software COUP
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Thoma Bravo and a minority investor buying COUP for $81 cash
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9.5 times next-12-months EV/sales
Weber WEBR
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Being taken private by their largest shareholder, BDT Capital Partners
Brookfield Asset Management BAM
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Officially completed separation of their asset manager
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BN Brookfield Corp, asset management, insurance solutions, operating businesses, A3 Moody’s bond rating
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BAM 25% interest in their asset management business
Earnings
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Coupa Software COUP
CRYPTO UPDATE
Uniswap “fee switch” vote this week
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Fee switch goal = increase trading volume, liquidity, and sustainability
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Would implement 10% fee
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Additional fees accrued by Treasury, not distributed
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Uniswap UNI/USD is largest DEX by fees
Neon Labs mainnet launch
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First Ethereum ETH/USD Virtual Machine (EVM) for Solana
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Goes live today
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Will allow Ethereum apps to build on Solana SOL/USD
Investors taking record levels of crypto off exchanges
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November: 91,363 Bitcoin pulled off exchanges
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~$1.5 billion
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Largest Bitcoin BTC/USD ouflow on record
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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
— Genevieve Roch-Decter, CFA (@GRDecter) December 9, 2022
Jerome Powell: pic.twitter.com/wEcWWr8KqU
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